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[Kelvinid]

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There are all sorts of motivating factors behind what you say is the failure of Bitcoin in El Salvador. Firstly, the government tried to hurry the process along by basically forcing El Salvadorean's to fund a purchase of Bitcoin (through taxes) which was then given back to every citizen - basically just a vote buying attempt. A slower roll out, which focused on setting businesses up to process payments through Bitcoin in a really efficient way, would have been the correct way to do it or even focusing on the "send money from overseas and avoid excessive middleman fees" would have been a stronger angle to take on this. However some people in the country struggle to find work or even eat, so they're not too interested in this inanimate internet currency when they already have existing payment facilities.

The exercise to its rule becomes unfriendly and it seems to urge people to use it rather than to see a willingness on their part. The approach isn't right and certainly these people, these Salvadorians never understand it clearly which makes them argue with the government and stop the adoption. But what happens is not a failure at all, there is only a thing they need to change before imposing it again maybe at this time 2nd attempt, went successful.

Well, I guess there is no instant adoption has been made and the government needs to understand it, instead.

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[e_abrams]

To adopt any kind of new currency you need to educate your population very widely and to reach out to those who are most vulnerable. Countries in the EU that are yet to adopt the Euro are dragging their feet for that very reason and are extremely careful about it, and the Euro is a fiat currency that much more stable than Bitcoin. With Bitcoin has to be even more careful and I don't think El Salvador was.

[Odusko]

To adopt any kind of new currency you need to educate your population very widely and to reach out to those who are most vulnerable. Countries in the EU that are yet to adopt the Euro are dragging their feet for that very reason and are extremely careful about it, and the Euro is a fiat currency that is much more stable than Bitcoin. With Bitcoin has to be even more careful and I don't think El Salvador was.

You are right to a great extent as most people always have drawbacks with new technologies especially when it has to do with finances, am not of the school of thought that bitcoin has failed in El Salvador simply because of poor motivation of the citizens to adopt the currency one we most look at Bitcoin as a global currency and we must learn to treat it like that, bitcoin has no direct connection with El Salvador except for the fact that the government announced their support for the currency, so in the long run, El Salvador citizens are going to adopt Bitcoin when they're realized it a great opportunity.

[mm2543363580]

There are all sorts of motivating factors behind what you say is the failure of Bitcoin in El Salvador. Firstly, the government tried to hurry the process along by basically forcing El Salvadorean's to fund a purchase of Bitcoin (through taxes) which was then given back to every citizen - basically just a vote buying attempt. A slower roll out, which focused on setting businesses up to process payments through Bitcoin in a really efficient way, would have been the correct way to do it or even focusing on the "send money from overseas and avoid excessive middleman fees" would have been a stronger angle to take on this. However some people in the country struggle to find work or even eat, so they're not too interested in this inanimate internet currency when they already have existing payment facilities.

That is very sad the people did not accept bitcoin. But is it really the people who are protesting of there are other factors involved as well.
Once Salvador was hub of bitcoin. What are people going to do with their bitcoins now? Is it the future of bitcoin?

[LUCKMCFLY]

It is not that the adoption has failed, in that country as in all there are many people who do not want to believe in BTC, they say that it is a scam and they get carried away a lot by the news, which by nature is not very good, most of them go against of BTC. On the part of the young people, if there is a lot of adoption, there are jobs that pay in BTC and those who work the most are the young people, they are taking advantage of it, it is very difficult to explain to an older adult about BTC because their mind does not allow them to accept the technology or alternative economies, for them what is safe is what works, like gold, fiat money like the dollar, for them that is safe, it is very difficult to change the culture of a people that the only thing they do to survive is of remittances.

[barbara44]

Nayib legalized bitcoin as a legal tender but not with its freedom. Instead of teaching its citizens about the basic technicalities of bitcoin, the government introduced the Chivo centralized wallet which meant the population was directed to remain in government control from the start. I had predicted that they would fail that way, and the initial sign was a problematic wallet which was a little frustrating.

There is just one simple point which people need to understand and that is governments won't accept decentralized crypto aka bitcoin. The trap by Salvador government is very much the same as done by majority of big powers aka keep the crypto centralized so that government have full control of it.

If that is true then why governments on some countries have allowed the use of bitcoin? What you said can still be true but only to the countries where bitcoin is currently banned. Most cryptos are decentralized and some governments leave cryptos like this because they don't impose strict regulations like KYC and they don't do what El Salvador did. They don't create their own wallets and introduce it to their people.

I don't know if what El Salvdor did was a trap but I think they still help btc to become known and, people on their country can now spend their btc directly. They also have that so called bitcoin city, so overall they still have done a great job IMO.

