El Salvador retirees protest against Bitcoin as legal tender

[sunsilk]

They don't understand what it means to accept bitcoin. I guess with these protests, we're now having an idea that the same thing might happen to the next country that will adopt bitcoin as a legal tender.

But I guess there will be an easier mitigation for that government and knows how to take care and handle these protests if ever the next government announces it.

[CaVO32]

They don't understand what it means to accept bitcoin. I guess with these protests, we're now having an idea that the same thing might happen to the next country that will adopt bitcoin as a legal tender.

But I guess there will be an easier mitigation for that government and knows how to take care and handle these protests if ever the next government announces it.

Some people protest even if they have no idea what they are protesting for. I guess, a lot of them haven't touched any crypto transaction yet. The government should find a way how to educate its people about this new technology. Because most of the time, ignorance is the reason why people are hard about on things. If they learn the benefits brought about by this currency, will they still protest about its existence?

[arallmuus]

According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly demanded a pension increase from $100 to $300.

They want to be rich, but they protest against Bitcoin used as legal tender LOL does this both picture are hard to understand? please, open your eyes. Bitcoin from 0 went to $47K while USD from $25 went to $1

Speaking from their POV, its quite reasonable that they are protesting about it because bitcoin is considered as a volatile investment by the average joe.

Imagine getting your $100 pension in bitcoin, only to have the value reduced by 10% in less than 1 month. This is what scares the average joe the most, the volatility. Yeah sure USD value is lower every year due to the inflation but its merely at controllable rate of 1-2% on average per year so people are feel that ' they are not affected ' by it but in fact they are still being affected.

[hello_good_sir]

It's funny because bitcoin is precisely the opposite of what they say it is. They seem to still be stuck with their myopic vision of fiat.

I understand that they are frustrated with the wave of potential immigrants that will be flooding the country, but really this is good for the local economy.

The people who are going to be granted visas are likely going to be innovative and carry forward looking values and a ton of capital from their crypto assets. El Salvador has a real opportunity to capitalise on here.

[Darker45]

I guess their fears are founded first and foremost on lack of knowledge. This possibility is what I'm also looking at considering that Bitcoin is indeed alien to many people, especially the old ones. A lot of old people could not even manage to send a text message. So it is understandable that they are worried. But I guess the message of the government that nobody is forced to use Bitcoin over USD hasn't reached them. This is what I am also saying in another thread, that the government should strengthen Bitcoin education and information dissemination while gradually implementing the use of Bitcoin as a legal tender.

[Sithara007]

This is what happens when Bitcoin is suddenly introduced as the legal tender. The president and the parliament could have given 6-12 months for the process. But they chose to implement it all of a sudden. The younger people may still be able to get adjusted, because almost all of them know how to use a smartphone and install Android apps. But in my area, I know a lot of pensioners who don't know how to use a smartphone (even to attend calls). How do you expect these people to become knowledgeable about Bitcoin in a matter of days?

[stompix]

They want to be rich, but they protest against Bitcoin used as legal tender LOL does this both picture are hard to understand? please, open your eyes. Bitcoin from 0 went to $47K while USD from $25 went to $1

And you think that in the next ten years BTC will grow again x50000 to 2.5 billion a coin?
What would past performance mean to those people, they don't care about the past they care about the future, and at this point, I understand some of them, to be forced to accept something that you don't want would normally lead to protest.
I'm actually scared of the attitude of some bitcoins here, why the hell are you trying to impose on some people your views, wasn't bitcoin about freedom? Now you're the ones deciding they are stupid, labeling them as idiots, and telling them what they should do! The irony in this is almost unbearable!

It's unbelievable how some people can use the argument that bitcoin is hard to deal with (they can't understand the technology), but it's the same people who use facebook, instagram and Whatsapp and so many other social networks and apps, it gets comical because people can easily google bitcoin in the same way they do research on singers and movie actors

These might change your view a bit!

Individuals using the Internet (% of population) in El Salvador was reported at 33.82 % in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources.

El Salvador literacy rate for 2018 was 89.01%, a 0.53% increase from 2017.

I understand that they are frustrated with the wave of potential immigrants that will be flooding the country, but really this is good for the local economy.

Yeah right, people will flock to one of the poorest countries in the world, with a complete lack of infrastructure, medical services, riddled with crime because bitcoin is legal tender. Yeah right! You will give up high-paying jobs in the western world, leave families and relatives behind to enjoy what? Hurricane seasons that level up half of the country combined with earthquakes that killed thousands?

