Topic: ㅤ - page 16. (Read 11875 times)

There are all sorts of motivating factors behind what you say is the failure of Bitcoin in El Salvador. Firstly, the government tried to hurry the process along by basically forcing El Salvadorean's to fund a purchase of Bitcoin (through taxes) which was then given back to every citizen - basically just a vote buying attempt. A slower roll out, which focused on setting businesses up to process payments through Bitcoin in a really efficient way, would have been the correct way to do it or even focusing on the "send money from overseas and avoid excessive middleman fees" would have been a stronger angle to take on this. However some people in the country struggle to find work or even eat, so they're not too interested in this inanimate internet currency when they already have existing payment facilities.

That is correct. But with the pandemic still in play, it looks like we're living an eternity to be honest. I'd wait a few more years to see how Bitcoin's adoption would progress within the region. As long as the government does its part to provide the tools necessary for adoption, Bitcoin will become largely successful as an alternative to Fiat within the country.



I fail to see how people in the Central African Republic will adopt Bitcoin as a medium of exchange since most of them are poor with very limited resources. If the government wants people to adopt Bitcoin, it's going to need to provide the tools necessary to do so. Maybe something like giving Internet access for free with a smartphone will suffice? Unless there's the infrastructure for making digital payments within the country, only the wealthy will use Bitcoin while the rest will carry on with their lives using Fiat.

If only developed countries like the US, UK, and even Japan adopted Bitcoin as legal tender, things would've been different. But it's unlikely they'll do it since their economic situation is pretty good. For now, it seems that only developing countries or countries with a bad economic situation will adopt Bitcoin as legal tender. Let's see how everything will turn out to be in the future as Bitcoin continues to grow in popularity worldwide.

and this is the opportunity of the opposition to push the sentiment of the people to favor them making noise against the government .
maybe they are also the one who is funding the rallies so the media will publish this against the government

well ... I was surprised to read this. but when searched from various sources it is as written by the OP.

I still remember, I myself am proud of El Salvador to be an inspiration for other countries to follow suit. and sure enough some countries are starting to follow suit. but i don't know the actual condition of el salvador at that time.
After I explored the shortcomings of El Salvador, it was only lacking in the way of education or approach to its citizens. but i still appreciate el salvador. and I hope that el salvador can make a new approach for its citizens to understand the advantages of bitcoin.

They could have first supply merchants with terminals for Bitcoin payments. I dont know, let them first create stickers "We accept Bitcoin here". Develop software for Bitcoin payments at different places. Instead, they first created Chivo wallet, gave citizens $30 in BTC and let them free. Only after, they started to think about creating special tax zone, give benefits for foreign Bitcoin investors, add a program "pay in BTC for fuel, get a discount" and etc. Imagine you receive your salary tomorrow in bananas. Do you have lot of place where you can spend them?

There is just one simple point which people need to understand and that is governments won't accept decentralized crypto aka bitcoin. The trap by Salvador government is very much the same as done by majority of big powers aka keep the crypto centralized so that government have full control of it.

That is really unfortunate and I’m reading this for the first time with full confidence that El Salvador project failed. Did not expect this to happen considering the first energy and news plummeting all over the world. Man, there was time when everyone started calling El Salvador as bitcoins hub and mining business might just bloom in that county. It’s shocking to read people are refusing to accept the bitcoin.

Is this the grim reality of our bitcoin? Because such protest is harmful and could leave out bad impression to the world.

It’s not easy for everyone to believe in something that they can’t see, especially when it is about their money. Moreover, the bitcoin price is not stable and for anyone holding it, there is a risk of losing money because of the declining value.

Well, people would always need someone to blame and if there is someone who is worthy of it or should take it then it would definitely Bukele and his advisors since they are the ones that pushed this half-assed decision.


Quite difficult to understand what you are saying right now but yes, if we take it literally, the word failed is quite inappropriate to use in this situation since they have not cancelled bitcoin adoption yet. So a bad decision it is then. Regardless though, this bad decision from them really made the lives of most people in El Salvador a bit more difficult than it already was. It would've been really nice if they have prepared plans to aid people/businesses when market situations such as now happens or just delayed the adoption all together if after critical consideration they still cannot find solutions to protect adopters when such bad market conditions occur like now.

need adjustment and need more education about how to use Bitcoin as well as using FIAT. Saying failed may not be exactly what you said, because they have not revoked or made a decision to use bitcoin. It is not easy to adopt bitcoin

Who has the rules to be able to say that adoption in El Salvador failed, of course the classic items, yes, yes, the who are allowed to say this chivowallet is useless, it was a failure.

By the way the global adoption of bitcoin not finish penetrating in more than 12 years, so a few months are enough to mount the result of El Salvador on the cross (crucify him).

What is the adoption in the parameters of who, where there is an item of bitcoin adoption for the countries, there is not that norm, if someone can write it, it is El Salvador.

The concept of true adoption is lost, the true adoption of bitcoin is individual, it should only require the intention of two individuals wanting to exchange bitcoin.

El Salvador is the icing on the cake of what is required to have a true revolution, when it should be the individuals of each country who raise the true premise of bitcoin and then get a ruler/leader, (not a government) that supports them, but It turns out that governments adapt bitcoin to their needs to approve it, oh that's fine, that is a "good" adoption.