[Lubcub62]

It is not that the adoption has failed, in that country as in all there are many people who do not want to believe in BTC, they say that it is a scam and they get carried away a lot by the news, which by nature is not very good, most of them go against of BTC. On the part of the young people, if there is a lot of adoption, there are jobs that pay in BTC and those who work the most are the young people, they are taking advantage of it, it is very difficult to explain to an older adult about BTC because their mind does not allow them to accept the technology or alternative economies, for them what is safe is what works, like gold, fiat money like the dollar, for them that is safe, it is very difficult to change the culture of a people that the only thing they do to survive is of remittances.

yeah it's like you said.
and indeed, every new thing that appears in a country or in a group, it is normal that there will be those who are for or against and there will be those who are against or against. This cycle is common.
the process of receiving bitcoin in el salvador does take time and cannot just be accepted by its citizens.

This should be approached slowly.

can also apply the inbound marketing approach.

Inbound marketing itself is a strategy in a business to attract consumers (citizens) by creating valuable content and experiences tailored to consumers (citizens).

Introduction to this inbound marketing strategy can be effective with a few modifications and additions that are adapted to the situation and conditions of the El Salvador residents themselves.

[evichi]

I think it is too early to conclude that the adoption of Bitcoin by El Salvador has failed. The problem is not Bitcoin in itself, rather it is the manner/approach the country have adopted. First, I feel it is wrong for Goverment to use any form of coercion or force citizens into the adoption. The first thing Government ought to do is to sensitize, educate and encourage the citizens to see the advantages of using bitcoin. When the citizens see the need and adopt it out of free will, that is the beginning of the success. The Government is IMO hasty on the implementation. Offering the people $30 for downloading the Chivo wallet was a good incentive but not enough to sustain continuation of the project.

They need to take time to sensitize people - especially the technical aspects of handling bitcoin. Not everyone is technically savvy to be able to handle bitcoin wallet. To sensitize and teach the people on the technicalities of bitcoin could take several months or more than one year, it all depends on the peoples ability to understand. Again, since Bitcoin is very volatile, it is not going to be easy for some business outfits to adopt as they may be confused. Sensitization is the key - teaching the people how to profit and use Bitcoin, rushing the people will likely not yield results.

I think, El salvador need to go back to the drawing board to re-access the journey so far, highlight the mistakes, correct it and move on. With proper approach, they will make it.

[mm2543363580]

I think it is too early to conclude that the adoption of Bitcoin by El Salvador has failed. The problem is not Bitcoin in itself, rather it is the manner/approach the country have adopted. First, I feel it is wrong for Goverment to use any form of coercion or force citizens into the adoption. The first thing Government ought to do is to sensitize, educate and encourage the citizens to see the advantages of using bitcoin. When the citizens see the need and adopt it out of free will, that is the beginning of the success. The Government is IMO hasty on the implementation. Offering the people $30 for downloading the Chivo wallet was a good incentive but not enough to sustain continuation of the project.

They need to take time to sensitize people - especially the technical aspects of handling bitcoin. Not everyone is technically savvy to be able to handle bitcoin wallet. To sensitize and teach the people on the technicalities of bitcoin could take several months or more than one year, it all depends on the peoples ability to understand. Again, since Bitcoin is very volatile, it is not going to be easy for some business outfits to adopt as they may be confused. Sensitization is the key - teaching the people how to profit and use Bitcoin, rushing the people will likely not yield results.

I think, El salvador need to go back to the drawing board to re-access the journey so far, highlight the mistakes, correct it and move on. With proper approach, they will make it.

Although it is very early to predict but of course the failure has started and there would be no stopping once the process begins.
 This is very unfortunate for the the those who have invested in bitcoins.
There should be proper education prog to help people learn and understand it- otherwise these kind of incidents will happen.

[SirLancelot]

There is just one simple point which people need to understand and that is governments won't accept decentralized crypto aka bitcoin. The trap by Salvador government is very much the same as done by majority of big powers aka keep the crypto centralized so that government have full control of it.

Decentralization can't be changed by making it legal tender. Only what you can do with it could be legally ruled out, otherwise bitcoin itself can't be centralized nor can it ever be controlled by anyone, only what you can do with it.

This needs to be learned by everyone, I keep seeing these type of messages and posts by people who do not know what decentralization is all about. Just because you can use it or you can't use it doesn't make it centralized, decentralization means that you can't change anything regarding bitcoin itself, like no rollbacks, no freezing it, nothing directly related to it, only things they can do are impacting what you do with it.

[mm2543363580]

There is just one simple point which people need to understand and that is governments won't accept decentralized crypto aka bitcoin. The trap by Salvador government is very much the same as done by majority of big powers aka keep the crypto centralized so that government have full control of it.

Decentralization can't be changed by making it legal tender. Only what you can do with it could be legally ruled out, otherwise bitcoin itself can't be centralized nor can it ever be controlled by anyone, only what you can do with it.

