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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0.242s | source
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tim333 ◴[04 Feb 25 08:51 UTC] No.42929881[source]▶
Bitcoin as legal tender, as in something you are legally required to accept as a debt payment, is kind of a terrible idea. What if the person owed money has no idea how to muck around with private keys, not getting hacked and so on? Does your average small law firm who has to deal with legal stuff have any idea how to do that?
replies(1): >>42930040 #
mab122 ◴[04 Feb 25 09:07 UTC] No.42930040[source]▶
What if the person owed money has no idea how to check if a bill is not a counterfeit, doesn't want to learn about really small security prints on every note, what if somebody robs their wallet?
replies(1): >>42930207 #
1. tim333 ◴[04 Feb 25 09:31 UTC] No.42930207[source]▶
I'm not saying the current system is perfect but most people owed money can receive money in a bank account while most probably don't have a bitcoin wallet. Physical cash while legal is fading from use for large transactions.