El Salvador Bitcoin payment option - page 3.

Kasabus

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Quote from: dupee419 on September 14, 2021, 10:48:58 PM

it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.

Well its still an advantage that even if you have bitcoin in your Chivo wallet, at the end of the day the merchant is still free to choose whether to accept bitcoin or fiat as a payment. The buyer can save his bitcoin, as well as the merchant or the receiver of the payment is free from bitcoin's price fluctuation. So at least bitcoin payment option is already clear.

And as far as i know,right now the Chivo wallet is not yet working fully because of some issues but eventually the government will be done in fixing it so it will be already available to be downloaded by all Salvadorans. Things might be tough from the start but eventually, since the government has addressed it already, then it will be smooth sailing after that.

Cling18

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El Salvador is in the phase of continuous development and I admire their country for that. It might be hard for other citizens to adopt the new changes due to their new currency but I'm sure that they only need time to accept it. It's an advantage for them especially during this pandemic because we all need digital transactions these days.

dupee419

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Quote from: Sithara007 on September 14, 2021, 11:14:36 PM

For us, the volatility is not a new thing. We have been dealing with cryptocurrency for many years, and we know that it can be volatile. But that is not the case with ordinary people who just started using BTC. When BTC goes down by 10% or 15% in a single day, these people get in to panic mode. And I don't know how to deal with this issue. Hopefully everything will be settled down in the next 5-6 months and the Salvadorans will realize that BTC is superior to USD in the long run. But they need to accept the short-term fluctuations first.

I do hope that the citizens would be educated about Bitcoin right away, so that they won't panic when the price dumps, making Bitcoin as a legal tender is actually a lot of work, knowing that the citizens are not that familiar with it, well, at least some of them, but still, they have to be informed right away on how the price actually works, I'm pretty they've started implementing education about Bitcoin, Blockchain and how volatile this currency is compared to fiat.

Sithara007

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Quote from: dupee419 on September 14, 2021, 10:48:58 PM

it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.

For us, the volatility is not a new thing. We have been dealing with cryptocurrency for many years, and we know that it can be volatile. But that is not the case with ordinary people who just started using BTC. When BTC goes down by 10% or 15% in a single day, these people get in to panic mode. And I don't know how to deal with this issue. Hopefully everything will be settled down in the next 5-6 months and the Salvadorans will realize that BTC is superior to USD in the long run. But they need to accept the short-term fluctuations first.

dupee419

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it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.

el kaka22

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Obviously, there was always that choice option, nobody is forced on anything. All those protests and all were made on something that was a choice, all those elderly people trying to get rid of bitcoin legal tender didn't do it because they were forced, they did it because they are old, do not understand the technology, didn't understand the law, and there were whales that wanted them to rise up and warn the president so that whales could keep their place.

Long story short, this is nothing to a person who doesn't want to deal with crypto, they could live their entire life in El Salvador without ever owning 1 satoshi, and they still do not understand that. Plus, El Salvador is such a small nation that they haven't put too much money into it just yet neither, they are not like USA that distributed 4+ trillion dollars to citizens alone. So, understand that this was the case as always, never forced, only optional.

Vishnu.Reang

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Quote from: fullhdpixel on September 13, 2021, 02:37:12 PM

It's quite crazy where in some countries the government is ensuring fiat is mandatory while crypto or bitcoin payments are allowed but not appreciated. Whereas, in El Salvador, they are making bitcoin transactions mandatory while allowing fiat transactions.

I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.

I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.

In case of El Salvador, it is easier to implement, because the national currency (Salvadoran Colon) was withdrawn in 2001. Since then, the US Dollar has served the purpose as the currency of trade and savings. So essentially the competition is between one foreign currency and another. But for the vast majority of the other nations, this is not going to be an easy step because they have their own national currencies. Bitcoin has the potential to weaken these currencies, and this can create issues for the government in balancing it's finances.

fullhdpixel

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Quote from: EewardDean on September 13, 2021, 03:38:31 AM

When you have been using your own country’s currency and then replaced it with Bitcoin for payment, as a citizen of El Salvador, you may not be able to use Bitcoin to pay according to the country’s development. However, El Salvador’s policy is still non-mandatory and can respect individual citizens’ Willing, give citizens time to choose and accept. With the passage of time, citizens of El Salvador will gradually use Bitcoin as a method of payment. It is only a matter of time.

It's quite crazy where in some countries the government is ensuring fiat is mandatory while crypto or bitcoin payments are allowed but not appreciated. Whereas, in El Salvador, they are making bitcoin transactions mandatory while allowing fiat transactions.

I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.

I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.

James Watson

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According to my personal opinion, the country will not choose choices that are harmful to its own national interests. Therefore, citizens should trust the country and believe in the arrangements and decisions made by the country.
El Salvador, as the first country to accept it, naturally has to face some difficulties. If it is appreciated, it will also bear the problems it brings. Under the success of El Salvador, countries will follow closely behind.

