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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 4 comments | 04 Feb 25 00:00 UTC | HN request time: 0s | source
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ptero ◴[04 Feb 25 00:17 UTC] No.42925410[source]▶
That's heavy editorializing:

El Salvador keeps buying the Bitcoin for its strategic reserve. Businesses and citizens can keep using it.

But for getting an IMF loan, IMF (which, to put it mildly, doesn't like Bitcoin) required the end to Bitcoin legal tender status.

Now the businesses are free to accept it or not instead of being required to accept it. That's all. The government plans to keep buying and using it.

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yalogin ◴[04 Feb 25 00:46 UTC] No.42925759[source]▶
Looks like a fair take to me. They are not forcing people to accept it anymore because it didn’t work. It was never supposed to work.

Bitcoin tried for 15-20 years to find a use case but now it’s just an asset class like gold and nothing else, it will never be more than that.

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1. toenail ◴[04 Feb 25 07:01 UTC] No.42929027[source]▶
> asset class like gold and nothing else, it will never be more than that

Lol, gold that can be teleported around the globe for fractions of a cent, yeah.. it sucks that bitcoin will never be more than that.

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2. nurumaik ◴[04 Feb 25 07:48 UTC] No.42929384[source]▶
For 100000/1 fraction of a cent?
3. mminer237 ◴[04 Feb 25 14:47 UTC] No.42933008[source]▶
The transaction fee is currently $1.64 and frequently spikes to tens of dollars. (Yes, sometimes LN can reduce that.) You can buy gold via something like $GLD for free.
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4. toenail ◴[04 Feb 25 16:05 UTC] No.42934181[source]▶
It's funny how people keep pretending like there's only on chain bitcoin or that lightning is broken in 2025.