Introduction : We already know El Salvador become the first country that 100% support Bitcoin because they plan to accept Bitcoin as a legal tender on September 7, 2021 which will bring mass adoption for Bitcoin. As we can see many users spreading good news about El Salvador in this forum, some of them:
I thought there will no bad news from El Salvador to Bitcoin, but I'm wrong I'm really shocked when I see a news talking some veteran, pensioners, and workers from El Salvador protest against Bitcoin as legal tender. The most shocked thing is their opinions about Bitcoin, all is bullshit!
“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, reportedly said. Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”
What on earth did they say???
NO CONTROL OVER IT, CORRUPT MONEY LAUNDERING!Bitcoin = Be Your Own Bank, you have full control over it just like how Bank can have full control of your Fiat. Bitcoin could be used for Money Laundering but do you have an evidence about it? No! You just ignored the fact your favorite Fiat is always be used for money laundering $800 billion - $2 trillion in current US dollars every year!
Not understand about technology and lack of knowledge? You can still to learn, there's no restrictions to study Bitcoin where you from, where you live, how old are you, what you gender, anyone can learn it! A lot youtuber, article, animations, and whatever already make simple definition for Average Joe to learn Bitcoin, you don't need to learn the technical thing at least you know what is Bitcoin, how it works, how to use, etc etc.
According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly demanded a pension increase from $100 to $300.
They want to be rich, but they protest against Bitcoin used as legal tender LOL does this both picture are hard to understand? please, open your eyes. Bitcoin from 0 went to
$47K while USD from $25 went to
$1Salvadoran President Nayib Bukele announced legislation to accept Bitcoin as legal tender alongside the U.S. dollar in early June. The bill later passed the nation’s Legislative Assembly and is scheduled to be enforced on Sept. 7. Last week, the president clarified that Salvadorans would be free not to use Bitcoin, stating:
“What if someone doesn’t want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”
This is the most thing I fully respect El Salvador's President statement, he doesn't forcing anyone to download their own Bitcoin app named Chivo which I think it's web wallet or the worst case ask
KYC of their citizens. So if you have a privacy concern and worried about the credibility/trustworthy about the wallet, you can use non-custodial wallet or hardware wallet.
In the end, I hope El Salvador's President wouldn't postpone or even rejecting the plan to accept
BTCitcoin as legal tender
A very well put together piece of research. It seems like Bitcoin as an official country currency is a bit gimmicky and the young populist leader of El Salvador is trying to gain favor, however it seems to have backfired. I don't think it is a very rich country and a study from 2017 said only 33.8% of the country accessed the internet - it will have grown since then for sure, but that's still low for such a recent year. Beyond the younger generation who are likely to apply for the free money and use it, the rest of the country do not benefit from it at all. The leader might find himself thrown out of office when the next election comes around, if he hasn't already turned it into an authoritarian dictatorship by then.