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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 2 comments | 04 Feb 25 00:00 UTC | HN request time: 0s | source
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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.

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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?
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1. sahila ◴[04 Feb 25 01:20 UTC] No.42926138[source]▶
Because if you/they knew that, then they'd be buying more bitcoin.

On a much smaller scale, your dollar goes up by 5% every year but you still use it everyday because all your monies are in dollars. If all your monies are in btc, you'd have to sell to buy things.

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2. cg5280 ◴[04 Feb 25 01:36 UTC] No.42926316[source]▶
If you suppose that BTC would be a widely adopted currency, you wouldn't "sell" it, you would simply exchange it for the good or service. But in this case if BTC is deflationary you would still hesitate to spend it. USD is inflationary, so there is hypothetically a small pressure to use it.