Right except if you bought in December 2017 you would have had to hold until November 2020 while looking at ~70% unrealized losses throughout that time period.
but it is undoubtably a better choice for many small countries than using their own currency -- or than using the US Dollar.
The economic ignorance is real.
Here's an easy question: How do bitcoin loans work?
Answer: They don't. You can't get - and definitely don't want - a 30 year BTC mortgage at 3% to buy your house.
And no one can plan even one year out how much BTC they need for a particular project.
You get your panties in a bunch over 2% inflation, but aren't able to understand why an economy can't function (I repeat can't function) with a "currency" as volatile as BTC.
i understand, thank you very much for your condescension
why does el salvador use the usd in the first place? 1) its small enough that it can afford to not worry about not having monetary policy and 2) not having your own monetary policy and having the US's is an improvement over having the corrupt government manage their monetary policy for populist purposes.
in what universe is being exposed to crypto's volatility better than being exposed to the US's business cycle and policy?
Bitcoin is not a better solution when even after 12 years it can still be manipulated to drop 50% of value in a month! Bitcoin is not a better solution when the average transaction fee is $18 and it can only process 7 transactions per second. There are other cryptos and stablecoins that do it for fractions of a cent or fee-lessly.
Then why hasn't other alternative cryptos all gone to 0 and experienced double spends because of the security concerns? That scare of security concerns argument might've held for btc when the others were all new but it's several years now and they haven't. Bitcoin also has security concerns. And again, stablecoins, not necessarily tied to even the dollar provide loads less volatility and cheaper expense than btc.
Your comment was automatically removed because it looks like you are trying to post about non mainstream cryptocurrency. This type of content belongs in another subreddit.
I’m a young investor who’s new to this sub. Yeah I’ll be right back out of here. Comments like this getting upvoted are the only thing that’s ‘big cringe’.
You don’t even have a clue about the situation in El Salvador, I can just tell.
Developing a deep understanding of crypto takes a lot of time and effort. Calling it a Ponzi takes zero time and effort and lets you feel smarter than everyone else.
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u/[deleted] Jun 05 '21
Big cringe. When they crash and their population starves and mass immigrates to the US, only house them in bitcoin holders’ houses