Soyapango is proving that Bitcoin adoption alone is not enough

[NotATether]

El Salvador does not have its own fiat. They use US dollar!

Imagine being the government of a country whose financial system's fate is tethered to that of the American financial system.

That's why it's really huge that El Salvador as a county have made this jump towards financial freedom at a country level. Kudos to them.

[The Cryptovator]

Nayib Bukele alone can't push Bitcoin anyway. He did everything from his end. But the whole crypto market is quite Shaky right now. Even Binance facing a huge amount of withdrawal from their exchange. The situation becoming worst every day. A country or a person won't change the situation. It's hard to find right now why Bitcoin should pump. A lot of rumors surrounding the crypto space especially Binance FUD pulling down the market again. We have to wait for a few days to see the market reaction.

[South Park]

Bitcoin experienced another accomplishment when the President of El Salvador, Nayib Bukele declared his country was going to accept Bitcoin as a legal tender and went on to grooming his country, going as far as purchasing a whooping sum of $425m worth of BTC. His aim? To ensure he builds a Bitcoin City worthy of attracting investors.
 In all honesty, all these look noble and point to a man invested in the growth and development of his country using the help of Bitcoin. Then where did he get it wrong??

  According to a report gathered, it seems the adoption is failing drastically as merchants over there prefer to accept payment for service using the country's fiat rather than BTC as they believe it's too complicated, while Soyapango, one of the slum dumps of El Salvador, is not benefitting from the experiment Nayib is working on, as it has been described to be one the areas infested with crime. Although the country cannot be called poor, just an economically backward country.
 I think a new strategy needs to be employed by Nayib to carry everyone along since this one seems to be failing woefully. What are your thoughts?
  link
 

I am not so sure what some people were expecting out of the process we are watching at El Salvador, bitcoin is not going to resolve issues like poverty or anything like that, also we are in the bearish part of this cycle and this has diminished the interest in bitcoin for the time being so it is natural merchants prefer to get some fiat right now, but once things improve the rate of adoption at El Salvador and around the world will improve and merchants will be more willing to accept bitcoin as a payment as well.

[Artemis3]

Do we need another thread about El Salvador and Bitcoin? Even less do we need those who do not want or cannot understand that the fact that Bitcoin is legal tender in a country does not mean that everyone wants to use it, especially if we consider that they have an alternative in the form of US dollars that they have been using for more than 20 years.

I don't know what the OP and others like him think, maybe Bukele should find some way of coercion to "convince" people to use Bitcoin, maybe hire gangs to carry out that mission?

There is no coercion just incentives. I don't want to use the fiat of my country, and now i have the alternative of Bitcoin with or without the State blessing. There the State was put in favor which i find very convenient, but its not like you can't use USD, the USD has not been banned so i don't know where you get that rhetoric from. People are simply invited to accept a new payment method, that the State is even willing to serve as payment processor for (and you can opt for a private company instead).

Bukele not only adopted bitcoin, but is putting an end to those very gangs you are talking about, that decades of previous govs did nothing about.

To give you a perspective, my country did in fact banned the USD and anything different to the local fiat from 2003 to 2019 until they couldn't stop the "black" market anymore and just gave up after zeroes and zeroes slashed from the fiat. Nominally now you can pay in that fiat, an "equivalent of" USD, or pay directly with "foreign currency" (with extra tax), and many even accept bitcoin, etc.

The USD being "strong" is only relative to the other fiats (they all falling together, just some faster than others), but Biden is making sure this does not remain the case. And here lies the problem of the matter, they can do things like "print" more (soon no printing, all digital zeroes thanks to CBDCs). If the USD collapses the world will simply switch to another reference of value, its old news for those of us who know what is living under hyperinflation like.

[CryptoHeadlineNews]

I see Nayib's choice to invest in Bitcoin a long term strategy to get El Salvador out of the dumpster.  

But do you actually think mere investing in Bitcoin alone long term could make a country get out of poverty? No, I literally don't think so, because I know their are basic things that needs to be put in place for growth to manifest itself (i.e empowerment, good roads, education, infrastructure e.t.c). El Salvador is a country of over approximately 7million people, that have got its own challenges right from time, of which you literally don't  expect it's only adoption of Bitcoin as a legal tender to automatically charged the country's economic situation overnight. It is a gradual process.

[S A KHAIR]

Nayib Bukele alone can't push Bitcoin anyway. He did everything from his end. But the whole crypto market is quite Shaky right now. Even Binance facing a huge amount of withdrawal from their exchange. The situation becoming worst every day. A country or a person won't change the situation. It's hard to find right now why Bitcoin should pump. A lot of rumors surrounding the crypto space especially Binance FUD pulling down the market again. We have to wait for a few days to see the market reaction.

This time I won't worry about Fuds, obviously binance is being played badly after the crash of FTX. We are still in the bear season, so sharks will find every excuse to make the market go down, even more, to get people to give up and sell their bitcoins for the lowest price. No need to consider and you should take advantage of buying more with Binance's Fuds.

[lionheart78]

The success of an adoption can't be seen overnight.  It takes years before we can see improvement especially when the one adopting Bitcoin is a developing country.  I don't know what else should be done if adoption isn't enough.  As far as I know when we said adoption, infrastructure, business, and marketplace are built for that purpose.  It should be.. the government, buying Bitcoin isn't enough to propel the mass adoption of Bitcoin.