Imagine A Country With No USD

Since Salvador accepted bitcoin as a legal tender, it means that if what will be known as their currency worldwide. There has been lots of controversies around the news, its merits and demerits. However, we shall be talking about the demerits here BTC could possibly collapse the economy of the country for good. Considering the drawbacks of bitcoin, using it for daily transactions can be uneasy and slow unlike ethereum and binance.

Cryptocurrencies are the future of money, however Bitcoin is not because of potholes.

Except a tactical measure is put in place bitcoin hodlers from countriess like Russia and China can now target the country to cash out their holdings by so doing taking out all the country's United States dollars like the usual pump and dump scheme.

It has the power to completely destroy the economy because all the dollars in El Salvador could be cleared up in an instance, and there would be no money left in the country. That would be absurb, a country without their local currency.

We can say they did accept it out of excitement, but bitcoin cannot function bas main currency in a country where most citizens depend on cash.

In fact, many of the citizens do not have bank accounts, imagine paying your meal ticket with bitcoin out hiring a taxi driver with bitcoin.

while on the basis of economic integration, The Central American Bank have said that it is innovative and provided many opportunities and it would be creating a technical advisory group to assist El Salvador in its change from using Bitcoin as its main currency. Well, to some others bitcoin is just speculative operating on the laws of supply and demand. More time should be given to considering the choice of using bitcoin so as not to fall victim of a dollar less country.