El salvador a trail blazer for other developing countries

[famososMuertos]

...//...,
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

The source is always a priority, especially when interpreting  misinterpreted.

So far they have not sanctioned anyone and you point out that they did implement sanctions.

There is at El Salvador "Law of Protection to the Consumer," as it exists in any part of the world.

Explanation:

The law establishes that if the business has the Wallet, it must accept the transaction, upon receiving the payment he decides if he wants bitcoin or wants USD and the government uses the word "will" in that context.

The merchant must, so is obliged to accept the transaction and then the decision is his right or the will to load it into his wallet in bitcoin or dollars, so nowhere do they force him to have to receive bitcoin.

What happens is that Salvadorans use the word conversion, they do not use exchange or swap, which is confusing for connoisseurs, in conclusion it has never been mandatory to receive bitcoin.

This image can help you:


^{These images were taken from Twitter and edited for post purposes.
Source:https://twitter.com/patucelsv/status/1435153005414916097/photo/1
Source:https://twitter.com/daxsosa/status/1435152370506285057/photo/1}

if el salvador ...//...:

Please "El Salvador".  

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[Celinena]

As a small country, I am very fortunate to make such a decision, and other small countries will follow up.
Whether El Salvador can be a trailblazer is not important, what matters is whether the purpose of using Bitcoin as legal tender can achieve their expectations.
Many times this kind of pioneer will either become the big heart of a small country, become a dazzling star or become a crushed pioneer. These are two extremes, but this kind of spirit is not available in many small countries.
But I personally think that they may not be very smooth.I don't think how to maintain their financial stability when the price of Bitcoin is fluctuating so much.A certain country and a certain dollar will not sit back and let Bitcoin become the mainstream currency..

[ILuckyGuyI]

El Salvador is a really big role model for the rest of the underdeveloped and developing countries. They have taken a big step forward by making Bitcoin legal tender. And they have made it obligatory for the restaurants, shops etc. to accept Bitcoin also as a payment method. If they don't do this, they will be fined for it. I see some Latin American countries already which are very interested in giving Bitcoin a chance. Cuba is an example now. It is planning to start accepting payments with Bitcoin.

[Nutrient]

This seem to be a decision in the right direction. I also don?t think it should be imposed on their citizens. The freedom of choice of payment shouldn?t be taken from them either. The beauty and ease of trade is in its flexibility.

[Amor.]

People always resist unfamiliar things. I believe that after learning, the people of El Salvador will gradually accept bitcoin and fall in love with it.The Salvadoran government has the courage to try and wishes him success. I don't know if there are any friends from there in the forum. If there is anything I can help, I'm happy to do it.

[gabbie2010]

Let us wait and watch how successful the transaction of Bitcoin is going to span out in El Salvador, initially it might not be easy for all the citizens to operate their chivo wallet however once they are able to grasp it then all sort of transactions will become easy, it's good that the government had gone as far as sanctioning non-compliant businesses that really shows the government is working total adoption of Bitcoin in that country, once this experiment becomes successful, I believe other countries are keenly observing the aftermath of the adoption of Bitcoin in El Salvador, if the outcome is positive then other will follow suit.

[hatshepsut93]

How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.

[wxa7115]

-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

There are rumors that other countries in Latin America are studying the possibility of adopting bitcoin, I do not know how true those rumors are but it will not surprise me if this is the case, it is too soon to tell if there is a direct benefit at El Salvador yet, but I think we are bound to see it during the next year, and once countries see that they are going to want to emulate what is happening there and try to obtain some benefits out of this revolution that is about to take over the world.

Now there are going to be many obstacles as there are also many opponents that do not want to see this happening, but it is inevitable, and some politicians are realizing this and they prefer to adopt bitcoin early so the benefits that come to their countries are as big as they can be.

[tyz]

How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.

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.

[Shenzou]

It is really a matter of time to see how this change has influenced the economy of the country and from the looks of it it has gotten the country under the radar of a lot of people, I for once didn't know about this country but since it announced they are using bitcoin i  started learning more and more about it and makes want to visit it, so i can see that this has more of indirect influence on the economy, and i think that other countries will follow their steps if this turns out positive.

[tabas]

Other countries might do the same thing as what El Salvador did but there's this that stops them and it's probably because of the idea that they can't do it because they're the government.

[jakdanyel]

El Salvador is exactly a trail blazer for the rest of the developing countries all over the world. Especially the Latin American countries like Cuba, Argentina, Paraguay etc. have been interested in making Bitcoin legal tender. And Cuba has taken one step forward actually. They are preparing to start accepting Bitcoin payments also. This could lead to being the legal tender also.

[yhiaali3]

I find it difficult for a country to fully adopt Bitcoin as the country's only currency for more than one reason:
First: the high volatility of Bitcoin prices. Suppose that El Salvador transferred all of its financial stock as a country to Bitcoin, and the price of Bitcoin fell about 10%. This means that El Salvador’s financial assets have lost 10% of their value, and I think this is bad for the national economy.
Second: It is very difficult to use Bitcoin as a medium for fast daily financial transactions due to the high fees and network congestion, and this will cause several problems.
Of course, we are with the spread of Bitcoin and we bless the bold step taken by El Salvador and we hope that the rest of the countries will follow it, but it takes some time before we see the actual results on the ground, then we can see what are the problems facing this adoption and what are the available solutions to overcome these the problems.

[Kittygalore]

Well, they're the first so it's only understandable that they're going to set an example for the other countries and they need to show results quickly since the eyes of many financial institutions around the world are also keeping an eye besides the other countries. Hopefully they will become successful so we can see a domino effect with other countries starting their own adoption as quickly as possible.

[bitterguy28]

-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

This country starts it all , now there are surely other countries that has been looking into doing similar to what El Salvador does and we will see  some future action on this because since that adoption there are news that other country is considering having this and also those countries that long time planning but has no guts to make it reality.
so Indeed that EL Salvador is the Blazer and the starter of this great adoption .

[zanezane]

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.

[matjas]

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. 

[Assface16678]

-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

We have to wait for the economic optimism of El Salvador after they adopt the policy of using Bitcoin for payment. At least 5 years to observe.
Bitcoin is just a payment unit and it fluctuates widely. Businesses that hold Bitcoin may be at a disadvantage because of the price drop.

Yes in order for the researchers to conclude a solid statement. So far what they need to look out first is the problems that may occur in the long run like, stability of its app, how to tax it, do all parts of the country manages to adopt and many more. But this is a great kick starter for other countries if they are going to use btc as their currency.

[cotton ball]

before we discuss in more detail about other developed countries following in the footsteps of el salvador, we have to wait first how the el salvador economy will go in the future, will the economy improve, because if the el salvador economy advances with bitcoin, automatically other developed countries will follow el salvador's steps Because it will flow by itself like river water.

[Kusman]

El Salvador is a big role model for the countries which are intending to making Bitcoin legal tender or accepting Bitcoin while paying for something at least. And I heard that Ukraine was getting ready to make Bitcoin legal tender also. First, they think of adding Bitcoin as a second currency alongside gryvnya. But they think of stopping the usage of their main currency while integrating Bitcoin into daily life also.