Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: pawel7777 on August 29, 2024, 12:14:29 AM
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
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You can still use bitcoin for P2P transactions. You can still decide to convert your fiat to bitcoin which still means fuck the government as you will control your own money yourself.
But just know that most people are ignorant. You will see many of them store their coins on exchanges and also doing things that will makes them vulnerable to lack of privacy and security.
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Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
Yes, and that's real, but that's how it should be, we can't expect everyone to be in the same boat. Some act as traders, some act as maxi, others act as earners from programs such as airdrops. However, I believe, with all the misuse of Bitcoin (BTC) today, we'll see the day when the calculator becomes error to calculate 1 Bitcoin (BTC) to FIAT, and in that day, we'll return to the condition of how Bitcoin (BTC) should be used.
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It somewhat evolve and grow on the outside of the Bitcoin's whitepaper, even the thoughts of it as an investment, where most bitcoiners do and its the most thing they have interest, it's huge value. The moment government accepted it, have laws and regulations is the time people get dependent on the government's next move towards bitcoin's price. In which i don't think Satoshi will be happy, but anything than that, it is still the same Bitcoin and its purpose.
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(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
I once raised a question in the other forum, that "if BTC was to be a stable coin, would it have made waves till now?". I guess my answer is as same as yours.
The early adopters of Bitcoin were really the ones that enjoyed bitcoin a bit more than us, as almost majority of the people in bitcoin are just in for the price rise and profits.
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As Bitcoin continues to evolve and as misuse and volatility affect its value, it's possible that its role and perception will also change. The idea of a day when traditional valuation methods fail or become irrelevant reflects concerns about market stability and Bitcoin's ultimate function. Whether this would lead to a reversion to Bitcoin's original vision or a new phase in its development is a matter of ongoing debate and observation.
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
Yes, and that's real, but that's how it should be, we can't expect everyone to be in the same boat. Some act as traders, some act as maxi, others act as earners from programs such as airdrops. However, I believe, with all the misuse of Bitcoin (BTC) today, we'll see the day when the calculator becomes error to calculate 1 Bitcoin (BTC) to FIAT, and in that day, we'll return to the condition of how Bitcoin (BTC) should be used.
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(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
I once raised a question in the other forum, that "if BTC was to be a stable coin, would it have made waves till now?". I guess my answer is as same as yours.
The early adopters of Bitcoin were really the ones that enjoyed bitcoin a bit more than us, as almost majority of the people in bitcoin are just in for the price rise and profits.
The situation has change also because back in 2013 the people are just not anxious of the economy to go this worse, they haven't seen the pandemic effect yet but the new investors in crypto are not coming to escape government surveilance but to make money.
And the government also is forcing users to just comply thru the tight regulations.
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Although the picture is very sarcastic, unfortunately it expresses the reality that the Bitcoin community has reached. I cannot say that we have completely deviated from the original purpose of Bitcoin, but I can say that we are not on the path that should be.
Satoshi's dreams were very big, but there are very big obstacles on the way that prevent the achievement of the original goals, most notably governments, whales, and the lack of knowledge of Bitcoin among new investors who view Bitcoin as a profitable investment only and are only interested in the price... and many other obstacles.
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You can still use bitcoin for P2P transactions. You can still decide to convert your fiat to bitcoin which still means fuck the government as you will control your own money yourself. But just know that most people are ignorant. You will see many of them store their coins on exchanges and also doing things that will makes them vulnerable to lack of privacy and security.
People remains to be people and as humans as we are, human nature can come into play and I think this is happening in Bitcoin too as it evolved and come into the mainstream. We could not anymore be strict and just stick to the original vision of Satoshi while Bitcoin is now a recognized digital asset even by the Wall Street. In the years to come, we can expect more and more changes along the way but I am not looking at them as really deviants but an addition to what Bitcoin can do. While we are telling people to get educated with Bitcoin, we can not force them to be boxed here and there...this remains to be part of the Bitcoin history and there is nothing much we can do about it.
