'It's robbery': Salvadorans slow to adopt Bitcoin

Comments

• 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.

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  • 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.

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    • 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.

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    • 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.

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• Pratai@lemmy.ca ⁨1⁩ ⁨year⁩ ago

  Lol…. Bitcoin.

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  • superduperenigma@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Imagine buying groceries 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.

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    • Pratai@lemmy.ca ⁨1⁩ ⁨year⁩ ago

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

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    • ourob@discuss.tchncs.de ⁨1⁩ ⁨year⁩ 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.

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• shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

  The reason this article exists is because the price as measured in blood money is 26k. If it were 60k a whole different tune would be playing about how great of an idea it was. Actually imo its better now than at its high because moon boys want little to do with it while people who really understand why it exists use it just fine.

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  • dogslayeggs@lemmy.world ⁨1⁩ ⁨year⁩ ago

    So you are saying that if Bitcoin weren’t so volatile, then this would be a good idea? I mean, if my grandma had two wheels she’d be a bicycle.

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    • shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

      No, i am saying that even though it is volitile it has people who will use it anyway. I am personally a monero user and i buy some on a monthly basis (id really love to get paid in it) and then pay my bills with it, spend it on things i want, and do it all again next month. I really don’t have to concern myself with the price because i am organically using it and will get more in a few weeks no matter what the price does.

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  • kowanatsi@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Run up to halving the FUD ramps up

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• richieadler@lemmy.myserv.one ⁨1⁩ ⁨year⁩ ago

  Any speed faster than “Nope!” is too fast.

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• deafboy@lemmy.world ⁨1⁩ ⁨year⁩ ago

  One cannot force people to be free. Bukele did a huge disservice to bitcoin by making its acceptance mandatory.

  Organic adoption is the only way.

  The most depressing is the fact that he will be unjustly celebrated by the same media outlets that criticize him, in <2years when the bitcoin price peaks again.

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