Bukele: Bitcoin Hasn’t Had the Widespread Adoption We Hoped For

[philipma1957]

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

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...

too bad as i am telling you mathematics shows that doge is the superior coin for p2p

san salvador picked btc due to its first come on the scene.

no matter what you want to believe doge is the better coin to replace the dollar.

and if it was a joke the joke was the greatest joke ever done.

and I am explaining to you that in a broke country like san salvador a 11 cent coin is far better for poor peopel to wrap their minds around it.

I am sorry you choose to disagree with simple math.

who want to lay out a btc at 30k to buy a car and find out a year later the btc is worth 64k

ANSWER IS NO ONE WANTS TO DO THAT.

thus btc is a terrible choice for p2p

good for investment bad for cash

while doge is meh for investment gooc for cash.

maybe thats why he was talking with musk and musk wants him to adopt doge for p2p

once again when any one talks about btc for p2p i will bring up doge for p2p

[Lucius]

san salvador picked btc due to its first come on the scene.
~snip~

I will not enter into the debate which is better for payment, I personally try to get the best of both from BTC, I do not dispute that for me personally BTC was (and still is) an excellent hedge against inflation, but also that I use it as a currency in certain situations.

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.

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.

[Freemind]

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.

I think it is normal that Bitcoin has been used more in the two areas you mention, since they will probably be tourist areas (I am not 100% sure) and it is possible that people who visit those areas from other countries are more familiar with Bitcoin and blockchain. I also believe that for Bitcoin to be used at the level that Bukele expected from the beginning, many more years must pass than what has passed until now and give time for people to become familiar with Bitcoin, everything requires a process of adaptation and adoption.

[Dr.Bitcoin_Strange]

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.

[Kemarit]

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.

[dansus021]

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?

For me bitcoin is good for holding and act as digital gold or the counter for the inflation because here in Indonesia bitcoin would never be day-to-day currency because the government said so but you can trade freely and hold as well since crypto act as commodity here.

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.

[bitterguy28]

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

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 bitcoins

[Dr.Bitcoin_Strange]

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.

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.

However, the move that El Salvador made towards making Bitcoin a legal tender has actually presented the people with the opportunity to consider Bitcoin for its other purposes. Because since they can now use Bitcoin for daily transactions, they can now also consider its use as  sound money.

[Z-tight]

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 bitcoins

It 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.

[Crwth]

This is quite old news, but it’s still relevant in terms of how people could get into cryptocurrencies. I believe Bitcoin is more of a store of value rather than Something we use every day. A lot of currencies would be better, or maybe they could create their own or something.

[Stompix]

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.

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!

[Freemind]

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!

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.

[Lucius]

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

+1

[philipma1957]

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

+1

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.

[NotATether]

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.

I feel like a lot of people over promise and try to give people the moon but then they under deliver.

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.