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This would be true if Bitcoin development stopped and was limited to being used as an investment, but reviewing the technical updates you will find that there are efforts being made to make Bitcoin more decentralized, even though investors' interest is towards something else.
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Lightning a smol brain talking point? This looks like something franky1 would write ::)
And why no talk about mixers there? Arguably that is one of the most important topics, if not the most important topic with Operation Chokepoint going on.
Bitcoin's a steady ship, so of course nobody wants to disrupt it by making cutting-edge innovations. Money is not supposed to be constantly upgraded. Which is the case for the Bitcoin protocol.
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The shift from Bitcoin's original purpose allowed many to attain wealth they couldn't have achieved with traditional investments. It is still used as a digital currency although its widening acceptance has gained governments' attention, something Satoshi didn't want. We can't deny the shift in focus has produced innovations in blockchain and the development of new technologies and applications. Bitcoin's evolution reflects how dynamic technology and finance are especially in a digital age.
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I think not, because the majority of communities in this industry field still believe in Bitcoin's potential capability. And it has many usages that we still benefit from and use. Nothing has changed and nothing has changed.
If anything has changed, it is that as time passes, we can prove that Bitcoin's price value cannot be stopped in the future. Even though there are many FUDs against it, Bitcoin still remains a firm stand in the market.
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
Well at some point, we really need to evolved as well from what the original purpose is, to be a micro-payment scheme and this is what Satoshi wanted Bitcoin to be. But when he disappeared, it totally chance, we have seen exchanges early on and then Mt. Gox and then we have assigned value per USD, 1 Bitcoin = x amount of dollar.
But I wouldn't say that we took the wrong path, it can be used by functional money if we want to. Or hedge against inflation or used it to be P2P. However, almost everyone here is out to make money out if, like becoming a trader or holder, and I do not thing that there's wrong with Bitcoin being like that today.
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Bitcoiner 2013 on that meme still exist today, but they're overshadowed by people who only see Bitcoin as investor. And while LN have some limitation, IMO comparing LN with those who only care about profit isn't fair. Some people assume LN is universal solution or magic, even though it's only designed for micro-transaction where it works best when you regularly send/receive Bitcoin with same part.
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Maybe we can ask, "KYC is the thing" as well.
Nevertheless, it might still maintain it's originally, I mean we haven't divert, the code is still like that not much has change. It's only the people and the environment around.
But fundamentally, we are still BYOB, no to KYC, payment method, so we still exist and we still have the original purposed.
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Bitcoiner 2013 on that meme still exist today, but they're overshadowed by people who only see Bitcoin as investor. And while LN have some limitation, IMO comparing LN with those who only care about profit isn't fair. Some people assume LN is universal solution or magic, even though it's only designed for micro-transaction where it works best when you regularly send/receive Bitcoin with same part.
There is no universal solution that can be made for money right now. If you want that, you have to stick with cash and cards because at least those are instant and work with transactions of any size.
But we don't like banks so that is not an option for us that we will accept.
The other options are to continue to use what we have, or make a new solutions becaudse moving to an altcoin won't fix anything as they literally have the same problems.
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Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
i think two things can coexist at once
yes bitcoin is a great investment opportunity but there are still people out there who recognize the importance and purpose of bitcoin as a decentralized currency to be used for private transactions with that said we should also recognize that due to the influx of new investors transaction fees are higher than ever and that is also something that hinders a lot of investors from using bitcoin daily
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Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
There is no way to deny that most people see Bitcoin as an investment today. But Bitcoin is still the same. The developers added some new features which improved the technology further. But we know why it's changing day by day. People treat Bitcoin as an investment because of its volatility. Everyone knows that Bitcoin prices will go up as scarcity continues. So, everyone want to have some bitcoin for the future. We can still use Bitcoin as our own bank. The OG Bitcoiners are still around who used to use Bitcoin for security and privacy purposes.
