El Salvador’s pro-crypto president Nayib Bukele said that despite Bitcoin’s strong presence in the Central American nation’s economic growth, adoption hasn’t met the expectations.
Bukele, latest to feature on TIME magazine cover, noted that the country’s Bitcoin strategy is generally “net positive.” However, Bitcoin adoption rate has fallen short.
He said that the digital asset has played a major role in the lives of many Salvadorans in day-to-day payments. The country has never forced anyone to adopt it, rather, offered it as an option, the president noted.
“It hasn’t had the adoption we expected,” he added. “I expected more adoption, definitely, but we always prided ourselves on being a free country, free in every way.” Bukele also advocated people to use Bitcoin now, as they “will probably have gains in the future.”
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.This is completely normal and has been predicted: BTC isn't really used frequently for micropayments, it's often seen as an investment asset. When the market is positive, people prefer to hold because they're afraid that if they use it for payments today, they'll lose out on profits tomorrow. When the market is negative, people fear that the BTC in their hands will lose value. In the end, BTC is only really bought and sold by traders or stored by long-term investors, not used to buy bread or fried chicken ^^
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Let’s even say that bitcoin is not a volatile currency, do you still think it’ll be easier to be adopted by the government? The government will never allow any decentralized digital currency to be used more over theirs because that will kill the value of their own currencies faster. They’re typically against it and will use the volatile nature of it as one of the reasons they’ll not adopt it.QuoteCan we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
The main purpose may be for the former but the later is more adopted and that has enabled more people to cherish the currency more and adopted it. The mass adoption of it came often from the people that have embraced it for use as an investable asset and not a currency to be used for daily expenses and transactions. The primary purpose of bitcoin is to serve as alternative to fiat currency but today, as it stands as alternative to it, bitcoin enthusiasts have also leverage into using it for investment purposes.
I think that Bukele and his sponsors made a biggest mistake when they created fully custodial bitcoin Chivo wallet, instead of educating people about importance of non-custodial wallets.
They are also forcing Lightning Network in same Chivo wallet, and that project is total disaster pushed and promoted by several people on top.
If he wants to increase adoption he should accept Bitcoin payments in all stores and government services, but he can't force people to use Bitcoin.
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Making people use custodial service is far easier than self-custodial ones, since that way people would have less responsibility regarding backup and security. But otherwise i agree he could've make some government service/store accept Bitcoin.Is it really easier to use custodial services, yeah, it eliminates responsibility, but it carries the risk of a third party controlling ones funds. I don't think people in El salvador would struggle to use self custodial wallets with a little guidance, and keeping their seed phrase safe is also something that they can do easily, if they had been exposed to what BTC truly is, i feel adoption may have been better than what it is now.
Making people use custodial service is far easier than self-custodial ones, since that way people would have less responsibility regarding backup and security. But otherwise i agree he could've make some government service/store accept Bitcoin.Sure it's easier to use it but everyone can see and even Bukele admits how this didn't help bitcoin adoption at all, same as lightning network.
Sure it's easier to use it but everyone can see and even Bukele admits how this didn't help bitcoin adoption at all, same as lightning network.
I don't know how much time it needs to pass for some people to realize that and accept the reality.
Making something easier doesn't mean it is always going to be good.
Making people use custodial service is far easier than self-custodial ones, since that way people would have less responsibility regarding backup and security. But otherwise i agree he could've make some government service/store accept Bitcoin.Is it really easier to use custodial services, yeah, it eliminates responsibility, but it carries the risk of a third party controlling ones funds.
I don't think people in El salvador would struggle to use self custodial wallets with a little guidance, and keeping their seed phrase safe is also something that they can do easily, if they had been exposed to what BTC truly is, i feel adoption may have been better than what it is now.
