←back to thread

El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0s | source
Show context
portaouflop ◴[04 Feb 25 02:07 UTC] No.42926658[source]▶
IMF gave them 1.4 billion to abandon the “experiment”:

> The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described.

—-

I dislike cryptocurrencies as much as the next guy but this was clearly something else than a failure of the currency itself

replies(30): >>42926697 #>>42926752 #>>42926769 #>>42926916 #>>42927021 #>>42927075 #>>42927122 #>>42927290 #>>42927312 #>>42927357 #>>42927505 #>>42927532 #>>42927536 #>>42927642 #>>42927745 #>>42927985 #>>42928058 #>>42928513 #>>42928720 #>>42928756 #>>42928806 #>>42929654 #>>42929949 #>>42930337 #>>42930726 #>>42930753 #>>42930779 #>>42930984 #>>42934734 #>>42935466 #
stephen_g ◴[04 Feb 25 02:17 UTC] No.42926769[source]▶
Despite that interference, from everything I’ve read though it’s hard to describe the bitcoin experiment as anything else than a massive failure…
replies(4): >>42926864 #>>42926901 #>>42927899 #>>42933006 #
kylebenzle ◴[04 Feb 25 02:24 UTC] No.42926864[source]▶
Yeh, it failed so hard no one even uses it anymore.
replies(4): >>42927136 #>>42927268 #>>42927322 #>>42928839 #
Kindra ◴[04 Feb 25 03:05 UTC] No.42927268[source]▶
Are you able to point to a single case where Bitcoin was used as legal tender in an every day business transaction? By this I mean, can you give an example where someone ordered a cup of coffee with Bitcoin directly and not through a proxy?
replies(9): >>42927335 #>>42927343 #>>42927378 #>>42927507 #>>42927576 #>>42928388 #>>42929431 #>>42930682 #>>42931578 #
qingcharles ◴[04 Feb 25 03:39 UTC] No.42927576[source]▶
Is it even possible with BTC? I mean, how long does the transaction take to completely confirm? 30 mins? I guess if you paid way in advance; or loaded up a prepaid wallet.
replies(1): >>42930514 #
1. genem9 ◴[04 Feb 25 10:11 UTC] No.42930514{3}[source]▶
Lightning transactions are instant