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[franky1]

All I could do was laugh when these articles started coming out in the Spring claiming Bitcoin was a huge failure in El Salvador haha. They literally started coming out 7 months after it was made legal tender. Just like, wtf??! How about we wait a reasonable amount of time, like 10 years, not 7 months lol.

el salvador had TWO campaigns..
1. the govenment hoard for government sovereignty..
2. the citizen access

now lets make things clear (1) was bitcoin.. (2) was not bitcoin..(2) failed

the september to decomber trial of a payment system for citizens was not using BITCOIN. it was using lightning. and when lightning failed its experiment to work with the chivo wallet due to liquidity bottlenecks and exit ramp dead-ends back to crypto/fiat. the citizens did not like it.
however rather then that "strike" guy admitting his experiment on the el salv population failed. he tried to distance his invovlement and tried to call it out as a bitcoin failure

the very callous nature of LN people faming up their involvement in september branding themselves as the main feature of el salvadors backbone to chivo.. .. and then running off in december and calling it a bitcoin failure is a big reason i hate LN'ers. this is not the first time they fame themselves up brand stealing bitcoin. and then blame things on bitcoin when their campaigns fail

...
now lets talk about (1)
the government is still buying bitcoin and they are playing the long game. they are not interesting in selling at a loss or selling low. it takes time for the (1) to flourish

[Gnanadev]

El Salvador became the first country in the world to adopt Bitcoin as legal tender in June 2021, which means that businesses in the country are required to accept Bitcoin as payment for goods and services. However, the adoption of Bitcoin in El Salvador has not been as successful as some had hoped for.

One reason for this may be due to the fact that many businesses and merchants are not yet equipped to accept Bitcoin payments, as they lack the necessary infrastructure or technical knowledge to do so. Additionally, there's a lack of education and awareness on how to use Bitcoin and its benefits among the population.

Another reason could be the lack of infrastructure and regulatory framework to support the use of Bitcoin. Some businesses may be hesitant to accept Bitcoin as legal tender because they are not sure how to handle the tax implications, or they may be concerned about fraud or other risks.

Additionally, the economic and political situation of the country also plays a role, as the country is going through an economic crisis and political instability which has affected the stability of the legal tender and made the local population more risk-averse to adoption.

Another important aspect to consider is that Bitcoin is a relatively new technology and adoption of it takes time. Even in countries with a more developed infrastructure, the adoption of Bitcoin as a method of payment has been slow and gradual.

It's worth noting that the situation with the adoption of bitcoin may change over time as infrastructure develops and people become more educated about the benefits of using digital currencies, and regulatory framework adapts to support it.

[Doan9269]

the adoption of Bitcoin in El Salvador has not been as successful as some had hoped for.

I strongly disagrees on this, can you provide the proofs to ascertain these, the government of El-Savador introduced bitcoin to the citizens as a legal tender and does not mandate payment on them using using bitcoin only, the two were still in plafe which is the USD and BTC, now your choice to choose, he also provide the free wallet with some coins on them to each citizens to take very good advantage of in using bitcoin amd still yet not enforcing it on them.

One reason for this may be due to the fact that many businesses and merchants are not yet equipped to accept Bitcoin payments, as they lack the necessary infrastructure or technical knowledge to do so.

This is wrong as well because even as at recent, we have many investors coming to El-Savador to initiate bitcoin prospects and opportunities in various economy aslect to boost their current statusqo, now you will know that many of the citizens use of bitcoin is from the numbers of people that have tried using the wallet, which means almost all of them have their bitcoin wallet they make transaction with despite they still uses the USD along.

Additionally, there's a lack of education and awareness on how to use Bitcoin and its benefits among the population.

Buddy where are you getting these information from, i recommend you read through the bitcoin adoption thread with the title: El-Savador becomes the first country to make bitcoin a legal tender https://bitcointalk.org/index.php?topic=5342087.msg61515038#msg61515038 under bitcoin discussion and see how bitcoin education is fast going in El-Savador.

[Aanuoluwatofunmi]

There has been a legal framework the government of El-Savador has approved by the (legislature) toward the launching of bitcoin volcanic bond abd this new securities law will help improve the overall performance with the bitcoin adoption in every economical aspect in El-Savador.

https://twitter.com/BitcoinMagazine/status/1613287852606881793?t=Ov8nf1KOtNYInuXKo4NeuQ&s=19


I guessed as much this will not be announced here since it's not part of what can be regarded as failure, El-Savador had never regretted his actions ever since with bitcoin adoption and will not because it's has gone beyond just an ordinary fear or being timid by IMF or any other information carrier that takes host of fake news about it state of affairs with bitcoin adoption in El-Savador.

