El Salvador wants to make BTC legal tender

[whm1974]

5 minutes ago, The Benjamins said:

No, a transaction is see instantly and can be validated at the same time. it is confirmed by the whole network after its in 1 block (10 min) and the community usually deems it as solid after 3-6 blocks deep (30-60 min) 

 

so for a normal store purchases its seen as instant and any big ones it be 1 hour.

~10 Minutes is hardly Instant for Validation of a Transaction. Doesn't El Salvadore have decent size Silver Mines or something? The Country will be better off using Silver Based Currency the any Cryptocoin.

[The Benjamins]

Just now, whm1974 said:

~10 Minutes is hardly Instant for Validation of a Transaction. Doesn't El Salvadore have decent size Silver Mines or something? The Country will be better off using Silver Based Currency the any Cryptocoin.

it can be validated instantly, its confirmed (locked in) after 10 min.
 

Banks typically take DAYS to confirm transactions, they are just shown and semi validated instantly

[whm1974]

1 minute ago, The Benjamins said:

it can be validated instantly, its confirmed (locked in) after 10 min.
 

Banks typically take DAYS to confirm transactions, they are just shown and semi validated instantly

 

2 minutes ago, The Benjamins said:

it can be validated instantly, its confirmed (locked in) after 10 min.
 

Banks typically take DAYS to confirm transactions, they are just shown and semi validated instantly

It doesn't make any since for Countries where a Majority of the Population doesn't even own Modern Computer, but only a Smartphone at best.

[The Benjamins]

Just now, whm1974 said:

 

It doesn't make any since for Countries where a Majority of the Population doesn't even own Modern Computer, but only a Smartphone at best.

it works best on smartphones lol

[whm1974]

Just now, The Benjamins said:

it works best on smartphones lol

Oh please.

[Moonzy]

2 hours ago, Brooksie359 said:

If that is done it bitcoin there is a fairly high probability that they would end up losing money because bitcoin dropped in value after the transactions is made.

Or it could be much higher, gotta look at both sides of the coin

Historically speaking, it's done nothing but going up year after year, with some peaks somewhere

[The Benjamins]

1 minute ago, whm1974 said:

Oh please.

have you never used it?
the easiest was to use it is through a smartphone, its harder to use it on a normal PC. and there payment accepting services for BTC that will allow a merchant to never touch it directly.

[Brooksie359]

8 minutes ago, Moonzy said:

Or it could be much higher, gotta look at both sides of the coin

Historically speaking, it's done nothing but going up year after year, with some peaks somewhere

Thats great in theory but when you need to pay people or buy things for your business you can't really wait for the bitcoin to go up in value. The only way this would work is if they did a transfer to normal currency directly after the transaction. But still I don't think bitcoin is a good system to replace a bank. There will certainly be issue where you have money in bitcoin but the price goes down and its time to pay rent yet you can't pay it because the price dived. 

[whm1974]

4 minutes ago, The Benjamins said:

have you never used it?
the easiest was to use it is through a smartphone, its harder to use it on a normal PC. and there payment accepting services for BTC that will allow a merchant to never touch it directly.

I'll stick to the US Dollar thank you very much. I can go anywhere in the World and exchange that for Goods and Services.

[Moonzy]

35 minutes ago, Brooksie359 said:

Thats great in theory but when you need to pay people or buy things for your business you can't really wait for the bitcoin to go up in value. The only way this would work is if they did a transfer to normal currency directly after the transaction. But still I don't think bitcoin is a good system to replace a bank. There will certainly be issue where you have money in bitcoin but the price goes down and its time to pay rent yet you can't pay it because the price dived. 

I'm not saying it's great for daily currency usage

 

I'm just saying that it might jump up in value overnight too since you said that there's a high probability that it'll go down in value once you're holding it somehow, which I think is false based on past yearly trends

[Primotter]

12 hours ago, Mihle said:

From what I did  read somewhere else, the real reason behind this is that friends of the president and people in government is corrupt, and want to continue with it.

