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Re:El Salvador makes Bitcoin legal tender by neither_color on Wednesday June 09, 2021 @11:01AM (#27448697)
It's important to note that El Salvador's currency is the US dollar. WU doesn't even need to convert currency. They are simply taking up to 10% from a low-earning demographic group in the US just because they can. Even if bitcoinization itself "fails", if it forces WU to lower its fees it'll do net good.

Among U.S. Hispanics and Salvadorans, the median annual personal earnings for those ages 16 and older was $25,000.

Salvadoran Americans, even those who are poor, have an incentive to send money to family and friends in El Salvador because a U.S. dollar buys much more there than in the States. In all, they send approximately $800 million back home per year—close to $1000 per person

1000 bucks per person is not some exorbitant amount, it's some people's yearly starbucks budget.

https://www.everyculture.com/multi/Pa-Sp/Salvadoran-American....

https://www.pewresearch.org/hispanic/fact-sheet/u-s-hispanic...

Re:El Salvador makes Bitcoin legal tender by booi on Thursday June 10, 2021 @01:27AM (#27457010)
Interestingly Bitcoin can’t really “fail” in the conventional sense. It won’t go bankrupt and isn’t beholden to profits. It will be an interesting experiment
Re:El Salvador makes Bitcoin legal tender by salamandersauce on Thursday June 10, 2021 @09:08AM (#27460255)
I think if it plummeted to fractions of a dollar it would be considered a failure. Especially if they spent millions on something now worth a few dollars.
Re:El Salvador makes Bitcoin legal tender by i_call_solo on Thursday June 10, 2021 @11:30AM (#27461870)
Of course it can. The people maintaining the network can decide it's not profitable to do so and the value could drop to near worthless.