El Salvador Bitcoin payment option

[BITCOIN4X]

If only the adoption of bitcoin as a legal tender did not happen in a rush making the preparation too short, then maybe all the citizens might have been fully educated about bitcoin. I guess all these negative things that happen are just a manifestation of lack of education on bitcoin.

The same thing occurred to me about the turmoil due to the seemingly hasty adoption of bitcoin by the government of El Salvador. People are still quite new to the technology that is in bitcoin as a currency and they need good knowledge before implementation has to be legalized. The government of El Salvador also wants to accelerate adoption by installing ATM machine in various places even though people do not have sufficient knowledge to use them. Obviously this provokes a negative reaction from people, especially if political issues are involved. This should serve as a lesson for other countries that want to adopt bitcoin. Everything takes time and a process so that people will be ready to accept and use it when the regulation is established as legal.

[1714632786]

1714632786

[1714632786]

1714632786

[1714632786]

1714632786

[1714632786]

1714632786

[1714632786]

1714632786

[lixer]

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

Yeah, it is good how El Salvador has decided to accept Bitcoin fully, but I don’t think people should be forced to make use of it. Things like this should be a matter of choice, if you want to make use of it then you can make use of it, and if not, then you shouldn't. It is good that you have said it’s not really mandatory for anyone to accept it. Those who are not accepting it now, with time they will get to understand it and if it should interest them, then I believe they will go ahead to start making use of it fully.

For now, most of them are going to be afraid because of the value of Bitcoin is volatile and it changes most of the time. So all they need is time to get to understand it , and once they are up to that stage of making use of it, they wouldn't waste time in doing so.

[icopress]

[...]

Jesus Christ, no one forces anyone to use Bitcoin by default, and even more so no one took away the right of choice from people. Frankly speaking, I am very annoyed by such idiotic discussions, and these fake protests that are being promoted by the media, but be that as it may, I am not able to help those who cannot soberly look through the prism of logic. By the way ... since you are talking about fear, why don't you say that the Bitcoins received from the state can be easily exchanged by the population for their national currency or for the dollar? Instead of looking at the bitcoin rate that changes by a couple of points from day to day, it would be better for people to say thank you to the president for the bonus received.

[iv4n]

[...]

Jesus Christ, no one forces anyone to use Bitcoin by default, and even more so no one took away the right of choice from people. Frankly speaking, I am very annoyed by such idiotic discussions, and these fake protests that are being promoted by the media, but be that as it may, I am not able to help those who cannot soberly look through the prism of logic. By the way ... since you are talking about fear, why don't you say that the Bitcoins received from the state can be easily exchanged by the population for their national currency or for the dollar? Instead of looking at the bitcoin rate that changes by a couple of points from day to day, it would be better for people to say thank you to the president for the bonus received.

As always, big guys are playing dirty, it's not a secret, it's just about are you aware of what and how they are doing it or not!

...El Salvador's adoption of bitcoin as legal tender has immediate negative implications for it credit rating S&P Global said on Thursday. ... Moody's cut its El Salvador rating to Caa1...

Source: https://www.thehindu.com/sci-tech/technology/el-salvadors-bitcoin-adoption-has-immediate-implications-for-rating-sp-global/article36509514.ece

Things are getting a new dimension I guess! I had a feeling that some global players will arise, and this is probably one of them! I can bet we will see a lot more... Simply speaking when people start using crypto for transfers banks will lose... I wrote few times that some big battle is coming, banks will not give their cut so easily, they know if they give a cut here and there soon they will perish! Does anyone thinks they will do it peacefully?!

[Viscore]

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

Yeah, it is good how El Salvador has decided to accept Bitcoin fully, but I don’t think people should be forced to make use of it. Things like this should be a matter of choice, if you want to make use of it then you can make use of it, and if not, then you shouldn't. It is good that you have said it’s not really mandatory for anyone to accept it. Those who are not accepting it now, with time they will get to understand it and if it should interest them, then I believe they will go ahead to start making use of it fully.

