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21 sats \ 6 replies \ @BallLightning 22 Dec 2024 \ parent \ on: IMF and El Salvador bitcoin
What do you mean "too poor"? Bitcoin should be usable by both the rich and the poor.
depends
if you are extremely poor (making single digit $) per week , you won't be able to afford btc(or open your own LN channels) due on chain tx fees and small UXTOs.
you will be forced to use custodials
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Well, this is a failure of bitcoin then unfortunately. But if bitcoin can't handle this case, you can still can use custodians as you said.
I wrote somewhere something vaguely related that it is that base routing fees make sending very small number of sats too expensive, but I was immediately attacked for, quote, "missing the plot". Go figure.
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I meant being too poor to save anything. Like some people just have barely enough to survive let alone stack sats. I don't how accurate this is, it's just what I've heard is one of the issues preventing more widespread adoption. I wasn't referring to transaction fees.
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Even if you don't have enough to stack, you should be able to use it to buy things you buy as a poor person.
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Good point. But I'm talking specifically about the challenges in accumulating bitcoin, not spending. Is usage in spending bitcoin widespread in El Salvador? I didn't realize that.
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As far as I know it is not. I am talking about what things should be, not how things are. Furthermore if we ignore the barriers to entry due to transaction fees, we still have the problem of bitcoin volatility. And that's because everything there is priced in dollars. If things there were priced in sats maybe that wouldn't be a problem, but I think prices in sats is something that can only possibly happen at the last stage of bitcoin adoption.
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