Topic: ㅤ - page 3. (Read 705 times)

Bitcoin might be a good hedge fund against inflation or as a store of value but good to handle the economy.
Let all be honest for once and tell each other the truth, it will not work as money perhaps stable coins might even be close just the way Chinese digital yuan is been regulated.
Just imagine, bitcoin fell by - 50%, how do you handle that within a short period of time and long bear period.
Perhaps, if they have accepted bitcoin when it was around $10, they would be happy now not now that it has overpriced.
Microstrategy isn't a country.

The volatility itself won't be the only reason for rejecting or protesting but just like you mentioned in your first paragraph that people are not educated  and will find it very difficult to adapt and adopt the use of bitcoin. The government should make it optional so that older people and uneducated can keep using there Fiat until a time they can understand.

Meaning El Salvador does not create a Poll about accepting of bitcoin as legal tender ? and they have just forced this to happen for their own interest?(The government)

77% is too much high comparing to 23% that favors to this accepting.

I am not happy with this turns out because while the crypto community is rejoicing for this event,the people on the country itself is not joining the fun and regretting this occasion .

Even if , The government must conduct first spreading of information and ask the sympathy and pulse of the people before making it a Law.

El Salvador is not a rich country, many people know little about Bitcoin. They protested  were instructed. This behavior cannot change the fact that Bitcoin will become the country's legal coin.Power is always in the hands of the president。

Not all Salvadorans have mobile phones. For example, the elderly and children can't operate it, and most people don't understand Bitcoin.
They should consider that Bitcoin is unstable. If you buy something, you should be priced according to Bitcoin. If your mobile phone does not have Internet, then you will not be able to make payment transactions.

The claim that El Salvador is the first state to accept bitcoins as legal tender is incorrect. Japan legalized bitcoin and other cryptocurrencies back in April 2017, and since then, cryptocurrency has been considered legal tender there. To date, many states have already done the same. In El Salvador, they went much further and for the first time at the state level, bitcoin was declared the national currency of the state.
In truth, bitcoin is not designed for this and such an experiment, if it fails, could damage its image and the entire cryptocurrency. We also see that such a decision was made very hastily, without preliminary preparation and taking the necessary measures.
In society, there are always those who are dissatisfied with any government decision, in this case it cannot be said that people's protests are unfounded and therefore compromise options are needed.

Time will come and they will accept, people in every will be like that as time goes by. Also, their arguments are pretty stupid and a bit repetitive because I think I have heard some of them already in the past plus don't they like that 30 dollars worth of free bitcoin, that's a lot of money in my opinion.

This is one issue that I have heard. For example, if someone wants to purchase an item from the shop and makes the payment with BTC, the shopkeeper can't reject that mode of payment (since Bitcoin is the legal tender). I suspect there will be people who misuse the elevation of Bitcoin and it can create issues for less tech savvy people. The shopkeepers are not going to be happy, because of the extreme volatility of Bitcoin and the security issues related to the storage of coins. Being legal tender means that the vendors need to accept BTC, in case the payment is made using that method.

Yeah, I thought it was about time to get the tinfoil had mode activated.
So he sends them money for the protest even before Salvador announced the plan for it, 6 months in advance!
Of course, we need some reptilians overlords, some Bilderbergs or Illuminati, some Rothchilds oh wait, forget those, they own bitcoins.

Why can't some people understand that some don't think like them?
Do you remember the cell phone protests? All the drama about those towers giving you cancer and killing you in a year? The fear people have for everything new?


Those people who haven't heard of bitcoin before were suddenly faced with something they didn't understand and thought they are going to be forced to use a new currency, read the polls, some of them think it's an actual real-world coin as in metallic coin!
A few years ago here in Europe, we had a project about imposing merchants to accept debit and credit cards, a thing invented decades ago, which 50%-60% of the population using them, yet there was no way of imposing those, small merchants didn't want in any country to accept making cards mandatory so in the end, some countries just backed out and some simply imposed this only on business with a revenue of over x, depending on the country.

And you expect people in one of the poorest countries in the world, out of which probably 95% never ever installed a wallet to simply accept it and cheer for it?
There is a different reality out there when you step out of your little universe.

Rather than posting laser eyes meme he should have spent more time on informing them of the advantages and plan some courses on both technical and economical advantages and make them free to attend in every town, he could have done this in schools after class hours, there would have been enough volunteers to teach people especially with all the companies trying to get in and have a piece of the pie.

It's not some CIA plot, it's the normal consequence of lack of knowledge and information.

For people who use Bitcoin to pay wages, the large fluctuations in the price of Bitcoin are not good for them, and sudden drops in prices can easily lead to losses. And accepting small payments in Bitcoin, it may mean paying more. Bitcoin prices are very volatile and risky. For many people, the next Bitcoin dump may cause a crash.