This needs to be learned by everyone, I keep seeing these type of messages and posts by people who do not know what decentralization is all about. Just because you can use it or you can't use it doesn't make it centralized, decentralization means that you can't change anything regarding bitcoin itself, like no rollbacks, no freezing it, nothing directly related to it, only things they can do are impacting what you do with it.

I hope the residents get the justice. I am thinking about all those who might be loosing a lot during this process.
There was a time when Salvador was hub of Bitcoin. Is this the future of our dear Bitcoin. I think its all luck game. Some becomes rich while the other faces trouble.

[Lubcub62]

I think it is too early to conclude that the adoption of Bitcoin by El Salvador has failed. The problem is not Bitcoin in itself, rather it is the manner/approach the country have adopted. First, I feel it is wrong for Goverment to use any form of coercion or force citizens into the adoption. The first thing Government ought to do is to sensitize, educate and encourage the citizens to see the advantages of using bitcoin. When the citizens see the need and adopt it out of free will, that is the beginning of the success. The Government is IMO hasty on the implementation. Offering the people $30 for downloading the Chivo wallet was a good incentive but not enough to sustain continuation of the project.

They need to take time to sensitize people - especially the technical aspects of handling bitcoin. Not everyone is technically savvy to be able to handle bitcoin wallet. To sensitize and teach the people on the technicalities of bitcoin could take several months or more than one year, it all depends on the peoples ability to understand. Again, since Bitcoin is very volatile, it is not going to be easy for some business outfits to adopt as they may be confused. Sensitization is the key - teaching the people how to profit and use Bitcoin, rushing the people will likely not yield results.

I think, El salvador need to go back to the drawing board to re-access the journey so far, highlight the mistakes, correct it and move on. With proper approach, they will make it.

exactly what you said. Even an accelerated approach will not be good for the sustainability of a project. like a coin price that is pumped, it is certain that it will quickly fall back or dump. so also in terms of the approach of a country to its citizens. must be done slowly and with definite steps.
The question of interest is not something that can be forced, but this is where the state must be good at leading good opinions to attract interest itself. identify strengths and weaknesses. real profit and loss. let people freely choose and determine. in this angle the country of Panama is like implementing this in its steps to adopt bitcoin in the country.

[Abiky]

There are all sorts of motivating factors behind what you say is the failure of Bitcoin in El Salvador. Firstly, the government tried to hurry the process along by basically forcing El Salvadorean's to fund a purchase of Bitcoin (through taxes) which was then given back to every citizen - basically just a vote buying attempt. A slower roll out, which focused on setting businesses up to process payments through Bitcoin in a really efficient way, would have been the correct way to do it or even focusing on the "send money from overseas and avoid excessive middleman fees" would have been a stronger angle to take on this. However some people in the country struggle to find work or even eat, so they're not too interested in this inanimate internet currency when they already have existing payment facilities.

Exactly. Most people don't even have the resources to access Bitcoin, so it's unlikely adoption for the cryptocurrency will grow within the short term. El Salvador's government should've built the necessary infrastructure in order to make people adopt Bitcoin in mass. I hope businesses and merchants in the country adopt Bitcoin as their main currency of choice to help contribute to the cause. The market is bearish right now, so it's going to take some time before people in El Salvador become interested in Bitcoin. At least, the government is buying the dip. Who knows if BTC's next All-time-high in price turns El Salvador into a developed country in the future? Just my thoughts

[mm2543363580]

There are all sorts of motivating factors behind what you say is the failure of Bitcoin in El Salvador. Firstly, the government tried to hurry the process along by basically forcing El Salvadorean's to fund a purchase of Bitcoin (through taxes) which was then given back to every citizen - basically just a vote buying attempt. A slower roll out, which focused on setting businesses up to process payments through Bitcoin in a really efficient way, would have been the correct way to do it or even focusing on the "send money from overseas and avoid excessive middleman fees" would have been a stronger angle to take on this. However some people in the country struggle to find work or even eat, so they're not too interested in this inanimate internet currency when they already have existing payment facilities.

Exactly. Most people don't even have the resources to access Bitcoin, so it's unlikely adoption for the cryptocurrency will grow within the short term. El Salvador's government should've built the necessary infrastructure in order to make people adopt Bitcoin in mass. I hope businesses and merchants in the country adopt Bitcoin as their main currency of choice to help contribute to the cause. The market is bearish right now, so it's going to take some time before people in El Salvador become interested in Bitcoin. At least, the government is buying the dip. Who knows if BTC's next All-time-high in price turns El Salvador into a developed country in the future? Just my thoughts

I spoke to one of the Ukraine clients and they said they would not have an idea that they will be refuges in a while. Likewise you never know when are you going to loose your hard money - this is very risky game, one can't believe what is going to happen in coming days.