Hello, I'm from El Salvador, risking diving too much into politics but I need to give you all some context...

 

Our current president is a master at controlling public's opinion on him (borderline in media censoring too). We recently had the new congress start its new period. Out of the 84 seats, 64 are controlled by the political party and allies of the president. They can approve pretty much anything the president wants.

 

The first thing they did as the new congress was to replace the supreme court judges, obviously replacing them with their allied ones, they have now the 3 powers under their control.

 

And now after giving context, this really looks like a way to ensure an easier way to cover up the tracks for the embezzlement and corruption in the government. Who knows what will happen of this...

 

Oh btw, some businesses on the beach area (lots of tourism) accepted payment on bitcoins already way back on February and before this year too. 

 

"Comercio con bitcóin conquista playa El Zonte | La Prensa Gráfica" https://www.laprensagrafica.com/amp/economia/Comercio-con-bitcoin-conquista-playa-El-Zonte-20210220-0135.html

Sorry I can't get you an English version. This is an article in a local newspaper (one of the two largest media in the country)

 

[Brooksie359]

2 hours ago, Moonzy said:

I'm not saying it's great for daily currency usage

 

I'm just saying that it might jump up in value overnight too since you said that there's a high probability that it'll go down in value once you're holding it somehow, which I think is false based on past yearly trends

No I think the asset is highly volatile and there is a big chance of the price dropping. The stock market has a trend to increase in value over the long term but that doesn't mean stock don't dip quite frequently because they in fact do. 

[Sauron]

...if it works great, but given how volatile BTC's market value is I feel like this could backfire very hard...

 

Also I'm not sure it's a good idea for a country to use a currency it doesn't have any control over.

[Moonzy]

23 minutes ago, Brooksie359 said:

No I think the asset is highly volatile and there is a big chance of the price dropping. The stock market has a trend to increase in value over the long term but that doesn't mean stock don't dip quite frequently because they in fact do.

how can stock have an upward trend but have higher probability of going down, assuming the trend continues?

im no economist but i cant comprehend this logic, shouldnt the probability of it going up be more if it's an upward trend?

[Brooksie359]

40 minutes ago, Moonzy said:

how can stock have an upward trend but have higher probability of going down, assuming the trend continues?

im no economist but i cant comprehend this logic, shouldnt the probability of it going up be more if it's an upward trend?

First point would be that upward and downward is simply a direction not a degree of the increase or decrease in the price. You could have the same amount of downward and upward short term trends but still end up higher at the end because the increase in the upward trends was greater than the decreace in the downward trends. Anyways that isn't even really the point. The point is that downward trends can basically royal screw people over if they use bitcoin like a bank. Bitcoin is volatile and how often it goes down in value in the short term is quite frequent regardless of what the long term trend has been. 

[Moonzy]

 

5 minutes ago, Brooksie359 said:

You could have the same amount of downward and upward short term trends but still end up higher at the end because the increase in the upward trends was greater than the decreace in the downward trends.

so, the probability of it going up is better than it going down overall...?

 

yes, i understand dips and peaks happens, and one should buy at the right time to turn the odds in your favour

but just saying "higher chance of it going down" in an upward trending chart is just weird to me

 

 

[COTG]

8 hours ago, whm1974 said:

Beenie Babies actually exist while Bitcoin and other Crypto does not.

that is by far the single most idiotic comment i've seen all week

[Master Disaster]

12 minutes ago, COTG said:

that is by far the single most idiotic comment i've seen all week

Its only Monday

[whm1974]

1 hour ago, COTG said:

that is by far the single most idiotic comment i've seen all week

And what is Idiotic about my Statement? Just because Bitcoin happens to over $12,000 today, doesn't mean by Tomorrow you will be able to buy a single Meal.

[Helpful Tech Witch]

1 hour ago, Master Disaster said:

Its only Monday

Yeah. Wait for the weekly gamer being entitled to hardware because gpus are maeant for gaminm thread.

