Topic: ㅤ - page 7. (Read 11875 times)

With better planning and execution, Bitcoin adoption would've been rampant across the Latin American country. But the government rushed things, so the result is very little adoption among Salvadorans. At least, the country is one step ahead of the others by adopting it as legal tender (or as an alternative to the US Dollar). Now it's up to other countries to do the same for "hyperbitcoinization" to become a reality. The only way I see adoption soaring like crazy is if Bitcoin experiences a bull market run.

A higher-priced Bitcoin would surely attract the masses into it. No one knows when Bitcoin will reach a new ATH in price, so we can only hope for the best. Just my opinion

So what?

Anything can be looked at after it happened and say that it could have been done better.

So what is that better start that you would have done and would have such "better start" have made any difference?  how do you know it would have actually been better? What's your measurements?


What alternatives are you talking about?  You mean that the people should have been given a choice?  Why?  what purpose would that serve, and how do you not know that Bukele did not have a good enough grasp on the idea in order to figure out what the people wanted or needed?

If a leader is democratically elected, then such leader is allowed to put laws into effect.


Their old system was not removed.  They were given an additional option.  They could use the old system or they could use the new system or they could use both.


Yes... there are all kinds of alternative approaches that he could have taken and the various approaches were within his discretion to choose which approach to take (or which approaches to consider), and I am saying that he did not abuse his discretion in terms of which choice he made.  There is no evidence that he abused his discretion, even if retrospectively you can consider some other better choices that he could have made or should have made.


Maybe.  There is no guarantee that the BTC price is going to go up from here.  Sure the odds are good, but there are no guarantees.  I doubt that the choice of adopting bitcoin is ONLY about number go up technology, but NGU is one of the factors.. even though that seems to be the one that some people maniacally focus upon.

I just wanted to point out that they could have offered a better start, as I've seen people often be reactive. By the way, they didn't have any alternatives to do, I agree with that, it was a good transition, but it didn't seem a bit democratic to me, I just tried to talk about it. People were introduced to a system they did not know and reacted normally. Could the president have encouraged more Bitcoin to reduce these reactions, such as better promotional campaigns etc. Anyway, after the next halving, the public will really thank the president, I'm aware of that. Even though the society is not aware of it for now, they will thank the president when everything is back to normal.

He did not need to ask.  He had already been elected to represent the people within the capacity as president, so he was not acting beyond the scope of his duties, and furthermore, he also went through  the process of getting laws past through the legislative bodies too.


Are you just making shit up?  What is coercive about it?  It gives an option for the people to use bitcoin as a payment option.  The dollar system still exists in El Salvador, too.  They can use dollars or bitcoin.


He pushed it pretty fast, but I am not sure if that would be "too hastily."


One of the ways to learn is to have options to be able to exercise the options.  So people are currently learning more and more as time passes. Spending time to teach people before making the system go live would not necessarily be a better way for them to learn or even more advantageous.  There can be differences of opinion regarding how to introduce any kinds of new systems, and I doubt that the El Salvadorean citizens/residence or less advantaged by a quicker introduction (the way that El Salvador has been doing it) as compared to whatever vague way that you are suggesting that "they should have done it, blah blah blah" 

You can always say that "they should have done it like this," but you are not providing any proof at all that any other way would have been better or that the way that El Salvador did it is causing any damage to El Salvador or putting them in a worse position than they would have been if they had done it some other way.

He incorporated a decentralized mechanism into the system without asking people. The society does not accept anything with such coercions and impositions, and a great majority will oppose it. The president's thoughts are good, but I think he acted too hastily and seems to have failed for now. More training and presentations about blockchain and bitcoin need to be given to people, they need to be introduced more, they need to convince people with the right information. It was not possible for them to get used directly to a system they had never known before.

I would not say that adoption has failed in El Salvador, I would go more for the option that people do not know the scope of bitcoin and that everything has been filled with a lot of bad news, international organizations do not help people wake up, they believe that bitcoin is a scam, that unnecessary money was invested, but I want to see Salvadorans' faces when bitcoin reaches a new high, I want to see how they praise the president afterwards, people are to see and believe, but not to believe and knowing that they have the future in an investment that has been highly criticized since the president announced the best investment in the world.

