Can developing countries follow El Salvador use Bitcoin?

[Sithara007]

Now, if Maduro RE INVESTED the income from oil, when it was a hot commodity, he would be considered the savior of the country. BUT. He used the money for FOOD, and this is the dumbest option, but typical of most countries with a post-socialist / new-communist concept. As a result, it turns out, like yesterday "the people were fed" and even got drunk, but tomorrow came and it turned out that everyone ate, drank, and ... NO MORE MONEY!

He didn't spent all of the money on food. Some of it was spent on food and other essentials, but the majority of it was spent on subsidies. When the gasoline price was $6 per gallon in the United States, the Venezuelan regime was giving it to the citizens at a rate of around $0.01 per gallon. And given how corrupt the system is, most of these subsidies ended up at the hands of those who doesn't deserve it. A large part of the subsidized gasoline was smuggled out to Colombia, with small amounts ending up in Brazil and Guyana.

[1715342212]

1715342212

[LUCKMCFLY]

One of the countries whose president is also studying how to adopt BTC is Argentina, the truth is that El Salvador is giving the example, the Argentine government is trying to give the same treatment to BTC as they are executing it in El Salvador, apparently they think Do the same process, although I do not think that the country will have problems rejecting it, because Argentina has a situation with quite high inflation, not like Venezuela, but if they adopt it, I believe that it could be the way out for many particular economies of its people.

[Cindella]

El Salvador is just a testing ground for Bitcoin. Whether other countries use Bitcoin as legal tender depends on the development of their own country and understand whether it will bring benefits to the country and a positive impact on social life.
Using Bitcoin is desirable for many countries looking for ways to improve their economy. And for those countries with high inflation rates, using Bitcoin is an effective way to effectively resist inflation.

[Robinson66]

For some small countries, they use the encrypted currency to get rid of some major powers. Because they use the encrypted currency, they get rid of the big country, and the big country may launch a war.
If they want to use encrypted currency as a legal currency, they need to consider a lot.
Developing countries hopes to release the statutory currency of their own country, and now because of the fluctuations of Bitcoin, it will not think that Bitcoin acts as a legal currency.

[Rruchi man]

The whole world is watching the important first step taken by El Salvador. Using Bitcoin is not just a trend, other countries will eventually learn that Bitcoin can increase national wealth, and some even keep it in their treasury reserves. With Bitcoin the longer you wait, the rewards will start to decrease. Countries at a disadvantage may consider taking measures as early as possible to give them an advantage over other larger economies. So will more countries follow El Salvador to use Bitcoin as legal tender?

In my opinion, it will be easier for a camel to pass through the eye of a needle than for a developing nation in the African continent to adopt bitcoin as a legal tender just as El Salvador has done. Most leaders in LMIC would rather prefer to keep borrowing from China than to go the way of El Salvador. I have no hate for the continent but this is unfortunately true Because they are so corrupt, they wouldn’t want to give time to understand how bitcoin works and functions. They wouldn’t want to give it a chance because it will ruin their chances of embezzling more public funds.

Well, until a young leader who is enlightened is in power their idea of bitcoin being a legal tender is already dead on arrival.

[palle11]

EL Salvador is a country which has got population of about 7 million. It looks like an easy thing to implement the usage of cryptocurrency and legalize the same.

The population is possible to be a factor to consider for the reason of adoption of bitcoin this early when countries of highly developed technology are yet. Because of this small population, there is possibility of easy communication and interpersonal personal understanding within the people there. I also suspect that because of the small population, corruption and embezzlement may not be a popular thing there which may be another reason that the president and the people in power choose to try that out. Like fiat suffers the set back of corrupt officials who embezzle the public fund for personal use and with bitcoin, they are not sure of corrupt practices and embezzlement because every transaction can be tracked on blockchain.

[kotajikikox]

Since El Salvador became the first country to approve Bitcoin as a legal tender, it has become international news and has attracted attention from the market, especially the cryptocurrency market. Many countries are paying close attention to this big move.
Using Bitcoin in El Salvador can bring meaningful social benefits to many people who do not have a bank account and cannot access basic financial services. People can benefit from the potential of low-cost remittances and durable savings accounts that are not affected by money supply expansion and hyperinflation. And with the advent of the Lightning Network, using Bitcoin as a payment method has become more feasible.

“We build our own future. So why do we have to resign ourselves to a dystopic future?” said President Bukele. “This will be a huge game changer not for El Salvador but for the world. It’s beautiful to be part of a huge change in humanity.”

