Bitcoin in El Salvador is a negative example, not something to celebrate

There is nothing more anti-Bitcoin than forcing someone (or a company) to accept payment in a certain method or currency. The very existence of a state, which takes money from the population through taxes and currency dilution, is contrary to the precepts of cryptocurrency.

Even though the “government” wallet, the so-called “Chivo”, offers the option of automatically converting to dollar, in practice, the forced course of Bitcoin is taking place. I won’t go into the merits of the wallet being custodial, that is, the user not holding the 12 or 24 security words, something that shouldn’t even be discussed.

Why is El Salvador’s decision authoritative?

If the State wants to “force” the forced course of a currency, it would be up to it to offer a vehicle for conversion, integrated with any means of digital payment.

For example, the buyer pays Bitcoin fractions to the government intermediary, who converts and delivers the dollars to the seller’s chosen digital bank account. It is not so different from the PIX, where the Central Bank is the intermediary of the transactions.

The problem of El Salvador

Anyone who thinks that the problem there is the coconut seller on the beach who doesn’t have a bank account is wrong. Any PicPay or MercadoPago would solve these issues, as the digital account has no bureaucracy or fees.

The issue there is international shipping, and it’s not going to be a non-custodial Lightning Network wallet that solves that. To think about: if 70% of a family’s income depends on monthly shipments from the US, how will they have the money to keep LN channels open?

Who is interested in the “coffee” problem?

Could it be that in Cuba, Venezuela, Uganda and Libya the problem for people is to pay for coffee? Or even in Canada, Germany, and the Netherlands? This story whoever pushes is a promoter of shitcoin, be it crypto or fiat currency.

People are not worried about having to carry coins, or having to use digital banking and VISA debit cards. That works really well. Anyone who wants to make a storm out of a cup of coffee is someone who wants to profit from it.

How much is a property “worth”?

Property, in the vast majority of countries, is synonymous with investment. You accumulate properties for rent and income living. If possible, buy, speculate, and resell at a higher price.

Everything became a “reason” to escape inflation, and anything became an “investment”. There is no way to discuss the value of an NFT, or a Shelby Cobra 1988 vehicle. As long as governments continue to print rampantly, almost everything will continue to rise forever.

If Bitcoin is voluntarily adopted, great. However, the “coffee” problem is imaginary and Lightning Network does not solve the situation in El Salvador.