Understand the implications of Bitcoin's downfall in El Salvador. Learn about the failed economic bet and its impact on the country's financial stability.
  • Varyk@sh.itjust.works
    1·
    1 hour ago

    “The reform eliminated the word “currency” when referring to bitcoin, but says it is “legal tender.””

    so they haven’t abandoned Bitcoin as legal tender.

    what with Bitcoin specifically being referred to as “legal tender” in salvadoran financial law.

    it’s simply not mandated to be accepted everywhere anymore, as it was before.

    • cyrano@lemmy.dbzer0.comOP
      1·
      8 hours ago

      Yeah but one of the goal was to replace daily use of USD by bitcoin this is the part they are stopping apparently. It seems they will continue to have it as a reserve.

      • stevestevesteve@lemmy.world
        2·
        6 hours ago

        Dumbest shit I ever heard. Bitcoins transaction fees have been so fucking high since well before this happened that it is impossible to use it as reasonable currency. Even Eth has some high tx fees nowadays - something intended for daily use shouldn’t cost whole dollars per transfer.