In the advanced economies, where residents enjoy the rule of law, stable currencies and free markets, many observers have questioned whether bitcoin can be an effective store of value, a legitimate competitor to fiat currencies or a viable payment medium. But in countries like Sudan, Nigeria and Ethiopia, as author Alex Gladstein reveals in this illuminating article, people are embracing bitcoin as a way to simplify cross-border remittances and to circumvent dysfunctional markets and corrupt regimes. Gladstein adeptly highlights how bitcoin can help the citizens of developing economies find financial freedom.
About the Author
Alex Gladstein is the chief strategy officer for the Human Rights Foundation.