Yea right. this is indeed a failure. but that doesn't mean failure means ending. but it's just that people's interest in el salvador is still low and today continues to wane. but we do not know in the future when its citizens get education about crypto . and begin to understand how practical it is to pay via crypto, be it bitcoin or altcoin. so I'm sure at that time the citizens of El Salvador will start flocking to start using bitcoin.

so el salvador is just not good at providing crypto education to its citizens because even this adoption of bitcoin is too sudden. and it has become commonplace. every time something new comes up, there are always pros and cons. we will have to see a few years later then we will conclude whether this really failed or not.

in my country people are flocking to buy crypto. even to the artists plunge into the world of crypto.
and this happened because the news media reported the achievements of successful people from crypto. which makes people curious.
maybe el salvador also needs to approach its citizens by controlling the media there. because people tend to follow what the news media says.

It was indeed on a fast pace manner on which its been to short that El Salvador had engaged to crypto and then suddenly decide on making it as a legal tender which i couldn't really blame that there would

be some mishaps or misunderstanding specially into its citizens because switching from fiat to crpyto/BTC would be entirely be that needs some time and cant really be able to
be adopted or understand in a short span of time as i said earlier and now people been calling it that it had failed?? No its not..We would be calling it that it failed
when they do revoke or revert their decisions.

Yes, it indeed has not been introduced well enough before they legalized it, things happened too fast in the eyes of the people in El Salvador I bet most have just agreed to follow this adoption because of the promises the President has made to them and their businesses or maybe to save themselves from being socially singled out by not adopting to this new thing.

It would have been nice if El Salvador di not announce their plans too early let alone executing it that fast. Instead, they should have allocated a few budget for free courses and seminars about bitcoin and this industry before executing the legalization to make people understand what they are getting themselves into so they can be prepared when price plummets just as how it did in the past few months. I pity those businesses and individual people that suffered losses due to this bad decision making of the leader which the people trusted and followed blindly.

While it hasn't been a long time yet, we can say that this was a bad and a failed attempt. Still though, I am hopeful and wishing that they can recover from this.

by receiving $30 in bitcoin which aims to socialize the use of bitcoin in the country because it is legal, it seems that there is no follow-up for further socialization, so with the lack of infrastructure and human resources which in my opinion are limited, they are only limited to receiving and spending it, things like this seems to be forced by the government, even though if the state legalizes it at this time, of course it can be used for the welfare of its people because in other countries many are investing in bitcoin for the future

It still remains the official legal tender in El-Savador and there have not neither has there ever been any official statement stating the reversal of bitcoin as their legal standard, then i asked myself why the worries up and down from other governments and those that couldn't deer take a common risk just like El-Savador.


I still want to believe that few were yet to cashout due to one reasons or the other but just as you've said, how amazing would this have turn to when they got to discover what's in for them in the wallet, by then the whole world could have seen what they all termed "stupidity" act of Nayib Bukele turn to wealth and fame.


What infrastructure? what else could El-Savador have developed more than all it has, btc ATMs, mining rigs, bitcoin city/beach, bitcoin tourist centre, chivo wallet for all citizens with free $30 worth bitcoin, good accessible network frame and regulations suitable enough unlike India demanding 30% on tax, many institutions, organizations and companies all accept cryptocurrency for transaction in the country, then what else could Bukele have done? The president just set a good example and never forced anyone to use it, should we still blame him for that.

In my opinion, Bitcoin adoption in El Salvador has failed, because government was boosting adoption and infrastructure wasnt ready for Bitcoin. First they announce Bitcoin as a legal payment on the territory of Salvador, later they have started to created places where Bitcoin owners could use it and develop other programs. They have started everything from the end. When first mass of people received free $30 in Bitcoin, they did not have a place to spend it.

A few years? It happened a year ago, give or take a month or two. 

The economic situation in the Central African Republic is even worse than in El Salvador. They don't have the crime rates of South America, but we are talking about a country where the majority of the population don't even have electricity or access to computers and mobile phones. 8 or 9/10 people don't have internet access. Good luck using Bitcoin there. And before someone recommends Bitcoin over satellite, those struggling to put food and clean water on the table have other priorities that purchasing satellite dishes. 

That's one way of looking at it and it is not wrong but let me point out another point of view.
The free money meant that a lot of people who never knew bitcoin and would have never even touched it if there were no $30, now know about bitcoin and have used it at least once. I'd say that's a good introduction and imagine how all those people who cashed out right away are going to feel when in a year or so that same $30 is worth something like $300.

This is why I disagree with saying it was too soon for them to adopt bitcoin as legal tender. The adoption is not supposed to happen overnight so the first step has to be taken sooner so that in a couple of years they can reach a much higher adoption.

Who really says it "failed? I mean it’s still a legal tender and people could use it if they want to and that’s all that matters, isn't it? In order to say that it failed you need to look at how the world is going and how El Salvador was before the adoption as well, seeing there is not much change in there, I would say that bitcoin has been fine.

Yeah, I agree that they are not financially suddenly wealthy nation, but what did you expected? You think just because they invested into bitcoin they would have flying cars now? Of course, they are doing worse because world is going to shit these days and a country such as this would go down even faster, that has nothing to do with bitcoin.