Let's not concluded yet, first is that El-Savador's president Nayib Bukele is likely and probably going to emerge another term, secondly that even though he didn't win re-election race that is not a guarantee that bitcoin has failed in the economy over there, we can predict another government to most likely continue with the adoption, remember it's not an experiment but a legal tender endorsement made, and if any new president emerges, then i think he should respect the fact that history had already been set and holding of assets in bitcoin will continue until bitcoin attain a new ATH and beyond.


what makes you think an average El-Savadoran is a gambler, what report or statistics gave this analysis which is wrong, we have many countries that have been more actively involved in gambling than how you thought about El-Savador and should incase they even gamble to an extent, then i think bitcoin could have serve them a better alternative to engage with in thier gambling activities just for privacy and decentralization with bitcoin as most casinos too now accept payments in bitcoin for their gambling services.


did you just say few? almost every El-Savadoran has a good knowledge about the availability of bitcoin and has taken some steps in giving a try for the first time even when the chivo wallet was introduced.


it's not any longer a new technology and people are well aware there's something called bitcoin as a digital currency, maybe you should say that other small scale businesses may not have the technical ability to engage using it yet in their business but a large number were already benefiting the utilization.

One possible reason for the lack of bitcoin adoption in El Salvador is the prevalence of gambling, betting, and sports betting. Casinos are also popular in El Salvador, and many people likely prefer to use local currency to gamble instead of bitcoin.

Another possibility is that few people in El Salvador understand how bitcoin works, and so they are reluctant to use it. Bitcoin is still a relatively new technology, and many people are not familiar with it. Until more people become educated about bitcoin and its benefits, it is likely that adoption will continue to be slow in El Salvador.

Anyway Adoption of bitcoin in el salvador I don't think it failed. if we call bitcoin adoption a failure in el salvador just because of the protests against it at the start, then that is a common thing and not a failure. but the anti-bitcoin media always appears preaching bad things. and they hide the good they find. if it fails? So why are there 44 countries who want to gather there to discuss bitcoin. isn't that a positive response. and slowly now the people there are getting used to the new payment system. and many have started to use it.

You can't lose if you don't sell. While El Salvador invested a huge amount of money into Bitcoin, it still has a lot of money in its reserves. If the government keeps on "hodling", it's possible El Salvador will turn into a developed country in the future. That is if President Bukele remains in power for quite a long time. If he is replaced, you can bet the "Bitcoin experiment" will ultimately fail.

Let's hope that won't be the case so other countries can follow on El Salvador's footsteps. Who knows if we're closer to "hyperbitcoinization" than we've previously imagined? Just my thoughts

Continuous going bullish is not the solution to bitcoin adoption else it will only continue been bullish alone anf turns thesame as inflation in the economy, hut things has to be balanced base on the demand and supply, the economy needs rise and falling to create room for new participant in it, bitcoin being volatile is not a risk placed on it value, rather it's a choice that determines the market standings base on the ability to speculate it, the two sides needed to be balanced, there must be a demand and supply must also be available enough to satisfy every demanding request in the economy market and not a flow on only one direction.

I wouldn't conclude that the Bitcoin adoption in El Salvador is a failure, it's still at its initial/experimental stage. I couldn't imagine what the president of El Salvador was thinking when he adopted Bitcoin (a very risky asset) as a legal tender in the country. This is because Bitcoin is still at its early stage, more time in the tune of decades is still needed to effectively study its behaviour and reliability.

Let me assume that the country has offered itself as an experiment for others to learn what is possible with Bitcoin, yet they might laugh in the end. The issue at hand is the lack of responsivity of the asset for now, but it might be a boom for the country when it stabilizes above $50,000 in a matter of years.

Nevertheless, their citizens should be smart in handling the coin due to a lack of reliability that will never be dissociated from it.

So far they haven't sold any bitcoins, how can that be called a failure? Just like us, the bear market makes us reluctant holders but we have a strong belief that bitcoin will rise again in the future, and so are they. If you haven't sold yet, you won't lose, just hold on and wait until the bull season, I see that they are also implementing the same strategy as we are now. So it cannot be said that they have failed.

They were the first country to accept bitcoin as legal tender they were the pioneers so initial difficulty is inevitable as long as things are not too serious and solvable it is impossible to call is failure.

Their intent was good but execution was really poor. They should have done their market research properly...