The whole world is watching the important first step taken by El Salvador. Using Bitcoin is not just a trend, other countries will eventually learn that Bitcoin can increase national wealth, and some even keep it in their treasury reserves. With Bitcoin the longer you wait, the rewards will start to decrease. Countries at a disadvantage may consider taking measures as early as possible to give them an advantage over other larger economies. So will more countries follow El Salvador to use Bitcoin as legal tender?
https://www.forbes.com/sites/lawrencewintermeyer/2021/08/05/could-developing-nations-follow-el-salvadors-move-to-bitcoin/?sh=e930afe28b70

El Salvador needs to prove first that their economy will go better before this action take effect worldwide, because we all new how troubled El Salvador is and they are almost the same as venezuela so how can they be a great leader in adoption when  they have not even show the value of this crypto currency right?
it means this will take time , and then before we can conclude if developing countries will adopt or not bitcoin.

[tyz]

EL Salvador is a country which has got population of about 7 million. It looks like an easy thing to implement the usage of cryptocurrency and legalize the same. The country has the low per capita income. After the adoption of bitcoin, if there is increase in the per capita income then it will be a big success for the country. The small country is much affected by volcano and natural disasters. For a country like El Salvador all that required is the usage from the low level people.

This is not a good argument in my opinion. There are highly developed industrialized countries that have a similar population, for example the Netherlands or Sweden. Moreover, Bitcoin or cryptocurrencies are independent of the number of participants in the network, so it doesn't make sense to argue that this would work because Ecuador is a rather small country.

[peter0425]

EL Salvador is a country which has got population of about 7 million. It looks like an easy thing to implement the usage of cryptocurrency and legalize the same. The country has the low per capita income. After the adoption of bitcoin, if there is increase in the per capita income then it will be a big success for the country. The small country is much affected by volcano and natural disasters. For a country like El Salvador all that required is the usage from the low level people.

actually the population is  below 7 million

The current population of El Salvador is 6,522,530 as of Thursday, August 12, 2021, based on Worldometer elaboration of the latest United Nations data.

this leads me to belief that it is not about how many people or how small or big the country is to adopt bitcoin and succeed , but it is the county's government on how they will push and encourage their people to like and believe in bitcoin.

[Xampeuu]

EL Salvador is a country which has got population of about 7 million. It looks like an easy thing to implement the usage of cryptocurrency and legalize the same. The country has the low per capita income. After the adoption of bitcoin, if there is increase in the per capita income then it will be a big success for the country. The small country is much affected by volcano and natural disasters. For a country like El Salvador all that required is the usage from the low level people.

This is not a good argument in my opinion. There are highly developed industrialized countries that have a similar population, for example the Netherlands or Sweden. Moreover, Bitcoin or cryptocurrencies are independent of the number of participants in the network, so it doesn't make sense to argue that this would work because Ecuador is a rather small country.

it can be said that adoption by many people will have an influence on bitcoin, especially for developed countries even with a low population, then they will be able to also have an influence on bitcoin. elsalvador seems to be an example, but because he is not a developed country then I don't think it will have a big influence on other countries

[Silberman]

Bitcoin already uses by all over the world as a decentralized cryptocurrency, it’s impossible to accept and follow El salvador by all other developing countries, but bitcoin will rising it’s demand day by day in this world.

What el savador is doing is a smart move because it can open up big investments, as we know that the crypto market, especially bitcoin, reaches more than 20x of el savador's GDP and if they are successful it will be followed by many countries including developed countries.

This is a very significant move especially if we take into account that many countries are trying their best to try to pass very tight regulations against the market of cryptocurrencies as a whole, it is going to be very interesting to see what happens from now because I really think that there are going to be many businesses which deal almost exclusively with cryptocurrencies that are going to be incredibly interested in moving to a country with friendly laws and regulations, increasing the wealth of this country exponentially.

[Tumanggor]

El Salvador's main source of income is from remittances. They have done it easily, but it won't be that easy for a country with many income sources. Every country makes money when people use their bank for the transaction. So if crypto has been used everywhere then this source of income will be cut down. I do not think a developing country would do that.

surely a country that has a source of income will not really care about crypto
but for poor and developing countries that have few sources of income will try to use crypto to boost their country's economy

cryptocurrency will not be rejected.  over time when crypto adoption occurs then all countries will be crypto friendly

[Taskford]

El Salvador's main source of income is from remittances. They have done it easily, but it won't be that easy for a country with many income sources. Every country makes money when people use their bank for the transaction. So if crypto has been used everywhere then this source of income will be cut down. I do not think a developing country would do that.

surely a country that has a source of income will not really care about crypto
but for poor and developing countries that have few sources of income will try to use crypto to boost their country's economy

cryptocurrency will not be rejected.  over time when crypto adoption occurs then all countries will be crypto friendly

Because poor countries are exploring more posibilities on to make their economy boom that's why we see El Salvador is trying their luck on bitcoin acceptance. Maybe there are other small or maybe shall we say 3rd world groups will adopt bitcoin and make it as their legal tender if El Salvador will suceed and get a positive result on ita adoption.