I do think that we are going to see the adoption getting bigger and bigger eventually, it shouldn't really be that big of a deal at all, it should be as normal as it gets and we can't really consider this a "failure" just yet. We are going to see this happen very late, because we are talking about adopting it to the whole nation, you may not get something like that easily, it may take a long long time for that to happen. But at the very least they ended up with a good result for now, and they are growing, and they could make a lot more money if bitcoin goes up as well, which would be amazing for them.
I do think that we are going to see the adoption getting bigger and bigger eventually, it shouldn't really be that big of a deal at all, it should be as normal as it gets and we can't really consider this a "failure" just yet. We are going to see this happen very late, because we are talking about adopting it to the whole nation, you may not get something like that easily, it may take a long long time for that to happen. But at the very least they ended up with a good result for now, and they are growing, and they could make a lot more money if bitcoin goes up as well, which would be amazing for them.
I don’t think all of that matters to them now. How much longer do you think it will take to have this mass adoption we are always anticipating for? The use of the word that it happen very late makes me ponder to how much longer it has to take? So many innovations don’t take long like bitcoin has taken before they’re widely accepted by the masses and the government. The only difference bitcoin has with them is that it is decentralised and it will never be able to controlled by the government. It will surely take a long time but how long more will it take is what we don’t all know and keep anticipating for the best from it.
...
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
Since he is a leader who has taken bold steps for Bitcoin and his country, I think he has the right to criticize harshly on some issues. So, even if his approach to this issue is emotional, I think he's right. I don't have the same ideas and expectations as Bukele, but I find his criticism justified because I appreciate his efforts...i do not know much about him but how he approaches bitcoin adoption in their country is admirable he acknowledges the challenges pose of bitcoin adoption but still remained hopeful and did what he thinks could be the best for the country
Using Bitcoin for these kinds of things hurts the value and meaning of Bitcoin...well a lot of people would argue since bitcoin started as a means of exchange without the need for a centralized authority to make the transaction but now that the value of bitcoin has reached heights no one probably expected it will 10 or 15 years ago, the approach has changed and now bitcoin is almost not used for that anymore
When the velocity of circulation of money increases, its value decreases.
I think Bitcoin should be a store of value rather than a medium of exchange to meet daily needs.
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.If I were a Salvadoran and I was not forced by the government or not given the chance by the government to use Fiat but only BTC, then only I would be adopting BTC for day-to-day expenses otherwise, I would just (if I had savings) hold them in the form of BTC for making profits.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
Its going to be something hard for a nation to wait that 4 year cycle so I understand if he is dissapointed with the price because he started around last bull run so for a while he has been waiting for the price to change and get back on profit which is why its normal for him to be upset about the price. But if he is talking juat about the adoption as in amount of people using it then arent they a legal tender nation? Shouldnt it be like everyone using it? That has to be something automatic and the fact that he isnt happy with it is a little complicated looking for me
"It is the year 2034. Bitcoin is worth 2.5 million dollars with a market cap of over 50 trillion dollars. 10% of the global population is using at least one cryptocurrency. And among them, El Salvador had used its bitcoin reserves of over 10 years ago to make itself a developed country." ;D
That has to be something automatic and the fact that he isnt happy with it is a little complicated looking for me
"It is the year 2034. Bitcoin is worth 2.5 million dollars with a market cap of over 50 trillion dollars.There's chance of that happening in real but there's also a chance that in next 10 years Bitcoin might not be able to even cross $1M barrier. I believe we must see Bitcoin crossing $1M first then we may make predictions that are over $1M.
if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.That's the reason many people sees Bitcoin more as an asset rather than a currency. The volatile nature of it makes the investors hesitant to use it for day-to-day transaction because they will think "What if I use Bitcoin to buy these things and a few weeks from now, the price goes up?" That would be a supposed profit for them if they just choose to hold it instead of using it. This is the reason why nothing, or only few people are using Bitcoin as a payment. It's the mindset, and how we see Bitcoin.
