El Salvador retirees protest against Bitcoin as legal tender

[bryant.coleman]

Im not sure how the retirees lose from more then form of legal tender, its not like coins were outlawed people can keep using cash like most countries.    Coins do have a cost not just in making of them but also handling costs are ongoing in an economy and banks will charge most businesses for this service.   Paper money literally wears out and breaks quite easily, dollars in use even digitally definitely have a cost and cost inflation to their use where the value is never 100% true to its original introduction to the country.  The greatest cost of using US dollar is not seen close to its production but in the far ends where it circulates globally, thats part of what drives BTC in its usage as its not produced in any one country alone.

By now it is clear that they are protesting just because they don't understand about Bitcoin. Elderly pensioners are very easy to manipulate, as they always listen to rumors and propaganda without any basis. In this case, they have no reasons to worry about, since the government is only adding one additional option for payment. It is not taking away any of the existing options. But the regime has failed in making the citizens aware of this. If the people really understand what the new law does, then they will have no reason to protest.

[MNbag]

Im not sure how the retirees lose from more then 1 form of legal tender, thats part of what drives BTC in its usage as its not produced in any one country alone.

For a country, that is not a good thing.

If you rely on a currency that is minted outside your borders, that leaves you vulnerable to foreign interference.

In this situation, Bitcoin merely fulfills the role that the USD had in El Salvador's economy as a way for foreign agents (e.g the US government and Bitcoin Whales respectively) to interfere with its political stability.

Basically, this country has become the Bitch of Bitcoin as it is getting fucked.

[turneps]

Although President Nayib Bukele promised that the measure would benefit the people and save the country nearly $400 million in remittance fees, ensuring more instant and secure transactions. However, a large part of the population including retirees, veterans, pensioners with disabilities, and workers in Salvador are against bitcoin, worried that the government will start paying their pensions in cash. bitcoin in lieu of the US dollar; They worry Bitcoin will facilitate open corruption and the activities of drug, weapon and human traffickers, blackmailers and tax evaders. It will also cause currency chaos, affect people's wages, pensions and savings, damage many micro, small and medium enterprises, affect farming families and affect middle class.

[tyz]

By now it is clear that they are protesting just because they don't understand about Bitcoin.

Maybe they even have more idea about it than we do. I mean, they get their pension paid as Bitcoin. Even the retirees haven't missed how volatile Bitcoin can be and accordingly how volatile the value of their pension can be. Pensions used to be paid only in U.S. dollars (as this was El Salvadors currency since they give up their own national currency). While that may not have been optimal for the government to pay in such a hard currency, the retirees knew what value they would receive.

[mdgabrielzim]

By now it is clear that they are protesting just because they don't understand about Bitcoin.

Maybe they even have more idea about it than we do. I mean, they get their pension paid as Bitcoin. Even the retirees haven't missed how volatile Bitcoin can be and accordingly how volatile the value of their pension can be. Pensions used to be paid only in U.S. dollars (as this was El Salvadors currency since they give up their own national currency). While that may not have been optimal for the government to pay in such a hard currency, the retirees knew what value they would receive.

Exactly, as long as bitcoin doesn't stabilize, it is very risky to put the income of people who probably only have the retirement to survive. I think the government should first propose to BTC retirees and not stick it down their throats.

[Sithara007]

Exactly, as long as bitcoin doesn't stabilize, it is very risky to put the income of people who probably only have the retirement to survive. I think the government should first propose to BTC retirees and not stick it down their throats.

In El Salvador, the pension payments are being made in US Dollar. Payments in Bitcoin are being made only of the recipient specifically ask for it. And those who received their payments in Bitcoin have witnessed a steep jump in their amount that they got. Three weeks back, Bitcoin was trading at $41,000 per coin. Now it is trading at $61,600 per coin, which represents an increase of 50%. On the other hand, USD is currently undergoing massive inflation and those who have their wealth in the form of US Dollar will soon find themselves in trouble.

[LUCKMCFLY]

By now it is clear that they are protesting just because they don't understand about Bitcoin. Elderly pensioners are very easy to manipulate, as they always listen to rumors and propaganda without any basis. In this case, they have no reasons to worry about, since the government is only adding one additional option for payment. It is not taking away any of the existing options. But the regime has failed in making the citizens aware of this. If the people really understand what the new law does, then they will have no reason to protest.

I think that the citizens who are most against it is because they do not trust the economy that BTC represents, they may have a financial culture where "Safe" is the right thing to do, that is, they trust stable things, where there is no volatility, they They see more disadvantages than advantages in BTC, they do not see the possibility that if they have an investment in USD it can increase when BTC rises, they think that their money will be devalued, it is understandable. The government must take training measures and financial culture of BTC, so that people do not stand against the only tool that will make them financially free and leave a traditional economic system where debt is the main denominator, I think it is a question of time while people enlighten themselves.