Two years ago, El Salvador shrugged off a chorus of warnings and adopted Bitcoin as legal tender in a bid to revitalize its economy and improve access to financial services.Economist Cesar Villalona told AFP that Bitcoin "does not exist in the local economy" in any significant way, because in El Salvador "everything" is paid in dollars: wages, services and goods.
Imagine buying groceries with bitcoin and having to wait 15 minutes at the register for enough confirmations to post on the block chain, only to realize that if you had gone to the store 15 minutes later your groceries would have cost $8 less due to the constantly changing value of your currency.
I’m finding it hard enough imagining that bitcoin has any true value.
Padme: Because value is relative, right? ☺️
Padme: Right? 🤨
Imagine needing to scoop one of the few transactions per second while everyone in the world who wants to buy something is bidding against you for the ability to make their payment.