~snip~
It has been used in the past to buy pizza (infamous Lazlo Hanyecz), but I don't think that there's anybody out there that used Bitcoin again to buy pizza, and if there is, it's only a small transaction. What does Bukele mean when he said "widespread adption"? Is he expecting that all of his countrymen will be using Bitcoin on their day-to-day transactions? :X
(https://cimg.co/wp-content/uploads/2024/08/30054932/1724996972-image-1724996863338_optimized.jpg)QuoteEl Salvador’s pro-crypto president Nayib Bukele said that despite Bitcoin’s strong presence in the Central American nation’s economic growth, adoption hasn’t met the expectations.
Bukele, latest to feature on TIME magazine cover, noted that the country’s Bitcoin strategy is generally “net positive.” However, Bitcoin adoption rate has fallen short.
He said that the digital asset has played a major role in the lives of many Salvadorans in day-to-day payments. The country has never forced anyone to adopt it, rather, offered it as an option, the president noted.
“It hasn’t had the adoption we expected,” he added. “I expected more adoption, definitely, but we always prided ourselves on being a free country, free in every way.” Bukele also advocated people to use Bitcoin now, as they “will probably have gains in the future.”
The link of this news is here! (https://cryptonews.com/news/bitcoin-hasnt-had-the-widespread-adoption-we-hoped-for-el-salvador-president/)
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
If what Bukele expected is that in a few months everyone would use Bitcoin as a means of payment in all aspects of life, he was very wrong, and that warns of a lack of knowledge regarding the use cases. Education, unfortunately, is not one of the best things in El Salvador, and is the cornerstone of an "advanced" society, and when I say advanced I don't just mean technology.President Bukele vision for El Salvador widespread Bitcoin adoption was ambitious but country financial literacy and education challenges have hindered progress. Many Salvadorans struggle to understand Bitcoin benefits and uses highlighting need for comprehensive education and training programs.
Knowledge and education are very necessary to be able to use "new" technologies quickly and safely. I think Bukele should continue promoting the use of Bitcoin, but solving the problem of school dropouts would be essential in this case, so the new generations would have better knowledge.
Doge is the best designed coin for p2p:o
Bukele meats Elon Musk.
Both guys are a part of global cabala and they went to UN General Assembly in New York.
Slavery by 2030 officially approved.Doge is the best designed coin for p2p:o
This crap was literally created as a joke project without any thinking and solution to anything.
There are no updates and code improvements, no real developers behind it, just a tweaked bitcoin code that is good for nothing.
If you don't believe me, just hear what Doge creator is saying about it.
And I don' understand why would you even talk about doge here...
san salvador picked btc due to its first come on the scene.
~snip~
A team from Cardano came to El Salvador in early 2020 to promote their minor altcoin ADA as a possible legal tender crypto, and negotiated up to mid-2021. Apparently, negotiations failed just a few weeks before Bukele’s big announcement about Bitcoin in June 2021 — and the whole project was scrapped.
President Bukele vision for El Salvador widespread Bitcoin adoption was ambitious but country financial literacy and education challenges have hindered progress. Many Salvadorans struggle to understand Bitcoin benefits and uses highlighting need for comprehensive education and training programs.
El Salvador Bitcoin experiment has shown promise in areas like Bitcoin Beach in El Zonte but nationwide adoption has been slower than expected. Only 20% of firms accept Bitcoin and many citizens prefer cash transactions. To address this government launched initiatives like My First Bitcoin educating students and teachers about Bitcoin and its applications.
By prioritizing education and financial literacy El Salvador can create favorable environment for Bitcoin adoption and foster more advanced technologically savvy society. Bukele continued promotion of Bitcoin coupled with targeted education initiatives can help El Salvador realize its potential as pioneer in cryptocurrency adoption.
if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.
if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.
