Two years ago, El Salvador shrugged off a chorus of warnings and adopted Bitcoin as legal tender in a bid to revitalize its economy and improve access to financial services.Economist Cesar Villalona told AFP that Bitcoin "does not exist in the local economy" in any significant way, because in El Salvador "everything" is paid in dollars: wages, services and goods.
    • SuperDuper@lemmy.worldEnglish
      314·
      10 months ago

      Imagine buying groceries with bitcoin and having to wait 15 minutes at the register for enough confirmations to post on the block chain, only to realize that if you had gone to the store 15 minutes later your groceries would have cost $8 less due to the constantly changing value of your currency.

      • Pratai@lemmy.caEnglish
        113·
        10 months ago

        I’m finding it hard enough imagining that bitcoin has any true value.

      • ourob@discuss.tchncs.deEnglish
        42·
        10 months ago

        This is why I don’t accept that any crypto is currently acting as a functional currency. Who is out there actually pricing things in bitcoin? You’d have to be a fool since you would have little to no control of whether or not you could possibly make a profit.