EewardDean

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When you have been using your own country’s currency and then replaced it with Bitcoin for payment, as a citizen of El Salvador, you may not be able to use Bitcoin to pay according to the country’s development. However, El Salvador’s policy is still non-mandatory and can respect individual citizens’ Willing, give citizens time to choose and accept. With the passage of time, citizens of El Salvador will gradually use Bitcoin as a method of payment. It is only a matter of time.

B-Bit

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Quote from: passwordnow on September 08, 2021, 06:09:54 PM

There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.

This choice is also very good. Many people may not understand Bitcoin or the value of Bitcoin. They are unwilling to use Bitcoin for payment and can choose to use the payment method.
Many people who want to protect their privacy will give priority to using Bitcoin for payment.

Vishnu.Reang

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Quote from: Kusman on September 11, 2021, 07:42:07 AM

It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.

It is legal tender, so the merchants are supposed to provide an option for Bitcoin payment (although they can immediately convert Bitcoin to USD). Bitcoin and US Dollar are both legal tender in El Salvador, so the user can decide whether to make payments using Bitcoin or USD. The issues is only for the merchants. They need to setup a wallet and they can't refuse if anyone want to pay using BTC. And this is an issue for small-scale vendors, who do their business in physical cash. Many of them have put up "no Bitcoin" signs.

Sir Legend

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Quote from: Kusman on September 11, 2021, 07:42:07 AM

It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.

It took a long time to socialize the people of El Salvador about bitcoin, especially the level of education is uneven and not everyone wants to use bitcoin due to many factors, but what the government of El Salvador is doing is a positive thing, they give advice and don't put too much pressure on or punish people who don't want to use bitcoin.

nakamura12

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Quote from: Kittygalore on September 11, 2021, 07:19:58 AM

Quote from: ?? on ??

some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.

That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.

It will certainly change if they will do a research about bitcoin some may use bitcoin right away to not being out of trend. Not all people know bitcoin but they will use it sooner or later if they start doing some research. There is one person who ask for help about wanting to accept bitcoin as payment so, my guess is the others that doesn't like bitcoin will eventually use it. After all, the citizens are free to decide whether to accept/use bitcoin or not.

Kusman

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It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.

ultrloa

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Quote from: Kittygalore on September 11, 2021, 07:19:58 AM

Quote from: ?? on ??

some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.

That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.

For sure we also think the same when we first heard about bitcoin but as you said there their point of view to bitcoin will be changed once they see it rolling in their country, I understand that there's doubt about it as a scam knowing that there are so many ponzi schemes using bitcoin name to scam people and many people correlate bitcoin as scam that's why its not surprising to see this but once they see how bitcoin can make there life easy for sure we can see those doubters use bitcoin.

Kittygalore

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Quote from: ?? on ??

some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.

That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.

Poker Player

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Quote from: stompix on September 09, 2021, 10:11:29 AM

Besides, that was August.
The news from Salvador now is:

Quote

One day after Bitcoin is legal tender in El Salvador, the legal adviser to the presidency, Javier Argueta, confirmed in the morning interview of Frente a Frente, that it will be an obligation for businesses to receive Bitcoin as a form of payment and It will also be an obligation to have the virtual wallet to carry it out. Otherwise, businesses are exposed to referrals of infractions to the Consumer Protection Law.

Just to add one thing to this debate- According to BBC:

"From today, businesses will be obliged where possible to accept the controversial digital coins as payment."

I've bolded "where possible" because I imagine because there will be some small businesses in small towns and rural areas that may not have internet connection yet, and therefore are not going to be able to receive payments in Bitcoin. I can think of no other reason.

Sithara007

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Quote from: sana54210 on September 10, 2021, 12:43:54 PM

I am not from El Salvador so whatever I am going to say is not something that is based on experience at all. However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary. So, you are telling me that people are living 6x or 7x more than average salary? Who are the others that get less? If the average is $300 and the cost of living is $2000 then there is something wrong.

I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.

If you are an expat, then I don't expect you to live in the low-income neighborhoods. Given the high crime rate in El Salvador, my preference would be for gated societies with good expat population, and a house in these neighborhoods could easily cost you $2,000 per month for the entire family.

https://www.youtube.com/watch?v=rBo5tlXVaiA

I agree that utility bills (electricity, internet, water.etc) are cheaper compared to other countries. But I really don't think that it is possible for an expat to live comfortably with a monthly salary of $300-$400.

Haunebu

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Never heard of El Salvador until the announcement regarding their government accepting BTC as legal tender. Feels like BTC is helping this small country burst onto the international scene in various ways.

They will probably offer other popular cryptocurrencies as legal payment methods too if the BTC move becomes a massive success in my opinion.

Are there any forum members who actually live in this particular country? They could provide a detailed analysis regarding BTC being accepted as legal tender and whether this particular move is feasible in the long-term.

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