If anyone (holder/investor) wants to pay for a particular services or goods using their Bitcoin, they can still do it without any complain, regardless of the high price of Bitcoin. The only difference there is that in the past, people paid a larg volume of Bitcoin for an item because the value of Bitcoin was still poor then, but if anyone wants to pay for an items in Bitcoin, the price of that item will be converted its equivalence in Bitcoin.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
In the case of el salvador I don't know how bitcoin payment work there? is there app to transfer like e-wallet or just transfer via bitcoin network that really expensive for day to day transaction in my opinion.there is nothing too different from crypto transactions there the only difference is that the country legally recognizes bitcoin as another currency but people are not obliged to use or pay with bitcoin but the option is right there
Well, initially, the volatile nature of Bitcoin has really encouraged people to having and adopting an investment mindset, rather than using it mainly as a payment method, they’d rather focus more on the accumulation and HODLing strategy. Although this isn’t totally bad as it has its own advantages too because it has enabled many people to witness the price of Bitcoin grow overtime.if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.
If anyone (holder/investor) wants to pay for a particular services or goods using their Bitcoin, they can still do it without any complain, regardless of the high price of Bitcoin. The only difference there is that in the past, people paid a larg volume of Bitcoin for an item because the value of Bitcoin was still poor then, but if anyone wants to pay for an items in Bitcoin, the price of that item will be converted its equivalence in Bitcoin.
What we should be looking at is that we treat Bitcoin as sound money, so that when we go used it to buy stuff and things on the internet, we won't be complaining or it.
But the thing is that it become a sort of investment and with that, we have the accumulation and HODL mentally. So probably some people inside El Salvador could also be thinking the same for like the majority of us that Bitcoin should be look like a assets that can grow in the future to make more money for us.
i have seen a blog from a tourist before saying that when he went to el salvador it was only a few chosen stores that receive bitcoin as payment so it is indeed true that despite the government’s push, the adoption is not spreading due to people not wanting to spend their bitcoinsIt is true that very few merchants accept BTC and only very few people are ready to spend BTC over there. The government have done well to make BTC a legal tender, but i don't think they have exposed BTC to the people in a decentralized way, even the Chivo wallet that they introduced was a custodial wallet. I wish that with time many people in El Salvador would understand what BTC actually is and use it too.
Many do not know that Bukele actually had another crypto-currency in mind for a long time, but the negotiations failed when the Tether boys team got involved in the whole story. If this had not happened by some chance, maybe today we would be talking about how El Salvador has Cardano and not Bitcoin for legal tender.Quote from: https://davidgerard.co.uk/blockchain/2022/02/26/el-salvador-bitcoin-tether-buys-itself-a-country-and-why-chivo-sucks/A team from Cardano came to El Salvador in early 2020 to promote their minor altcoin ADA as a possible legal tender crypto, and negotiated up to mid-2021. Apparently, negotiations failed just a few weeks before Bukele’s big announcement about Bitcoin in June 2021 — and the whole project was scrapped.
Or translating this to the language most don't want to hear:
Bukele has chosen Bitcoin because he got paid more by the Bitcoin guys than the Cardano!
But as usual, the internet is making a Messiah from a guy who has been caught lying over and over again!
Where is the 200MW well for Bitcoin mining? The Bitcoin city? Bicoin bonds? Bitcoin farms?
He talks about renewable energy for bitcoin mining and then he signs the biggest LNG contract in the history of Salvador!
Or translating this to the language most don't want to hear:
Bukele has chosen Bitcoin because he got paid more by the Bitcoin guys than the Cardano!
But as usual, the internet is making a Messiah from a guy who has been caught lying over and over again!
Where is the 200MW well for Bitcoin mining? The Bitcoin city? Bicoin bonds? Bitcoin farms?
He talks about renewable energy for bitcoin mining and then he signs the biggest LNG contract in the history of Salvador!
~snip~
Bukele does not have the capacity to address all of this alone, and he still has very serious problems in his country such as education and gangs, something that, contrary to what many believe, has not been 100% eradicated.