El Salvador was well ahead of its time. It adopted Bitcoin as legal tender before anyone else. That makes it the pioneer in Bitcoin adoption. The country may not have the necessary infrastructure to spur adoption of Bitcoin within the region, but at least it's on a good path. El Salvador's President was pretty smart by encouraging the use of Bitcoin by individuals and businesses alike. The region could become a tourist attraction, adding more fuel to the local economy.

I believe Bitcoin needs to go bullish so people would become more interested in it. Decaying prices will only scare away the general public from the cryptocurrency. It's only been a year since El Salvador made the move, so let's give it some time to see what happens. Just my thoughts

Nothing has failed with EL Salvador's efforts to adopt Bitcoin, although it seems that EL Salvador has suffered losses due to the decline in the price of Bitcoin this year.
But overall from the plan executed by president Nayib Bukele, it went very well and even according to plan. So EL Salvador just needs patience to see the country develop for the better and so far President Nayib Bukele is still very optimistic about Bitcoin and the adoption he is running is not wrong at all

If this is all a matter of time and patience that must be applied by the government as well as its citizens, then I think it is not a difficult thing to run as long as the economic cycle in El Salvador is still very smooth and not experiencing disruption due to the decline in the price of Bitcoin.

Wrong time when El Savador adopted bitcoin as legal currency payment transaction and have been investment way almost one years later but still not have significant improvement for their economy, I don't think wrong what did by El Savador president Nayib Bukele because he seems invested when bitcoin have been reach higher price. All people claimed about El Svador failuer and  I don't think is true because ever Nayib Bukele got profit at the first time bitcoin adapted and purchase until reach ATH.

Human attitude I think when bitcoin going dump they try find who have to fault but make them forget when bitcoin have been higher price actually with El Salvadorans have contrast ideas about bitcoin adapting there, I think still have chance for El Savador get back profit by investing in bitcoin and lately need to patience get progress or profit with bitcoin.

Even the citizens of El Salvador have said the same thing, that the reason why some citizens are still skeptical on Bitcoin the Bitcoin adoption is the lack of awareness in the general public and that the citizens were not given adequate knowledge about the technology before the adoption, but at the present moment, the rate of Bitcoin Academy in El Salvador have increase in the last one year since Bitcoin adoption. The government in putting in efforts to spread Bitcoin awareness and education to the citizens and there is already a diploma course in Bitcoin right now from one of the higher institutions in El Salvador, so if we give it some time, the rate of bitcoin education will still increase which will push for more adoption of Bitcoin within the country and El Salvadorans will become more knowledgeable about Bitcoin and it advantages and that, will fuel their interest in the currency as an alternative to the US dollar in El Salvador.
I have always stated it clear on this thread and any other discussions as regards the state of Bitcoin adoption in El Salvador, that we shouldn't give a short term judgement to a long term development like this. How can we be discussing the condition of Bitcoin adoption in El Salvador when the adoption is just one year old and the adoption happen prior to a bear market which make it look as if President Neyib did not make the law on Bitcoin adoption at the right time, but then we most not look at it in terms of the price of Bitcoin at the moment but we should view this in term of Bitcoin developmental impact on the country most especially the impact of Bitcoin on the economy in the long term.

I think the biggest obstacle to bitcoin adoption in El Salvador is EDUCATION. The majority of the population does not know what Bitcoin is or how it works. They don't realize that they can be paid in bitcoin, and that they can integrate it into their online and offline businesses as a form of payment.

The main goal is to get ordinary people to ask these questions: "Why do we need a bank? Why don't we just use this Bitcoin stuff? Can I buy groceries with bitcoin?" Once people used to ask that question, At least bitcoin has done its job in El Salvador.

Adoption does not have to depend on whether a government has good or bad management, it is irrelevant, bitcoin essentially depends on the individual actions of each person and then on what is generated as users in the ecosystem, entrepreneurs, businesses, trips , etc. everyone does their part, some hodl, others sell, buy, start businesses related to bitcoin, traditional businesses get involved, we must intertwine everyone, all this together in the idea is the greatest power of adoption.

That governments legislate to make bitcoin legal, either as an asset, payment system or in the case of El Salvador Legal currency, the adoption does not have to be linked to the political, economic management of the government, beware, it is the infused line of thought that has been had to take, or better say give in, it seems that legislating and controlling bitcoin with laws, taxes, etc., is the way to the best adoption, no, it is what corresponds due to the old traditional scheme dominated by governments and supported by the banks.