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Bitcoin is very volatile and offers no consumer protection whatsoever. If a developing nation encourages citizens to buy into Bitcoin for use as legal tender an
by elliekelly 5y ago
Bitcoin is very volatile and offers no consumer protection whatsoever. If a developing nation encourages citizens to buy into Bitcoin for use as legal tender and then Bitcoin crashes (leaving the citizens who bought it with nothing) the result would be an international financial crisis and the IMF would step in to help resolve the matter.
- deleted 5y ago[deleted]
- duskwuff 5y agoAdditionally, Bitcoin in particular has structural issues (transaction fees, limited transaction rate driven by block size limits) which make it poorly suited for use as legal tender. Yes, Lightning exists. I know. But it's essentially a system of private IOUs -- it's not something which would always be available to settle a debt between any two people.