Or translating this to the language most don't want to hear:
Bukele has chosen Bitcoin because he got paid more by the Bitcoin guys than the Cardano!
But as usual, the internet is making a Messiah from a guy who has been caught lying over and over again!
The article from which the quote was posted is perhaps the best article about how BTC became a legal tender in El Salvador, which I posted several times on BTT, but without almost any response because it is not something that fits into the general perception of the country in which there are wonderful sandy beaches, palm trees, beautiful women and you can pay for everything with BTC. Few people are interested in the background of the story, but that just means that most people think that the end justifies any means.Where is the 200MW well for Bitcoin mining? The Bitcoin city? Bicoin bonds? Bitcoin farms?
He talks about renewable energy for bitcoin mining and then he signs the biggest LNG contract in the history of Salvador!
Someone can say whatever they want, but investors go where they feel safe in the long term, and Bukele allegedly claims that this is his last term in the presidential chair, and the logical question is what will happen when he leaves? Changing policies in the countries of Central and South America is something that is quite common, and this means that in 5 or 10 years we may have a president in El Salvador who will be completely against BTC.
+1~snip~
Bukele does not have the capacity to address all of this alone, and he still has very serious problems in his country such as education and gangs, something that, contrary to what many believe, has not been 100% eradicated.
It is obvious that something had to be done about the gangs that were destroying the country, but in the process approved by Bukele, thousands of innocent people died and were falsely accused and thrown into prisons. I have read many sad stories that remind me of what I had the opportunity to experience when I was growing up under communism. It is difficult that a better future can be built on the violation of human rights, torture, executions - but Bukele calls himself a dictator, which he actually is.
El Salvador Events of 2023 (https://www.hrw.org/world-report/2024/country-chapters/el-salvador)
+1
Bukele, like many (if not all) other politicians, says and promises many things, but then delivers very few or none of those things, that's something that shouldn't surprise anyone, since we're not 10 years old. It is likely that even buying many more Bitcoins than "the country has now" things will remain the same as before. Bukele is looking for investors to project everything he says (Bitcoin city, Bicoin bonds) and thus attract more capital. Bukele does not have the capacity to address all of this alone, and he still has very serious problems in his country such as education and gangs, something that, contrary to what many believe, has not been 100% eradicated.
Someone can say whatever they want, but investors go where they feel safe in the long term, and Bukele allegedly claims that this is his last term in the presidential chair, and the logical question is what will happen when he leaves?
Bukele, like many (if not all) other politicians, says and promises many things, but then delivers very few or none of those things, that's something that shouldn't surprise anyone, since we're not 10 years old. It is likely that even buying many more Bitcoins than "the country has now" things will remain the same as before. Bukele is looking for investors to project everything he says (Bitcoin city, Bicoin bonds) and thus attract more capital.
So it's not surprising at all to see heads of states doing it, especially the ones who are leading a very, let's say, "radical" change.I don't trust him or any other president and politician today.
I don't trust him or any other president and politician today.
Bukele is just a part of the circus how, now he is going to talk with Elon Musk because they are all in the same ''club''.
I am seriously starting to think they are only using Bitcoin as one of their tools to manipulate markets and make more money.
It’s a big club and you ain’t in it 8)
(https://i.ibb.co/4K3W9HP/img8de48c730f0d932e8e8ed96b98313ce2.jpg)
It is hard to rule a country.
Lots of reasons why.
Gangs exist in rich countries.
USA is filled with gangs. The government has issues keeping them in check.
poor countries are worse off.
I feel that a poor country wiuld be better off with a cheaper coin than btc.
realistically what does a person in a poor part of san salvador earn?
https://www.statista.com/statistics/1070121/gross-national-income-per-capita-el-salvador/
above says 4900 usd a person.
they are more likely willing to use a cheap coin not btc.
the move was not done-to help the bottom 90% of the people.
It is hard to rule a country.
Lots of reasons why.
