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Can Bitcoin Save Palestine? | Crowdfund Insider

19 Sep Can Bitcoin Save Palestine? | Crowdfund Insider

Posted at 09:11h in Bitcoin News by

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Relatively few opportunities to invest and the generally poor functionality of banking systems in Palestine are driving demand for Bitcoin in the region, but a comprehensive positive effect will probably not be felt soon, Coindesk reports.

A Bitcoin dealer in Gaza called Mohammed says he has been helping around 50 families a month invest about $500 each in Bitcoin so they can send money abroad or shop online.

“Bitcoin, in their opinion, is cheaper, safer, and quicker,” he said. “Nothing works with Palestinian banks. Bitcoin wallets are alternative banks.”

Gaza financial analyst Ahmed Ismail, too, helps about 30 clients buy and sell Bitcoin and estimates that 20 unofficial Bitcoin exchanges operate now in Gaza.

Chronic war and occupation have damaged and isolated the Palestinian economy, and, like in Venezuela, Zimbabwe and Iran, Bitcoin is providing an avenue for capital flow and investment in a region with few alternatives.

“There is no payment gateway,…

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