If you’re reading this piece, you likely already know that El Salvador recently decreed Bitcoin legal tender. The dollar will similarly continue as legal currency in the Central American nation.
Word has it that Bitcoin will enable much easier and safer remittances from Salvadorans working outside the country. The giant leap for the once obscure medium doubtlessly has some crypto-optimists with stars in their eyes about the future of decentralized money. El Salvador is the surely the beginning of increasingly common Bitcoin circulation.
The enthusiasts would be wise to curb their enthusiasm.
Bitcoin’s not about to replace the dollar, or any other broadly circulated money form. While there’s much to dislike about the dollar, Bitcoin’s creator(s) don’t know why the greenback is disliked.
To the reflexively libertarian in our midst who aren’t quite sure why they’re libertarian, Bitcoin is logically superior because it’s not…