Has payment through Bitcoin helped El Salvador?

[vipsfinstock]

Amidst the doubts and scepticism came the news of El Salvador making Bitcoin their legal tender. Many thought it was far-fetched and impossible to adopt as a country. However, the country did that and has been able to aid its economy gracefully after that. There were countless people of went there only to visit the Bitcoin beach and see what it is like to live in a country where Bitcoin was accepted in every nook and corner. Additionally, after the government passed the Bitcoin law, the country saw an increase in crypto startups and a 30% increase in tourism. Of course, there are challenges throughout the journey since the government made the decision during a bull run, and the crypto market didn’t perform well. So, let’s break down the Salvadoran experiment with Bitcoin and list its pros and cons:

Pros:

The country's tourist ministry claims that since accepting bitcoin as legal tender, tourism in El Salvador has increased by more than 30%.
Crypto multiplied the opportunities to do business with more partners anywhere in the world.
Provided financial freedom and added innovation to the current system.
Along with more tourists, more investors also came to see how crypto works.
Around 1.1 million visitors had been projected, and the country has received 1.4 million.
After adopting the bitcoin law, El Salvador had a double-digit GDP increase for the first time in history, according to Nayib Bukele.
When compared to January 2021, exports, a key factor in economic growth, increased by 13% in January of this year.
In an effort to alleviate concerns about sustainability, Bukele claimed in June that he had given the state-owned geothermal power company LaGeo instructions to create a plan for providing bitcoin mining facilities utilising renewable energy from the nation's volcanoes.
Bukele has established a $150 million fund to facilitate the trading of bitcoin for dollars in order to help with foreign exchange.
In El Zonte, a beach town that served as one of the cryptocurrency's launchpads in El Salvador, bitcoin has established itself as a well-liked method of payment for individuals who hold them.
It has raised hopes that it might be a significant source of foreign exchange.

Cons:

Because of merchants' slow embrace of bitcoin, customers are left in the dark.
Hacking incidents are on the rise. At least 2,000 cases of identity theft have been monitored by the Tracoda watch group.
According to the World Bank and the International Monetary Fund, El Salvador runs the risk of becoming a refuge for tax evasion and money laundering.
Fitch stated that due to heightened foreign exchange and earnings volatility risk, bitcoin would have an adverse credit impact on Salvadoran insurance companies exposed to the currency.
El Salvador's creditworthiness was reduced by rating agency Moody's after Bukele's bitcoin law was adopted.
The country's dollar-denominated bonds are also under pressure.
It might make financial institutions more susceptible to legal, financial, and operational risks, including those related to global anti-money laundering and terrorism financing laws.

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[Aanuoluwatofunmi]

Yes if you ask me, El-Savador has never been downgraded in it acceptability of bitcoin for payment since been a country and considering the number of populace it has, you cannot expect everyone to make full utilization of bitcoin in their businesses at once especially the petty traders and those on a start up level but since they all have the advantage to take  effective use of bitcoin because many of them had already claim the $30 worth of bitcoin that comes in with chivo wallet and this makes almost everyone to have a bitcoin wallet address that they can easily make in performing their daily transactions.

[Dzwaafu11]

Yes he has payment through bitcoin though we can't expect everybody should use bitcoin as legal thing for there transactions on there business it will be difficult for some people to get that.
And some can't afford the time it take.
Some can't afford to loose

[stompix]

Ok debunking time:

Pros:
The country's tourist ministry claims that since accepting bitcoin as legal tender, tourism in El Salvador has increased by more than 30%.

So, they just got back to pandemic levels, as did other countries in the region.
https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022

Among destinations reporting data on international arrivals in the first five to seven months of 2022, those exceeding pre-pandemic levels were: the US Virgin Islands (+32% over 2019), Albania (+19%), Saint Maarten (+15%), Ethiopia and Honduras (both +13%), Andorra (+10%), Puerto Rico (+7%), United Arab Emirates and Dominican Republic (both +3%), San Marino and El Salvador (both +1%) and Curaçao (0%).

After adopting the bitcoin law, El Salvador had a double-digit GDP increase for the first time in history, according to Nayib Bukele.