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I can see Bitcoin nowadays being used to protect investments from inflation and in general it has already been sought as an investment rather than a form of payment but we can actually do both right now since fee is not that high. Enthusiasts already learned from the past and their experiences is what drove them to what they are using Bitcoin today.
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I can see Bitcoin nowadays being used to protect investments from inflation and in general it has already been sought as an investment rather than a form of payment but we can actually do both right now since fee is not that high. Enthusiasts already learned from the past and their experiences is what drove them to what they are using Bitcoin today.
I also agree if bitcoin is used to protect inflation because it has been proven that bitcoin can always do that role. We are safer storing our assets in bitcoin if we want to protect the value of our assets because if we invest in FIAT it will be affected by inflation.
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
I don’t think so. Bitcoin can still be used as functional money but everyone will prefer to use it as an investable asset instead of using it for this purpose. It is because of the investable asset that is it that is making it to be adopt by many. Not all people are interested in the decentralized nature of it, and other benefits you can get from owning bitcoin asides from it been a source of more money when invested in for the long term. Bitcoin is still serving its purpose it was invested for, we just decide to also take advantage of other benefits that comes with having a bitcoin as an alternative to the fiat currency.
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
I actually don't really get the meme fully, like in 2013,, P2P was a new thing for people to buy and sell BTC without the need of banks and other middlemen, so this was new for them and it should be a great feeling for them as well. Don't know how Silk Road came up here but the other two make sense because BTC's existence gave us the knowledge and truth about the banking sector I sometimes wonder where would we end up without such knowledge.
Speaking of the current time situation is still bad as people who came to know about p2p and the other 2 factors are still living in the same vibe as people lived in 2013 but those 2013 people are not living in the same vibe they are in search of new progress and developments and they are really getting them but they also want to earn money so why would they not chose such options where they can see the developments and can earn money as well.
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This would be true if Bitcoin development stopped and was limited to being used as an investment, but reviewing the technical updates you will find that there are efforts being made to make Bitcoin more decentralized, even though investors' interest is towards something else.
It's not just about whether or not there's development but more about community engagement.
I'm old enough to remember that 10 years ago people were genuinely interested in things related to development, we had intense debates/arguments about block size and all that, but now it all seems so apathetic and indifferent.
The number of BTC holders is probably highest in the history, and we can't even use that as leverage to stop unfavorable crypto regulations etc. We could have governments banning self-custodial wallets tomorrow and people would just shrug it off. Many wouldn't even bother as long as the price was going up.
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~snip~
The number of BTC holders is probably highest in the history, and we can't even use that as leverage to stop unfavorable crypto regulations etc.
How do you think you could influence anyone in that way? The fact that there are more of us than 10 years ago does not mean too much to those who have the power to make laws - except of course in the US where politicians before the elections flatter the voters to get their votes.
We could have governments banning self-custodial wallets tomorrow and people would just shrug it off. Many wouldn't even bother as long as the price was going up.
There is some truth in that, but it is a consequence of a decentralized system where no one convinces you that BTC is good for only one thing, but people have decided for themselves how they will use it. Of course, it would be better if more people used BTC as a currency, but the very idea that you can profit from it if you buy it and keep it, directed the majority in that direction.
In addition, a lot of people from the first years of the adaptation are no longer active for one reason or another, and maybe Satoshi's idea of BTC disappeared with them a long time ago.
+1
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You can still use bitcoin for P2P transactions. You can still decide to convert your fiat to bitcoin which still means fuck the government as you will control your own money yourself.
But just know that most people are ignorant. You will see many of them store their coins on exchanges and also doing things that will makes them vulnerable to lack of privacy and security.
Bitcoin didn't depart from it's initial plan for which it was made by its creators. Rather it more like fitted into more aspects of crypto currencies and economics. Bitcoin grew from a very little start in both price and. Adoption and the nature of the network brought about more and more adoption which contributed more to it's increase in price.
Bitcoin is still as much used as P2p . However more and more people in the crypto space continue to view it as a very nice investment based on. Its return over the years as well as it's ability to store value and battle inflation. So I'll rather say bitcoin found more applications than saying it lost its purpose.
