Jul 28, 2022
In Parenting Forum
But Bitcoin raises immediate questions related to people's salaries and livelihoods. For now, Salvadorans are willing to forgive Bukele for everything and support him. Unless the bet includes your own money. El Salvador’s president has pushed a plan to introduce bitcoin into the economy of a country where four out of ten people live in poverty. In the process, your own credibility is at risk. A risky bet on Bitcoin runs a shop in a rural town 200 kilometers from San Salvador. It sells packaged products such as vegetables, vegetables, biscuits, fried foods, and beer. Not an economist, politician or venture investor, but he knew a law was approved in his nation's capital a few weeks ago that would force him to accept something called bitcoin soon as payment for his product. He said two things about this it was "a currency Fax Number List that would go up and down" and he didn't think it would work. He is not without reason. Bitcoin is a digital currency - i.e. no paper money or coins are issued - privately Existing and decentralized. That is, there is no government agency monitoring the possibility of counterfeiting. To make it secure, it is encrypted into computer circuits (hence the "cryptocurrency"), although that doesn't solve the problem Oscar aptly describes as a "seesaw", which is technically known as volatility. In April 2021, Bitcoin reached an all-time high of $64,895. When I started writing this note, it was 35,767, and when I finished it three days later, it was 32,629. This is why, among other reasons, small businessmen like Oscar Romero and Nobel laureates in economics like Paul Krugman or Robert Shiller are skeptical about the real usefulness of cryptocurrencies like Bitcoin. El Salvador's adoption of Bitcoin cryptocurrency as legal tender is testing Salvadorans' loyalty to Honesty and trust.