Gangs exist in rich countries.
USA is filled with gangs. The government has issues keeping them in check.
poor countries are worse off.
I feel that a poor country wiuld be better off with a cheaper coin than btc.
realistically what does a person in a poor part of san salvador earn?
https://www.statista.com/statistics/1070121/gross-national-income-per-capita-el-salvador/
above says 4900 usd a person.
they are more likely willing to use a cheap coin not btc.
the move was not done-to help the bottom 90% of the people.
Do you think that Doge or another altcoin would change something in this regard? I am sure that this would not be the case, because the problem is not the price of BTC itself or the price of transactions, but rather the problem is imposing something on people without them actually wanting it.
The history of governance in that part of the world has always focused on dictators and corrupting regimes that have never asked the people for anything, and I wonder if anyone has asked the people of El Salvador if they want to give up their national currency and accept the US dollar? Admittedly, that was 20+ years ago and it's not something to do with Bukele, but it has to do with the mentality of politicians.
I would conclude that people in El Salvador are only behaving defiantly in relation to the government and the president, who impose something on them that they obviously do not want, and literally send the message "if you want BTC, take it, we don't need it".
~snip~
I further guess that he talks with musk now because they may fold in doge.
~snip~
I further guess that he talks with musk now because they may fold in doge.
Do you think something like that has any chance of happening? I mean, if the average person in El Salvador did not accept BTC, would it be realistic to expect them to accept something like Doge?
It seems to me that the two do not talk about these things, but that Mr. Mars only sympathizes with Bukele for obvious reasons - they are of similar minds even though they are in different positions.
El-Salvador started well and continue in this same tempo for more success, but one thing we may have to understand and learn from them is the mentality of striving more for excellence, because they are never relenting and all they keep doing is to strive more for excellence, because they understands what is ahead of them, they are not ready to settle for less before another country come up and take over from them, they were therefore making more efforts to see that bitcoin has gotten to the final destination of being well recognized in their country.
Bukele: Bitcoin Hasn’t Had the Widespread Adoption We Hoped ForBeyond the spheres of El Salvador, I believe bitcoin is doing very well. I am not sure that there's any other technology whose vision oppose that of the government that has made progress like bitcoin in a short period of time. In the years past, activity like ETF was most us of thought would never happen, but today it has happened and yet we have seen it as something normal. Bitcoin might not be as fast as we want but it is moving.
QuoteBukele: Bitcoin Hasn’t Had the Widespread Adoption We Hoped ForBeyond the spheres of El Salvador, I believe bitcoin is doing very well. I am not sure that there's any other technology whose vision oppose that of the government that has made progress like bitcoin in a short period of time. In the years past, activity like ETF was most us of thought would never happen, but today it has happened and yet we have seen it as something normal. Bitcoin might not be as fast as we want but it is moving.
In El Salvador, I'll say that the government rushed things in the beginning. They would have invested more on sensitisation before full adoption because humans can resist what they do not understand.
I might have to agree that Bukele rush it for his people to adopt or used it at this time, however during that time, Bitcoin is already global and perhaps many El Salvadorian are already into it and so that is a ++ for them, but not for the whole population.
Regardless, Bukele will definitely go and continue and preach Bitcoin in his country. And outside, we are slowly getting adopted as well, so still a win-win for us. Bukele might need to be in power though, so it's just a matter of time before him no longer the President, but still Bitcoin thriving or him the President but Bitcoin is not adopted in his country.
Regardless, Bukele will definitely go and continue and preach Bitcoin in his country. And outside, we are slowly getting adopted as well, so still a win-win for us.There's an additional stress convincing someone who was misinformed about bitcoin the second time, especially if they lose money. This is the reason many people have become adamant to bitcoin investment no matter how successful it is. That is why it is so important to give a newbie a very first hand information before they are misinformed.