Same as the Dominican Republic, Honduras, or Nicaragua

El Salvador   -7.9%   10.3%
Dominican Republic   -6.7%   12.3%
Honduras   -9.0%   12.5%
Nicaragua   -2.0%   10.3%

In an effort to alleviate concerns about sustainability, Bukele claimed in June that he had given the state-owned geothermal power company LaGeo instructions to create a plan for providing bitcoin mining facilities utilising renewable energy from the nation's volcanoes.

Oh yeah, the famous volcano, except that...

BW Tatiana performed its very first ship-to-ship transfer of LNG in Acajutla, El Salvador together with LNG tanker Bilbao Knutsen. The milestone operation transferred around 125,000 cubic metres of LNG. The vessel is a part of the Acajutla FSRU project that is for exclusive use by Energía del Pacífico. The 378 megawatts Energía del Pacifíco power generation is the largest private infrastructure investment in El Salvador.
This FSRU is a part of the new technology solution. It includes Wärtsilä 50SG gas engines and a steam turbine cycle which will provide power for 30 per cent of the country’s electricity demand. Therefore, this is to transform the country into a net exporter of electric power instead of a net importer

So when you create the infrastructure to supply 30% of your electricity via gas-powered powerplants, isn't the whole volcano thing starting to look more like a lie or publicity stunt?

PS.
The cons are just as stupid, to blame bitcoin for crime in Salvador is just silly as for financial, common, Salvador was the poorest of the poor even before this.

[LangePara]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

[Welsh]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

If they were to collapse, it wouldn't be because of Bitcoin. It would be because they were already in trouble before adopting it. Hence, why they probably did adopt it. I don't follow them too much, so I'm not sure how much trouble they're currently in, but most countries are feeling the pinch from the recession. El Salvador will likely be feeling that a little more with the reduction of Bitcoin interest, and use. Since, no one really wants to spend their Bitcoin in the current economical climate, and due to the volatility.

[LangePara]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

If they were to collapse, it wouldn't be because of Bitcoin. It would be because they were already in trouble before adopting it. Hence, why they probably did adopt it. I don't follow them too much, so I'm not sure how much trouble they're currently in, but most countries are feeling the pinch from the recession. El Salvador will likely be feeling that a little more with the reduction of Bitcoin interest, and use. Since, no one really wants to spend their Bitcoin in the current economical climate, and due to the volatility.

If ur already in trouble and still buying up BTC, and BTC keeps dropping, ur gonna collapse because of BTC.

[CryptoHeadlineNews]

Additionally, after the government passed the Bitcoin law, the country saw an increase in crypto startups and a 30% increase in tourism. Of course, there are challenges throughout the journey since the government made the decision during a bull run, and the crypto market didn’t perform well. So, let’s break down the Salvadoran experiment with Bitcoin and list its pros and cons:

Yes, the truth of the fact is that for anything which has a positive side, also has it's negative, and the Bitcoin adoption in El Salvador is not an exception to that. But moreover, we can't argue the fact that this year "2022" has been a very tough year so far for both Bitcoin and the world economy so far due to the war against Russia and Ukraine. And El Salvador been the first country to accept Bitcoin as legal tender, challenges are bound to occur

[BlackHatCoiner]

Don't know, but arguing that El Salvador's GDP increased due to the adoption of bitcoin, when bitcoin dropped by more than 70% in price is just dumb, isn't it? They don't have the entire government budget in bitcoin, but it's just not something to celebrate.

Maybe it's just me, but I don't want my taxes to be invested in free enterprise. If we want free enterprise, we should pay less in taxes. Am I right?

[Wakate]

Additionally, after the government passed the Bitcoin law, the country saw an increase in crypto startups and a 30% increase in tourism. Of course, there are challenges throughout the journey since the government made the decision during a bull run, and the crypto market didn’t perform well. So, let’s break down the Salvadoran experiment with Bitcoin and list its pros and cons:

Yes, the truth of the fact is that for anything which has a positive side, also has it's negative, and the Bitcoin adoption in El Salvador is not an exception to that. But moreover, we can't argue the fact that this year "2022" has been a very tough year so far for both Bitcoin and the world economy so far due to the war against Russia and Ukraine. And El Salvador been the first country to accept Bitcoin as legal tender, challenges are bound to occur

It is very obvious that a lots of things had happened in 2022 leading to the crash of many crypto projects and investors losing a lots of money because of limited funds to paid investors. Bitcoin bear market makes many persons see no future in investing in cryptocurrency because they thought the market will never rise again due to so much loses many investing had acquired. El Salvador is not left out here because they also suffer the loses due to there large investment in Bitcoin that had make many persons to know about what cryptocurrency is and some of what it entails.

