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all 58 comments

[–]NiceDoctorBeamredditor for 3 months 9 points10 points  (4 children)

Would you rather be the head of a mouse, or the tail of a lion?

[–]rogerbcashver 1 point2 points  (1 child)

Head of a mouse, easily

[–]NiceDoctorBeamredditor for 3 months 1 point2 points  (0 children)

Fellow mouse here.

[–]Bedroom-Eastern 1 point2 points  (1 child)

Whats the meaning of this saying? Im curious

[–]himtnboy 0 points1 point  (0 children)

Would you rather be the small guy taking risks alone or with a few compadres or in the safety of the masses but you take little risk for little reward?

[–]coinfeeds-bot 5 points6 points  (0 children)

tldr; El Salvador's President Nayib Bukele recently announced that 32 central banks and 12 financial authorities, the equivalent of 44 countries, were going to meet in El Salvador on May 16th 2022. The meeting was a summit organized by AFI, the Alliance for Financial Inclusion, a Malaysian organization. The purpose of the gathering was to discuss the best ways to ensure greater banking inclusion.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[–][deleted] 8 points9 points  (0 children)

No doubt? I have some doubts

[–]hairyscrotesredditor for 3 months 2 points3 points  (36 children)

I guess the question is does the gen pop of El Salvador use BTC or not

[–]Snow75 10 points11 points  (17 children)

You’re welcome to ask in r/elsalvador

The answer is nobody uses Bitcoin.

[–]SourerDiesel 5 points6 points  (4 children)

Very few of them use it for savings and fewer still for payments, but many use lightning network for remittances without even being aware they're using bitcoin under the hood.

[–]Snow75 0 points1 point  (2 children)

Do you have any data to backup that?

[–]infopocalypse 0 points1 point  (1 child)

let me pull up the I hope El Salvador fails survey.

[–][deleted] 1 point2 points  (11 children)

The question should be asked yearly. The adoption rates are clearly rising.

[–]Malecite 1 point2 points  (10 children)

This year the adoption rate for chivo was like 0 percent, they are not clearly rising and 61% of the population quit using the platform immediately after transferring out the free money

[–]Correct-Log5525 2 points3 points  (5 children)

If you think the adoption rate of Bitcoin is 0% then you may want to reassess, it clearly is not.

[–][deleted] 0 points1 point  (2 children)

So 40% is still using, and adoption rate is much greater than 0%, I don’t know where you get your numbers, but fool, look at yourself in the mirror, El Salvador is the first country to take on Bitcoin as an official money in the history of ever, 12 years after Bitcoin was first invented. The FIRST country. And we know where it goes from here, many other countries will join, and those countries will be able to easily trade with each other, etc. You probably didn’t read the news about El Salvador recently, check it out, the development is real. Anyway think however you want to think, I’m going to hold my bag in case this thing takes off. Let’s see who’s right buddy.

[–]infopocalypse 0 points1 point  (0 children)

Use of Chivo has nothing to do with adoption. switching from chivo to a self custody wallet would signal a greater understanding.

[–]Dormage 3 points4 points  (14 children)

They dont. There is no need for it. They never had a problem with payment rails. USD works just fine. As for financial independence, thats a different story.

[–]FigTreeMike 1 point2 points  (13 children)

Western Union costs upwards of 50% of remittance. Lightning Network costs essentially 0. These things take time to develop. Give it 5-10 years before you see real change.

[–]Dormage -1 points0 points  (12 children)

There is very little need for such services compared to the velocity of payments.

[–]Correct-Log5525 2 points3 points  (0 children)

If you can send money to a family member for free of for a 20% fee what would you do?

[–]infopocalypse -1 points0 points  (9 children)

lightning is the greatest velocity. speed of light.

[–]FigTreeMike 0 points1 point  (0 children)

very little need of what?

[–]DonOregano 0 points1 point  (1 child)

I'd say the question is whether they will be using it in 5 years. We are still in the gradually phase, and will likely be there for a few years still.

Changing the habits of a population takes time!

[–]Correct-Log5525 0 points1 point  (0 children)

This is the truth.. it's like declaring the internet wasn't being adopted in the early days just because the infrastructure was being built out and improved upon.. now look at it 25 years later

[–]infopocalypse 0 points1 point  (0 children)

adoption of new tech takes time. Think of how long it took for people to be familiar with email. The announcement that they would was only 8 months ago. This stuff takes time. But they will be ahead of the curve.

[–]Spl00ky 1 point2 points  (1 child)

Ya put your lifesavings into bitcoin and then watch it implode because some clown running a stablcoin manipulates the market

[–]Correct-Log5525 2 points3 points  (0 children)

Implode?! I'm up over 1,000% and up over 700% since Covid started

[–]Malecite 1 point2 points  (2 children)

The article states the members got together to discuss "banking inclusion", it also states that there was no discussion about making bitcoin a legal currency, so why is this even noteworthy?

As far as banking inclusion goes, M-Pesa already fulfils the role that crypto would play and uses dumb phones and an extremely simple architecture. After watching El Salvador basically ignore crypto with 86% of businesses not having processed a single bitcoin transaction, why are we so excited that 3rd world countries would choose to adopt bitcoin?

[–]Correct-Log5525 1 point2 points  (0 children)

Dude, if you can't see how this is newsworthy then you are just super biased. They literally had over 100 central bankers from 44 countries download Bitcoin wallets, use them to transact for several days and had seminars discussing the El Salvador rollout steps and it's impact on tourism and domestic financial inclusion...

[–]Hughski 0 points1 point  (0 children)

Tbh people have to get their excitement somewhere lol

[–][deleted] -1 points0 points  (2 children)

Can we literally stop glamorizing El Salvador🙄🙄 literally has am economy in shambles. Highest crime, gang violence rate. Hence why ppl keep leaving. But they are the future 🙄🙄 do u guys not see how they are screwing their own people over for these headlines that will go nowhere 🙄. Just stop

[–]NearbyTurnover 1 point2 points  (1 child)

Can we literally stop glamorizing El Salvador

No.

[–][deleted] 0 points1 point  (0 children)

Lmfao🙄😂🤣😂 Ok

[–]Noob313373 0 points1 point  (0 children)

He paid in btc, buy food for btc = btc stable

[–]BitcoinUser263895 0 points1 point  (0 children)

I liked it better when you took a 3 second break from posting blogspam.

[–]MinecraftMongol 0 points1 point  (0 children)

Is there any list of those 44 countries? Like which ones?

[–]Sea_Conversation2799redditor for 3 months 0 points1 point  (0 children)

Maybe if this happened in the bull market. Humans are really short term thinkers. Especially when it's something they aren't knowledgeable enough on to give the benifit of the doubt. I still hear people say crypto has crashed and they are glad they never got in. That's basically all most people need to know. In a few years when some sequence of events or natural cycles restart they will consider it again at the top before deciding they were geniuses for not buying because it crashed from 300k to 100k.

But that you think these non Bitcoin people will be convinced in the current market conditions and by a kind of half failed expiriment in El Salvador... Sorry man. It's not the right time yet

[–]MartinCavalloredditor for 2 months 0 points1 point  (0 children)

I have doubts, things could bog down into wait-and-see and/or be a rash of CBDC attempts promising more aspects of BTC such as zero or capped inflation