El Salvador retirees protest against Bitcoin as legal tender

[Sithara007]

they only see the whole time because even if what you say is true, they are not aware of the real data and facts.
they only see from the point of view of the unpredictable rise and fall of btc and sometimes it rises and falls suddenly (eg yesterday).
This is different from the case of the US dollar exchange rate, which even though it experienced more declines in the data, it decreased little by little every year and because of the gradual decline, they did not feel any impact, but they did not realize that they did it periodically and repeatedly. will get bigger and more dangerous.

The advantage for US Dollar is that it is the reserve and trade currency of the world. Even if the purchasing power of the US Dollar goes down, no one is going to notice it. If that happens, people will just say that the price of gold, crude oil.etc went up, rather than saying that the value of USD has gone down. Even with respect to other fiat currencies this will happen. In reality, the exchange rates for certain currencies such as CHF has gone up in recent times. But ordinary people are unaware of the reason. They fail to see that the exchange rate went up, because the purchasing power of USD declined. On the other hand they assume that the rates went up because the CHF purchasing power increased and this is not true.

[faithupgrade]

Thats the only catch, people can simply use cryptocurrency to by pass the process of getting tax by investing money in the blockchain. El Salvador government can simply coordinate with their local crypto exchange to ask KYC so it can monitor the people who buys huge amount of crypto.

[int03h]

Choosing Bitcoin as a reserve for the elderly is a bold move. Most of the elderly are not knowledgeable about Bitcoin so it is obvious that they oppose the policies of the president of El Salvador and I consider it a normal reaction. I believe Bitcoin will go up in the long term and people have more confidence in the bold move of their president.

[jamkesmas]

Choosing Bitcoin as a reserve for the elderly is a bold move. Most of the elderly are not knowledgeable about Bitcoin so it is obvious that they oppose the policies of the president of El Salvador and I consider it a normal reaction. I believe Bitcoin will go up in the long term and people have more confidence in the bold move of their president.

El Salvador retirees don't have to vote for bitcoin, president Bukele said in a tweet that for citizens concerned about their retirement funds, they can continue to choose to make transactions in US dollars as usual, using bitcoin not mandatory in the country if they have any doubts about bitcoin.

[oHnK]

On the other hand they assume that the rates went up because the CHF purchasing power increased and this is not true.

Actually Bitcoin cannot be accepted by them because they do not understand financial literacy well.  They don't realize that the fiat they've always believed in is actually betraying them.  There are three functions of money, as a means of payment, as a means of speculation and as a store of value.  Are they aware that the current fiat cannot fulfill the third function properly.  If at the time of the gold standard, fiat was stable, then at this time they are less informed that the money they currently hold does not have a clear underlying asset.  Just a guarantee from the central bank.  Has the central bank really worked well so far?  we already know how this inflation was created by them, so they dare to remove the gold standard from the financial system.  Initially god money became government money.  Bitcoin and crypto are the latest innovations that make government money experience a transition period. They should realize that change is not always bad, sometimes there are improvements that are outdated.

[watergold]

they only see the whole time because even if what you say is true, they are not aware of the real data and facts.
they only see from the point of view of the unpredictable rise and fall of btc and sometimes it rises and falls suddenly (eg yesterday).
This is different from the case of the US dollar exchange rate, which even though it experienced more declines in the data, it decreased little by little every year and because of the gradual decline, they did not feel any impact, but they did not realize that they did it periodically and repeatedly. will get bigger and more dangerous.

The advantage for US Dollar is that it is the reserve and trade currency of the world. Even if the purchasing power of the US Dollar goes down, no one is going to notice it. If that happens, people will just say that the price of gold, crude oil.etc went up, rather than saying that the value of USD has gone down. Even with respect to other fiat currencies this will happen. In reality, the exchange rates for certain currencies such as CHF has gone up in recent times. But ordinary people are unaware of the reason. They fail to see that the exchange rate went up, because the purchasing power of USD declined. On the other hand they assume that the rates went up because the CHF purchasing power increased and this is not true.

it's a bit of an unkind connotation but it's very true, it's like the US dollar is untouched by anything and no one dares to touch it.
and I just realized when you said that and the fact is that, instead of seeing the US dollar increase or decrease, they are more interested in looking at other aspects such as gold, oil etc.
but the reason for the global currency I think is very suitable because it is for this reason that almost all countries seem to be oriented there and without realizing the reasons that you have stated are actually rooted from here

[MCobian]

Choosing Bitcoin as a reserve for the elderly is a bold move. Most of the elderly are not knowledgeable about Bitcoin so it is obvious that they oppose the policies of the president of El Salvador and I consider it a normal reaction. I believe Bitcoin will go up in the long term and people have more confidence in the bold move of their president.

