Does the excessive volatility, lack of consumer protection and expensive exchange (fiat -> btc and vice versa) mean that BTC as a transactional tool only makes sense in censorship environments or in countries with weak/protected currencies?
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not necessarily. banks serve about 1 billion of the population and the other 7 are underserved since they have no access to credit, identifications, or other requirements and bitcoin offers this service as long as you have a smartphone, which most people have nowadays.