[jokers10]

...
I guessed as much this will not be announced here since it's not part of what can be regarded as failure, El-Savador had never regretted his actions ever since with bitcoin adoption and will not because it's has gone beyond just an ordinary fear or being timid by IMF or any other information carrier that takes host of fake news about it state of affairs with bitcoin adoption in El-Savador.

Bitcoin bonds are not so univocal decision: if you lend bitcoins in deep bear market then you take cheap bitcoin while later you'll need to repay your debt with more expensive bitcoins. Don't forget that bitcoin has a deflationary nature. Fortunately we can expect some reverse of trends in the market, and I hope, if El Salvador will sell it's bitcoin bonds, it will sell them as much expensive as possible. If to have an opportunity to buy ATH and to buyback ATL, it would be great for the country.

[JayJuanGee]

...
I guessed as much this will not be announced here since it's not part of what can be regarded as failure, El-Savador had never regretted his actions ever since with bitcoin adoption and will not because it's has gone beyond just an ordinary fear or being timid by IMF or any other information carrier that takes host of fake news about it state of affairs with bitcoin adoption in El-Savador.

Bitcoin bonds are not so univocal decision: if you lend bitcoins in deep bear market then you take cheap bitcoin while later you'll need to repay your debt with more expensive bitcoins. Don't forget that bitcoin has a deflationary nature. Fortunately we can expect some reverse of trends in the market, and I hope, if El Salvador will sell it's bitcoin bonds, it will sell them as much expensive as possible. If to have an opportunity to buy ATH and to buyback ATL, it would be great for the country.

The bonds are denominated in dollars, and the payout is denominated in dollars (not bitcoins).  So El Salvador will use whatever dollars it get from the bonds within the various stated purposes of buying bitcoin (with half) and for investing in volcanic bonds and the bitcoin city and whatever else they had described that they were going to use the dollars (with the other half)... and then the pay back and the various terms of the paybakc will be in dollars too with the terms that they described in regards to dividends, etc.

On a financial basis, many bitcoiners would suggest to just buy bitcoin directly, but there are some kinds of entities that have difficulties buying bitcoin directly but they are able to buy bonds, and then there may be some other folks who buy El Salvador bonds, merely because they are wanting to support the bitcoin related efforts of El Salvador and they are not purely driven by the idea of the bonds being profitable (or likely less profitable than buying bitcoin directly).

[jokers10]

The bonds are denominated in dollars, and the payout is denominated in dollars (not bitcoins).  So El Salvador will use whatever dollars it get from the bonds within the various stated purposes of buying bitcoin (with half) and for investing in volcanic bonds and the bitcoin city and whatever else they had described that they were going to use the dollars (with the other half)... and then the pay back and the various terms of the paybakc will be in dollars too with the terms that they described in regards to dividends, etc.

On a financial basis, many bitcoiners would suggest to just buy bitcoin directly, but there are some kinds of entities that have difficulties buying bitcoin directly but they are able to buy bonds, and then there may be some other folks who buy El Salvador bonds, merely because they are wanting to support the bitcoin related efforts of El Salvador and they are not purely driven by the idea of the bonds being profitable (or likely less profitable than buying bitcoin directly).

Oh that's good and has more sense. Getting bitcoins directly but repaying in USD is genius! USD will definitely drop in price in time and it is a great idea to borrow a getting cheaper dollar (but directly in bitcoins) to create an enterprise for bitcoin mining. I didn't get it clear first but now I see it's good. Thanks for clarification!

[Crypt0Gore]

What the heck is Chivo wallet anyway? It's on El Salvador people if they use such wallet to store their bitcoin, I heard they are mostly illiterate in that country, I am sure they failed to do proper research on Bitcoin and how to keep their keys themselves.

This still isn't getting in the way that Bitcoin getting adopted and this does not mean that Bitcoin had failed this is just the beginning of crypto massive adoption, and sooner or later people will understand.