"THe g StAndS fOrGaMING So hey are FOR GAMInG oNLY." Or some idiotic statement like that will be the #1

3 minutes ago, whm1974 said:

And what is Idiotic about my Statement? Just because Bitcoin happens to over $12,000 today, doesn't mean by Tomorrow you will be able to buy a single Meal.

Like I said earlier (which you didn't respond to, so I'd guess you won't to this one eithwr)

Tangible and existant are not the same thing.
BTC is intangible, but existient. (And technically then you could make a hardwallet and hold the drive, then it is technically tangible). But this has nothing to do with what you said in the comment they quoted.

You said that crypto doesn't exist but beanie babies do In that comment.

But you supported it by saying that it's over 12000$ (which is true, but so wrong at the same time, it's about 36500 at time of writing), whuvh has nothing to do with if it exists or not.

But what do I know? 

[whm1974]

44 minutes ago, HelpfulTechWizard said:

Yeah. Wait for the weekly gamer being entitled to hardware because gpus are maeant for gaminm thread.

"THe g StAndS fOrGaMING So hey are FOR GAMInG oNLY." Or some idiotic statement like that will be the #1

Like I said earlier (which you didn't respond to, so I'd guess you won't to this one eithwr)

Tangible and existant are not the same thing.
BTC is intangible, but existient. (And technically then you could make a hardwallet and hold the drive, then it is technically tangible). But this has nothing to do with what you said in the comment they quoted.

You said that crypto doesn't exist but beanie babies do In that comment.

But you supported it by saying that it's over 12000$ (which is true, but so wrong at the same time, it's about 36500 at time of writing), whuvh has nothing to do with if it exists or not.

But what do I know? 

It doesn't matter whatever random value Fools will pay good money for Bitcoin. The Vast Majority of Merchants and People will not take Bitcoin as Payment.

 

 

[Helpful Tech Witch]

8 minutes ago, whm1974 said:

It doesn't matter whatever random value Fools will pay good money for Bitcoin. The Vast Majority of Merchants and People will not take Bitcoin as Payment.

 

 

Not directly, but it's taken by PayPal.

 

But BTC is a crypto that should be taken as a stock, a investment, not a currency is a serious sense. Things like tether, usdc, and the gold tether is what should be taken as a currency.

[whm1974]

53 minutes ago, HelpfulTechWizard said:

Not directly, but it's taken by PayPal.

 

But BTC is a crypto that should be taken as a stock, a investment, not a currency is a serious sense. Things like tether, usdc, and the gold tether is what should be taken as a currency.

That would the best way to use Crypto but quite a few folks want to use it to replace Real Currency.

 

However Crypto isn't investing into anything.

[Master Disaster]

1 hour ago, HelpfulTechWizard said:

Not directly, but it's taken by PayPal.

 

But BTC is a crypto that should be taken as a stock, a investment, not a currency is a serious sense. Things like tether, usdc, and the gold tether is what should be taken as a currency.

The word you're looking for a fiat currency.

 

It still amuses me that, technically, the piece of paper you use to pay for things isn't really worth anything except a promise from the government that they have the money in their bank to cover it.

 

These days its ULTRA rare for currency to be linked to precious metal for the exact same reason why BTC will never be taken seriously, volatility. The last thing you want is a global fall in the price of gold to make your dollar/pound/euro worthless.

[Brooksie359]

7 hours ago, Moonzy said:

 

so, the probability of it going up is better than it going down overall...?

 

yes, i understand dips and peaks happens, and one should buy at the right time to turn the odds in your favour

but just saying "higher chance of it going down" in an upward trending chart is just weird to me

 

 

I think you are failing the see the point here. It dips frequently so it doesn't even matter how much it goes up as that doesn't fix the issue of your assets suddenly being worth less due to crypto dropping in price. People don't put money into a bank to invest. They put money into a bank to have liquid assets that can be used when they need it without worrying about its value suddenly dropping. Also I never once said that higher chance of going down. I said it goes down frequently. Even then like I explained its still possible to have the overall value upward trending long term even though there are more down trends than up trends. It is quite weird that you would assume they have anything to do with each other.