Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 115. (Read 43205 times)

Bit on a rush on making it as a legal tender? Yeah, sort of.. Whenever there are some decisions or conditions about making it as a legal tender or regulating it then it would really be ideal if it was explained

well into its citizens so that you could really able to have that effective adoption in terms of utility and other opportunities which might result into positive impressions not or unlike now

that citizens or people on El Salvador do really find out to be not that relevant or not much needed which is totally opposing on overall idea.

of course we can't expect all the citizens of El-Savador to have the full knowledge about bitcoin at the same time, this is a new system introduced and it has to take a little while for them to het used to it, fine and good they complained inexperience in the use of bitcoin which is a normal thing we all can find challenging when a nee system is introduced but we must not forget that Bukele did not force anyone to use it and their complaints here is not in display of  total rejection for the use of bitcoin but rather the "lack of the technical know how".


base on my conviction I don't see any reason why chivo wallet being centralized should be a challenging factor in a country that adopts bitcoin as a legal tender, it will rather do more good to help those you mentioned that complained their inability to know how to engage the use of bitcoin, if you have the experience about bitcoin as an El-Savadoran and uses chivo wallet then i don't see anything bad if you want to secure more privacy by using an open source wallet along the line, we can't expect the entire citizens to go all decentralized, that will give a serious complications at first, scam rate and many other loss of digital asset will be lost, remember you're dealing with the whole populace of El-Savador.

We can divide all protests caused with bitcoin adoption in El Salvador into two groups: the first are based on having not enough knowledge about bitcoin, about crypto, about how it works in El Salvador in practice; the second is based on problems with Chivo wallet. There were several problems with it's usage and there are some doubts in it as it is centralized and is not open source. Of course problems can be solved, but to do it we should not say that there are no problems at all.

let's not give personal or technicality issue room into this as a reason for the El-Savadoran adoption of bitcoin, this is government we are talking about and they have the final verdict, in the case of Bukele he did not mandate everyone to use it but optional instead, now let's consider that as the government accepted bitcoin as a legal tender in El-Savador which automatically means that their banks could as well perform bitcoin transaction, and here the citizens were no more in doubt about what bitcoin is and how they can use it as a currency, i think what needed to be clear here is that the people only need little more time to get acquainted with bitcoin for payment or investment asset as the case maybe.

Another instance is when government want to issue a newly developed project to the people, we all know it requires time for such to be fully circulated and for some citizen to really clear their doubts about it, again another good example here is the covid vaccines, till date we have many people yet to get it, the more it lingers the more new generations were birth and are coming up that will still requires it, same is the bitcoin adoption in El-Savador, quite alright everyone is aware of it but before it can be fully utilized to a reasonable extent beyond doubt requires time, i am yet to see a protest or any expression of displeasure in it by El-Savadoran.

And what is IMO most exciting in that is that there is even no need of a 100% coverage of bitcoin usage, having a real alternative already gives many opportunities: when bank system sees a real competitor it  starts to put more effort into retaining and attracting of customers. So some of Salvadorians will get better bank service even if they will not learn crypto at all as banks will fight to not to lose them as a customers.

@JayJuanGee is a great contributor on this forum with in-depth knowledge on industry matters, I have learned a lot from his corrections also both on this thread and from the general forum contributions we can never be ashamed to pick corrections rather we learn and grow from them.
Back to the topic of discussion
El Salvador has taken a courageous step as the pioneer country in Bitcoin legalization and this step has placed the El Salvador President in the limelight and the challenges being faced with Bitcoin adoption by the country which is expected to happen in any new revolution that will have a long-lasting impact on the general public and the economy at large. Banking the unbanked is one of the biggest advantages of El Salvador's Bitcoin adoption and this is at the center stage.

For me I don't think anyone that wants to grow in this industry would take any good advice personal. You corrected my post few months ago I was dumbfounded.The manner my post was analysed and each of my errors discussed extensively made me fret. At a point I was ashamed but I summoned courage and reread my post and your comments and I was really enlightened. I have specifically learnt never to compare or generalize Bitcoin with other shitcoins. Doing that is a grave offence. Most of us have learnt and will keep learning from you because your corrections are detailed and enlightening. Even though sometimes it bites, but at the end its rewarding.  

Great.

I am glad that you did not take my response/suggestion personally. 