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There is some truth in that, but it is a consequence of a decentralized system where no one convinces you that BTC is good for only one thing, but people have decided for themselves how they will use it. Of course, it would be better if more people used BTC as a currency, but the very idea that you can profit from it if you buy it and keep it, directed the majority in that direction.
The purpose of the currency changes but has a new purpose that is adapted to the capabilities and desires of the people and it also depends on how each government accepts Bitcoin.
Making Bitcoin a currency is only the initial goal carried out by a few countries, but now it is more used as a commodity and as a speculative asset, more profits are obtained and it is a good long-term investment.
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It somewhat evolve and grow on the outside of the Bitcoin's whitepaper, even the thoughts of it as an investment, where most bitcoiners do and its the most thing they have interest, it's huge value. The moment government accepted it, have laws and regulations is the time people get dependent on the government's next move towards bitcoin's price. In which i don't think Satoshi will be happy, but anything than that, it is still the same Bitcoin and its purpose.
You've touched on an important evolution of Bitcoin. While Bitcoin's original intent, as outlined in Satoshi Nakamoto's whitepaper, was to create a decentralized and peer-to-peer digital currency, its role has expanded significantly over time. Many now see it primarily as a store of value or investment asset, a shift from its original purpose.
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
Bitcoin is still a functional money and can be used for buying and selling, but this is in countries where bitcoin is accepted as a legel tender.
For countries where bitcoin is yet to be accepted as a legal render, but not banned, you will still see alot of citizens who carry out or use bitcoin as a way of buying and selling goods and services.
If you ask me, I did say that we have not actually departed from Bitcoin's original purpose, but then, bitcoin"s original purpose is something that can't really stand without the approval of the government and proper regulationm. So while waiting for the government to take and or state their final decision on bitcoin and cryptocurrency regulations, it is only normal that people continue to buy and sell bitcoin for monetary gains, since this is also an important aspect of bitcoin we must not neglect as well.
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I came across this meme sometime ago, and I think it's hard to deny there's a lot of truth to it:
(https://www.talkimg.com/images/2024/08/28/96ZWW.jpeg)
Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
Bitcoin is still a functional money and can be used for buying and selling, but this is in countries where bitcoin is accepted as a legel tender.
For countries where bitcoin is yet to be accepted as a legal render, but not banned, you will still see alot of citizens who carry out or use bitcoin as a way of buying and selling goods and services.
That's true if we talk about payment on physical store. But on internet, you could find some individual seller or website which accept Bitcoin without asking your citizenship with some limitation. By limitation, usually it's either maximum amount of money or what kinds of goods/services you could buy.
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Bitcoin is still a functional money and can be used for buying and selling, but this is in countries where bitcoin is accepted as a legel tender.
The way you wrote this implies that the only country where you can pay with BTC is El Salvador - but accepting BTC as legal tender has nothing to do with its actual use. Bitcoin is not legal tender in any EU country, but in some countries you can use it to buy almost anything you want, and even pay bills and taxes.
For countries where bitcoin is yet to be accepted as a legal render, but not banned, you will still see alot of citizens who carry out or use bitcoin as a way of buying and selling goods and services.
~snip~
I have to admit that I completely lost you here, because you somewhat contradict yourself - and besides, your post is full of grammatical errors, which is really strange considering how you write otherwise...
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Bitcoin is still a functional money and can be used for buying and selling, but this is in countries where bitcoin is accepted as a legel tender.
For countries where bitcoin is yet to be accepted as a legal render, but not banned, you will still see alot of citizens who carry out or use bitcoin as a way of buying and selling goods and services.
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I agree Bitcoin still working well as currency in countries that allowing it. But in countries which not made rules about Bitcoin it is harder to use. Without rules Bitcoin can not be used much as it could be.
