Bitcoin being used in El Salvador and the problems that come with it

I have been hearing all over Twitter about Bitcoin being used in El Salvador so I decided to look for myself…

I found these YouTube videos and thought they were pretty interesting however they highlight some big problems. One was the privacy concerns with their local custodial wallet called Chivo, and another was the volatility of Bitcoin. During volatile times like this people have been scrambling to get to the ATM to sell their coins. Some people have had their savings cut in half due to the volatility.

Zcash could solve their first problem of privacy, but volatility may be an issue for quite some time…I remember seeing some talk on Twitter regarding stablecoins on Zcash. We seriously need to think about this stuff if we want ZEC to be useable in places like El Salvador. Right now there are projects working on private solutions for stablecoins such as Railgun on Ethereum but unfortunately it will only be accessible to those who can afford it for the time being.

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Not a good look for BTC…Failed transactions being reported in their apps and other bad user experiences:

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I heard that a country (sorry, do not remember the name) bought a lot of cryptocurrency before it… Became cheaper. So now this country has a lot of debts and some are proposing a default on it.

That El Salvador is a good experimentation specialist but sometimes even specialists can find problems.

I am gonna exchange my last BTC for euros in my crypto wallet before BTC becomes cheaper again. God damn it, this 2022 year is very problematic…

What do you think about Bitcoin City which El Salvador is going to build? Will it be popular?

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It might be. But depends on the price of the Bitcoin on the market.

Bitcoin is bad for crypto. Why won’t they use a modern coin? :face_with_symbols_over_mouth:

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