[davis196]

Those protesters seem to be manipulated by someone.
I'm sure that the people of El Salvador will have freedom of choice and the government will not force them to use Bitcoin and to receive their salaries and pensions in BTC only.
It is pretty clear that Bitcoin will be the second legal tender in El Salvador,next to the US dollar.
The protest makes sense only if Bitcoin becomes the one and only legal tender in that country.
Receiving your pension or a salary in the form of a highly volatile currency/asset seems pretty scary for people,who aren't tech savvy. 

[Kiley33]

They do not recognize Bitcoin because they do not believe in Bitcoin.
Bitcoin is still volatile, and they cannot control Bitcoin. They worry that today's $10 bitcoin will be worth $1 tomorrow.
They want to live. But now it appears that El Salvador’s national currency has no value. They are still biased towards the US dollar.

[Karartma1]

Now that the government made it clear that Bitcoin's not gonna be mandatory but people can choose whether to receive payments in USD or BTC freely, there are no more excuses.
If you want bitcoin, then take it.
If you don't want bitcoin then don't accept it.
This was a great move to avoid further problems, I've always been against making bitcoin acceptance mandatory. Now let the people recognize bitcoin's potential.
As for the retirees, well no comment.

[kryptqnick]

I have older relatives, and they are still very skeptical about me using Bitcoin. In spite of everything, they believe it's a financial pyramid and think it's very unwise of me to deal with it. So, honestly, I'm not surprised it's the case in El Salvador as well. People who've lived dozens of years without cryptos feel like it's an unnecessary risk to take. Then again, I'm mad they're protesting against El Salvador adopting Bitcoin because it's not like El Salvador is saying goodbye to the USD and forcing everyone to use Bitcoin instead. So they're not fighting for their right to use fiat; they're fighting to deprive others of the right to use cryptos.

[The Sceptical Chymist]

What on earth did they say??? NO CONTROL OVER IT, CORRUPT MONEY LAUNDERING!
Bitcoin = Be Your Own Bank, you have full control over it just like how Bank can have full control of your Fiat. Bitcoin could be used for Money Laundering but do you have an evidence about it? No!

Bro....first of all, if we're talking about pensioners, which I assume are older retirees, of course they're not going to be in favor of bitcoin, which is a form of money that's only been around since 2009.  I also assume many older folks in El Salvador probably aren't up-to-date on a lot of new technology.  That's part of why they're resisting it.

And I also wouldn't dismiss their point about volatility, because no matter how much you and I love bitcoin, an El Salvadorian with very little money is going to want a stable form of money, not one that they have to worry about fluctuating in value--sometimes drastically--from day to day, if not by the hour.  Put yourself in their shoes and stop thinking like a young (I'm going to assume that about you) bitcoin investor. 

I wouldn't want to receive my paycheck in bitcoin, and I've said that many times--and it's precisely because of the volatility, although there are other factors as well, such as the fact that I can't pay my bills with it or buy food, gas, and most other things either.  So if a bitcoin believer like me doesn't want to completely adopt bitcoin as a currency, why in the hell would you expect the average El Salvador citizen to?

Not sure about the money laundering argument.  I'm sure it happens, but that's not a valid argument against it IMO.

[AicecreaME]

Introduction : We already know El Salvador become the first country that 100% support Bitcoin because they plan to accept Bitcoin as a legal tender on September 7, 2021 which will bring mass adoption for Bitcoin. As we can see many users spreading good news about El Salvador in this forum, some of them:

• El Salvador plan to make BTC legal tender
• El Salvador started BTC campaign in their country
• El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption

I thought there will no bad news from El Salvador to Bitcoin, but I'm wrong I'm really shocked when I see a news talking some veteran, pensioners, and workers from El Salvador protest against Bitcoin as legal tender. The most shocked thing is their opinions about Bitcoin, all is bullshit!

“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, reportedly said. Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

What on earth did they say??? NO CONTROL OVER IT, CORRUPT MONEY LAUNDERING!
Bitcoin = Be Your Own Bank, you have full control over it just like how Bank can have full control of your Fiat. Bitcoin could be used for Money Laundering but do you have an evidence about it? No! You just ignored the fact your favorite Fiat is always be used for money laundering $800 billion - $2 trillion in current US dollars every year!

Not understand about technology and lack of knowledge? You can still to learn, there's no restrictions to study Bitcoin where you from, where you live, how old are you, what you gender, anyone can learn it! A lot youtuber, article, animations, and whatever already make simple definition for Average Joe to learn Bitcoin, you don't need to learn the technical thing at least you know what is Bitcoin, how it works, how to use, etc etc.

