7 ms·

Not if the technology is a currency. I think this finally ends the idea that bitcoin can be used for day-to-day transactions.

thesausageking 4y ago
The program started less than a year ago. I think it's way too early to say that. So far, it seems like people prefer still transacting in dollars, but that may change over time. I'm just impressed that a small, developing country could roll out a new technology so fast.
- tablespoon 4y ago
  >>> 8 months after rolling out a brand new method of doing payments, ~70% of the country has tried it and ~11% of those are using it for remittances (3% in Bitcoin, 8% in dollars). >> Not if the technology is a currency. I think this finally ends the idea that bitcoin can be used for day-to-day transactions. > The program started less than a year ago. I think it's way too early to say that. So far, it seems like people prefer still transacting in dollars, but that may change over time. Isn't that a lot like saying "give Google+ time, it may catch on eventually"? Most users tried and rejected it.
  - bpodgursky 4y ago
    Most citizens aren't giving or receiving regular remittances...
- deleted 4y ago
  [deleted]
javert 4y ago
That's like saying if the government had created its own version of PayPal in 1995 and it had failed, it would finally end the idea that dollars can be used for day-to-day transactions.
- pessimizer 4y ago
  It's not the same thing as long as people have to pay US taxes and court judgments. There's nobody I meet regularly who won't need to pay taxes eventually, so they'll take my dollars.
dreamcompiler 4y ago
The idea that bitcoin is useless as a currency should not be controversial these days. It's a speculative investment whose value varies wildly every day. That makes it impossible to price a good or service in BTC. Add in transaction fees of several dollars each and the idea of buying a pizza with bitcoin becomes pure fantasy.
- birdyrooster 4y ago
  The bigger problem is constrained liquidity and deflation aren’t helpful attributes for a currency
  - throwawaymaths 4y ago
    You say that as if there is a central bank of El Salvador that is able to print a native currency as a macroeconomic lever.
    - birdyrooster 4y ago
      Sure they can print money and buy more BTC, but at a cost. At some point that cost leads to economic failures.
      - throwawaymaths 4y ago
        You understand the currency of El Salvador is the us dollar? If they are printing money I'd love to know how.
        birdyrooster 4y ago
        You keep talking about El Salvador but I am talking about the general problem with using deflationary currencies, especially when you cannot buy enough of the currency as a nation to compete with the rest of the world. Besides printing currency, nations can raise BTC by many other finite means.
- 4y ago

thesausageking 4y ago

The program started less than a year ago. I think it's way too early to say that. So far, it seems like people prefer still transacting in dollars, but that may change over time. I'm just impressed that a small, developing country could roll out a new technology so fast.

tablespoon 4y ago
>>> 8 months after rolling out a brand new method of doing payments, ~70% of the country has tried it and ~11% of those are using it for remittances (3% in Bitcoin, 8% in dollars). >> Not if the technology is a currency. I think this finally ends the idea that bitcoin can be used for day-to-day transactions. > The program started less than a year ago. I think it's way too early to say that. So far, it seems like people prefer still transacting in dollars, but that may change over time. Isn't that a lot like saying "give Google+ time, it may catch on eventually"? Most users tried and rejected it.
- bpodgursky 4y ago
  Most citizens aren't giving or receiving regular remittances...
deleted 4y ago
[deleted]

javert 4y ago

That's like saying if the government had created its own version of PayPal in 1995 and it had failed, it would finally end the idea that dollars can be used for day-to-day transactions.

pessimizer 4y ago
It's not the same thing as long as people have to pay US taxes and court judgments. There's nobody I meet regularly who won't need to pay taxes eventually, so they'll take my dollars.

dreamcompiler 4y ago

The idea that bitcoin is useless as a currency should not be controversial these days. It's a speculative investment whose value varies wildly every day. That makes it impossible to price a good or service in BTC. Add in transaction fees of several dollars each and the idea of buying a pizza with bitcoin becomes pure fantasy.

birdyrooster 4y ago
The bigger problem is constrained liquidity and deflation aren’t helpful attributes for a currency
- throwawaymaths 4y ago
  You say that as if there is a central bank of El Salvador that is able to print a native currency as a macroeconomic lever.
  - birdyrooster 4y ago
    Sure they can print money and buy more BTC, but at a cost. At some point that cost leads to economic failures.
    - throwawaymaths 4y ago
      You understand the currency of El Salvador is the us dollar? If they are printing money I'd love to know how.
      - birdyrooster 4y ago
        You keep talking about El Salvador but I am talking about the general problem with using deflationary currencies, especially when you cannot buy enough of the currency as a nation to compete with the rest of the world. Besides printing currency, nations can raise BTC by many other finite means.
4y ago