"El salvadorans" are repeating word for word the same negative criticisms the media published on bitcoin, since Jamie Dimon called it a bubble. I'm surprised they didn't say bitcoin is bad for the environment.

I think if they actually had experience with bitcoin, and used it. Their opinions and views would change significantly. Rather than most el salvadorans disliking bitcoin. I think this indicates most have not tried bitcoin and have no real world experience with it.

Going so far as to march through the streets and protest with anti bitcoin banners and signs would seem to indicate someone hired them to make a public anti crypto demonstration.


Joe Biden's admin gave billions in aid to honduras, el salvador and guatemala. I would guess that money was used to pay el salvadorans to hold signs protesting bitcoin and crypto.

Yes it is.

But with what I've watched with actual interview there, they are giving choice to the people if what they're going to pay. It's either cash or bitcoin.

So if they don't want volatility, they can just simply use cash.

This is the massive problem that bitcoin has to tackle if bitcoin wants to settle as a currency. One of the way to tackle this would be to use an app that will convert the bitcoin received instantly into fiat so in one sense its pretty much just like accepting a stable fiat but in the customer's POV they are paying it with bitcoin instead so its good for both sides though


Its a legal tender in their country so if someone wants to pay with bitcoin that means they cant refuse it because it is considered as one of the legal currency.

They still have a choice not to accept bitcoin, they've got cash. People there still have the freedom to embrace accepting bitcoin or they shall accept cash.

It's understandable that they worry about the fluctuation as they're still new to bitcoin and the bitcoin's they accept might be their dependable day to day living and they need not to hold it as an investment.

For a business, a shop, the fact that Bitcoin price fluctuates by a wide margin is not good. It can easily lead to loses.
For a small business accepting Bitcoin can mean headaches and possibly more expenses.
Afaik, if done right, any business accepting Bitcoin can actually get USD from the state. I don't know how that works and probably El Salvadoreans don't know either.

And while the things are not explained nice and well by the government, some may have their own agenda (bashing the govt) and pick the "Bitcoin is bad" route.

The government are trying to balance the live of it citizens but is like things are going out of control looking at there claims of the protesters of them being the losers if eventually their salaries are paid in Bitcoin and it price falls suddenly, the effect will be much on them especially to a family man that has huge responsibility to handle.

They'll have the right to protest against the policy because Bitcoin is not stable and the tendency of waiting for the price to come back to it  original value might be time consuming causing severe problems to individual workers who has something to do with money.

This problem need to be resolved if care is not taken, it could lead to conflict that can escalate to something else. The government has to look into this policy to adjust it, prohibiting the payment of workers salary in Bitcoin.

These protests coming from different groups are what I consider as part of the birth pains from the approval and implementation of the Bitcoin law. Let's face it. Many of the citizens are most likely unfamiliar with BTC so how do we expect them to react? The actual numbers may be much higher than the 77% in the survey.

It's required. Refer to the article 7 of El Salvador's Bitcoin Law https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19

So I see this will not be realized well if almost 77% still think that the new policy has given birth to a fairly large demonstration. By opposing government policies, it means that the people there are still not fully aware of the use of Bitcoin. The government should have prepared some anticipation if such a thing happened. We certainly urge the government in the economic sector to respond quickly. If not and left for too long, the impact will be very bad for the growth of Bitcoin as a legal payment. Because so far El Salvador is a reflection of other countries to follow.

Does the law really obligate businesses to accept Bitcoin? That will probably justify the protest if true.
Bitcoin is voluntary currency and no one should be compelled to accept or use it.
I hope the government takes the issues highlighted by the protesters seriously and help create a safe platform for safe use of Bitcoin.
I don't see why Bitcoin and the national fiat shouldn't exist together on the platform, and people can choose to use it or the other or both.
They could use Bitcoin mostly for international transfer and for storing some values while fiat takes care of mostly local needs

I said there are going to be problems if you rush head in first and you don't give merchants even a breather or release a program to help them with the transition, I assume a lot of the business owners protesting have little knowledge of bitcoin, don't have skills to implement this by themselves and don't even understand what they are supposed to do. We have a shop with a lot of customers at retirement age, although they do use WhatsApp and video calls and other apps on their smartphones, some even play games, I almost never see them using a card, so I understand it's quite a shock to find overnight you need to accept something as payment that you didn't even know existed before.

He could have delayed this and added some extra steps but probably he saw himself in the spotlight, everyone googling his name and every news station in the world wanting an interview and went full steam ahead.


This is good for bitcoin!!!!