El salvador a trail blazer for other developing countries

[Kong Hey Pakboy]

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

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[hatshepsut93]

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

[Yamifoud]

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

Until it was still out of their control, they keep resisting it and this will include fiat banks. Even it was legalized in El Salvador these developing countries will never take a look that hard and consider this for a profit venue but rather ignore it. Because if that they foresee that this could give them additional revenue, I think they are in the rush to get in and legalize crypto but they don't.
This will give hope for the small countries but not for the developing countries (maybe in the future).

[Pulsar77]

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

[Ziskinberg]

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

And they have the reason why they should adopt the system and make a law to legalized the use of Bitcoin. Some big countries never appreciated it but these small and third-world countries giving such importance as they consider this a helping tool to grow their economy and uplift the living status of their people. It is someday many will also follow the footstep of El Salvador, in fact, we heard the news that some of the Asian countries are talking about crypto legalization which I presume it can be happening soon.

[TravelMug]

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

Yeah, but I think some countries are going to be undecided even if bitcoin is to be successful in El Salvador. I reckon that the number issue for them will be bitcoin's volatility and then the rampant scams.

So it will be 50/50, countries might stick to their fiat or the US dollar as their medium of exchange. Although one obviously effect is that they maybe left in the closet when other nations started to legalised BTC. So let's see how it pan out, maybe in the next bearish trend and see how El Salvador are going to react about it.

[rdbase]

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

Haven't been keeping up with the current news there concerning it's bitcoin acceptance into their financial system as legal tender.
But the last time I seen something about it was not good.
They showed people protesting and burning signs of the bitcoin symbol.
Now I don't speak the el salvadorian language (spanish?) but having them setting ablaze signs with the BTC on them and all those protestors against a government sanctioned currency does not look good to the rest of the world.

[Spack17]

El Salvador has become a big example for the other developing and underdeveloped countries. They had the courage to make Bitcoin legal tender even though this might result in badly in the future also. And I hope that it doesn't happen. El Salvador is continuing to take the steps needed to make people become interested in Bitcoin in their country. If they go on successfully, we can see new countries taking the same action also.

[wxa7115]

I wonder how many % of population actually use BTC. I am afraid majority don’t understand how it works and therefore doest trust it. Government will really have to step up and educate their people if they want it to be massively accepted.
The good thing is other counties have time to analyse the best way to approach BTC adoption based on El Salvador. 

We cannot really expect governments do something like that, they do not even like the idea of people understanding fiat currencies because if they did then many people will look for alternatives the moment they find out how much of a scam fiat really is.

However this is not such a big issue, most people do not know how their car works but they know how to drive it and that is more than enough, we do not need people to understand exactly how bitcoin works, they just need to learn good practices when storing and sending their coins and that is all what they would need to use bitcoin correctly.

[Reatim]

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

400 BTC for a Whole country's Bitcoin Holding? while this amount is handed by only small investor here?
let us not exaggerate the situation because we all knew that this is not a big  impact in crypto market though this is indeed a Trail blazer because nowadays many more country is looking to what El salvador does about bitcoin.

El Salvador is the first country to recognize Bitcoin as legal tender. Many people and media are paying attention to El Salvador. When El Salvador does something, everyone will always pay attention to it for the first time. Other countries will follow El Salvador. When El Salvador has officially adopted or good measures, other countries will learn.

Paying attention is far different from being a big investor and user so lets not conclude that far until it happens .