Comment on 'It's robbery': Salvadorans slow to adopt Bitcoin
1bluepixel@lemmy.world 1 year ago
Despite government incentives to use Bitcoin, people distrust it because they know how volatile it is and 70% of the population thinks it’s a scam.
Turns out even the Salvadoran poor are more financially savvy than tech bros.
alienanimals@lemmy.world 1 year ago
This person has never actually looked at the historical exchange rates for the El Salvador Colon before. It’s volatile, people also think it’s a scam, and it has performed worse than Bitcoin in nearly every time frame.
Bitcoin has a ton of problems and I don’t think it’s a good currency, but you might want to do the smallest amount of research before talking out your ass.
1bluepixel@lemmy.world 1 year ago
El Salvador adopted both BTC and the U.S. dollar at the same time as national currencies. It’s not a matter of BTC vs. SVC.
dogslayeggs@lemmy.world 1 year ago
You’re getting downvotes from the cryptobros who refuse to acknowledge the legitimate criticism of their holy savior BTC.
deafboy@lemmy.world 1 year ago
I have not seen a single piece of legitimate criticism of BTC anywhere on the whole wide lemmyverse. And there’s plenty to criticize.
moriquende@lemmy.world 1 year ago
El Salvador adopted USD in 2001 and phased out the Colon (former currency) over the next few years. Bitcoin came way later.
1bluepixel@lemmy.world 1 year ago
dogslayeggs@lemmy.world 1 year ago
The story and OP’s blurb both say that all the locals use USD for everything, not the El Salvador Colon. So you comparing the volatility of the ESC to BTC is worthless.