Bitcoin is legal tender in El Salvador from today

A couple of not so positive articles on the El Salvador experience so far.

From Nanalyze, who aren't the world's biggest crypto bulls:

You’d be excused for not knowing much about El Salvador, the smallest country in Central America and the only one without a Caribbean coastline. Surfing is probably the most cited reason why El Salvador is on someone’s travel list, though the country has much more to offer than just breaks. Lately, El Salvador has been shoved onto the global stage because it is the first country in the world to adopt Bitcoin as legal tender.

If you’re on the surf circuit, you’ll likely cruise down to the party pueblo of El Tunco, a lazy little two-street town next to Bitcoin Beach, a small part of El Salvador that’s seen as a Bitcoin success story. That’s where the world’s journalists made their way last week to observe the day on which Bitcoin became legal tender in El Salvador. The man behind the plan? None other than the country’s president, Nayib Bukele. It was huge news around the world, so we put some boots on the ground to understand what was happening. After a week’s worth of heavy research conducted in local bars, we found four camps, each towing a fairly predictable line:
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https://www.nanalyze.com/2021/09/real-story-bitcoin-el-salvador/

And Steve Hanke who wants the world to return to a Bretton Woods system:

El Salvador’s President Nayib Bukele has blessed El Salvador’s Bitcoin Law, a law that will make bitcoin legal tender. Among other things, the President has asserted that bitcoin is a cheaper method of sending and receiving remittances than the methods currently used for the transmission of greenbacks to El Salvador. We examine the validity of the President’s assertion, and conclude that the assertion is false.
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https://sites.krieger.jhu.edu/iae/files/2021/06/Bukeles-Bitcoin-Blunder-Final.pdf
 
I take it Steve Hanke wasn't looking at the lightning network for cheaper remittances?
 
something about visa and mastercard also not happy about the new settlement layer, cant think why.
 
willrocks said:
I take it Steve Hanke wasn't looking at the lightning network for cheaper remittances?
Click to expand...

Probably didn’t use it. The wallets they used either didn’t work or were likely on the BTC network.

I’d say they were using merchant payment systems set up by payment providers, the Nanalyze article said they were trying to use the coin base exchange to send BTC. You’d need both sender and receiver to be using lightning wallets wouldn’t you?
 
dozerz said:
the point is they dont need to be aware they are even using it
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It’s a trust issue for them. They don’t trust their local currency, they don’t trust BTC, they only trust greenbacks. Volatility is the killer.

Strike didn’t work apparently.
 
Another shithole banana republic is considering adopting bitcoin as its official currency.

https://www.zerohedge.com/crypto/zimbabwe-govt-considers-adopting-bitcoin-legal-tender

The nation’s government is actively consulting with the private sector on the merits of Bitcoin and crypto.

Why don't the dictatorial fuckwit corrupt government consult with the long-suffering populace about ending the tyranny
and corruption of the Marxist ruling class and about returning the country to its former prosperity as the food basket of Africa!



 
hardyakkagold said:
Another shithole banana republic is considering adopting bitcoin as its official currency.

https://www.zerohedge.com/crypto/zimbabwe-govt-considers-adopting-bitcoin-legal-tender

The nation’s government is actively consulting with the private sector on the merits of Bitcoin and crypto.

Why don't the dictatorial fuckwit corrupt government consult with the long-suffering populace about ending the tyranny
and corruption of the Marxist ruling class and about returning the country to its former prosperity as the food basket of Africa!
Click to expand...
they themselves have their heads on the chopping boards too lol
 
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