For over a year, Hong Kong has been experiencing intense street fighting between the protesters and the police force behind China’s autonomous regime. The city thus becomes a unique laboratory that gives an opportunity to see the positive properties of cryptocurrencies. Individual freedom experiences a conflict with China’s interests.
Cryptocurrency Features: Clear “No” in China
Hong Kong lies practically in ruins. Peaceful protests have turned into bloody struggles in which the protesters and police, face each other and last but not least, the situation is exploited by street gangs.
In the summer of 2019, 2 million people protested peacefully in the city. Three months later, the protests hit Chinese banks, parliament, the metro and educational institutions such as the university there.
The most interesting thing, however, is that the banknotes soon began to run out at the ATMs. The currency did not become worthless, but rather rare. People had to start looking for other ways to exchange goods.
And at that very moment Bitcoin arrives on the scene. Cryptocurrencies quickly became a popular option as they also protected against government intrusions into privacy. In Hong Kong, P2P exchange offices such as Localbitcoins are used for trading. Supporters of the black market, which offers immediacy, will also use popularity of BTC.
Tracking further developments in regions such as Iran, Venezuela and Hong Kong is crucial for cryptocurrency survival. How else to find out if it really fulfills its purpose.