For anyone to really attempt to communicate better in regards to bitcoin, then it is better to try to use the term bitcoin when referring to bitcoin and surely sometimes there might be a need or preference to use the term crypto, also..  and frequently if you are trying to use the term bitcoin whenever you are referring to bitcoin, then for sure, your writing will become more clear (and maybe even your thinking about the topic will become more clear too?) and even your use of the term crypto (when you do decide to use such term) will be more likely to be better understood and within a better context too.

I appreciate the fact that you realize that and take effective measure in yielding to correction which is a display to how keen you are to learning, i realize that many don't act what they say all because they only wanted their voice being heard, there's distinct difference to understand about bitcoin and other cryptocurrencies, firstly bitcoin is a cryptocurrency but not thesame as other cryptocurrencies which tends to be shitcoins as said by JayJuanGee earlier, we refers other crptos as altcoins.

I would not say that they lag the interest about bitcoin as most of the population needs to understand the basic levels of information about it not going into too details about technical working.They need to open up the LN channel and have customers paying with it but the main problem they face is Volatility factor and we know in recent times the bitcoin has loose significant value and being daily earners they fear this thing :


But if we say about users then there are many using these wallets with bitcoin and Chivo wallet has around 4 million users the approximate of the entire population.The country was facing USD dominance for years and people were not having bank account which made it possible for bitcoin to succeed to some extent there but other issues still prevail there like volatility.

The people are free to use both options like USD and bitcoin payment and Bukele is not forcing anyone for bitcoin adoption and you see the case above clearly states that.But yes it will take more time to clearly evaluate the scenario there and then make any judgements about how well is bitcoin going there maybe after bitcoin bonds are issued for the bitcoin city.

I really take your advice very well. because after I reread the writing that I made a reply to above. It turned out that my writing was ambiguous. seems lacking in clarity.
well I call crypto actually refers to bitcoin. in my second paragraph there I mention bitcoin with the term crypto almost everything. oh shit, I just realized that all this time I was commenting everywhere and got the same error in using the term crypto which should refer to a general thing. I instead apply to special things like crypto. I will slightly edit my reply above in the first paragraph of the beginning and the second paragraph. for the first paragraph at the end, indeed I was there a little deviated from the topic, namely I was talking about the crypto community in general in my country (bitcoin and shitcoin).

after I thought about your suggestion. it is true that the difference between bitcoin and shitcoin must be clarified. so I realized I had to improve how to use the term crypto correctly. because this can make the reader misunderstood.

And I'm not so sure. There is a research that shows that only 12% of airdropped 30 dollars for Chivo installing were kept in Bitcoin. 88% was converted into dollar, over 80% of that amount (71% of all amount) was withdrawn into cash after that. So the average level of enlightenment of Salvadorians is still not so high. There is still much work to do for real adoption of Bitcoin in El Salvador, the government made just several of important steps: first and most important was introduction of Bitcoin into the legislative field of the country as a means of payment. Adoption doesn't has to be mandatory fast, as for me much more important that it would be as safe as possible.

This is a huge step from a small Central American country, and I believe it is merely the beginning for other countries to consider and join the bitcoin revolution. El Salvador's actions could benefit the majority of its citizens in terms of peer-to-peer (P2P), remittance, and cashless payment.

Unless you are some kind of a shitcoiner, or someone who does not understand that bitcoin is different from shitcoins, and also that ambiguous, confusing and likely misleading term "crypto" is also different from bitcoin, I suggest that you figure out a way to lessen your use of the term crypto - especially if you are referring to bitcoin - in this case, El Salvador had specifically passed their bill and implemented their various efforts directly in reference to bitcoin.  They are not embracing various shitcoins or the "crypto" community - even if it is quite likely that various shitcoiner are trying to market their bullshit in various ways in regards to El Salvador...

From my understanding, various shitcoiners have even gone to El Salvador in order to attempt to market their shit on the coattails of bitcoin.

Are you using the term "crypto" when you really mean bitcoin?  Why can't you just use the term "bitcoin"?

I do understand that there will be some times in which the term crypto might be useful, but I find your use of the term to be confusing.. and I am not clear about if you are trying to be confusing or vague or to appear more open minded by using the term "crypto", and you can see that I find it quite irritating when members are using that term without putting it in a proper context and especially if I thought that we may have been talking about bitcoin, and so then I would question are you changing the topic or some other reason to use such a vague term when El Salvador specifically passed a bill about bitcoin, and its implementation has been ongoingly aimed at bitcoin, too. .. at leas so far they seem to have not gotten confused or distracted into shitcoin nonsense.

