Two years ago, El Salvador shrugged off a chorus of warnings and adopted Bitcoin as legal tender in a bid to revitalize its economy and improve access to financial services.Economist Cesar Villalona told AFP that Bitcoin "does not exist in the local economy" in any significant way, because in El Salvador "everything" is paid in dollars: wages, services and goods.
Despite government incentives to use Bitcoin, people distrust it because they know how volatile it is and 70% of the population thinks it’s a scam.
Turns out even the Salvadoran poor are more financially savvy than tech bros.
Bitcoin sucks as a currency and 1bluepixel is intelligent.
El Salvador adopted both BTC and the U.S. dollar at the same time as national currencies. It’s not a matter of BTC vs. SVC.
Edit: The person I’m replying to edited their comment instead of admitting they were wrong. Classy.
You’re getting downvotes from the cryptobros who refuse to acknowledge the legitimate criticism of their holy savior BTC.
I have not seen a single piece of legitimate criticism of BTC anywhere on the whole wide lemmyverse. And there’s plenty to criticize.
El Salvador adopted USD in 2001 and phased out the Colon (former currency) over the next few years. Bitcoin came way later.
I stand corrected. Sounds like the volatility of the Colon is even less relevant than I thought.
The story and OP’s blurb both say that all the locals use USD for everything, not the El Salvador Colon. So you comparing the volatility of the ESC to BTC is worthless.