According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly demanded a pension increase from $100 to $300.

They want to be rich, but they protest against Bitcoin used as legal tender LOL does this both picture are hard to understand? please, open your eyes. Bitcoin from 0 went to $47K while USD from $25 went to $1

 

Salvadoran President Nayib Bukele announced legislation to accept Bitcoin as legal tender alongside the U.S. dollar in early June. The bill later passed the nation’s Legislative Assembly and is scheduled to be enforced on Sept. 7. Last week, the president clarified that Salvadorans would be free not to use Bitcoin, stating:

“What if someone doesn’t want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”

This is the most thing I fully respect El Salvador's President statement, he doesn't forcing anyone to download their own Bitcoin app named Chivo which I think it's web wallet or the worst case ask KYC of their citizens. So if you have a privacy concern and worried about the credibility/trustworthy about the wallet, you can use non-custodial wallet or hardware wallet.

In the end, I hope El Salvador's President wouldn't postpone or even rejecting the plan to accept BTCitcoin as legal tender


Source :

• https://coinmarketcap.com/currencies/bitcoin/
• https://www.unodc.org/unodc/en/money-laundering/overview.html
• https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/
• https://cointelegraph.com/news/retirees-in-el-salvador-protest-against-bitcoin-adoption

I guess those people who have protested against the adoption of El Salvador on bitcoin to make it as a legal tender were not really informed and knowledgeable enough about the power and benefits bitcoin upholds. Given the range of age of the people you have mentioned: veterans and pensioners definitely belong to the older generations. Maybe these people aren't aware of the new technology such as blockchain that can secure their funds and help them manage them on their own. Perhaps, these people are old-school and weren't just educated properly about bitcoin's nature and how to utilize it. Or maybe they were given the chance to learn, but they pushed the opportunity away because of being close-minded. We can't just really please anyone and let them pick our side despite giving all the information needed.

There will always be opposition, but don't get me wrong, I know opposition also balances and makes the aspect of the economy of a country, rules, and laws to be thoroughly thought upon. Let's just hope that El Salvador's government will take a look at the concern of their citizens and address them properly. May the protest be an eye-opener for their government to review their plans and to be transparent to the citizens of whatever they are planning to do. Hopefully, they will still push through the bitcoin adoption as legal tender the moment every issue is settled down.

[Vishnu.Reang]

I have older relatives, and they are still very skeptical about me using Bitcoin. In spite of everything, they believe it's a financial pyramid and think it's very unwise of me to deal with it. So, honestly, I'm not surprised it's the case in El Salvador as well. People who've lived dozens of years without cryptos feel like it's an unnecessary risk to take. Then again, I'm mad they're protesting against El Salvador adopting Bitcoin because it's not like El Salvador is saying goodbye to the USD and forcing everyone to use Bitcoin instead. So they're not fighting for their right to use fiat; they're fighting to deprive others of the right to use cryptos.

After all these internet related scams, it is very difficult to convince the older generation that Bitcoin is not a scam. I have faced this issue in my country (India). Here the media is also spreading FUD against Bitcoin, by claiming that it is a multi-trillion internet scam. Lack of support from the government makes matters worse. However, it is easy to convince the youngsters, as they are more open to new technology. But the problem is that these younger people hardly have any surplus funds, while the pensioners have significant amounts that can be diverted to crypto.

[LogitechMouse]

I thought there will no bad news from El Salvador to Bitcoin, but I'm wrong I'm really shocked when I see a news talking some veteran, pensioners, and workers from El Salvador protest against Bitcoin as legal tender. The most shocked thing is their opinions about Bitcoin, all is bullshit!

“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, reportedly said. Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

Am I the only one thinking that everything has 2 sides??
I think that it is expected that not all of the people in El Salvador will agree with Bitcoin as a legal tender because after all, the country is a democratic country therefore people can protest if they see that it isn't beneficial for them.

According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly demanded a pension increase from $100 to $300.

Another reason why these retirees are against Bitcoin as a legal tender. They are under the opposition team.
Another reason into why these people are against it is because of the technical aspects of Bitcoin. They are old people and understanding a concept that seems to be technical for them will be hard.
Another reason is these retirees doesn't have any access to the internet or even smartphone itself where we are accessing Bitcoin. How can they benefit into it if they can't access into it?? These maybe are the reasons why they are against it.

Overall, people that are against Bitcoin is expected already because not all of them will have access into it. These retirees have different perspective too when it comes to Bitcoin and fiat money. After all, I think that they have a choice though into how they will accept their pension. On the other hand, putting Bitcoin as a legal tender in El Salvador doesn't mean that fiat currency will not be used anymore.

