El Salvador Bitcoin riots! - Politics Forum.org | PoFo

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By B0ycey

Seems not is well with the Bitcoin revolution. When this started, El Salvador bought 400 Bitcoins and the price hit $52000 USD. On its first day it lost 20% of its value to around $43000 USD in which is has gained some of the losses since but not entirely. Now the obvious problem of inflation on a viotile markets is real. And the people aren't happy. If your money in your wallet can reduce by 20% over night, how are you meant to plan?

Of course the idea of adopting Bitcoin isn't bad. If you can save money through transaction fees on an economy based on people sending money back home, perhaps you would encourage that. But Bitcoin isn't your standard currency. It is an investment and people buy and sell the currency on growth and speculation hence the exteme price ranges which makes simple things like buying shopping untenable. It has barely been a week and people have had enough. The question now? Will people accept Bitcoin? Or will they just return to the Dollar? It seems Western Union need not worry yet. :hmm:
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