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Author Topic: Have we departed from Bitcoin's original purpose?  (Read 2702 times)

Offline Kemarit

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Re: Have we departed from Bitcoin's original purpose?
« Reply #45 on: September 03, 2024, 01:42:02 PM »
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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Re: Have we departed from Bitcoin's original purpose?
« Reply #45 on: September 03, 2024, 01:42:02 PM »

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Offline Rikafip

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Re: Have we departed from Bitcoin's original purpose?
« Reply #46 on: September 03, 2024, 04:30:30 PM »
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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Re: Have we departed from Bitcoin's original purpose?
« Reply #46 on: September 03, 2024, 04:30:30 PM »

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Online pieppiep

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Re: Have we departed from Bitcoin's original purpose?
« Reply #47 on: September 04, 2024, 01:55:00 PM »
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.

Offline JoyMarsha

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Re: Have we departed from Bitcoin's original purpose?
« Reply #48 on: September 04, 2024, 09:35:30 PM »
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

 

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