4 ms·
I wonder why a country would choose Bitcoin as legal tender when better, faster, more environmentally friendly cryptos exist (ones which can feasibly be used to
by jpxw 5y ago
I wonder why a country would choose Bitcoin as legal tender when better, faster, more environmentally friendly cryptos exist (ones which can feasibly be used to transact money in real-time, for instance).
- smoldesu 5y agoMostly adoption purposes. Bitcoin, for better or worse, is now a globally recognized asset (if not official recognized). Sure they could adopt a coin like Ripple or Doge, but that would almost certainly permanently sabotage the market for both respective coins. While I agree that this is a bad idea, basing it on a larger currency does have some considerable economic benefits.
- ncpa-cpl 5y agoNot sure why, but bitcoin has already been in use in a local surf town for a couple of years now, so maybe it's the only widely known crypto in El Salvador outside the crypto community [1] [1] https://www.bitcoinbeach.com/ https://www.bitcoinbeach.com/
- rawtxapp 5y agoWhen you consider a country-wide currency or global reserve currency status, things like security/trust are the most important properties. You can then use other layers for much faster and cheaper transactions while keeping the base layer as is (as lightning network on BTC and zk-rollups on ETH are doing, or even centralized layers like Paypal/Visa, etc).
- geofft 5y agoBitcoin's lobbyists are better paid because Bitcoin got people richer.
- Geee 5y agoBitcoin is the strongest cryptocurrency in terms of security, decentralization and liquidity. Which also means that bitcoin will keep its value better than other cryptocurrencies. They are planning to use Bitcoin Lightning Network which is environmentally friendly and offers instant and almost feeless payments.
- NaturalPhallacy 5y agoHonestly? First to market, and name recognition. Acceptance decides viability of currency. Nothing else really matters.