Hacker News Reader

Comment by hereme888 | Hacker News Reader

Well, the price fell drastically and the Bitcoin 2021 conference still happened (the biggest crypto conference ever), El Salvador still decided to recognize Bitcoins as legal tender, Paraguay is on the way to do the same, Miami still wants to become the crypto/bitcoin capital of the world, and senators attended the Bitcoin conference in support of it (I understand there's plenty of opposition as well).

View on HN

Transaction costs here ( a stable country) costs 10 cents.

Bitcoin is currently at 4,5 $. I wouldn't buy any bread with it.

Online platforms also didn't care about crypto after they implemented it in 2017. History repeats itselves.

And i think the problems of those countries are bigger and won't be solved by Bitcoin. Guess we'll just have to wait and see about adoption, just like in 2017 when it never happened.

Still not clear why use BTC to send money versus Venmo/PayPal. Less fees, better UX and a customer support.

Yeah, neither do I.

Keeping your Bitcoin on a "hot wallet" would be what most people do and it's definitely not safe.

Governments here also guarantee till 100 k. Which can't be replicated with a cryptocurrency ( yet? ) Because of lack of centralization.

I doubt a country like El Salvador can afford 100$ fees for transaction or deal with BTC private key. A lot of people there even have a bank account with fancy mobile UI and phone support for pwd recovery.

The message from the president of El Salvador and the company that he asked to draft the bill specify that there's a huge % of the population that is unbanked, and unable to receive important financial products because they don't qualify due to the current standards in traditional systems. Bitcoin doesn't cost $100 in fees and is currently changing to a system (proof of stake) that will use an infinitesimal amount of energy compared to before.

You can watch https://www.youtube.com/watch?v=-Vcgy1wli9k to understand what the case use is going to be for Bitcoin in El Salvador.

If they don't qualify for traditional banking, explain to me how they could open an account to Coinbase and wire money to purchase bitcoin?

Wait, Bitcoin is moving to proof of stake? Citation needed.

Reply on news.ycombinator.com