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El Salvador is a 70% cash country because it
June 6, 2021, 3:14 am
El Salvador is a 70% cash country because it lacks the infrastructure and access to financial systems for people to use debit or credit. But, its going to find a way for people to use Bitcoin everywhere? This is cool news for legitimacy, but not in terms of volume.
So there`s room for bitcoin brokers, which stores can act as.. if it`s legal tender, stores need to accept it
**Adam not accepting the fact that bitcoin is doing more to bank developing countries citizens than ETH is** How bull-headed could you be? Bitcoin is and always has been the best asset for a country to maintain its digital sovereignty while encouraging the independent wealth of it`s citizens. ETH is cool from a tech standpoint, but doesn`t mean anything when the foundation is shit
Thats the whole point for people who dont have a bank account or credit card Sherlock. Same model used in Africa which has huge BTC adoption. They, too, lack bank accounts and credit cards genius.
They all have smartphones. That should make it easy to transact.
I live in Guatemala (El Salvador neighbor). We have similar situation. Smartphones are not rare here, moreover we have more smartphones than people 112%.
its debbie downer... If monetary volume is the main driver of why you`re in this space, then I don`t think you`re worth the follow anymore. This is about changing the game and getting the 50%+ who are disenfranchised in the world part of the global monetary network. If $ signs are the main reason..
Would you say adoption of Bitcoin as legal tender would bring any positives to their economy?
Ive been to El Sal multiple times in the past 5 years and even the most remote and poor villages have the infrastructure to handle credit/debit cards. Also, Ive spoken to many of my friends and colleagues and they are both relieved & excited (esp DeFi/CeFi)
not with that attitude they won`t
Also... it`s not the first Japan did this in 2017... surprised they didn`t mention that as they reported it. Its something, it will open the gateway of crypto there, other cryptos will follow
Ppl just need a phone.. most probably have a cheap smartphone
Itll work they use Bch true peer to peer currency
Agreed, they are in need of better cross border remittance, at low cost and speed. Sats wont translate to their currency
Will it cause country FOMO? Who knows if it becomes a butterfly effect .
what`s smartphone penetration?