Bitcoin and the failure of El Salvador

[Nrcewker]

El Salvador legalised Bitcoins, and that seems failure to some people?
I mean how you could even say that? Just because the bear market, it seems to you as failure?
Have you heard the news a month ago, when El Salvador bought 100 Bitcoins in these cheap price? According to me this is very smart move.
They know the potential of the coin and therefore bought it in cheaper price.
For me this not failure, as Btc is taking longer time to move up. This is just a temporary time phase which will eventually pass and Salvador will be glad on his decisions.

[jostorres]

when people sell their BTC to fiat currency then it will become a separate value it can be high or decrease in value, but actually what they don't realize is 1 BTC is 1 BTC and never changes, there is no need to determine a price value of 1 BTC with currency fiat money then it might be a panic in itself when the market is bear like this, so I don't think el salvador will fail they will benefit from holding their bitcoins, just need to wait 1 or 3 years from now

If they sell the for fiat at the pump then the value of the fiat that they will get is still high but if they don't spend it immediately or re invest it again then the value of their fiats can decrease over time due to the effects of inflation. This is why it's still important to have bitcoin with us as bitcoins doesn't depreciate in value but it can only grow in value the longer you hodl it.

I like the idea of El Salvador supporting bitcoin and making it as a legal tender but what I only dislike is the approach of people towards this. They are protesting thinking btc can do harm more than good. I think they judge btc too early. Why can't they try and observe it first?

[haasanjui]

El salvador makes bitcoin legal tander but The reason of failure of El salvador is the falling Cryptocurrency prices. And Bitcoin Price got down by half of it.

[savetheFORUM]

El Salvador hasn't failed. You seem to be supporting bitcoin, but why did you have to set the title of this thread like that? You make it sound like bitcoin and El Salvador, both has failed. You are only spreading FUDs through your clickbait title.

I haven't kept myself updated with El Salvador, but as far as I know, they haven't sold any bitcoins yet. So they haven't lost anything. You are only going to lose if you are going to sell your coins!

They haven't, the president is still keeping the bitcoins and chances are he will keep it as long as he is the president, and only if he loses the election then the new one may end up selling. The "failed" part they are talking about is the fact that not everyone is in love with the legal tender idea in El Salvador, which is expected but some maximalists didn't expected that. They wanted their own nation to make it legal tender as well but they saw that people are protesting against bitcoin and that is the risky stuff that we are talking about.

As long as people are protesting, that means it is not 100% fully integrated into the culture just yet, and some see that as failure.

[tomos81]

It's been a year since ElSalvador took the bold step of becoming the first country in the world to accept Bitcoin as a legal tender. The market is going through bad days so a lot of people think that ElSalvador failed, defaulted when accepting Bitcoin... but I think they were too hasty in judging someone. We all know Bitcoin is a long term investment measured in years, so to know if someone will fail or succeed in investing in Bitcoin give them a few years time.

There's no denying that ElSalvador's investment is losing money, but that's when you're talking USD value, not Bitcoin. ElSalvador bought a total of 2,381 BTC and their Bitcoins remained unchanged.

We always tell each other that 1BTC = 1BTC,
if you don't sell, you won't lose, why rush to conclude that they failed, when they haven't sold any Bitcoins yet?
It can be said that this country has never given up, they are still on the way to building their "Bitcoin City"❤.

It doesn't matter when you enter the market, it matters how long you stay

ElSalvador has been trying to make Bitcoin mass adoption and we, Bitcoiners, instead of denigrating or laughing at them, we should wish them success one day. Once they succeed, they will be a big impetus for other countries to move towards mass Bitcoin adoption.


Congratulations once again #BitcoinDayAtElSalvador.

The country of El Salvador has been very supportive of Bitcoin for a long time. But the amount of BTC they have invested is surprising. Because if you want to invest in Bitcoin then you must be long You have to invest in time steps. And in a few days if you are considering the unique aspect It is not possible to make BTC during the day. Therefore if you have to invest then you will never face loss if you invest for a long time. So if you invest for a long time the results will be very good and you can get benefits

[Quidat]

El Salvador hasn't failed. You seem to be supporting bitcoin, but why did you have to set the title of this thread like that? You make it sound like bitcoin and El Salvador, both has failed. You are only spreading FUDs through your clickbait title.

I haven't kept myself updated with El Salvador, but as far as I know, they haven't sold any bitcoins yet. So they haven't lost anything. You are only going to lose if you are going to sell your coins!

They haven't, the president is still keeping the bitcoins and chances are he will keep it as long as he is the president, and only if he loses the election then the new one may end up selling. The "failed" part they are talking about is the fact that not everyone is in love with the legal tender idea in El Salvador, which is expected but some maximalists didn't expected that. They wanted their own nation to make it legal tender as well but they saw that people are protesting against bitcoin and that is the risky stuff that we are talking about.

As long as people are protesting, that means it is not 100% fully integrated into the culture just yet, and some see that as failure.

Actually the decision had been made was really just too fast which i couldnt really blame out people not to make out those kind of impressions and reactions on making Bitcoin as a legal tender.
It does really need that ample time on making adjustments but it seems the President is really making on point decisions and the rest would really be learned along the way.Its not really a bad
step or initiative but it does really make some things stir up since its not been not that organized.If ever the current President wouldnt be elected on next term then i wont really be surprised
that the next one would really be selling those coins and would really be reverting it back to fiat than on making bitcoin as a legal tender.