And it is also good for those to buy and sell Bitcoin to make money while they wait for governments to make decisions. But we should keep in mind that Bitcoin can not reach its full potential until governments accept and regulate it. And still Bitcoin will only be used in small ways and for speculation other than become widely accepted way to pay for things. Governments should accept and regulate Bitcoin to make it mainstream currency.
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Having different perspectives on what the future for bitcoin nis healthy. We can't have all the same ideas, there must be some different ones, and some of them will be stupid. I still believe this to be the case and the original purpose wasn't really a purpose, it was just showing what is possible and not really anything marginal like changing the whole world. Many people think that way, but the reality is that its not that big of a deal. The reality is that we got what we wanted out of this, we have seen it do fine and that's it, there isn't really anything crazy going on at the moment and shouldn't be one neither.
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Do you think we took the wrong path of focusing mostly on the investment value of Bitcoin neglecting its use as functional money?
My answer to this is No, and here are my reasons. You see, the inflation rate in most countries, especially the one I live in, is very high, which has drastically increased the cost of living, while the purchasing power of fiat currency (money) can't do much. Jobs are becoming scarce, and people in this situation will do anything to become financially stable. We've all seen what Bitcoin can do in terms of gaining value (i.e increasing in price) over time, making it an attractive investment option for many of us. Bitcoin serving as a means of investment is literally very simple to key into, because it doesn't require me signing any paperwork, and it can be done with a gradual amount. So I think the financial benefits of Bitcoin to everyone, is worth making it an investment option which doesn't sound as a wrong path. Although Satoshi called it a p2p electronic cash system, but it turns out to come with other great benefits to those who adopt it.
As others have said, government approval is a key factor that determines how Bitcoin is used in a country. Take El Salvador as an example, Bitcoin has become part of them since it was declared a legal tender, i.e Bitcoin has become like a normal currency to them, which is unlike other countries that it is not legal tender. So, I think this condition is actually what's creating the entire question. But, despite the whole government thing, we all still find a way to use it for different activities on the internet.
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We know that bitcoin is the best cryptocurrency, in the cryptocurrency market. But we also know that crypto currency market is also dependent of up and down. So if we saw in the crypto market, sometimes we can see that bitcoin price is down, but another we also see that bitcoin price will gradually increase day by day. So if we give up hope in the cryptocurrency market or bitcoin, i think it will be wrong decision for us. Because i believe that in future bitcoin price will hit $100k.
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We may have added to BTC original purpose. Rather than deviated.
I think fuck the government was never a purpose of btc.
But that hodl and appreciating btc was not original purpose.
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We may have added to BTC original purpose. Rather than deviated.
I think fuck the government was never a purpose of btc.
But that hodl and appreciating btc was not original purpose.
BTC was not created as an end to a means. Rather it was created as a begining which needs improvement over the time. If BTC was to be a closed source network by an individual, the argument would continue to be valid. Right now, bitcoin is in the hands of all of us.
To buttress my argument that bitcoin is dynamic, you remember that bitcoin is still in the beta version? This means there's alot of rooms for improvement. So, when we see such improvements, we shouldn't see them as deviation from the purpose of bitcoin. Speaking from my second mouth.
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Because i believe that in future bitcoin price will hit $100k.
Op is not talking about the price of BTC rising to $100k, they are talking about BTC's original purpose, however, i don't think we have deviated from the original purpose for which BTC was created, but it was never going to be possible that there would be no additions and improvement to the BTC network all these years.
I am sure even Satoshi knew that other use cases will be added along the way, and there is nothing wrong in that, we can individually choose the use case that appeals to us and let others decide theirs.
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I agree that we should use the word fu*k the government when the government wants to force us to violate our privacy and not give us the full financial freedom of our assets. And bitcoin can be taken both as investment and exchange and here the one who needs to invest can invest and hold it, I don't see anything bad in it, if you hold it, instead of bitcoin appreciation, I mean the value of bitcoin increases.
But it is true that most of the people today forget the real purpose of Bitcoin and they mostly come to invest in Bitcoin, but they do the investment on centralized exchange. In fact, they are completely responsible for the fact that the amount of awareness that needs to be spread in the world has not been moved.