There's an additional stress convincing someone who was misinformed about bitcoin the second time, especially if they lose money. This is the reason many people have become adamant to bitcoin investment no matter how successful it is. That is why it is so important to give a newbie a very first hand information before they are misinformed.
I heard that some of the El Salvador citizens actually did protest against Bukele's bitcoin decision then. If this is true and the protest not politically motivated, it will be difficult to re-orient them than catching them first hand.
Absolutely! It’s like trying to buy coffee with a stock certificate—great for holding, but not so practical for daily purchases! ☕📈 Maybe we should just stick to using Bitcoin for big purchases and keep the coffee runs in good old fiat. After all, no one wants to risk their morning brew turning into a luxury item overnight!BTC is great for large and cross-border payments, but there is no harm spending a little of your coins on a cup of coffee or for micropayments, as long as tx fee is low at that time. However, i understand that due to how high the price of BTC can rise, more people will want to hold their coins than spend it.
Absolutely! It’s like trying to buy coffee with a stock certificate—great for holding, but not so practical for daily purchases! ☕📈 Maybe we should just stick to using Bitcoin for big purchases and keep the coffee runs in good old fiat. After all, no one wants to risk their morning brew turning into a luxury item overnight!
You don't expect ALL of the people in EL Salvador to agree with what the President is saying including this one that's why we are seeing some protests here and there with regards to his decision with regards to Bitcoin.QuoteBukele: Bitcoin Hasn’t Had the Widespread Adoption We Hoped ForBeyond the spheres of El Salvador, I believe bitcoin is doing very well. I am not sure that there's any other technology whose vision oppose that of the government that has made progress like bitcoin in a short period of time. In the years past, activity like ETF was most us of thought would never happen, but today it has happened and yet we have seen it as something normal. Bitcoin might not be as fast as we want but it is moving.
In El Salvador, I'll say that the government rushed things in the beginning. They would have invested more on sensitisation before full adoption because humans can resist what they do not understand.
I might have to agree that Bukele rush it for his people to adopt or used it at this time, however during that time, Bitcoin is already global and perhaps many El Salvadorian are already into it and so that is a ++ for them, but not for the whole population.
Regardless, Bukele will definitely go and continue and preach Bitcoin in his country. And outside, we are slowly getting adopted as well, so still a win-win for us. Bukele might need to be in power though, so it's just a matter of time before him no longer the President, but still Bitcoin thriving or him the President but Bitcoin is not adopted in his country.
Nigerians case with enaira was just like a civil disobedience. The government was arrogant about it. In the case of El Salvador, Bukele used an incentive approach, to the extent of gifting people $30 in BTC when they download a certain wallet. Giving someone an initial $30 BTC investment is a good push.
A very recent article about El Salvador was that IMF was trying to tell them to stop using Bitcoin which itncouod only mean BTC still still adopted in the country.
If CBDC is introduced to El Salvador, people will not be using it. Just like in Nigeria, the IMF was trying to preach the government for moving forward and doing the most innovative when they introduced CBDC to the Nigerians. In the end Nigerians didn't use the eNaira.
How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.
Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?
Nigerians case with enaira was just like a civil disobedience. The government was arrogant about it. In the case of El Salvador, Bukele used an incentive approach, to the extent of gifting people $30 in BTC when they download a certain wallet. Giving someone an initial $30 BTC investment is a good push.
A very recent article about El Salvador was that IMF was trying to tell them to stop using Bitcoin which itncouod only mean BTC still still adopted in the country.
If CBDC is introduced to El Salvador, people will not be using it. Just like in Nigeria, the IMF was trying to preach the government for moving forward and doing the most innovative when they introduced CBDC to the Nigerians. In the end Nigerians didn't use the eNaira.
But in the case of Nigeria and her enaira, they threatened marketers and traders that if they don't use enaira, they'll stop the physical cash and they even did so. But Nigerians resisted and that was the end. Trying to sell a new idea to people, you use a mild approach and not being coercive.