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"People don't really have confidence in a cryptocurrency whose value changes from one moment to the next, and... people prefer to use hard cash," economist Juli
by laweijfmvo 3y ago
"People don't really have confidence in a cryptocurrency whose value changes from one moment to the next, and... people prefer to use hard cash," economist Julia Martinez told AFP.
Is this true? Do people really think that because the numbers on their bills can't change, their value is constant? Especially in South American, I would think people know better than to trust Bitcoin OR cash. Maybe US Dollars (relative to local currencies) seem stable, though.
- streetnoodles 3y agoUSD is the official paper currency in El Salvador (since 2001)
- __loam 3y agoBitcoin is more volatile and less convenient than most currencies. Pointing to a few exceptions doesn't change that point.
- el-salvador 3y agoI'd add that Bitcoin was many Salvadoran's first experience with a currency losing 50% of its value in less than a year. Salvadorans having used the U.S. dollar for 21 years, and having a stable currency four about a hundred years in the past, had protected El Salvador from currency fluctuations that are normal in other Latin American countries.