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The way you wrote this implies that the only country where you can pay with BTC is El Salvador - but accepting BTC as legal tender has nothing to do with its actual use. Bitcoin is not legal tender in any EU country, but in some countries you can use it to buy almost anything you want, and even pay bills and taxes.
Correct. Personally, I'd rather see Bitcoin as a voluntary, alternative form of money than a state-mandated one.
The reality is not so rosy for other countries that do not recognise BTC as a legal tender. I would risk the opinion that a number of places that accept Bitcoin as a payment is lower than it was a decade ago.
I don't think BTC payments are super-popular in El Salvador either, but the Bukele's move has massively increased the number of places accepting it, to the point you could probably spend a holiday in there using only Bitcoin as a payment, provided you plan ahead, as it's not like all businesses are forced to use it.
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~snip~
I don't think BTC payments are super-popular in El Salvador either, but the Bukele's move has massively increased the number of places accepting it, to the point you could probably spend a holiday in there using only Bitcoin as a payment, provided you plan ahead, as it's not like all businesses are forced to use it.
In theory you should be able to pay with BTC in El Salvador anywhere because BTC is legal tender like USD, but if you have a store where no one has ever entered and asked if they can pay with BTC, then in practice you don't actually accept BTC as a means of payment. Apart from that, all you need as an owner is the official Chivo wallet, which is a simple smartphone app - now the only question is whether the average resident of that country can afford a smartphone.
I think that anyone who decided to bring only BTC to that country could have big problems if they relied on it as the only means of payment - after all, USD still holds over 80% of the daily trade there.
+1
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I would risk the opinion that a number of places that accept Bitcoin as a payment is lower than it was a decade ago.
I have no data to confirm my opinion, but based on the number of businesses that are accepting bitcoin payments via 3rd part processors, I think that situation is better than it was 10 years ago.
Apart from that, all you need as an owner is the official Chivo wallet, which is a simple smartphone app - now the only question is whether the average resident of that country can afford a smartphone
El Salvador is a 3rd world country but thank God (and cheap Chinese smartphones) we reached that level that even an average residents of those countries should be able to afford mobile phones so that's probably not an issue.
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Bitcoin is still a functional money and can be used for buying and selling, but this is in countries where bitcoin is accepted as a legel tender.
For countries where bitcoin is yet to be accepted as a legal render, but not banned, you will still see alot of citizens who carry out or use bitcoin as a way of buying and selling goods and services.
Countries like this are few in numbers and it’s a good development for bitcoin. Having an alternative to the fiat currency was the main goal and now that it has being achieved, exploring other ways of using bitcoin is an added advantage for all bitcoin lovers, it’s now left for you to embrace it or not. But the main goal is already achieved in my opinion and every other thing bitcoin is used for today has also contributed to its mass adoption.
We know that bitcoin is the best cryptocurrency, in the cryptocurrency market. But we also know that crypto currency market is also dependent of up and down. So if we saw in the crypto market, sometimes we can see that bitcoin price is down, but another we also see that bitcoin price will gradually increase day by day. So if we give up hope in the cryptocurrency market or bitcoin, i think it will be wrong decision for us. Because i believe that in future bitcoin price will hit $100k.
The market is volatile and that doesn’t make bitcoin a risky investment to take on. It is very important to know that bitcoin stands out amongst all other cryptocurrencies and when you look at the long term value of it, you’ll embrace it more and would love to invest in it rather than choosing any other cryptocurrency to invest in. Being the first cryptocurrency, it has distinguished itself with many other cryptocurrencies and that’s why it’s still having an edge over them till date.
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Apart from that, all you need as an owner is the official Chivo wallet, which is a simple smartphone app - now the only question is whether the average resident of that country can afford a smartphone.
El Salvador is a 3rd world country but thank God (and cheap Chinese smartphones) we reached that level that even an average residents of those countries should be able to afford mobile phones so that's probably not an issue.