Even your linked article mostly uses the term bitcoin, yet we know sometimes news/information sources also will use the term crypto in ambiguous and confusing ways - and it seems to me that there continues to be an ongoing need to both critically read (and think about) articles and their use of the terms crypto and bitcoin, and if their information is good.  Sometimes articles will proclaim that people are confused about crypto, and of course, people are confused about crypto and any time that articles (and even other information sources) are not clarifying their terms and interchanging the term bitcoin and crypto, then sometimes they are contributing to the confusion rather than helping to be more clear about their references or even recognizing that confusion comes to the space when there are failures/refusals clarify/distinguish differences between bitcoin and shitcoins (aka crypto).

There is nothing bad about the statistical information, but should not not be related to adoption, but to just what is going on among people and bitcoin in El Salvador. Most of El Salvadorans are not even having bank accounts, bitcoin education is needed. This process of learning bitcoin in the country can not be an abrupt process but rather a gradual process.

Also with how bitcoin is used by citizens of El Salvador, it is just a sign that no one is forcing no one to use bitcoin, it is just an alternative to their fiat but better and increase in value over time unlike fiat. It can even be a means other governments of the world to know that bitcoin can be made a legal tender, most of them are thinking bitcoin may replace their local currencies but what is happening in El Salvador now still showing otherwise, that people will still use fiat.

other than residents who need time to adjust to this bitcoin acceptance. Of course, the government also needs the same thing, namely adjusting everything to the situation and conditions as well as the needs of its citizens. then I agree with you. because of course the government will also conduct a study on it. and a study takes time. Contributions in educating citizens should not only be borne by the government. but the bitcoin community in the country also needs to move in order to support the government that has legalized bitcoin in the country. The bitcoin community must also help in providing education to ordinary citizens. massively and slowly. naturally and pleasantly. reciprocity between the government and its citizens as well as bitcoin activists in the country is very much needed.
I gave an example in my country of crypto activists working together and building a community that bridges society with the government. the name of the community is ICCA (Indonesian Crypto Consumer Association). this community works with the government to protect and educate the public and foster awareness and harmonious relations within it between crypto activists - ordinary people - government.

And education in El Salvador doesn't have to be done only by the government. because cooperation must be carried out with related parties who have the same interest in bitcoin. the bitcoin community outside of el salvador also naturally helps because this is in the interests of the bitcoin community itself. And even this step has been seen in el salvador for example like Paxful. Paxful launched a BTC (La Casa Del Bitcoin) education center to help Salvadorans use the currency better. Sourch .

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_{According to Will Hernandez, director of Latin American growth at Paxful, the company saw a 300% increase in Salvadoran users. "What we are witnessing is a moment of transformation in El Salvador. Peer-to-peer platforms are driving adoption in emerging markets, and as a people-powered platform, we understand that education is critical to the next wave of adoption," he said.}

I don't disagree with anything in your above post, Zlantann, yet I would like to highlight upon this point that you made about various NGOs that are trying to pick up some of the possible slack or shortfalls in the governments ability to do all of the things to educate their population.

We get some claims that the El Salvador government is not doing enough, so others are doing some of the work that the government should be doing - and in some sense, maybe we cannot really know who is going to do the work, and in another sense, we should be able to recognize and appreciate that if a government has created a non-hostile space in regards to some kind of new concept or practice (in this case bitcoin) then incentives have been created for others to come in and fill the space - so in that regard, there are times in which the government may well need not do all the work (and might not be sufficiently competent or even flexible enough to be carry out the various kind so nitty gritty kinds of detailed projects that NGOs are better equipped to carry out). 

From time to time, the government can get involved or even carry out some studies to figure out areas that might be lacking in which either they (the govt) might get involved or to incentivized some private group to come into some area that might still be lacking... whether it is geographical or a certain segment of the population or certain kinds of businesses that might need assistance or at least clarification and access to resources in order learn about ways that they might be able to incorporate bitcoin into their practices.

So I suppose that part of my assertion might be that if we see NGOs coming into the space and even being innovative in their own rights, the overall space that the El Salvador government created through their implementation of the bitcoin as legal tender law and their other pro-bitcoin announcements and demonstrated actions have further allowed NGOs to come into El Salvador and to feel that they are safe to innovate and/or experiment in the ways that they are able to innovate in ways that would not be possible in other jurisdictions who have not been so clearly and overtly bitcoin-friendly.. 