[DrBeer]

Those protesters seem to be manipulated by someone.
I'm sure that the people of El Salvador will have freedom of choice and the government will not force them to use Bitcoin and to receive their salaries and pensions in BTC only.
It is pretty clear that Bitcoin will be the second legal tender in El Salvador,next to the US dollar.
The protest makes sense only if Bitcoin becomes the one and only legal tender in that country.
Receiving your pension or a salary in the form of a highly volatile currency/asset seems pretty scary for people,who aren't tech savvy. 

Seniors are the perfect environment for manipulation! They already have a weakened thought process, they usually live in the past, they do not have up-to-date information, they are ready to vote for anyone who promises them to do as they want and demand. But, as practice shows, the one who manipulates them, then simply throws them away, saying "excuse me, it didn't work out, everyone around is guilty, they are against you, and did not let me do what I promised you." And old people are such that it is easier for them to believe that there are enemies around, than to realize that they themselves are fools and create problems for themselves. Therefore, the next time they will vote for the one who deceived them the previous time! And this will be repeated many times ... But they will never find the courage to admit the truth.

[Darker45]

I guess their fears are founded first and foremost on lack of knowledge. This possibility is what I'm also looking at considering that Bitcoin is indeed alien to many people, especially the old ones. A lot of old people could not even manage to send a text message. So it is understandable that they are worried. But I guess the message of the government that nobody is forced to use Bitcoin over USD hasn't reached them. This is what I am also saying in another thread, that the government should strengthen Bitcoin education and information dissemination while gradually implementing the use of Bitcoin as a legal tender.

People have all the right to protest especially if they think changes will not be beneficial for them. So its a natural thing and that the government should know how to handle in times like this. But since the president has decided to make bitcoin a legal tender then he should also be able to respond to what the citizens are asking particularly those who are retiress.

Of course, people have always the right to protest. But the question is, what are they protesting for? What are they against? What are they worried about?

It seems they are up against something which isn't even in existence. They are worried that their pensions will be paid in Bitcoin. They're worried that USD is going to be replaced with Bitcoin. They are worried that the law will make it mandatory for Bitcoin to be accepted. Which are all but wrong information. So they are protesting based on imagined fears, pointless anxieties, misinformation, and misunderstanding.

Of course, the government should step up its information drive to counter all these misinformation, doubts, and fears.

[NeuroticFish]

Because this is indeed an early stage, it is possible that the Government should work even harder to prove that the constraints faced by the community, especially the complaints of retirees, will be given more attention.
It must be continued according to the initial plan, how this goal must be achieved together with mutual synergy between the government and the community in order to reap success.

Despite all the accepted reasons, this is still worthy as input for the government to give more attention.
People really want things that are in accordance with their needs on that day, just as living the economy in the midst of Covid 19 has left many behind. So a fair complaint where it happened in El Salvador which authorized the adoption of legal payments via Bitcoin.

While I don't deny that this kind of things may not be explained well enough for the elder people, I'm not sure what the government can do.
The posters they held show that they clearly prefer to listen to certain old narratives than government.

More attention? Bitcoin will not be compulsory, so if they don't want it they can avoid it without making so much noise. They've even got some free money, but nobody forces them use that.
I think that it's all politics in this "protest" and Bitcoin is just caught in the middle. By far not a "fair complaint" imho.

[pealr12]

To some extent you can't blame them for their actions base on their level of understanding, I think what the government should have propse is make btc an alternative to transact as well as fiat, those who prefer to transact on btc can have the freedom to access it without restrictions and others who prefer fiat will carry on, this kind of transformation should not be carried out immediately, it should be a gradual process thing so the people get to understand it as time passes.

[molsewid]

To some extent you can't blame them for their actions base on their level of understanding, I think what the government should have propse is make btc an alternative to transact as well as fiat, those who prefer to transact on btc can have the freedom to access it without restrictions and others who prefer fiat will carry on, this kind of transformation should not be carried out immediately, it should be a gradual process thing so the people get to understand it as time passes.

And for sure even in Japan which bitcoin or cryptocurrency is now legally adopted maybe some of the citizens of Japan have also a sentiments over cryptocurrency. I mean not all people could easily adopt this newest trend of finance and we can't truly blame them so it is better to have another option to transact I mean let those people who wanted to transact using bitcoin could use and let those who didn't want make their choices. And I am very certain that bitcoin will be just become a part of the economy but the thought that it might going to replace fiat's existence I guess is impossible.