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Author Topic: Why has bitcoin adoption failed in El Salvador?  (Read 11509 times)
JayJuanGee
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September 13, 2022, 01:50:15 AM
 #241

Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon. Just my opinion Smiley

Of course, you can just make shit up and hope people reading this thread will believe your pie in the sky bitcoin naysaying nonsense, and assert that bitcoin adoption is not sufficiently or adequately increasing in El Salvador when the facts are contrary to your assertions...

For example, look at a cross post from the other El Salvador thread in terms of expansion of education materials as outlined by DdmrDdmr

In other words, adoption of bitcoin in El Salvador is progressing right along and taking place in many areas.. even if you proclaim based on your non-assessment of facts and logic and your wishes that you are unable to see such adoption progress happening.

Of course, we have to deal with ESG, KYC & AML, but each of them are attack vectors on Bitcoin to be avoided or minimized.

Put BTC here: 35EVP8EePt8dyvKHaB7bXaRmKLm22YgRCA

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Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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September 13, 2022, 04:44:54 AM
Merited by JayJuanGee (1)
 #242

In other words, adoption of bitcoin in El Salvador is progressing right along and taking place in many areas.. even if you proclaim based on your non-assessment of facts and logic and your wishes that you are unable to see such adoption progress happening.
Yes agree bitcoin adoption in El Salvador is still growing even after legalizing bitcoin in the country, currently the government of Nayib Bukele has launched several bitcoin related projects such as planning to upgrade Bitcoin Beach infrastructure and they will invest $200 million to upgrade beach facilities to become more luxurious so that tourists will feel comfortable when visiting.
More info: https://finbold.com/el-salvadors-bitcoin-beach-to-receive-over-200-million-in-infrastructure-investments/

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September 13, 2022, 07:05:58 PM
Merited by GiftedMAN (2), JayJuanGee (1)
 #243

Yet, that hasn't stopped El Salvador from reverting its decision of accepting BTC as legal tender

i don't think this will be possible, this is legal currency we are talking about and don't you think El-Savador isn't cracking a joke when it declared bitcoin as a legal tender? they cannot revert it else there's intransparency in the adoption and of which everything has been plain, fair and stable and the people are getting used to the system already in a big way such that almost all businesses and enterprises are open to the acceptance of bitcoin.

Most people in the country reject Bitcoin because they think it's a scam

that's not it, they were not mandated to compulsorily engage the use of bitcoin, it's an option that's acceptable by majority and they are using it, if you think using it isn't ok by then it's fine the law does not hunt you either for jot using it, remember that bitcoin is an opening to accessing freedom in the financial economy.

or simply because of its unstable market prices

even right before the adoption of bitcoin, market price has ever remain unstable.

Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon

Do you think bitcoin ATH is what make room for tendencies to bitcoin acceptability? obviously no because lot of countries could have adopted it right before now if you study the price volatility over years.

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September 13, 2022, 09:06:44 PM
Merited by JayJuanGee (1)
 #244

Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon. Just my opinion Smiley

Of course, you can just make shit up and hope people reading this thread will believe your pie in the sky bitcoin naysaying nonsense, and assert that bitcoin adoption is not sufficiently or adequately increasing in El Salvador when the facts are contrary to your assertions...

For example, look at a cross post from the other El Salvador thread in terms of expansion of education materials as outlined by DdmrDdmr

In other words, adoption of bitcoin in El Salvador is progressing right along and taking place in many areas.. even if you proclaim based on your non-assessment of facts and logic and your wishes that you are unable to see such adoption progress happening.
I think it is high time people begin to see things for what it is, El Salvador Bitcoin adoption is a long term journey and it requires time to grow, the grassroots awareness level may be low at the moment which have resulted into the low Bitcoin adoption among the citizens most especially those in remote areas. But with the efforts being put in in the information and education direction, I few years from now the result is going to change and more El Salvadorans will become more informed and educated enough to tap into the innovative advantages of Bitcoin and they will try to build their life around Bitcoin as an alternative El Salvador have hard currency changes in the past and in 2001 when the adopted the United States dollars its rate of adoption was also low but just that the method of adoption of the United States dollars is different from Bitcoin because in the case of Bitcoin is adopted as an alternative to acting along the US dollar.

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September 13, 2022, 10:25:13 PM
 #245

Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon. Just my opinion Smiley

Of course, you can just make shit up and hope people reading this thread will believe your pie in the sky bitcoin naysaying nonsense, and assert that bitcoin adoption is not sufficiently or adequately increasing in El Salvador when the facts are contrary to your assertions...

