El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin

Re:El Salvador Plans to Use Electricity Generated from Volca... by rawtxapp on Friday June 11, 2021 @02:22PM (#27476804)

I mean even gold (which is a centuries old asset) is pretty volatile on a yearly basis (high of ~2100$, low of ~1650$ this year).

I think when Bitcoin approaches Gold's price, you can expect similar volatility because by then large institutions/countries would be holding it.

Also on a long term basis, it appreciates an average of ~300% year over year which is much better than the dollar which is depreciating on purpose.

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Re:El Salvador Plans to Use Electricity Generated from Volca... by thehappypm on Friday June 11, 2021 @02:57PM (#27477179)

Gold is not a used directly as a currency anymore, in part for the reason that it's hard to control the value of an asset. It turns out that having some control over a currency's inflation/deflation is very powerful and good for economies to function.

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Re:El Salvador Plans to Use Electricity Generated from Volca... by rawtxapp on Friday June 11, 2021 @03:07PM (#27477270)

Fiat currencies fluctuate too, even a big pair like USD/EUR has a high of ~0.9 and low of ~0.8 this year and if we are talking about smaller currencies like say the Turkish Lira, you're looking at much larger changes.

Gold isn't used directly because it's not convenient, are you gonna transport a heavy metal that you can't divide into small portions to pay for stuff? No! Lightning network wallets makes even tiny payments of couple satoshis very easy/instant/almost free.

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Re:El Salvador Plans to Use Electricity Generated from Volca... by sanderjd on Friday June 11, 2021 @05:27PM (#27478723)

Gold is also a very bad currency.

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