←back to thread

El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 4 comments | 04 Feb 25 00:00 UTC | HN request time: 0.375s | source
Show context
ks2048 ◴[04 Feb 25 00:26 UTC] No.42925530[source]▶
Do pro-bitcoin people still talk about goals of bitcoin being a currency that people use daily?

I don't follow it closely, but that idea seems to have faded and now it's just an asset to buy and hold while it magically goes up forever.

replies(12): >>42925658 #>>42925661 #>>42925711 #>>42925713 #>>42925980 #>>42926026 #>>42926151 #>>42926197 #>>42927159 #>>42928125 #>>42928576 #>>42928678 #
sporkydistance ◴[04 Feb 25 00:42 UTC] No.42925711[source]▶
Why would anyone spend a single BTC/sat. if they know it could be worth 10x more in a few weeks/years?
replies(6): >>42925943 #>>42925982 #>>42926138 #>>42926235 #>>42926646 #>>42927463 #
1. hackernudes ◴[04 Feb 25 01:02 UTC] No.42925943[source]▶
Because they need toilet paper today.
replies(3): >>42926103 #>>42926115 #>>42926363 #
2. sporkydistance ◴[04 Feb 25 01:17 UTC] No.42926103[source]▶
Selling a speculative investment for a necessity screams: "I don't understand personal finance."
3. jdiff ◴[04 Feb 25 01:18 UTC] No.42926115[source]▶
I've got good news for those people, you can't buy toilet paper with bitcoin today. And they aren't getting paid in bitcoin today, either. And if they tried to exchange bitcoin for fiat to buy toilet paper, they'd be subject to incredible fees that would make such a transaction pointless.
4. cg5280 ◴[04 Feb 25 01:41 UTC] No.42926363[source]▶
While people will always need to buy the essentials, I do buy that a deflationary currency could discourage discretionary spending. Maybe people are slightly less likely to splurge on a big purchase or a nice dinner. I don't know what the delta would be in GDP growth compared to now; it certainly could be negligible.