El Salvador retirees don't have to vote for bitcoin, president Bukele said in a tweet that for citizens concerned about their retirement funds, they can continue to choose to make transactions in US dollars as usual, using bitcoin not mandatory in the country if they have any doubts about bitcoin.

Actually, the reason El Salvador retirees reject Bitcoin is because they lack education about Bitcoin. We do have to understand that old people have
a harder time accepting something new, so they protest something they don't understand. The government of El Salvador should carry out a more
intensive education program about Bitcoin to the residents of El Salvador, especially the elderly population. Maybe the solution is that El Salvador
retirees can choose to use fiat if they don't trust Bitcoin. I agree with you, there is no compulsion from the government of El Salvador to use Bitcoin.

[Natalim]

Choosing Bitcoin as a reserve for the elderly is a bold move. Most of the elderly are not knowledgeable about Bitcoin so it is obvious that they oppose the policies of the president of El Salvador and I consider it a normal reaction. I believe Bitcoin will go up in the long term and people have more confidence in the bold move of their president.

El Salvador retirees don't have to vote for bitcoin, president Bukele said in a tweet that for citizens concerned about their retirement funds, they can continue to choose to make transactions in US dollars as usual, using bitcoin not mandatory in the country if they have any doubts about bitcoin.

Actually, the reason El Salvador retirees reject Bitcoin is because they lack education about Bitcoin. We do have to understand that old people have
a harder time accepting something new, so they protest something they don't understand. The government of El Salvador should carry out a more
intensive education program about Bitcoin to the residents of El Salvador, especially the elderly population. Maybe the solution is that El Salvador
retirees can choose to use fiat if they don't trust Bitcoin. I agree with you, there is no compulsion from the government of El Salvador to use Bitcoin.

El Salvador retirees have all the right to protest if they think they will find it hard to understand and use bitcoin as a currency. But i don't think they should be bothered by that since their own fiat is not yet eliminated and they can still use it as much as they can. Maybe its just a misinformation.

While most of the elderly have found it hard to use bitcoin but most of the millenials and even those in their mid age are definitely enjoying using bitcoin because as far as i know, some are already into bitcoin investments even before bitcoin has become a legal tender.

[Kusman]

They can continue to protest if they still would like but El Salvador has already made Bitcoin legal tender. From now on, there will be nothing changing. I understand that people are afraid of the possibility that Bitcoin can lose its value at a very high rate time to time. An example of it happened recently. But I assume that El Salvador is going to be prepared against such situations. Otherwise, this is a very risky move for them. There is no guarantee that Bitcoin price will stay at these levels in the worst case.

[Sithara007]

They can continue to protest if they still would like but El Salvador has already made Bitcoin legal tender. From now on, there will be nothing changing. I understand that people are afraid of the possibility that Bitcoin can lose its value at a very high rate time to time. An example of it happened recently. But I assume that El Salvador is going to be prepared against such situations. Otherwise, this is a very risky move for them. There is no guarantee that Bitcoin price will stay at these levels in the worst case.

If the retirees use Bitcoin just to make the payments, then it should not be the case. No one is asking them to invest in Bitcoin or to use Bitcoin as a store of value. Let them use USD for these purposes. It is an irony actually. The US Dollar is at it's weakest state it ever was, and still people want to use it. This shows the level of brainwashing and misunderstanding of the financial realities. US Dollar may be the world's reserve currency, but the rate at which the purchasing power is going down, everyone should be cautious while dealing in it.

