Sep 07, 2021

> fees for remitance make up for a large portion of the el salvadors GDP

Average remittance costs for El Salvador are between 1.67% and 4.33%, with the average being 2.85% [1]. Meanwhile, the two Bitcoin ATMs in the country charged a 5% fee.

[1] https://sites.krieger.jhu.edu/iae/files/2021/06/Bukeles-Bitc...

Sep 07, 2021

> remittance fees as high as 20% or more

Average remittance costs for El Salvador are between 1.67% and 4.33%, with the average being 2.85% [1]. Meanwhile, the two Bitcoin ATMs in the country charged a 5% fee.

[1] https://sites.krieger.jhu.edu/iae/files/2021/06/Bukeles-Bitc...

Sep 07, 2021

> not sure that Gresham’s law would strictly apply

You're correct, it's a loose analogy.

> people can instantly exchange one for the other

"El Salvadorans without a bank account (70% of the population) can only convert bitcoin to greenbacks at a bitcoin ATM. At present, El Salvador only has two active bitcoin ATMs" [1].

[1] https://sites.krieger.jhu.edu/iae/files/2021/06/Bukeles-Bitc...