Topic: Probability Failure of Central Africa Republic & El Salvador Bitcoin Adoption (Read 265 times)

This is what the people who call it a "failure" look at. We all know that El Salvador bought from anywhere between 30k to 50k, that’s when they started, so they bought many times during this period from many different places.

However at the end of the day, in order to call it a failure, we need to wait a bit longer for it. Its failure for "us" not them, because it didn't skyrocket the price and kept it there, people believed that one nation making it a legal tender should have increased the price a lot but the reality is that it shouldn't really matter as much as they think it would, its only good for that nation and not really big deal for us.

What exactly is the failure in El-Savador people are ranting of? i see no failure but rather discrepancies amidst anonymous believes and thoughts infused by government regulatory bodies and bitcoin non enthusiast personalities just to instill FOMO which are uncertainties to do without.


If you can only consider the rate of 1btc to $1 then you will now that we have quite enough quantity/amount of bitcoin to be in circulation good enough to serve across the world, yet we still consider the mining hash rate as adoption increase along with this.

First of all btc was not developed to be circulated to each individual as Satoshi would have calculated this probability earlier also but he just wants to create a substitute for the centralised fiat which he developed into freedom money which is called bitcoin.Simply the supply is less doesn't imply countries should not adopt it.Rest as said it's too early to have such misconceptions in mind and El Salvador is building bitcoin city with bonds that will create hype in the nation.In coming years price boost will make satoshis also expensive and moreover there will be another hundred years to mine last btc so don't worry about that.

It does not matter if you are reading bitcoin's value in terms of USD or EUR or GBP? I assume everyone agrees that this is just measuring unit for the bitcoin or any thing that we basically buy, sell, trade in this market. Otherwise it would be confusing when trading 1 BTC vs 1 BTC isn't it?

This has nothing got to do with adoption of non-USD countries. In fact their currencies are also measured against USD for the sake of easiness. It's like English is international language because everyone agreed upon talking/using the same or it overpowered others, whatever you may assume.

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Failure, is not going to be there because as long as BTC exists it will be used, circulated and will be embedded into blockchain until the end. As long as there is willingness to use it, it will exist successful.

Every business or investment would either succeed or fail ( probability). If an investor make decisions that would lead to success, then the business would excel, if otherwise then failure would be the case. The truth is CAR and El Salvador have not failed, both of them are paying the price of success. Don't forget that they are the first two countries to adopt bitcoin, which means that they are been used as specimen or case study. It will be also unfair to conclude that this countries have failed in less than one year of adoption.

El Salvador and CAR are in the learning process. Mistakes would be made and corrections would follow. Don't also forget that anti-bitcoin forces would be sabotaging the efforts of this nations just to give bitcoin a bad name. Hence, we must encourage and support this nations that have taken this bold step towards financial freedom.

If Bitcoin is not enough then Satoshi can be an alternative.  I don't think this is enough reason for adoption to fail.  If Bitcoin isn't enough then we can say that the demand is great and we can see Bitcoi price value soaring to million dollar a piece.
 

I couldn't follow your reason on this, it makes me confused, thinking your reason does not make sense.

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It is too early to think that the Central Africa Republic's Bitcoin adoption will fail.  Don't think we are smarter than people who live there.  I am confident, that if corruption is out of the picture, the Bitcoin adoption in the Central Africa Republic will be highly successful.  Their government had surely made thorough research and will take precautions when they decided to adopt Bitcoin.

To address all this issues the market could've gone bullish reaching above $100k as President Nayib Bukele predicted. In my honest opinion the price of bitcoin is a major factor that could help in overcoming the mentioned issues of El Salvador. As the market isn't supportive to the progress in the economy, most of the plans have got postponed/reschedule. This too a reason why bitcoin adoption within El Salvador is termed a failure.

As much as those countries are into bitcoin which I expect to belong term, which should serve as reserve. They should also own other top coins and stable coin in their portfolios, this is more like the USD in digital form. Whichever way we see it cash is still the king and stable coin in this space got liquidity and value.