[tjtonmoy]

Look man, it has finally come to this. There are 8 billion people on Earth right now. We are in 2022 tomorrow it will be 2023. Technology has come to this point where we can put one full functional, powerful computer machine in our pocket. And yet there are primitive people who do not know that electricity even exists.
My point here is, BTC in not a new concept, it has been here for ages now. Since October 31, 2008. People know about it, they own it, they love it and some hate it.
Those who are primitive people in crypto world, they will never know that BTC exist while the world around them will continue to grow. It will face many obstacles on the way but in the end, just like technology has reached us in this era, BTC will be widespread all over the world at some point. The issue with El Salvador tho, they can only use BTC to improve their recent condition if other countries accept BTC as a way of payment from them.
Recently there have been news regarding many countries legalizing BTC as legal currency have popped up but not many, and I am not sure what kind of relation El Salvador have with them. As days goes by it will spread all over the world and everyone will be benefiting from it.
Remember, people only remember who is the first. El Salvador may face some difficulty, but in our crypto history, this will be the first country to accept BTC for what it is.
Only time will tell.

[Leviathan.007]

Yes he has payment through bitcoin though we can't expect everybody should use bitcoin as legal thing for there transactions on there business it will be difficult for some people to get that.
And some can't afford the time it take.
Some can't afford to loose

I'm not if I'm right or not but as far as I know even in El Salvador there are many people who do not agree with bitcoin and bitcoin payments or any other types of cryptocurrencies but they prefer doing their payments through the old traditional fiat money, however, in some different cases bitcoin helped this country a lot and this can help them even more why they got more people to demand bitcoin payments.

[KennyR]

Yes he has payment through bitcoin though we can't expect everybody should use bitcoin as legal thing for there transactions on there business it will be difficult for some people to get that.
And some can't afford the time it take.
Some can't afford to loose

I'm not sure, I'm right or not but as far as I know even in El Salvador there are many people who do not agree with bitcoin and bitcoin payments or any other types of cryptocurrencies but they prefer doing their payments through the old traditional fiat money, however, in some different cases bitcoin helped this country a lot and this can help them even more why they got more people to demand bitcoin payments.

It is true, there is big opposition as well as support on bitcoin as legal tender within the country. We don't know how effective this have made changes in the market. As for the statistics there is rise in the usage and acceptance of bitcoin within the country. The best part, people who are craze and prefer investing into bitcoin keeps accumulating the funds received out of business and use the fiat received to meet the expenses. This shows even after the legal acceptance, bitcoin is preferred more as an investment than a payment system.

[mendace]

Unfortunately, the adoption of Bitcoin in El Salvador is not bearing the desired rewards because after a massive media campaign last year many have abandoned their smartphone with their wallet in their drawers and do not even remember their password. The initial euphoria thanks to Satoshi's drop in the Chivo wallet was immediately forgotten precisely because Chivo is not suitable for this technology has been poorly developed and puts chains when Bitcoin should be just the opposite.

[laurenB7742]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail? I don't follow much of the country of El Salvador. But as a long-term investor, I know that to be successful with bitcoin, for bitcoin to be profitable for us, we need to hold it for a long time. El Salvador has only been accepting bitcoin for over a year, and in the past 1 year, they have also achieved some remarkable achievements, time is too short of saying whether they failed or succeeded.

[yazher]

-cut

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail?

You always find this kind of people in the crypto industry because of their hate of bitcoins, they will not gonna cease to look for its cons and disadvantage but they have failed because there wasn't anything they can find. that's why the last card they used is climate change and they said it causes by the crypto miners. These guys are way too hard on themselves because instead of accepting the fact that bitcoins can help countries like El Salvador, they are against it and always talk as if they know everything about the economy and global warming.

[LangePara]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail? I don't follow much of the country of El Salvador. But as a long-term investor, I know that to be successful with bitcoin, for bitcoin to be profitable for us, we need to hold it for a long time. El Salvador has only been accepting bitcoin for over a year, and in the past 1 year, they have also achieved some remarkable achievements, time is too short of saying whether they failed or succeeded.

