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 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.