Maybe in bigger cities people live better than in rural areas (which is usually the case), but from everything we could see since Bitcoin was "legalized" in that country, the average resident is simply not too interested in BTC - except of course for the $30 which they distributed to everyone who downloaded the Chivo wallet.
Even with the availability of cheap smartphones, it should be taken into account that the older population uses them mainly for calls and messages, everything else is mostly too complicated for them. Good luck to anyone trying to convince them that something called Bitcoin is better than the USD cash they have in their pockets.
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Apart from that, all you need as an owner is the official Chivo wallet, which is a simple smartphone app - now the only question is whether the average resident of that country can afford a smartphone.
El Salvador is a 3rd world country but thank God (and cheap Chinese smartphones) we reached that level that even an average residents of those countries should be able to afford mobile phones so that's probably not an issue.
Maybe in bigger cities people live better than in rural areas (which is usually the case), but from everything we could see since Bitcoin was "legalized" in that country, the average resident is simply not too interested in BTC - except of course for the $30 which they distributed to everyone who downloaded the Chivo wallet.
Even with the availability of cheap smartphones, it should be taken into account that the older population uses them mainly for calls and messages, everything else is mostly too complicated for them. Good luck to anyone trying to convince them that something called Bitcoin is better than the USD cash they have in their pockets.
I don't know but sooner or later though, the older population must also adopt to the growing used of smart phones. So I will not be surprised even if their older generation are using smart phones and so they can also learn how to make transaction with Bitcoin or any other digital phone for that matter.
I don't think that their government is trying to say that Bitcoin is better than USD, it could be another alternative for them even for their local fiat. And with this older generation unbank, they will really have to find a way and maybe Bitcoin could be a better alternative to them.
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Maybe in bigger cities people live better than in rural areas (which is usually the case), but from everything we could see since Bitcoin was "legalized" in that country, the average resident is simply not too interested in BTC - except of course for the $30 which they distributed to everyone who downloaded the Chivo wallet.
True that, I was simply referring to smartphone part as I've been watching a lot of videos from south America focused on rural parts and even there people (mostly young folks ofc) had smartphones.
Good luck to anyone trying to convince them that something called Bitcoin is better than the USD cash they have in their pockets.
You would have an issue convincing an average crypto investor that, let alone some random people who know nothing or very little about bitcoin. ;D
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The way you wrote this implies that the only country where you can pay with BTC is El Salvador - but accepting BTC as legal tender has nothing to do with its actual use. Bitcoin is not legal tender in any EU country, but in some countries you can use it to buy almost anything you want, and even pay bills and taxes.
Correct. Personally, I'd rather see Bitcoin as a voluntary, alternative form of money than a state-mandated one.
The reality is not so rosy for other countries that do not recognise BTC as a legal tender. I would risk the opinion that a number of places that accept Bitcoin as a payment is lower than it was a decade ago.
I don't think BTC payments are super-popular in El Salvador either, but the Bukele's move has massively increased the number of places accepting it, to the point you could probably spend a holiday in there using only Bitcoin as a payment, provided you plan ahead, as it's not like all businesses are forced to use it.
The use of Bitcoin is not yet accepted fully all over the world, and it is still faced with certain challenges. In a context of increasing Bitcoin adoption by the head of state in El Salvador accepted by its population and despite a desire for more use, it may be more restrained, and more thought is required for its more extensive usage in this country.
El Salvador is using Bitcoin to better connect its people financially, to better process and transfer funds cheaper, to attract investments and technological advancements; and to reduce reliance on the USD, all of which could help make El Salvador’s economy less vulnerable and more numerous.
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Having Bitcoin as a store of value is still part of the original purpose of Bitcoin. For many of us who use Bitcoin as an investment, we are not taking the wrong part because people will do more of what they feel good about having Bitcoin. Upon that, many of us use Bitcoin as an alternative to traditional fiat and P2P electronic cash transaction, still part of the original purpose of Bitcoin