For now, most of them are going to be afraid because of the value of Bitcoin is volatile and it changes most of the time. So all they need is time to get to understand it , and once they are up to that stage of making use of it, they wouldn't waste time in doing so.

Its more like they are not ready yet not just of the fear inside that they might lose all of a sudden what they all got because of high volatility, but mainly because they lack the understanding needed to be attracted in bitcoin. I know in time they will definitely reach that point but for now, its a good thing that still have the freedom whether to use or not to use bitcoin. And even if they are going to pay in bitcoin, the receiver has always the choice to accept it in fiat. So the citizens are not force to use bitcoin, until the time will come that they started develop the interest to use bitcoin and make it as an advantage.

[Charles-Tim]

El Salvador is now the third country with the highest number of bitcoin ATMs in the world.

Bitcoin ATMs by Country

[alpamar99]

Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.

If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant.

if you look at what you say, it's true, actually this is a trivial thing and doesn't need to be raised because if you look at it from the other side they just added a payment option in their country, namely bitcoin but this doesn't mean they are getting rid of the payment system that has been done there.
What I don't understand is why they are demonstrating in this way which seems like this is such a big problem that it indicates riots by burning Chivo ATMs. is there something behind all this?
okay demonstrations are good enough to make our aspirations more acceptable but destroying state facilities is a different matter.

[bryant.coleman]

El Salvador is now the third country with the highest number of bitcoin ATMs in the world.

Bitcoin ATMs by Country

That is a bit misleading, because in the United States they have close to 25,000 ATMs and in El Salvador they have only 205. But still good to see El Salvador in the list. One year back, El Salvador was almost an unknown entity in the cryptocurrency market. But nowadays everyone in the sector is talking about them. Once more and more countries start accepting Bitcoin as the legal tender, their importance will fade. But we will always remember El Salvador as the first country which awarded the status of legal tender to Bitcoin.

[Charles-Tim]

54% of Salvadorans are not familiar with Bitcoin, survey suggests

Research conducted by the São Paulo-based agency Sherlock Communications suggests that 54% of Salvadoran respondents chose ‘none’ when asked which cryptocurrency they knew best out of a list of five leading coins.

While 40% chose Bitcoin over the other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE)and EOS – the survey did not seek to probe the level or depth of the knowledge these respondents have of the coin.

I was not able to get the original statistical article, also I did not yet know the total number of Salvadorians that were included in the poll.

[DrBeer]

El Salvador is now the third country with the highest number of bitcoin ATMs in the world.

Bitcoin ATMs by Country

More correct would be statistics in relation to the population. 1000 bitcoin ATMs for China, and 1000 bitcoin ATMs for example in Montenegro - these are absolutely incomparable indicators, although completely identical. The index which is calculated as follows will be indicative:
Number of Bitcoin ATMs / Number of population of the country

[savetheFORUM]

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

So if I really get you, you mean that it is a must that a merchant will accept bitcoin as a payment from the buyer, and then after accepting the payment  from the buy they can decide whether they want it to be converted immediately to fiat, by who? If merchants accepts bitcoin, and since compulsory for them, is it the bank that converts it to fiat for them based on their preference? I don’t think this is something that should be forced, it’s a thing of choice, people should decide for themselves. There are countries where Bitcoin is legal and merchants decides for themselves whether to add bitcoin as a payment method on their platform or not.

[Jasad]

I want all country allow what did by El Savador keep support bitcoin and change the currency revolution by accepting bitcoin as legal payment, left fiat never give any advantage for people and only give benefit for United State country where we use their fiat currency. Using bitcoin as payment transaction more faster and quick for sending or receiving money than fiat.

[Charles-Tim]

I am not an El Salvadorian, so this is based on what I have been reading on news.

