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I'm really interested that they chose BTC as opposed to making their own, which as I understand it isn't super hard to do? Tying to an already-established comm
by jedimastert 5y ago
I'm really interested that they chose BTC as opposed to making their own, which as I understand it isn't super hard to do?
Tying to an already-established commodity, and an exceptionally volatile one at that, seems wildly irresponsible to me, but I'm very VERY under-educated in this area
- Ancapistani 5y agoConsidering only “Bitcoin-like” proof of work blockchains, starting an independent chain subjects you to security risks. If the computing resources of the entire country of El Salvador were devoted to mining their Bitcoin fork 24/7365, it would still likely be possible for a richer country to temporarily allocate more computing resources and “undoing” transactions, effectively destroying the validity of the transaction history.
- lottin 5y agoThey gave up on having their own currency a long time ago. Basically El Salvadorans decided that they aren't competent enough to manage a currency of their own, and adopted someone else's currency instead.