Bitcoin becomes Legal Tender in El Salvador

Re:Bitcoin becomes Legal Tender in El Salvador by ben_w on Wednesday June 09, 2021 @04:37AM (#27445604)

I can do that with gold.

Gold is less volatile, and the value of the volume of a €2 coin in gold is 9 months of El Salvador nominal GDP per capita.

Or the gold could be stored elsewhere and accessed via an app, with exactly the sort of database every bank already uses.

Either way, BTC adds nothing. Apps might, depending on the banking infrastructure, but BTC itself? Nada.

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Re:Bitcoin becomes Legal Tender in El Salvador by el-salvador on Wednesday June 09, 2021 @05:01AM (#27445780)

This is a new unit of measure! Now I need to know my monthly salary in eurocent volume of gold.

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Re:Bitcoin becomes Legal Tender in El Salvador by ben_w on Wednesday June 09, 2021 @06:14AM (#27446230)

€0.01 coins have a volume of ~0.346ml, gold has a density of 19.3g/ml and a current price of 60.89 USD/g, so a eurocent-sized gold coin would be worth 407.02 USD :)

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Re:Bitcoin becomes Legal Tender in El Salvador by el-salvador on Wednesday June 09, 2021 @12:42PM (#27450050)

Thank you :) I'll look at those coins differently now.

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