Also yeah maybe we can see that all country will became crypto friendly in future but this one will never happen soon due to many reasons.

[Cling18]

It's possible for some developing countries especially for people who don't have bank accounts. It's really more convenient for them to transact using Bitcoin but in some countries, it still needs adoption. There are still countries that aren't aware of it. Banks wouldn't allow it too because it will be another threat for them in big countries.

[Sanugarid]

It's possible for some developing countries especially for people who don't have bank accounts. It's really more convenient for them to transact using Bitcoin but in some countries, it still needs adoption. There are still countries that aren't aware of it. Banks wouldn't allow it too because it will be another threat for them in big countries.

I think that they should do it now, while the pan is still not hot, waiting for the results in El Salvador is going to take some time and when the results in El Salvador show and it's a positive then you get to it, the result for your country may vary meaning that that you can copy all the details of what El Salvador did but your results would be vastly different from El Salvador. I think that developing nations can benefit from following what El Salvador does but I have some reservations with that, favors from influential countries and organization might get colder especially IMF and World Bank.

[Kimonoe]

It's possible for some developing countries especially for people who don't have bank accounts. It's really more convenient for them to transact using Bitcoin but in some countries, it still needs adoption. There are still countries that aren't aware of it. Banks wouldn't allow it too because it will be another threat for them in big countries.

I think for those who know bitcoin, of course they have bank accounts and people who don't have bank accounts I think are much less, especially for those who follow developments in the digital world. but I think for developing countries and not having a large population, I think it will be able to follow elsalvador faster, at least more people will have crypto, and that will help their welfare later

[Yamifoud]

snip...

surely a country that has a source of income will not really care about crypto
but for poor and developing countries that have few sources of income will try to use crypto to boost their country's economy

cryptocurrency will not be rejected.  over time when crypto adoption occurs then all countries will be crypto friendly

Because poor countries are exploring more posibilities on to make their economy boom that's why we see El Salvador is trying their luck on bitcoin acceptance. Maybe there are other small or maybe shall we say 3rd world groups will adopt bitcoin and make it as their legal tender if El Salvador will suceed and get a positive result on ita adoption.

Also yeah maybe we can see that all country will became crypto friendly in future but this one will never happen soon due to many reasons.

We can see and hear that many countries are still our from adoption, we don't know why but this probably they don't consider Bitcoin as a helping tool for their economy to grow but just a competitor. If we think that these developing countries will legalize crypto, it might happen in the future but have to agree that these 3rd world countries will make it first than them like El Salvador as an example. Because they are more on the look of better opportunities to give their people but these developing countries are much looking on how to compete other for the sake of taking power.

[oHnK]

El Salvador's main source of income is from remittances. They have done it easily, but it won't be that easy for a country with many income sources. Every country makes money when people use their bank for the transaction. So if crypto has been used everywhere then this source of income will be cut down. I do not think a developing country would do that.

surely a country that has a source of income will not really care about crypto
but for poor and developing countries that have few sources of income will try to use crypto to boost their country's economy

cryptocurrency will not be rejected.  over time when crypto adoption occurs then all countries will be crypto friendly

Because poor countries are exploring more posibilities on to make their economy boom that's why we see El Salvador is trying their luck on bitcoin acceptance. Maybe there are other small or maybe shall we say 3rd world groups will adopt bitcoin and make it as their legal tender if El Salvador will suceed and get a positive result on ita adoption.

Also yeah maybe we can see that all country will became crypto friendly in future but this one will never happen soon due to many reasons.

However, it cannot be denied that every country has its own ego, especially in terms of economic stability.  Currently, the government in almost all countries upholds a centralized economic system and considers things that cannot be fully controlled by them as wild things even though it is not necessarily what is considered wild does not provide benefits for life.

[CLS63]

I think that it depends on whether El Salvador will reach their target by making Bitcoin legal tender. As far as I know, they bought Bitcoin which was worth $140m and wanted to distribute them among people as $30 each. But I heard something also that people were still not eager to use Bitcoin in their daily life and for investment purposes. If that's true, then the government should develop new strategies to gain their interest in Bitcoin. It should educate its people about Bitcoin well first. Maybe it stems from the lack of knowledge about Bitcoin and the market.

[Hippocrypto]

It's possible for some developing countries especially for people who don't have bank accounts. It's really more convenient for them to transact using Bitcoin but in some countries, it still needs adoption. There are still countries that aren't aware of it. Banks wouldn't allow it too because it will be another threat for them in big countries.

Depending on the situation, we can't say banks wouldn't allow it but if those developing countries were strict about their economy that would probably happen.
However, if their leaders found out the advantages of Bitcoin adoption I guess it would be easy for them to divert on this Blockchain technology. For those who didn't have confidence towards bitcoin, I foresee their speculations is more tough compared to reality.