So if I really get you, you mean that it is a must that a merchant will accept bitcoin as a payment from the buyer, and then after accepting the payment  from the buy they can decide whether they want it to be converted immediately to fiat, by who?

The official El Salvadorian wallet is called Chivo bitcoin wallet, the wallet can automatically convert bitcoin to dollar, the wallet can handle the payment you are asking about automatically.

If merchants accepts bitcoin, and since compulsory for them, is it the bank that converts it to fiat for them based on their preference?

All I know is that the Chivo wallet handles that automatically. Dollar can be withdrawn from the Bitcoin ATM, I mean the bitcoin holdings can be withdrawn into cash from the bitcoin ATM. I do not think there should be bank involvement about this, even 70% of Salvadorians are not making use of bank.

Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.

I don’t think this is something that should be forced, it’s a thing of choice, people should decide for themselves.

If you think about how this operate, you will notice is not by force, only that merchants will have Chivo wallet or any wallet of their choice, but they can still decide to finally receive the pay in bitcoin or dollar.

[verita1]

I just found out who is leading the development of the Chivo Wallet Jack Mallers. He is also in charge of the latest on Twitter about sending tip payments in bitcoin to NFT for the content creators who will be receiving it.

If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.

If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.

[Sithara007]

I just found out who is leading the development of the Chivo Wallet Jack Mallers. He is also in charge of the latest on Twitter about sending tip payments in bitcoin to NFT for the content creators who will be receiving it.

If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.

If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.

There will always be opposition towards new innovations. And as the surveys are pointing out, more than half of the Salvadoran population have no knowledge about Bitcoin. So essentially they are opposing something that is unknown to them. Gradually, as they gain knowledge, their attitude may change. And I don't care much about those who oppose cryptocurrency in that country. They already have the choice of making payments in US Dollar. But they don't have the right to demand that others should not use BTC.

[Jasad]

Many innovation from bitcoin technology and make El Savador give access and make bitcoin as legal currency transaction, but have any people there not agree with bitcoin as legal currency and last week they made some cases how to complaint bitcoin not become legal transaction in their country, but El Savador president have accepted bitcoin as legal currency transaction.

[suryogandul]

it's an interesting choice at the moment. I think payment options with bitcoin or fiat should be run together. because there has been a lot of false news in the media around the world saying that fiat cannot be run and must be replaced with bitcoin. because in reality it is wrong and fiat is still used as a payment option

[Oasisman]

Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.

Exactly! This is to avoid people from being confused on whether Bitcoin transactions in El Salvador necessarily needs to invovle blockchain or banks.
We have similar custodial wallet in my country and It can directly convert a handful of crypto into our own currency including Bitcoin. This is an off-chain transaction, it means it will not be recorded on blockchain. Not unless If the merchant and buyer agreed to pay Bitcoin to Bitcoin transactions, regardless If it's the same wallet or not.

[verita1]

The president of El Salvador Nayib Bukele has announced that the Chivo Wallet has already reached 500,000 users, this is positive in my opinion because Salvadorans are benefiting from the solution that their government seeks.

It also seems to me an excellent strategy for the government to install 50 Chivo ATMs in different cities in the United States where most Salvadorans live, in San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen.

https://www.google.com/amp/s/www.theblockcrypto.com/amp/linked/117826/el-salvador-brings-chivo-atms-to-the-us

[FulxilCoris]

As far as I know, the El Salvador government did it that way. Certainly the people there welcomed the adoption of Bitcoin after it was legalized. Is it because this is done by the government as a form of arbitration?. It's great that it was El Salvador who started this, obviously the whales don't want this and try to do their best to keep selling bitcoin and put pressure on El Salvador. I guessed from the start that they did the right thing in this regard and that those against them don't really have the right to oppose the legalization of bitcoin in El Salvador, perhaps their interests are being negatively impacted. Unfortunately! for El Salvador they were supposed to be the frontrunners in bitcoin.