[Sayeds56]

What the heck is Chivo wallet anyway? It's on El Salvador people if they use such wallet to store their bitcoin, I heard they are mostly illiterate in that country, I am sure they failed to do proper research on Bitcoin and how to keep their keys themselves.

This still isn't getting in the way that Bitcoin getting adopted and this does not mean that Bitcoin had failed this is just the beginning of crypto massive adoption, and sooner or later people will understand.

Bitcoin adoption in Salvador is still in early stage, so it's too soon to conclude that the experiment  has not been successful. It was a bold decision of President Nayib Bukele to adopt Bitcoin as legal tender which should be respected. But the timing of this decision may have been unfortunate for him, due to sharp fall in Bitcoin price from ATH of 68,000 to around 16,000 in December-22, which made it challenging for the government to manage.

[bittraffic]

What the heck is Chivo wallet anyway? It's on El Salvador people if they use such wallet to store their bitcoin, I heard they are mostly illiterate in that country, I am sure they failed to do proper research on Bitcoin and how to keep their keys themselves.

This still isn't getting in the way that Bitcoin getting adopted and this does not mean that Bitcoin had failed this is just the beginning of crypto massive adoption, and sooner or later people will understand.

Bitcoin adoption in Salvador is still in early stage, so it's too soon to conclude that the experiment  has not been successful. It was a bold decision of President Nayib Bukele to adopt Bitcoin as legal tender which should be respected. But the timing of this decision may have been unfortunate for him, due to sharp fall in Bitcoin price from ATH of 68,000 to around 16,000 in December-22, which made it challenging for the government to manage.

What difference do El Salvador and Nigeria have?

BTC is successful in Nigeria. They are the first to have Bitcoin beach and offer Crypto companies in the country. Max Keiser even move to this country all for this Bitcoin adoption. Over time El Salvador will also be successful with just a population of less than 7M people. This is the kind of country where marketing will be easier and the government can flash it all the way to their TV network.

This 2022 bear market was just one setback.

[8rch7]

The bitcoin project that seems to have failed in El Salvador is definitely a disaster for some El Salvadoran people, the failure of the bitcoin project is caused by the lack of El Salvadorans using crypto currency, even though the government has done everything possible to boost the popularity of bitcoin and make bitcoin a currency the main currency in El Salvador but until now btc has not become the popular currency in El Salvador, even though until now bitcoin has not been fully accepted by the people of El Salvador but bukele sticks to his vision, making El Salvador the global crypto center in the future.

[posi]

The bitcoin project that seems to have failed in El Salvador is definitely a disaster for some El Salvadoran people, the failure of the bitcoin project is caused by the lack of El Salvadorans using crypto currency, even though the government has done everything possible to boost the popularity of bitcoin and make bitcoin a currency the main currency in El Salvador but until now btc has not become the popular currency in El Salvador, even though until now bitcoin has not been fully accepted by the people of El Salvador but bukele sticks to his vision, making El Salvador the global crypto center in the future.

Are you a citizen of El Salvador? Do you have any proof that bitcoin failed in El Salvador? They are pioneers in accepting bitcoin as legal tender, and its implementation takes time. All this process took place in less than 2 years, can't rush to conclude success or failure, everything is still in the process of development and construction. Like you, you are holding bitcoin, and the market is terrible your assets are falling, but that doesn't mean you have failed because you haven't sold your bitcoins.

[JayJuanGee]

What the heck is Chivo wallet anyway? It's on El Salvador people if they use such wallet to store their bitcoin, I heard they are mostly illiterate in that country, I am sure they failed to do proper research on Bitcoin and how to keep their keys themselves.

This still isn't getting in the way that Bitcoin getting adopted and this does not mean that Bitcoin had failed this is just the beginning of crypto massive adoption, and sooner or later people will understand.

Bitcoin adoption in Salvador is still in early stage, so it's too soon to conclude that the experiment  has not been successful. It was a bold decision of President Nayib Bukele to adopt Bitcoin as legal tender which should be respected. But the timing of this decision may have been unfortunate for him, due to sharp fall in Bitcoin price from ATH of 68,000 to around 16,000 in December-22, which made it challenging for the government to manage.

What difference do El Salvador and Nigeria have?

The difference is that they are in a different country.

Like a different continent, if I were to look at a map..

Therefore they have different circumstances on the ground, a lot of differences, if you were to consider the matter.