For example, look at a cross post from the other El Salvador thread in terms of expansion of education materials as outlined by DdmrDdmr

In other words, adoption of bitcoin in El Salvador is progressing right along and taking place in many areas.. even if you proclaim based on your non-assessment of facts and logic and your wishes that you are unable to see such adoption progress happening.
I think it is high time people begin to see things for what it is, El Salvador Bitcoin adoption is a long term journey and it requires time to grow, the grassroots awareness level may be low at the moment which have resulted into the low Bitcoin adoption among the citizens most especially those in remote areas. But with the efforts being put in in the information and education direction, I few years from now the result is going to change and more El Salvadorans will become more informed and educated enough to tap into the innovative advantages of Bitcoin and they will try to build their life around Bitcoin as an alternative El Salvador have hard currency changes in the past and in 2001 when the adopted the United States dollars its rate of adoption was also low but just that the method of adoption of the United States dollars is different from Bitcoin because in the case of Bitcoin is adopted as an alternative to acting along the US dollar.
It does really takes time for it to grow.The wrong thing on here is that people do really make out direct conclusions that it had failed considering that we are just seeing on 1 year basis after its legal  tender

adoption but people had been keeping on giving out those negative sentiments speaking about it had failed or didnt really get that much attention which is somewhat true
but just as been said that we should give them some time because citizens would eventually find out on what would be its advantages and total relevance
because the President wont really be making such action if he doesnt see any benefits from it.

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September 13, 2022, 11:26:35 PM
 #246

Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon. Just my opinion Smiley

Of course, you can just make shit up and hope people reading this thread will believe your pie in the sky bitcoin naysaying nonsense, and assert that bitcoin adoption is not sufficiently or adequately increasing in El Salvador when the facts are contrary to your assertions...

For example, look at a cross post from the other El Salvador thread in terms of expansion of education materials as outlined by DdmrDdmr

In other words, adoption of bitcoin in El Salvador is progressing right along and taking place in many areas.. even if you proclaim based on your non-assessment of facts and logic and your wishes that you are unable to see such adoption progress happening.
I think it is high time people begin to see things for what it is, El Salvador Bitcoin adoption is a long term journey and it requires time to grow, the grassroots awareness level may be low at the moment which have resulted into the low Bitcoin adoption among the citizens most especially those in remote areas. But with the efforts being put in in the information and education direction, I few years from now the result is going to change and more El Salvadorans will become more informed and educated enough to tap into the innovative advantages of Bitcoin and they will try to build their life around Bitcoin as an alternative El Salvador have hard currency changes in the past and in 2001 when the adopted the United States dollars its rate of adoption was also low but just that the method of adoption of the United States dollars is different from Bitcoin because in the case of Bitcoin is adopted as an alternative to acting along the US dollar.
It does really takes time for it to grow.The wrong thing on here is that people do really make out direct conclusions that it had failed considering that we are just seeing on 1 year basis after its legal  tender

adoption but people had been keeping on giving out those negative sentiments speaking about it had failed or didnt really get that much attention which is somewhat true
but just as been said that we should give them some time because citizens would eventually find out on what would be its advantages and total relevance
because the President wont really be making such action if he doesnt see any benefits from it.

any new technology really needs time before everyone got a grasp on it. imagine, btc playing the same role with their fiat? fiat has been there for decades and decades so yes, they should be more considerate when it comes to adoption of btc because el salvador has just implemented this as legal tender for just a year. so they should not expect that the adoption is already the same with their fiat.

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September 13, 2022, 11:44:43 PM
 #247


any new technology really needs time before everyone got a grasp on it. imagine, btc playing the same role with their fiat? fiat has been there for decades and decades so yes, they should be more considerate when it comes to adoption of btc because el salvador has just implemented this as legal tender for just a year. so they should not expect that the adoption is already the same with their fiat.
Whenever something reaches the market people find it hard to get used to it. Later slowly things change when the real value of the same is being enjoyed/experienced by some means. The same is the reality of the adoption from El Salvador. As said just think of our bitcoin, very few were interested on bitcoin at its early days. Those people have made it reach the world and it is successful. Same as this with time we'll experience the success of El Salvador and for the reason the adoption isn't a failure.

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September 14, 2022, 04:44:39 AM
 #248

Yet, that hasn't stopped El Salvador from reverting its decision of accepting BTC as legal tender
i don't think this will be possible, this is legal currency we are talking about and don't you think El-Savador isn't cracking a joke when it declared bitcoin as a legal tender? they cannot revert it else there's intransparency in the adoption and of which everything has been plain, fair and stable and the people are getting used to the system already in a big way such that almost all businesses and enterprises are open to the acceptance of bitcoin.

For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.

Of course, we have to deal with ESG, KYC & AML, but each of them are attack vectors on Bitcoin to be avoided or minimized.

