Coming back to the topic that is an excellent news coming out again from El Salvador. They were the first to make Bitcoin as a legal tender but in current situation due to Bitcoin network congestion and high transaction fee the civilians would be suffering. They took the right decision to adopt LN so that such situation in the future can be avoided.
Many people in El Salvador had to accept Bitcoin for their business payment from locals and they even suffered with Bitcoin bear market when price falls with time. For example, in 2022 they receive bitcoin in a first week of May, then one or two weeks later they suffered loss in $ value. They were not happy according to some interviews as I know of.Locals there even tried to use Bitcoin Lightning Network years ago, not only in 2023.
The state of Lightning one year after El Salvador's Bitcoin adoption.
You mean to say that Bitcoin being a legal tender has become a issues. Thankfully it wasn't until a layer 2 was invented, I ment the LN which actually has got a lot of potential.
They as in the government of Salvador, adopted and legalized Bitcoin for what? Getting hammered by high transaction fee! This is the truth nothing is stable and concrete as it looks.
You are right there government being the first to adopt Bitcoin and then going through high transaction fee is ridiculous. Wasn't the whole purpose of creating Bitcoin was to create an infrastructure which would dent the banks and make a local individual enjoy their benefit of financial freedom with cheap inter country transaction fee
The way things are going around I feel it would be a big problem in the future. Like Gold, Bitcoin won't be accessible to someone new to this system or a middle class. As we know already it is hard and not easy for anyone to buy Bitcoin without revealing yourself.