I hardly have grasps on any specifics to tell you the truth, yet I still know enough in regards to one country being open to creating a lot of legal ways to transact in bitcoin and to build around bitcoin (referring to El Salvador of course), and also a bitcoin maximalism kind of a perspective that actually legislates that shitcoins are securities and bitcoin is not.. so there ends up being options to either use dollars or bitcoin . and even some incentives around trying to lessen some of the tax ramifications of transacting in bitcoin that might exist in other places.

BTC is successful in Nigeria.

Is there a thread in which you can either make your comparison contrasts or to pump how wonderful of a situation that you believe Nigeria to be in terms of the BTC adoption, usage or whatever other metrics that you are wanting to employ in order to conclude success in those there parts of the world?

My understanding is that "officially" Nigeria is hostile to bitcoin and to the various shitcoins that are being used there.  The Nigerian government has engaged in a variety of tactics to try to suppress the use of bitcoin and/or crypto.. but people still use them and also a kind of underground economy and seemingly a scoff law kind of situation.  I am not sure if I would call Nigeria to be successful exactly and the government introduced CBDC and try to make cash illegal too, and apparently their efforts are not successful in that either, so there is a kind of battle going on there in regards to currency.. which you seem to be wanting to characterize as a success because it is coming from the grassroots up and from the people rather than accepting any characterization that the creation of a legal environment might not have some benefits, and perhaps there might be issues with shitcoins in Nigeria.. but hey, I don't really claim to know specifics, so I would not want to be too conclusive in regards to how much shitcoining might be screwing people (meaning regular people) there, in Nigeria.

They are the first to have Bitcoin beach and offer Crypto companies in the country. Max Keiser even move to this country all for this Bitcoin adoption. Over time El Salvador will also be successful with just a population of less than 7M people. This is the kind of country where marketing will be easier and the government can flash it all the way to their TV network.

This 2022 bear market was just one setback.

Hm?  you are back to talking about El Salvador rather than Nigeria now... yeah.. for sure, it seems that they have a lot of interesting bitcoin specific developments going on in El Salvador, and the downfall of the BTC price in 2022 should not necessarily cause very much concern, even though it seems that people want to get worked up about the downfall in the BTC price in 2022 as if it were some kind of a major all-important factor when it is ONLY one of many factors, and in the last part of your post, you seem to be agreeing to that kind of a characterization too.

The bitcoin project that seems to have failed in El Salvador is definitely a disaster for some El Salvadoran people, the failure of the bitcoin project is caused by the lack of El Salvadorans using crypto currency, even though the government has done everything possible to boost the popularity of bitcoin and make bitcoin a currency the main currency in El Salvador but until now btc has not become the popular currency in El Salvador, even though until now bitcoin has not been fully accepted by the people of El Salvador but bukele sticks to his vision, making El Salvador the global crypto center in the future.

"even though the government has done everything possible to boost the popularity of bitcoin"

You are full of shit in regards to this assertion.... .and perhaps even full of shit in regards to your whole post, but hey.. whatever believe what you like in terms of your superficial and seemingly uniformed assessment.

[famososMuertos]

The bitcoin project that seems to have failed in El Salvador is definitely a disaster for some El Salvadoran people, the failure of the bitcoin project is caused by the lack of El Salvadorans using crypto currency, even though the government has done everything possible to boost the popularity of bitcoin and make bitcoin a currency the main currency in El Salvador but until now btc has not become the popular currency in El Salvador, even though until now bitcoin has not been fully accepted by the people of El Salvador but bukele sticks to his vision, making El Salvador the global crypto center in the future.

Let's suppose that any country approves the art of... "PePe," a certain artist as a form of payment, what would you think at first glance, would you understand it, socourse   no.

bitcoin has everything to become a global means of payment, but being so as a local currency, results in itself exceeding expectations even for the most staunch followers of bitcoin.

That is, don't follow speeches you don't know and don't stick to the "on-topic" and use "failed" and "disaster" incorrectly.

Bukele's vision alone is not useful to take the history of bitcoin in El Salvador on the right track, it is that of many, or of a few, it does not matter, if we start with only Bukele, but I bet you "1 sat." that in El Salvador there are more than two people who believe in this project. It's the key, or not? Do you remember how Bitcoin started in its genesis idea, oh, yes! 2 individuals were needed.

