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Merits 1 from 1 user
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Elwar
on 06/09/2021, 14:22:33 UTC
⭐ Merited by Torque (1)
here is a nice little visual listing of which stores will accept Bitcoin in el salvador starting tomorrow


https://twitter.com/BitcoinMemeHub/status/1434782162742505477?s=19

I would not be surprised if no big corporation accepts bitcoin in El Salvador. From the tidbits I've seen...at one point the president said that nobody would be forced to accept bitcoin (even though the law says so). I saw one comment saying that article 7 of the law was taken out. I saw yet another article saying that their chamber of commerce was told that all businesses needed to accept it though the companies were fighting it up to the bitter end.

So, what is likely happening is that those big companies are putting their legal teams on the payment thing as opposed to their tech team.

It all comes down to the fact that Bitcoin is a peer to peer money. Corporations are not a peer. They are a huge conglomeration of different people getting different percentages of your purchase. In order for a corporation to get paid in bitcoin (right now) you need a corporation to act as middleman (ie. BitPay) for the company.

One comment I found telling was of someone going into a store to buy something with bitcoin but the owner wasn't there so they had to text the owner and the owner finally sent the payment address.

Are we expecting McDonalds to set up a lightning wallet for their cashier to handle all of the money for that day, and then expect the cashier to make the choice between handing that wallet over to the owners at the end of the day or just quit with more than they would make in a year?

Bitcoin will eventually not only take down governments but also take down corporations. But for now, we're not there yet.

Eventually the "McDonalds" will be a series of smart contracts running the restaurant with an algorithm as the "owner".