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September 14, 2022, 05:58:09 AM
 #249

it's not that easy to change someone's mindset, because changing someone's point of view requires a deeper approach, and there are many stages because something rushed usually doesn't last long, even according to a survey of Central American universities 9 out of 10 El Salvadorans don't know what bitcoin is and 8 out of 10 even doubt digital money, surely it will be very difficult to see from their very little knowledge of bitcoin, So in conclusion El Salvador is too hasty about adopting bitcoin, without considering the wishes of the people.

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September 15, 2022, 01:54:22 PM
 #250

For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.
El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision

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September 15, 2022, 07:59:32 PM
 #251

For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.
El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision
Surprisingly they are really indeed having that solid decision in terms of bitcoin accumulation despite on whatever market condition that we are facing on.They dont really mind if its dumping or bears
as long they could accumulate as much as they could.Its not really that something bad on which the President is doing but he should really mind the situation of its citizens whether these decisions
were feasible and something that could really give out positive impact in overall.

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September 15, 2022, 08:47:54 PM
 #252

For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.
El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision
Surprisingly they are really indeed having that solid decision in terms of bitcoin accumulation despite on whatever market condition that we are facing on.They dont really mind if its dumping or bears
as long they could accumulate as much as they could.Its not really that something bad on which the President is doing but he should really mind the situation of its citizens whether these decisions
were feasible and something that could really give out positive impact in overall.
I guess Bukele is looking forward in the future where there could be a chance that bitcoin will overturn their current struggles right now. The lower bitcoin go is the heavier their country will suffer, His country man are currently suffering from what Bukele introduced to them but his name could easily be flipped when we enter the bull market and bitcoin rise. Bukele just did a gamble with his country and we might know what might happen to them in the future.

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September 15, 2022, 10:35:15 PM
 #253

For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.
El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision
Surprisingly they are really indeed having that solid decision in terms of bitcoin accumulation despite on whatever market condition that we are facing on.They dont really mind if its dumping or bears
as long they could accumulate as much as they could.Its not really that something bad on which the President is doing but he should really mind the situation of its citizens whether these decisions
were feasible and something that could really give out positive impact in overall.
He should analyse the real condition of the people through a perfect survey. In that people need to be asked, how their financial growth have taken place out of bitcoin adoption. Here very little positive support will be got from the people, and through this it can be used as an opportunity to explain people a new system into usage won't give benefits at the shortest and it takes time. People will surely start using it, and the real value of bitcoin adoption can be seen.

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September 16, 2022, 05:42:24 PM
 #254


I guess Bukele is looking forward in the future where there could be a chance that bitcoin will overturn their current struggles right now. The lower bitcoin go is the heavier their country will suffer, His country man are currently suffering from what Bukele introduced to them but his name could easily be flipped when we enter the bull market and bitcoin rise. Bukele just did a gamble with his country and we might know what might happen to them in the future.
It seems to me that the challenge of the adoption of Bitcoin as a legal tender is receiving more publicity than the benefits of this policy. The bearish market and the global economic crisis caused by the effect of Covid-19 and the invasion of Ukraine have made El Salvador's economic challenges more complicated. But nobody is talking about how much El Salvadorans have saved from remittance fees due to Bitcoin adoption. Improvement in investment, education, and tourism is not getting the same publicity as the losses the country has incurred due to its investment in Bitcoin.


He should analyse the real condition of the people through a perfect survey. In that people need to be asked, how their financial growth have taken place out of bitcoin adoption. Here very little positive support will be got from the people, and through this it can be used as an opportunity to explain people a new system into usage won't give benefits at the shortest and it takes time. People will surely start using it, and the real value of bitcoin adoption can be seen.
As you rightly pointed out, the government of El Salvador should do a proper analysis of the outcome of its policy of adopting Bitcoin as a legal tender. The yearly evaluation should be focused on the impact of this policy on the users which is the citizens of the country. This would help to identify the strength and weaknesses of this policy which would definitely lead to a review and adjustment of the implementation process. One year is a long time but it might not be enough to score the success of a particular policy especially when it is a long-time investment. But it is indeed a good time to check and recheck the outcome of a project

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September 16, 2022, 06:23:52 PM
 #255

El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision
El Savador citizen not criticism for Bukele about bitcoin become legal currency transaction, but many of them not happy El Savador government invested when bitcoin still on higher price. Now become happiness moment for citizen criticism with Bukele act for investing in bitcoin because price drop drastically. Bukele can respond with criticism some citizen when bitcoin reaching higher price, but right now he need try patience waiting for when bitcoin back to higher price again. Maybe if El Savador just make bitcoin as legal currency transaction only without try investing he will get support from their citizen, but bad thing when try investing with bitcoin on higher price and right now bitcoin drop almost 50% when Bukele made first investment with bitcoin.