Perhaps foreigners are the pioneers together with residents who believe in the use of bitcoin, many residency are being approved quickly, there are more and more places/businesses that are added to use bitcoin, surely there are also others that are moving away, but whatever, look these examples...

POV: You enter a taxi and you find this. Welcome to #ElSalvador! 😂 #bitcoin
https://twitter.com/nayibbukele...status /@Lorinaura



Congrats to my new dear friends on achieving their residency cards today! I'm so glad we could help
(and also happy to put Denmark on my little map)
https://twitter.com/nayibbukele...status /@ElSalvadorVisas


It may not be many, but it's more than the zero or nothing from a year ago, understand me, it's not easy, but the process is happening.

[Abiky]

Are you a citizen of El Salvador? Do you have any proof that bitcoin failed in El Salvador? They are pioneers in accepting bitcoin as legal tender, and its implementation takes time. All this process took place in less than 2 years, can't rush to conclude success or failure, everything is still in the process of development and construction. Like you, you are holding bitcoin, and the market is terrible your assets are falling, but that doesn't mean you have failed because you haven't sold your bitcoins.

Good things take time to build. We can't expect quick results especially when BTC's been going downhill lately. Mainstream adoption is a slow and steady phase that requires patience in the long run. To see a developing country adopt BTC as legal tender, is quite surprising. Especially when most developing countries aren't quite used to the latest advancements in technology.

El Salvador took a step forward by becoming the first developing country in Latin America to adopt Bitcoin. It's currently heading to the right direction. Just wait until BTC goes to the moon, and El Salvador could instantly become one of the richest countries in the world. That is if Nayib Bukele stays in power by the time Bitcoin explodes in price. If there's a change in government, then it's bye-bye to the Bitcoin experiment for good. No one can predict the future, so we can only hope for the best. Just my thoughts

[camito]

In addition to developing a national virtual wallet dubbed "chivo" (Salvadoran slang for "cool") that provides no-fee transactions and enables speedy cross-border payments, the program involves purchasing bitcoin with public funds. In a nation where most transactions are conducted in cash and where 70% of the population lacks access to standard financial services like bank accounts or credit cards, chivo was designed to provide a simple entry point for those who had never used the banking system.

[stomachgrowls]

In addition to developing a national virtual wallet dubbed "chivo" (Salvadoran slang for "cool") that provides no-fee transactions and enables speedy cross-border payments, the program involves purchasing bitcoin with public funds. In a nation where most transactions are conducted in cash and where 70% of the population lacks access to standard financial services like bank accounts or credit cards, chivo was designed to provide a simple entry point for those who had never used the banking system.

Citizens literacy would really be the key if they are really that targeting in full scale adoption basing up on what the government had integrated.Its true that these transactions would be more worth and something useful if the citizens itself are really that knowledgeable on how do these things functions.

Somehow they are really doing such step for such matter.

Bitcoin Education In El Salvador Paves The Way For Wider Adoption
El Salvador, an initiative called My First Bitcoin sought to teach over 10,000 schoolchildren about bitcoin by 2022. In 2023, it plans to reach a larger audience by a factor of 25 and teach 250,000 students.
https://news.coincu.com/155774-bitcoin-education-in-el-salvador-paves/

[posi]

...Just wait until BTC goes to the moon, and El Salvador could instantly become one of the richest countries in the world. ...

My prediction, if they can maintain and continue to develop things with bitcoin, then when the bull season comes, they will have significant achievements, and that will be a strong impetus for other countries to do same El Salvador. Many countries will accept bitcoin as legal tender.

But I doubt that they will become the richest country in the world with only bitcoin, we need to be realistic, bitcoin will give them a big fortune to be able to solve domestic problems as well as develop the country. Bitcoin cannot make them the richest country in the world, the amount of bitcoin they hold is still too little to be the richest.

[arwin100]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.



Photo credit taken from google

For this bringing up on international stage they are damn serious on bitcoin adoption to their country.

[romero121]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.



Photo credit taken from google

For this bringing up on international stage they are damn serious on bitcoin adoption to their country.

In all means El Salvador is trying to keep its growth and provide stage for bitcoin. Maybe in the future El Salvador flag will have bitcoin. In all possible means El Salvador is doing the best to prioritize bitcoin. Some say the country have failed, but the reality is they're with the fighting spirit. Now tourism have experienced success, slowly one by one other sectors too will progress. The small move by the fashion industry to have bitcoin staged too can cause a turn.