[geegaw]

Choosing Bitcoin as a reserve for the elderly is a bold move. Most of the elderly are not knowledgeable about Bitcoin so it is obvious that they oppose the policies of the president of El Salvador and I consider it a normal reaction. I believe Bitcoin will go up in the long term and people have more confidence in the bold move of their president.

El Salvador retirees don't have to vote for bitcoin, president Bukele said in a tweet that for citizens concerned about their retirement funds, they can continue to choose to make transactions in US dollars as usual, using bitcoin not mandatory in the country if they have any doubts about bitcoin.

Actually, the reason El Salvador retirees reject Bitcoin is because they lack education about Bitcoin. We do have to understand that old people have
a harder time accepting something new, so they protest something they don't understand. The government of El Salvador should carry out a more
intensive education program about Bitcoin to the residents of El Salvador, especially the elderly population. Maybe the solution is that El Salvador
retirees can choose to use fiat if they don't trust Bitcoin. I agree with you, there is no compulsion from the government of El Salvador to use Bitcoin.

Dude, you need to pay attention to these people's nicknames, it's retirees and their pension life is what keeps them safe all the way to the next one, and at the time of most need of rest and possible comfort, the new policy of the president of El Salvador abolished their wish, no knowledge will not be their fault, this is a very new update and there is not much time left in their life for these updates, asking them to take extra lessons is unreasonable. Bold move but there are many people who do not have enough time to sacrifice, need to think more about policies and leniency for retirees

[perfect999]

El Salvador already must have made a profit by buying more from the drop, on the next increase they are going to be so much in profit as a nation they will be doing a lot better. This is just the start in the future they will be even better. I do not care what 60+ year olds are saying about bitcoin, you do not have to expect them to understand it, and the people behind them are basically ruining the nation and that is why they want that bitcoin law to be withdrawn because they would be hurting financially if this continues, which it will and they will lose.

Crypto is not for the retirees, it is for people who imagine a better retirement for themselves in the future, it is not even for me, it is for younger kids, people who are in college right now, thanks to bitcoin they will be able to live a life that is a lot more just and fair financially.

[LUCKMCFLY]

They can continue to protest if they still would like but El Salvador has already made Bitcoin legal tender. From now on, there will be nothing changing. I understand that people are afraid of the possibility that Bitcoin can lose its value at a very high rate time to time. An example of it happened recently. But I assume that El Salvador is going to be prepared against such situations. Otherwise, this is a very risky move for them. There is no guarantee that Bitcoin price will stay at these levels in the worst case.

There are very good things that Bitcoin has brought to El Salvador, in fact the wallet called Chivo Wallet, has many benefits, people can make BTC transactions from goat wallet to goat wallet with a value of Fee = 0, when it is done To another wallet other than Chivo Wallet they only pay the corresponding fee, it is really an advantage that they have, of course the conditions are under government regulations that so far look very good, anyway it is an advantage to be able to make the transactions .

[Sithara007]

There are very good things that Bitcoin has brought to El Salvador, in fact the wallet called Chivo Wallet, has many benefits, people can make BTC transactions from goat wallet to goat wallet with a value of Fee = 0, when it is done To another wallet other than Chivo Wallet they only pay the corresponding fee, it is really an advantage that they have, of course the conditions are under government regulations that so far look very good, anyway it is an advantage to be able to make the transactions.

Chivo wallet was taken offline a couple of days back, in order to resolve some technical issues. Everything was restored in a few hours. But the rollout has proceeded without major issues. And regarding wallet transactions, there are certain advantages when they take them off the chain. Direct transactions using the Blockchain takes some time to confirm, and the fee will be higher. However, when they do internal transactions in Chivo, the confirmations are almost instant and the fee levels are low.

[MCobian]

~

El Salvador retirees don't have to vote for bitcoin, president Bukele said in a tweet that for citizens concerned about their retirement funds, they can continue to choose to make transactions in US dollars as usual, using bitcoin not mandatory in the country if they have any doubts about bitcoin.