Awareness and recognition is really increasing as years passing and thanks to these initiatives and acts which in related with adoption which do really make other countries on might really be ending up on the same decision even though its not an assurance but at least we do really make out some noise which could possibly really make out some potential or future actions to be made on upcoming years to come.
El salvador had failed? Too early to say considering that we dont even reach a year time before they do make btc as a legal tender.Its too early imho.

There were a lot of probelms ofc some of them like :
1. Not enough time before implementation which caused disaster since people and companies were not able to adopt it at such a short notice
2. Users did not use the bitcoin ATM and wallets again after taking the bonuses apparently
3. There were identity thefts as well to get that 30$ deal so people are having a lot of problems concerning that as well.
4.  The government is not able to even pay their debts as well since most international countries are refusing to lend them money as well because of volatile nature of Bitcoins.
I think these problems need :
Time
Good management
If not they would literally have problems holding upto the standards and would be left behind.

Wait, what? Is this just your opinion or you use facts as basis in their economy? "Will affect" we don't know that yet. They are just starting and we cannot say it's a failure yet without properly witnessing the effects of it. Adopting for a reason, they are trying and if ever other countries economy will be affected then that's their problem as long as they made a solution for their own countrymen.

I am confused. Conspiracy theories? Secretly attacked?
If Bitcoin is real failure for adoption then this "Developed Nations" should let them be. Let them fail. That's what they think will happen and then they can go back into being the master of everything after their economy is broken. "if"

You are missing the point op. BTC has already achieved success by growing in popularity thanks to several countries adopting it as their primary currencies. Other countries are already getting influenced by these developments.

This is a good thing because more and more countries are realising the significance of BTC and other cryptocurrencies which helps the cryptocurrency market in the long-term.

The statement seems to make sense to you and maybe to majority others. But to be sincere, it does not really go down well. How do you mean that the number of bitcoin in circulation is not enough to serve a country as a currency?
Come to think of it, how many Satoshis do you think made up 1 bitcoin. Let me not stress you much, 100 million Satoshis make up 1 bitcoin. So, only 5 bitcoin can serve a country of 500 million people, if everyone is to own 1 sat, and there are about 21 million bitcoins created.
So, the argument does not hold water, because an individual does not need to own 1btc, only a few Sats in your possession would make you rich if bitcoin soar so high.

Bitcoin is not fiat and cannot be used as fiat currency. It is a currency on its own.
Again, it's not upto 1 month CAR adopted bitcoin as a legal tender, why are you so quick to associate them with failure?
Please find a way and change the caption of your article.

Maybe he's just looking at the price and not really looking for its use case and I believe many person are in bullish at that time when bitcoin price soar high. But we cannot deny that there are people lose also since this is bow bitcoin works for now if we talk about its volatility. Maybe we cannot say that they failed about this adoption since we don't see those country announce about this so I guess we can still say that they are in good shape even if the market is not in bullish position.

I agree that the developed countries are exploiting the resources of the underdeveloped countries,but I can't agree with your views about Bitcoin adoption.
You are getting into a conspiracy theory here.Nobody in the authorities of the developed countries cares about Bitcoin that much.I don't think that any politician and central banker in the USA and the EU countries would panic,just because the Central African Republic or El Salvador had adopted BTC as legal tender.
The BTC adoption in the underdeveloped countries will be way slower than you think.It will takes decades for the population of these countries to understand the embrace the benefits of Bitcoin.
Unfortunately,we have to admit that Bitcoin isn't such a serious threat for the global fiat financial system.

When did El Salvador legalized btc that you consider it as failure! Don't you think it is too early? Btc has been around for more decades now and through that time it took several years before it gain global recognition. Despite that, a good percentage of people all over the world still have no clue what btc is and how it works.
I think it will be unfair to term El Salvador btc adoption as a failure when many of the citizens don't have the basic knowledge to use btc.
This type of transformation will take some years before you can consider it as a failure.

