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

[Z-tight]

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.

[philipma1957]

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!

It not about buying anything with btc.

It is a terrible thing to spend btc for almost anything you can think of.

THE problem is btc is known to appreciate bigly.

I purchased a car for 38k no way would I use 38k in btc to buy.

Btc is likely to go 2x or 3x in a year.

So 38k in btc may become 76 to 114k by may.

because of ½ ing action btc is designed to become more valuable. so hodl hodl hodl is what most owners of btc should be doing.


cheap coins like doge which never stop turning out 10,000 coins a block but have a slowly  dropping inflation rate means it should never grow as high or as fast as btc will.

the natural coin for p2p is doge not btc. it is simple math.

[Captain Corporate]

That doesn't matter if you are also earning with BTC as well. Sure, if you are earning fiat, then you want to keep your BTC and not touch it and spend the fiat you are earning instead, and you may even want to put some of the fiat earnings you have into bitcoin as well. But if you are earning bitcoin then spending bitcoin in return doesn't look as bad as you think, to me it doesn't. I believe if you earn bitcoin, then you may save some, but the rest will go to living expenses in most cases. This is why I believe for El Salvador things could get better in the future when people earn and spend.

[LogitechMouse]

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

Beyond 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.

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.

Like you said though, he will continue to support Bitcoin even though there are some who are against it. The fact that he won the presidential election yet again is a sign that many are still in support with him... or are they? He knows more about Bitcoin, and he also knows that it will be a long process, but there's an increase an adoption in every single year passes by. As for the "Widespread Adoption" that he hoped for, I would just think that their expectations is just that high that it didn't get reached.

[target]

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.

[KingsDen]

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.

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.

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.

[Asiska02]

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.

Even when El Salvador announced that they’ve made bitcoin a legal tender, there was a lot of excitement that a while country’s president is announcing this but since it was coming from a smaller world country, we knew it’ll be difficult for them to achieve things they wish to easily. The volatility might be the case for users not to adopt it but for the governments having a strict policy on it, it may be because of the competition with the fiat currency.

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?

That is just an alternative you can have by owning bitcoin. And the choice is yours on what you would want to use bitcoin for, whether for holding or for buying groceries. We never expected it to be this easy, so all this are no surprise after all.

[philipma1957]

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.

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.

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.

Yeah sugar and honey will attract way more than piss and vinegar.

to me the error done here was not doing doge and btc

20$ in doge and 20$ in btc

would have been a better incentive.