Bitcoin, tether used to store value, make payments in crisis-hit Lebanon, report.
Living in the chaos of a deep crisis, people in Lebanon have been turning to cryptocurrency, a new media report has confirmed. From earning much needed income through mining and work, to storing wealth and paying in stores, bitcoin, tether and other cryptos have started to push aside the hyperinflated Lebanese pound and the hard-to-get-hold-of U.S. dollar.
The broadcaster reached out to a number of locals for whom decentralized digital cryptocurrencies have become a lifeline for survival. While crypto adoption took different forms in each case — from mining dogecoin and earning bitcoin, to spending tether — all these Lebanese citizens praised access to a type of money that makes sense for them in the current circumstances.
Others like Ahmad Abu Daher, a 22-year-old graduate from the American University of Beirut, recognized the potential of crypto mining as a profitable venture. A little over two years ago, he began minting ether, when the coin was still relying on theconsensus mechanism. He was using electricity generated from a hydropower project on the Litani River in southern Lebanon.
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