The possibilities will always exist so long as any country having it under consideration can learn from the mistakes of El Salvador and strategically make plans to ensure that those challenges that faced El Salvador in making their plan for Bitcoin as a legal tender to fail do not recur in your country.

Yes, any country adopting it will still have to face its own challenges, but learning from the challenges of El Salvador first brings the country's chances closer to success.

They don’t really regret their decisions on having to use Bitcoin for a legal tender and it wasn’t a failed experiment but rather, I carefully thought out plan that didn’t hit the target though, it wasn’t all that negative.
Bitcoin has never been a currency you can be spot on in speculating but, with the price of Bitcoin haven’t gone above $100k, Bukele was out on social media on how it’s hodlings have doubled in its value and criticized oppositions on being a set back to individual investors within the nation.
There stands as it is stems from the IMF conditions for approval of over $1.4bn loan.

El Salvador was under pressure from the IMF AFAIK, part of the loan deal required them to stop recognizing Bitcoin as legal currency so they could get the funding they needed for national development.

Even though it’s no longer a legal currency in their country, nothing has really changed, they’re still accumulating Bitcoin.

Honestly, it doesn’t matter much whether you call it legal tender or how you tax it. What really matters is that demand keeps growing. That’s the true sign of success, real adoption. And we don’t need Bitcoin to be a legal currency to achieve that.

Making decisions that are slightly different from what is common will indeed be very difficult as well as El Savador where apart from those who do have to continue to convince their citizens of bitcoin, they are also required to be prepared with all forms of consequences that will be experienced including in terms of global pressure because we must be aware that until now making bitocin as a legal tender will be underestimated or even a little ostracized, especially for big countries that don't really like bitcoin.

In this condition El Savador regrets? I don't think they all regret the decisions made because after all, until now they have maintained the conditions that are considered correct and it still proves that their beliefs have not faded even though and I think this is good as an experience and view for other countries if they really want the same conditions even though the risks are obviously there.

Any news about them regretting their action? They are not regretting the IMF pressured them to limit their bitcoin activities due to decentralized value storage, according to what they tagged it, but ever since they made a deal with the IMF, they have still continued to purchase their bitcoin; purchases have increased to 6.227K BTC, and according to Arkham data, they have been accumulating almost every day.

The IMF has only made them limit their pressure in Bitcoin acceptance; they will no longer mandate businesses to accept Bitcoin. It should be a voluntary acceptance, which is still good.



Just recently someone made a review about Bitcoin Beach in El Salvador, where he was able to make payment for literally everything with bitcoin without stress or teaching the attendees what to do.

What I'm trying to say in essence is that it's not a failed experiment; they have made most of their people learn about Bitcoin and are willingly accepting it and are interested in it. The IMF tries to limit their involvement as much as possible,but it was not completely a success.

hmm

“10000 coins for 2 pizzas” 🍕

is why btc is a terrible choice for p2p

the dca and hodl people crushed and bitchslapped the p2p people.

No one in their right mind should use btc to pay for anything.


doge is far better designed to be p2p.

and btc has become a great dca and hodl to beat inflation coin.

i did p2p with btc from 2012 to 2018. I lost millions while dca and hodl people crushed me for doing it.

As Donald Trump likes to say “suckers and losers”

I was one of them for sure.

First of all, let's took the definition of "legal tender" based on Wikipedia.
I bolded a specific part of the definition which is "payment", and I think this is the reason why this is a failed experiment. Why this experiment made by El Salvador failed? Because nobody wants to use Bitcoin as a payment alternative. Simple as that.

Most of the Bitcoin holders have this kind of mindset where "Why should I spend my Bitcoins buying something if in 3-4 years, I can earn more just by holding it?" That's why this experiment failed miserably because of that mindset, and we can't blame them if that's how they are thinking about Bitcoin because most of the holders think of it more of an asset rather than a currency nowadays.

Anyway, El Salvador will still continue to accept Bitcoin as a legal tender, but I wonder how many people in the country really are using it to buy things or pay bills or whatever it is. For me, it's a failed experiment because it didn't reach the expectations many are expecting to happen.

The hardest thing is a first one and in this case, the first country with initiative to make Bitcoin Legal Tender. Even El Salvador did not continue it, they already pioneered something meaningful for Bitcoin and community. Things will be progressed more over time as it has been proven since 2009.

Bitcoin Legal Tender is a milestone after which there will be more milestones. Bitcoin Spot ETFs in January 2024 are part of Bitcoin growth and I believe that nothing will stop Bitcoin growth and adoption expansion over coming years.

Wait, did El Salvador really regret its decision? I mean, the president of it, Bukele, should state that they regret that decision. But I think that I haven't read any statement that he's said that.

Instead, he's used the IMF fund to buy more Bitcoin, right? or am I missing something here?

To be honest, they don't have to end up with a decision that they're forced to do and adopt it as a legal tender. They don't have to do that, just don't ban Bitcoin and that's already a good support to the investors.

Bitcoin has it own usage and can exists side by side with fiat. As Bitcoin enthusiastic one must not get over excited towards it because fiat has it's own importance in today's world. My government also tried to move towards crypto adoption and sets up a regulatory body (Pakistan crypto council), who gave a road map on crypto adoption but now under IMF pressure government is backing from Bitcoin and crypto adoption. I don't think bitcoin need support of governments or other centralised institutes because for last 15 years, Bitcoin has gone up from zero dollars to 100k$ without any external help.