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bitcoin disaster

Crypto investors consider that if the President pushes any Bitcoin-related project, it will be a disaster for El Salvador. Bitcoin: Disaster or opportunity? In the current low interest rate environment, investors are increasingly being pushed into risky assets to earn a decent. It's a bad year for the reputation of cryptocurrency. The foundation of cryptocurrencies, blockchain, has not faired much better. ETHEREUM DEVOPS 199

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Why Bitcoin is so bad for the planet

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bitcoin disaster


The digital currency rose to prominence this year making headlines from Silicon Valley to Shanghai. Alleged drug dealing, arms trading, and even sex crimes were going down on the subversive, secretive site and apparently the feds had been watching for a long time.

Its hook? The virus in essence locked down all the files on the targeted computer think: baby pictures and medical documents and demanded payments in Bitcoins within a short period of time. Howells bought the 7, Bitcoins back in as the currency was just beginning to pick up speed and threw the hard drive they were stored on away sometime this summer.

The ultimate facepalm. Bitcoin is still an emerging technology with a lot to offer but also with long way to go before all the kinks are worked out. Investing in Bitcoins still may be a good idea but the truth is, none of the people involved in these disasters knew they were disastrous…until it was too late.

Ryan Currie is a product manager at BizShark. While Bukele has a strong personal stake in cryptocurrency and the crypto scene, El Salvador has genuinely struggled with what currency it should use over the past twenty years. Many Salvadorans rely on remittances from relatives abroad to make ends meet, and those payments have to pass through notoriously predatory services to make it home. Unfortunately, adopting bitcoin did not have a liberatory effect opens in new tab on the country's economy.

The virtual wallet app rolled out by the government has proven unreliable, and the volatility that makes crypto such an attractive unregulated security left it a poor day-to-day currency. Now that the crypto market is crashing, it's looking less and less likely that El Salvador will be able to make its next bond payment, defaulting on its national debt. This would prove disastrous for the country's economy and the government's ability to fulfil basic functions. On the same day, the president tweeted about plans for a " Bitcoin City opens in new tab " to be built in the shadow of a volcano, with pictures of him admiring its gold-painted scale model.

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