I wrote this on some other post so I'll put it here as well. The biggest elephant in the room when it comes to BTC adoption in third world countries is that it's not a solution for a crumbling economy and it can not nor it will not uplift them from their issues, because the economy is much more complex and intricate than just switching to a different currency. So obviously there will be issues and more likly things would just fail.

So the Central African Republic has a GDP (Gross Domestic Product) of 2.303 billion USD (2020) and in 2019, the national debt of the Central African Republic amounted to around 1.09 billion U.S. dollars. 

They are also one of the poorest countries in the world, with a lot of outstanding debt with the IMF ==> https://www.imf.org/en/Countries/CAF

Now we know the first thing that the Banking system use as a leverage, is to stop all loans from the IMF and World Bank to these countries, when they adopt Bitcoin as legal tender. So they use that leverage to force their power and their agenda onto poor 3rd world countries. (Those loans keep them in debt and under their control)   

Exactly! OP is dwelling on the negative and being a pessimist. There are better terms to use in description of the current El Salvador situation and what Central Africa Republic, an example of one is -"a setback", which is a temporary obstacle.

It will be delusional to believe that bitcoin adoption and acceptance will be without any obstacle. The first hurdle was adoption, the next hurdle for those countries were it has been adopted is mass acceptance which may not be so easy as the first mainly because it is something unconventional.

There is a common saying which i will like to use in summary of my POV.
''what will last long will not come easy, what comes easy may not last long".

I think you are simply talking about failure too soon. There was a thread, I think by Ratimov, saying that, and I think most of the people who commented there were saying the same thing: you can't talk about failure or it's too early to do so.

We are in the use of Bitocoin as in the use of the internet by 1996. In that year the first cell phone with internet appeared, the Nokia 9000 Communicator. The fact that it is not used by many people does not mean that we can't talk about failure.

One thing everybody just need to understand is that Bitcoin can never take the place of fiat currency entirely, both works hand in hand, and thats why the value of Bitcoin is always represented in USD rate. Because the more a country adopts Bitcoin as a legal tender, the more the price of Bitcoin wil rise, because it's total supply is not enough, so in other to circulate round it has to increase in value. But if all the countries adopt Btc, its value will die drastically as there will be no competitive economy

https://bitcointalksearch.org/topic/first-african-country-adopts-bitcoin-as-official-currency-5395977

It is a nice move by central Africa Republic Authority to adopt bitcoin which second to El Salvador (First Bitcoin City) in the world. https://bitcointalksearch.org/topic/first-bitcoin-city-5372455
 https://bitcointalk.org/index.php?topic=5377037.0;topicseen



But what I am hearing about El Salvador failure of Bitcoin Adoptation in the country should not happen in Central Africa Republic. What I am  sensing in the world charters is that Countries are adopting bitcoin without a proper plan to execute the projects. The charter is that USA dollar is dominating other fiat currencies and bitcoin is high than dollar, so it is not allowed Countries to adopt it.

And I also think that the reasons why Countries adopt bitcoin and failure, though I have mentioned it but let me give the indept. Probably the total number of bitcoins in the space is not enough for them to accumulate and use it as a Fiat currency for all. And if it is not that reason, then there is a power behind the failure because as an independent Nations, they have the sovereignty to adopt bitcoin but the notion (charters) here is that if they adopt bitcoin in their Countries it will affect USA, UK and other world powers Countries' economies.

USA is making a lot of profits from Dollar Exchange Rate with other fiat currencies. And BITCOIN is high than dollar, so, any country that is planning to adopt bitcoin to be use generally in the country will be secretly attacked by the Developed Countries, because the Developed Countries use the developing countries to develop themselves through the exchange rate. And also, the developed Nations wouldn't adopt Bitcoin because the 3rd world Nations will follow up, and once the developing countries follow up, there will be equilibrium in the world Currency market. Because everyone now will be using the same Currency and to avoid that and maintenan Capitalism in the world, They have to stop Countries to adopt bitcoin but individuals can use it.


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