Central American University poll carried out in August 2021 showed that the reason for the objection of Bitcoin's adoption was because of lack of Bitcoin education. The poll indicated that 9 out of 10 people did not have a clear understanding of bitcoin, and as a result of this 8 out of 10 have little or no confidence in its use. The survey also showed that most Salvadorans think  that the main beneficiaries will be the wealthy, foreign investors, the government and business leaders which is a huge misconception. These opposition were just an expression of ignorance. I am sure such protest or opposition might not occur again because many El Salvadorans are now enlightened.  


The government of El Salvador is doing everything to enlighten and educate its populace about Bitcoin. But much credits should be given to some NGOs that have been driving the vision of ensuring that Bitcoin education is accessible to El Salvadoreans Paxful runs an educational and training center in El Salvador to enable free learning opportunities related to BTC. While Qredo is building bitcoin infrastructure in partnership with local banks, international education non-profit MyFirstBitcoin which is taking Bitcoin education to the  grassroots level.  MyFirstBitcoin, IBEX Mercado and Complejo Educativo Ignacio Pacheco Castro are partnering to start El Salvador’s First Bitcoin Diploma program in the public school system. Gradually Bitcoin would be a well understood currency in El Salvador.

I agree with the vast majority of your points Ahli38, except I doubt that it is really accurate to describe various anti-bitcoin reactions in El Salvador as being racist, and it is not always going to be clear regarding the extent to which the opposition is actually against bitcoin in an informed way or they are have other objections to Bukele that they are just expressing through their protests against the bitcoin laws/practices.  Furthermore, we know that sometimes opposition will have coherent and shared objections through the participants, and other times there are a lot of individual objections to aspects of the unknown or perhaps some of them just do not trust Bukele or governmental actions in general.

Regarding how long it might take for some of the Salvadorean people to get used to bitcoin, it surely is going to take time, and there are likely some citizens who are able to pick up the ideas of bitcoin quickly and to put it to use, and others take more time, and I would imagine that there are way more abilities for the citizens to learn when there are various apparatuses in place such as ATMs and surely there are some areas of El Salvador that have larger number of folks who have already been getting used to bitcoin, and other places that are behind in their having bitcoin in their communities.

about the extent to which the government of el salvador in educating its citizens about bitcoin. I think the steps and methods they are taking in order to educate their citizens about bitcoin are very good. However, everything takes time. Like when I was in elementary school, I was taught hard at school about Mathematics, and I hated it because I didn't feel its usefulness. but as time went on, and when i was an adult and learned the importance of new math i accepted and liked it. and that takes time. so do the citizens of el salvador. This is not a question of the lack of good education provided by the El Salvador government but it is a matter of time which will certainly gradually build awareness of the citizens themselves about the importance of digital assets, especially bitcoin in the future.
and if you look back, there is an important point in the country of el salvador that made residents at the beginning of the adoption of bitcoin strongly reject so that racism took to the streets to burn a lot of bitcoin ATMs in the country, precisely in september 2021. The important point is that so far the el country Salvador does not have its own currency and uses the Dollar (currency of another country) as its currency. then there must be a picture if we are observant why such racist things can happen.

apart from these problems, we can see the totality and seriousness of nayip bukele towards the adoption of bitcoin. as we know in 2021, it turns out that the country of el salvador became the country with the largest or most bitcoin ATMs at that time and probably still is today. This shows that education and infrastructure have been maximally carried out by the state of El Salvador. and it was only a matter of time until the residents realized that the steps taken by Nayip bukele were very good. although of course many people are against it. because people are already used to the dollar. so it's normal if it takes a little longer. but I hope bitcoin and dollar can go hand in hand in that country.

And we also see that the steps taken by el salvador also attracted the interest of many countries such as the recent meeting and el salvador as the host in which 44 countries participated, namely 32 central banks and 12 other financial authorities to discuss Bitcoin.


and other good news following El Salvador, namely the Central African Republic has just become the first country on the African continent to legalize bitcoin as a legal currency.

and I think a survey should also continue to be carried out not only by outsiders but also from the el salvador government itself. For the sake of seeing and analyzing and observing the steps that have been taken by the El Salvador government itself. The data is needed to study and determine the next steps that the government of El Salvador should take towards its citizens for the success of bitcoin adoption in the future. And for the progress and development of the country itself .