Mate are u from El Salvador? If u were, u would hate him too. I am just saying the president is a retard for buying so much BTC when the country is a 3rd world country. They don't need that much BTC, lmfao he's just gambling. He's a wannabe Elon Musk fan like I said.

-cut

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail?

You always find this kind of people in the crypto industry because of their hate of bitcoins, they will not gonna cease to look for its cons and disadvantage but they have failed because there wasn't anything they can find. that's why the last card they used is climate change and they said it causes by the crypto miners. These guys are way too hard on themselves because instead of accepting the fact that bitcoins can help countries like El Salvador, they are against it and always talk as if they know everything about the economy and global warming.

I wish you were a resident of El Salvador (:

Btw, I am a BTC believer, so don't come here and say I am anti BTC lmao. I've been in Crypto for a long time, unlike some of you who came here in 2017 when the pump happened :laughs:

[kro55]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail? I don't follow much of the country of El Salvador. But as a long-term investor, I know that to be successful with bitcoin, for bitcoin to be profitable for us, we need to hold it for a long time. El Salvador has only been accepting bitcoin for over a year, and in the past 1 year, they have also achieved some remarkable achievements, time is too short of saying whether they failed or succeeded.

Mate are u from El Salvador? If u were, u would hate him too. I am just saying the president is a retard for buying so much BTC when the country is a 3rd world country. They don't need that much BTC, lmfao he's just gambling. He's a wannabe Elon Musk fan like I said.

-cut

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail?

You always find this kind of people in the crypto industry because of their hate of bitcoins, they will not gonna cease to look for its cons and disadvantage but they have failed because there wasn't anything they can find. that's why the last card they used is climate change and they said it causes by the crypto miners. These guys are way too hard on themselves because instead of accepting the fact that bitcoins can help countries like El Salvador, they are against it and always talk as if they know everything about the economy and global warming.

I wish you were a resident of El Salvador (:

Btw, I am a BTC believer, so don't come here and say I am anti BTC lmao. I've been in Crypto for a long time, unlike some of you who came here in 2017 when the pump happened :laughs:

Maybe he is pretty risky investing a lot in bitcoin, but he hasn't failed because he hasn't sold any bitcoins yet. El Salvador is a 3rd world country, and they don't have their own currency, they use USD, and during those years, they faced many difficulties. If continuing like this is also not the solution and they accepted the challenge with bitcoin, I think it's worth a try.

Since El Salvador accepted bitcoin, their tourism industry has recovered strongly from the pandemic and is now developing very well, so it can be said that bitcoin has not brought them too much success, but there have been positive changes. We must wait and see what happens next instead of jumping to conclusions that they have failed.

[laurenB7742]

El Salvador is gonna collapse. There is a reason not a single wealthy country in the world has adopted Bitcoin yet. The president of El Salvador is a young geek who wanted to go in the history books as the biggest/greatest leaders the country ever had. He just fucked everyone in El Salvador lmfao by publicly admitting to be in BTC. Clearly doesn't know how the Crypto world works. Clearly an Elon Musk wannabe, and when Elon left, he was still in it hoping for the best because he's a president and he can't just back out of the BTC deal anymore. My man got jebaited.

How long have you been in the market and how much experience do you have in this market that you jump to the conclusion that they will fail? I don't follow much of the country of El Salvador. But as a long-term investor, I know that to be successful with bitcoin, for bitcoin to be profitable for us, we need to hold it for a long time. El Salvador has only been accepting bitcoin for over a year, and in the past 1 year, they have also achieved some remarkable achievements, time is too short of saying whether they failed or succeeded.

Mate are u from El Salvador? If u were, u would hate him too. I am just saying the president is a retard for buying so much BTC when the country is a 3rd world country. They don't need that much BTC, lmfao he's just gambling. He's a wannabe Elon Musk fan like I said.

Even if he does not invest in bitcoin, he also will be hated by the people there simply because the country's economy is unstable and in trouble, the people will blame their government. But they need to know that what he's doing is finding solutions to revive the national economy, not make it worse. I wouldn't say he made the right decision to use bitcoin as the nation's reserve asset, but so far, he hasn't failed, so we need to observe more before drawing any conclusions.