Quote from: arwin100 on June 08, 2023, 11:52:57 PM

Quote from: xen1oph on June 08, 2023, 05:43:29 AM

Quote from: Bitcoin_people on June 04, 2023, 03:47:48 PM

El Salvador is one of the developed countries that has officially legalized Bitcoin. Cryptocurrency is fully legal in this country and everything from buying and selling goods to asking for payment is paid in Bitcoin. The country has advanced their economy a lot by doing various transactions through Bitcoin and has become known as one of the most popular countries in the world today. El Salvador has a facility that has a free bitcoin payment system for various transactions. and has provided special facilities for tourists to transact with Bitcoin at various locations. So we can say that all the countries where Bitcoin transactions are completely legal, everything can be done using Bitcoin.

El Salvador is truly paving the way for a Bitcoin-dominated future! While it's exciting to see a country fully embracing cryptocurrency, I can't help but wonder about the potential downsides. How will they address the concerns of financial stability, price manipulation, and the impact on their citizens who might not be tech-savvy or have access to reliable internet? It's a brave new world, and El Salvador is at the forefront of it.

For now the potential downside we can see is the bitcoin price volatility since they can control the situation and if the price dump they will be affected since for sure the value or buying power of their owned bitcoins will decrease. Also we can add up the problem if transaction fees goes high since they will also get trouble to do transaction if there's network congestion will happen. But over all this is minimal problem and everything can be solve.

I agree with what you said, but if you are a particular bitcoin lover and you are also a long-term holder it will not be easy for you to use it as payment for a house that you will buy of course. Instead of paying in Bitcoin, you'd rather pay in cash than use Bitcoin.

Because just think if the value of the House in money you will pay in bitcoin equal to the value of money today. You can even recover the value of the house in money if you hold bitcoin little by little as the day and time pass for sure.