This may be silly question, but what does official status actually mean?<p>Bitcoin wasn't illegal in Pananama. It's not like they can print more nor guarantee value of the coin with other goods, is it?
Are there any successful cryptocurrencies that aren't based on proof-of-waste? El Salvador's and Panama's moves seem like the start of a bad trend.
Maybe I'm just a cranky skeptic but I can't stop wondering, what's in it for the panaman (and salvadorian) government? What kind of money this switch will bring in their vaults/pockets? What kind of control does it enable? What kind of business will the move bring?
What does "legal tender" mean in this context? Normally, as i understand it, it means you must accept it for payments of debts. So will El Salvadorans be required to accept bitcoin? Can your employer suddenly announce your salary is now paid only in it?
Why do they all choose BitCoin? Its arguably the worst cryptocurrency by all means but the price. It has ridiculously high transaction costs in money, time and energy, easily becoming nearly unusable this way. Doesn't it?