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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)

submitted 4 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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Linus Torvalds, creator of Linux, does not believe in cryptocurrencies, calling them a vehicle for scams and a Ponzi scheme.
Torvalds was once rumored to be Bitcoin creator Satoshi Nakamoto, but he clarified it was a joke and denied owning a Bitcoin fortune.
Torvalds also dismissed the idea of technological singularity as a bedtime story for children, saying continuous exponential growth does not make sense.

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[–] Rustmilian@lemmy.world 19 points 4 months ago* (last edited 4 months ago)

No, no major government has completely adopted cryptocurrency as legal tender. El Salvador became the first country in the world to do so in September 2021, but there have been significant challenges :

Volatility: Cryptocurrencies like Bitcoin are known for their price swings, making them less than ideal for everyday purchases.
Consumer protection: Concerns exist about the risks faced by Salvadoran consumers, especially those unfamiliar with the complexities of cryptocurrency.
Business adoption: Businesses have been slow to embrace Bitcoin due to technical hurdles and a lack of customer demand.

Cryptocurrencies are still considered too volatile and risky by most governments for everyday transactions.