Actually, the reason El Salvador retirees reject Bitcoin is because they lack education about Bitcoin. We do have to understand that old people have
a harder time accepting something new, so they protest something they don't understand. The government of El Salvador should carry out a more
intensive education program about Bitcoin to the residents of El Salvador, especially the elderly population. Maybe the solution is that El Salvador
retirees can choose to use fiat if they don't trust Bitcoin. I agree with you, there is no compulsion from the government of El Salvador to use Bitcoin.

El Salvador retirees have all the right to protest if they think they will find it hard to understand and use bitcoin as a currency. But i don't think they should be bothered by that since their own fiat is not yet eliminated and they can still use it as much as they can. Maybe its just a misinformation.

While most of the elderly have found it hard to use bitcoin but most of the millenials and even those in their mid age are definitely enjoying using bitcoin because as far as i know, some are already into bitcoin investments even before bitcoin has become a legal tender.

El Salvador retirees don't have much time in their lives. It is natural that they are more comfortable with the old policies and resist  the new
rules imposed by the El Salvador government. Retirees don't care about new things, maybe they don't have the motivation to accept new things
in their lives. The most important thing in their lives is that they can live the rest of their lives in peace, therefore the government of El Salvador is
wise enough not to eliminate fiat, and still gives El Salvador residents the choice of using fiat or Bitcoin. The government of El Salvador should
think about the progress of its country, so forced to take a bold decision by making Bitcoin a legal tender. Even though in the end not all
El Salvadorans supported it, I was among those who supported what the El Salvador government did.

[_Miracle]

I don't think this is how it was intended to go...

https://foreignpolicy.com/2021/09/17/el-salvador-bitcoin-law-farce/

[Sithara007]

I don't think this is how it was intended to go...

https://foreignpolicy.com/2021/09/17/el-salvador-bitcoin-law-farce/

I don't understand the point in posting such one-sided articles to this forum. I read the article and it was completely biased and devoid of truth. The author claims that the "currency crashed". How? I could see an increase in exchange rates from $45,000 to $48,000. Is he referring about any other form of "crash"? Then the author (David Gerard) goes on with his usual argument - Bitcoin has a money laundering problem (when fiat is used for 99.9% of such purposes), Bitcoin has no trust.etc (but he is perfectly fine with Salvadorans trusting a foreign currency, i.e the USD). Haters are going to hate, but nothing can stop the juggernaut.

[_Miracle]

I don't think this is how it was intended to go...

https://foreignpolicy.com/2021/09/17/el-salvador-bitcoin-law-farce/

I don't understand the point in posting such one-sided articles to this forum. I read the article and it was completely biased and devoid of truth. The author claims that the "currency crashed". How? I could see an increase in exchange rates from $45,000 to $48,000. Is he referring about any other form of "crash"? Then the author (David Gerard) goes on with his usual argument - Bitcoin has a money laundering problem (when fiat is used for 99.9% of such purposes), Bitcoin has no trust.etc (but he is perfectly fine with Salvadorans trusting a foreign currency, i.e the USD). Haters are going to hate, but nothing can stop the juggernaut.

Yeah I wouldn't put much stock into "the currency crashed" either.
Many of the articles I'm reading have the government going into forced adoption---and that is the big fail.

P.S. no one wants their currency to fluctuate that much in a day, it's a valid concern.

[FrancesF]

The people of El Salvador launched a protest in the country on September 15th. They believed that Bitcoin harmed their interests and burned a brand new Bitcoin ATM on the same day. They did not understand the mechanism of Bitcoin. They used traditional thinking. It is not difficult to understand that this is a gambling behavior and will seriously interfere with the national economy. In a backward country, most people may not understand cryptocurrency or Bitcoin, but the country recognizes it in a short time. As a legal currency, it is difficult for them to accept and resist. Perhaps Bitcoin still has a long way to go on the road to international circulation in the future.

[sunsilk]

I don't think this is how it was intended to go...

https://foreignpolicy.com/2021/09/17/el-salvador-bitcoin-law-farce/

So the protesters have come up with this idea and they think that they'll win if they break most of the bitcoin ATMs through burning? what an immature attitude of these protesters.

Their government is trying to adopt and help them out by having this. They're not being put in a cage and they're only allowed to use bitcoin. It's just all about understanding it and there's no need to destroy government-owned assets like this bitcoin atm.