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September 16, 2022, 08:52:57 PM
Merited by JayJuanGee (1)
 #256

it's not that easy to change someone's mindset, because changing someone's point of view requires a deeper approach, and there are many stages because something rushed usually doesn't last long, even according to a survey of Central American universities 9 out of 10 El Salvadorans don't know what bitcoin is and 8 out of 10 even doubt digital money, surely it will be very difficult to see from their very little knowledge of bitcoin, So in conclusion El Salvador is too hasty about adopting bitcoin, without considering the wishes of the people.

So when is the time, why compare and with whom, there is no official record, El Salvador is marking that official data that does not exist for any country, the mentality thing is relative and always happens with any change that is implemented, in any case El Salvador has a history with the dollar, the story was not very different in the rejection and use, curious to think that despite having more than 20 years of use as legal tender, the deficiency of bank accounts is still prevalent, in In any case, any study that is mentioned should have its respective reference, due to the data it that you mentions.

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September 16, 2022, 08:58:56 PM
 #257

it's not that easy to change someone's mindset, because changing someone's point of view requires a deeper approach, and there are many stages because something rushed usually doesn't last long, even according to a survey of Central American universities 9 out of 10 El Salvadorans don't know what bitcoin is and 8 out of 10 even doubt digital money, surely it will be very difficult to see from their very little knowledge of bitcoin, So in conclusion El Salvador is too hasty about adopting bitcoin, without considering the wishes of the people.

So when is the time, why compare and with whom, there is no official record, El Salvador is marking that official data that does not exist for any country, the mentality thing is relative and always happens with any change that is implemented, in any case El Salvador has a history with the dollar, the story was not very different in the rejection and use, curious to think that despite having more than 20 years of use as legal tender, the deficiency of bank accounts is still prevalent, in In any case, any study that is mentioned should have its respective reference, due to the data it that you mentions.
Why other countries should mind their own business rather than on making out comments and criticisms on what El Salvador had done on making Bitcoin as a legal tender?
Its their country to be affected if ever the market becomes worst and not on the country you are living, whether this market turns out to be positive then we know that in our minds
saying that they had done the right decision but on the time that the market do make out some shit movement or declining then this is where blaming and flaming out
words would really be coming out into our minds.

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September 17, 2022, 01:16:52 PM
 #258

The adoption of bitcoin in El Salvador at the state level can only bring good results if the right measures are taken to restore the national economy. After all, finance practically only serves the economy of each state. That is, a strong currency is of great importance, but is not a decisive factor for economic growth. In this regard, cryptocurrency cannot cancel the operation of general economic laws. The success of bitcoin circulation in El Salvador, therefore, will largely depend on how professional the government will be in carrying out its usual functions.

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September 17, 2022, 01:44:48 PM
 #259

The adoption of bitcoin in El Salvador at the state level can only bring good results if the right measures are taken to restore the national economy. After all, finance practically only serves the economy of each state. That is, a strong currency is of great importance, but is not a decisive factor for economic growth. In this regard, cryptocurrency cannot cancel the operation of general economic laws. The success of bitcoin circulation in El Salvador, therefore, will largely depend on how professional the government will be in carrying out its usual functions.
Exactly the point, the success or failure of El Salvador Bitcoin adoption should not be hedged on the price of Bitcoin and at what price El Salvador Bitcoin holdings were bought. Bitcoin adoption in El Salvador should not be given a short time view because of the nature of development that should be put in place for a smooth transition and general adoption, I don't know why analysts are giving it a short-term overview. El Salvador Bitcoin adoption is just one year old and bitcoin in its entire existence is still a decade old so let's wait and see how things unfold in the coming months and how the Bitcoin bond and Bitcoin city will help push the adoption of bitcoin in El Salvador if the investment in bitcoin education in El Salvador pay off with larger members of the citizens of El Salvador gaining adequate knowledge on Bitcoin and the entire blockchain technology more innovative growth will be recorded in El Salvador that will trigger economic growth. So I view all this data from various surveys as irrelevant and inaccurate at this point for long-term projects such as Bitcoin bonds in El Salvador.

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September 20, 2022, 08:31:11 AM
 #260

That’s because there is a conflict going on. Governments and banks are afraid of Bitcoin's success. And there is a lot of misinformation. However, in the long run, it is a losing battle. Everyone understands that Bitcoin is a clean asset. Even banks and governments will eventually purchase it someday. Just that people need more education and research more about it.
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