Decentralized ledgers are very different because they reuse existing trust relationships - that’s why they’re so much more efficient and safe to use.
This is an important point to understand because when cryptocurrency salespeople use those experiments as examples of real-world adoption they don’t spell out the connection — fully aware that if the Fed sets up a distributed ledger, it won’t have a step which involves making Bitcoin holders wealthy.
> My home state passed a law allowing me to pay taxes in bitcoin as well,
Do they actually accept bitcoin or do they just convert it into hard currency first? For example, when Colorado did this they implemented it by using PayPal and converting to USD at the time of the transaction so it’s like paying with a credit card including the single vendor charging a processing fee.
> there was the Ecuador thing.
Yes. Specifically the one where people protested against it, most people never use it, and the country has lost most of the money it put in? You were going to mention that, right?
This is an important point to understand because when cryptocurrency salespeople use those experiments as examples of real-world adoption they don’t spell out the connection — fully aware that if the Fed sets up a distributed ledger, it won’t have a step which involves making Bitcoin holders wealthy.
> My home state passed a law allowing me to pay taxes in bitcoin as well,
Do they actually accept bitcoin or do they just convert it into hard currency first? For example, when Colorado did this they implemented it by using PayPal and converting to USD at the time of the transaction so it’s like paying with a credit card including the single vendor charging a processing fee.
> there was the Ecuador thing.
Yes. Specifically the one where people protested against it, most people never use it, and the country has lost most of the money it put in? You were going to mention that, right?
https://nayibtracker.com/