[LUCKMCFLY]

I think it is too early to conclude that the adoption of Bitcoin by El Salvador has failed. The problem is not Bitcoin in itself, rather it is the manner/approach the country have adopted. First, I feel it is wrong for Goverment to use any form of coercion or force citizens into the adoption. The first thing Government ought to do is to sensitize, educate and encourage the citizens to see the advantages of using bitcoin. When the citizens see the need and adopt it out of free will, that is the beginning of the success. The Government is IMO hasty on the implementation. Offering the people $30 for downloading the Chivo wallet was a good incentive but not enough to sustain continuation of the project.

They need to take time to sensitize people - especially the technical aspects of handling bitcoin. Not everyone is technically savvy to be able to handle bitcoin wallet. To sensitize and teach the people on the technicalities of bitcoin could take several months or more than one year, it all depends on the peoples ability to understand. Again, since Bitcoin is very volatile, it is not going to be easy for some business outfits to adopt as they may be confused. Sensitization is the key - teaching the people how to profit and use Bitcoin, rushing the people will likely not yield results.

I think, El salvador need to go back to the drawing board to re-access the journey so far, highlight the mistakes, correct it and move on. With proper approach, they will make it.

Although it is very early to predict but of course the failure has started and there would be no stopping once the process begins.
 This is very unfortunate for the the those who have invested in bitcoins.
There should be proper education prog to help people learn and understand it- otherwise these kind of incidents will happen.

Yes, I fully support this idea, because the more people are educated about BTC, the better it is for people. I think that the main mistake of the president of El Salvador is not having launched awareness campaigns to be able to learn about BTC for all the people, with so much money that a government can handle, there is no doubt that a great effort can be made so that at least 70% of El Salvador knows what BTC is about and how citizens can see and understand everything about crypto.

In China before launching the government stablecoin, they put a lot of emphasis on btc, and this helped a lot to make people understand BTC very well.

[P2PECS]

Yes, I fully support this idea, because the more people are educated about BTC, the better it is for people. I think that the main mistake of the president of El Salvador is not having launched awareness campaigns to be able to learn about BTC for all the people, with so much money that a government can handle, there is no doubt that a great effort can be made so that at least 70% of El Salvador knows what BTC is about and how citizens can see and understand everything about crypto.

In China before launching the government stablecoin, they put a lot of emphasis on btc, and this helped a lot to make people understand BTC very well.

How do you know that the president of El Salvador has not disseminated information one way or another to explain what BTC is? Do you live there?

I would be surprised if he hadn't done something.  Another thing is that much of the population still sees it as a strange and volatile thing, no matter how much you explain it to them, and also the price behavior since the adoption of BTC has not helped. If the price had gone up and today it was 5 times higher, it would have a lot more followers there.

[romero121]

Do you all think El Salvador President Nayib Bukele have taken this decision without prior analysing the risks of the market. Just eight months passed and it is the major crash bitcoin is experiencing during this time period. Give them it's time. Some have stated of providing proper education to the citizens, so to use it in an effective according to the market.

People see their president doesn't have proper experience, which is true. However the initiative taken by him is a bold one and surely gives best result. If the price have bounced high, now even without any form of education people could've started learning it. So, even now the people can educate themselves and support the combined progress of the nation through the adoption.

[franky1]

but he clearly did not analyze the interest of the local population in bitcoin. They were simply put before the fact: here is bitcoin for you and now you have to use it and add it to your businesses as a means of payment. It won't work that way, which is why we see results like this.

but you clearly did not analyse the actual events of el salvador.
the government hoarded btc in custody. and the citizens didnt really get offered to actually use and make payments in btc. they were playing with other denominations using other databases and electronic messages between wallets.

[elevates]

Given the fact majority of citizens oppose Bitcoin as legal tender, and that more than half of El Salvador's population may lack internet connection in the first place, it appears that El Salvador's attempt to legalise Bitcoin may fail in such instances. If it succeeds, the country will not only become the world's largest Bitcoin market, but it will also provide the cryptocurrency with a flood of new alternatives.

[Falconer]

Given the fact majority of citizens oppose Bitcoin as legal tender, and that more than half of El Salvador's population may lack internet connection in the first place, it appears that El Salvador's attempt to legalise Bitcoin may fail in such instances. If it succeeds, the country will not only become the world's largest Bitcoin market, but it will also provide the cryptocurrency with a flood of new alternatives.

I support the growth of bitcoin adoption in any country because it is the best hope to make it more famous and used in various places. I'm not suggesting that El Salvador will ultimately fail with bitcoin adoption, but I do agree that they may not have the right approach.

They weren't completely wrong about his approach because we really knew that it was a bold first step from his administration. We hope there is something better about bitcoin adoption in El Salvador and also maybe they will be an important country to achieve successful bitcoin adoption in other countries as there are many lessons to be learned from making comparisons from El Salvador.