I read a lot about this news and here's what I think. Really historical events are taking place before our eyes. However, it is worth considering whether this trend will continue and will it really come into fashion this year? I understand that El Salvador is a country where there are big problems with the financial system, most of the income comes from abroad, and therefore, in particular, the authorities took such a step. What will happen to countries where the situation looks different? the question is open.

That’s wishful thinking. Bitcoin can only be used as a tool but never as a solution to a problem that stems from bas governance and outright corruption from officials who run these countries. We all want and hope for progress on these countries, but as long as those who are seated on the public office remain to be the same douches emptying the public coffers for their own gains, no progress would be made. Even if such a great opportunity presents itself to the people, if the government is swift to exploit it for their own, nothing is gonna happen.

Citizens from the countries you’ve mentioned should only rely on themselves to better their future, and be educated and well-informed on choosing who should they put in the spot to lead them. Crypto was never the solution, but is only a tool and possibly an opportunity to the citizens.

That's incredible and it's not just for those countries but also for other countries that have been allowing their citizens to intervene with bitcoin. A lot of lives have improved already especially with the last peak that we've seen for bitcoin. And what if we're going to see bitcoin more than $100k, $200k, and so on. It's difficult to believe for such high prices but we'll be going there very soon and it will make too many lives change for real which bitcoin has been doing it for years.

I've always been in the thinking that Bitcoin is indeed a tool more than a direct solution to a lot of financial, political, social, and economic ills of society. However, it is also worth acknowledging that Bitcoin is actually of so much help to address certain problems resulting from inequality, financial exclusion, and others. So to a certain extent, Bitcoin indeed fixes some of these problems.

Take for instance the case of El Salvador where 70% of the population is unbanked and at least 20% of the GDP is based on remittances. Cross-border transactions are heavily reliant on remittance centers such as Wester Union which charges high fees and whose nearest branch may not be readily accessible to a lot of people. Bitcoin indeed solves this problem.

In the long term, bad governance and corruption which include indiscriminately printing money out of thin air, distributing it among themselves and their businesses, lack of economic foresight, and so on would result to a weak currency, uncontrollable inflation, and overall crumbling economy. Somehow, Bitcoin fixes this.

Not Nigeria mate, they are currently not giving off any positive vibes about crypto adoption but yes some countries where the economy has been poorer compared to others seen to be have been the first in adopting bitcoin as a legal tender.

But none of us are economists at this forum, whether this is being orchestrated by a certain group of people for some specific needs or gains is not understood. For traders and long time hodlers this is good news but it it worth watching how other countries are going to progress about this. Whether their country is acting as a haven for tax evaders and whether they are using this to liquidate their holding is debatable.

"Showing support" for them - I dont really think that is the option for common people to do. In many countries the pandemic is still going on. Coming down on streets to show support happened in many countries but good luck with that.

You can support bitcoin by using it, no need to be vocal about it.

If they are impoverished, that also means that they will have a very bad Internet infrastructure and advancement in technology in their country is equivalent to that of 1700s or less. It will be difficult what you are hoping for if the people that is the would be lifeblood of the network can't even access it.

I have a feeling that most of the companies aren't going to follow suit just because their government made BTC a legal tender. It boils down to whether they are comfortable doing their daily transactions in BTC, and obviously, when you're coming from a dollar standpoint, it's really hard to break old habits and changing your accounting, B2B contract payments, and salaries all to Bitcoin.

Then there's the problem of us not having a de facto SPV wallet that works on all platforms. Electrum comes close but doesn't make the cut. That would make things so much easier for people who just want to get paid and don't care about the technical details of bitcoin.

To answer your question, I don't think so because I am pretty sure that these impoverished nations will not have any infrastructures to support bitcoin network or even make an access for their citizens to the Internet where bitcoin resides. Regarding stability, they need a government that is united and have the crimes lowered but it will be impossible.

Indeed.  Part of me feels like the most significant part of all this is the political power-play, roughly equivalent to raising a middle finger to the US and the IMF while the world watches on.  I guess we'll see how committed the government of El Salvador really is to supplying their people with the infrastructure to actually support real world usage.  That's what will likely determine the outcome.  Hopefully it's not just an empty gesture on their part.  If they really do want people to use bitcoins, they'll make the transition as easy as possible.