Bitcoin resistance: How the Lebanese people are using bitcoin to overcome the economic crisis.

“ If you want the banking system to fall you should invest in Bitcoin”

The great fall of the Lebanese economy

Since 2019 the government’s excessive failure mismanagement started to appear and the economic crisis began while creating huge consequences. Debt, Excessive printing of money, Political conflicts, and much more obstacles initiated by the government lead to huge violations in economic freedom. Hyperinflation along with bank restrictions and banning the withdrawal of the US Dollars was a huge blow to most Lebanese citizens who were not able to use their money and what they have has become worthless. Storing money in the bank has become like putting your money into a black hole that sucks them to disappear eventually. Also, transactions have become very hard to do as they undergo many restrictions and, in most cases, cannot work. Explaining what goes on in-depth will take a lot of time and surrendering to the situation means that we have become slaves to the state. The Lebanese people have adopted many ways to escape this awful situation or at least make it easier for them and one of them is Adopting bitcoin which has been laughed at before by most Lebanese and seen as not beneficial at all. So how did it start? How is it helping the Lebanese people? I will be getting you into the world of the Lebanese Bitcoin Community.

What makes Bitcoin stand out?

Disclaimer: it is important to clarify that bitcoin is completely different than other cryptocurrencies which are called alt-coins as many are confusing bitcoin with other cryptocurrencies such as Ethereum, Ripple, Montero, and many other coins and it is important to know that the structure is completely different and that Bitcoin is currently dominating the market by far.

For those who are new to it, Bitcoin might seem to be a bad investment as its structure is different than government-issued currency, no regulations set it to it, untraceable, and most importantly not taken seriously because it lacks physical structure.

If you are concerned about all these that means you did not really understand the structure of this digital medium of exchange and what made the medium of exchange become successful throughout history from seashells, leaves, silver, gold, government-issued papers, and finally bitcoin which transferred exchange purely to the digital world. Explaining money structure would take some time however ill summarize it in this list.

Suitable Physical structure and ease of transferring: This is the first thing to consider when having a medium of exchange it must be physically strong and in the case of bitcoin blockchain technology made it stronger than ever by securing it and taking control over and would be well secured in the Bitcoin wallet which can be hardware or digital.

When it comes to transactions it is done in a very secure and free manner as it is very safe and strictly peer to peer. Bitcoin wallets have a secret piece of data called a Private key, in which transactions are signed, it is basically mathematical proof that they have come from the original source. This mark or signature prevents the transaction from being taken by anybody once it has been issued. Transactions usually get around 20–30 minutes to take place.

More on the technicalities of bitcoin here

A closer look into the peer to peer transaction system.

Limited / Controlled availability:

Like any strong medium of exchange, Bitcoin has a limited number that this released and can be divisible endlessly to accommodate the needs of. The number of Bitcoins is 21 million and can never be increased at all which makes its scarcity powerful. Bitcoin's smaller unit is satoshis and it also can be bought in fractions and not necessarily as a single coin.

Bitcoin can be considered to be digital gold in which instead of regular mines the mining for bitcoin goes through bitcoin miner hardware that crunch numbers 24/7 in order to get bitcoin and the process gets harder the more they find bitcoins, which makes it virtually scarce and have a stable flow like gold.

Inside CryptoUniverse, Russia’s largest cryptocurrency mining center. It occupies over 4,000 square meters and contains 3,000 computers. Photo: EPA

Value:

A value of the medium of exchange in its importance physically and when it also comes to how people value it in the case of bitcoin technologically it is very secure and valuable and as for the perception it is proving to be more valuable as it is standing out especially in countries that are having monetary issues such as Venezuela, Iran, Turkey, and Lebanon. Today Bitcoin is the strongest currency in the world as its structure is well thought off and is flexible even in the harshest economies.

A valuable currency that is untraceable and isn’t controlled by the central bank in which people can use freely for their transactions and payments it is the ticket to freedom in a time where the money is restricted severely by the banking and legal system.

Meet the Bitcoin Community in Lebanon

Bitcoin Du Liban the first Lebanese bitcoin community and bitcoin education portal.

Had the chance to interview Marcel Younes the founder of Lebanon’s Bitcoin community “Bitcoin Du Liban” and “BTC Market Place” which both have hundreds of members and have assisted many Lebanese people to join the global Bitcoin Hype.

How did the Bitcoin Du Liban community start and where is it today?

What is the aim of the community?

How is Bitcoin helping people in the community overcome the challenges of the economic crisis?

How do you see the future of Bitcoin? and what do you advise new investors?

Marcel also told us about the 6Ds of Bitcoin

Testimonials of Lebanese Bitcoin users

I interviewed some Lebanese bitcoiners to see what they think of bitcoin and how it helped them overcome the crisis.

Thomas Semaan, Bitcoin Enthusaist

Giorgio Abou Gebrael, Freelance Graphic designer

Mohsen Al Amine, Bitcoin investor

Chantal Khoury, Lebanese Student in Paris

Conclusion: Bitcoin saved many Lebanese from government failure.

Bitcoin has provided an escape for many in Lebanon and has saved them from government monopoly on currency-issuing and restricted banking system. The community is getting bigger by the day as the crisis is getting worse Lebanon and other country’s that are facing a monetary crisis will show which currency stands out

Some book recommendations to get to know more about bitcoin and related economic thought:

The Bitcoin Standard by Saifedean Ammous

Mastering Bitcoin by Andreas Antonopoulos.

What has the government done to our money? by Murray N. Rothbard

End the Fed by Ron Paul

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Writing about Geo-politics, Society, Culture, History, and Economics.

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Michael Maalouf

Michael Maalouf

Writing about Geo-politics, Society, Culture, History, and Economics.

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