El Salvador and Bitcoin

Today is a day that actually will make history in the books of blockchain history. El Salvador will be accepting Bitcoin as a lawful payment method. That means every shop in the end will have to be accepting Bitcoin as their normal currency next to their normal one the US dollar which is an absolute milestone.

President Nayib Bukele Ortez is giving the starting signals. Me likey!

The general opinion about this is not that positive, in a way that most people say it doesn’t really matter because El Salvador is so small with only 5 million residents, but it is more for the bigger picture as a whole. The fact that BTC maxis will be attracted to move to El Salvador for their crypto friendly environment in the same time as where a lot of other countries are banning crypto or at least making it a lot harder to be a trader is something that will not go unnoticed.

Next to that this is also a brilliant experiment which is still in a relative small scale where people can see that this might actual function in the normal world. If this works decent, other countries might just give it a follow who knows. Will this be the adoption is BTC on a massive skill?

In general you are just feeling that the world is warming up for the use cases in crypto currency. Every citizen of El Salvador will receive $30 dollars in Bitcoin to spend and I am curious to see how they will be filling this in. Will people HODL and see this as a reserve. Or will people use this to spend immediately and have the next most expensive BTC pizza in the making?

Say if you are a shop owner. Would you rather have your customers pay in BTC versus in US dollars at the moment? Would you save up your BTC for a rainy day or just calculate how much this is worth because you want to eat from it. I just don’t know.

What I am seeing is the use cases of other chains are picking up again. Travala (AVA) is having a very decent week which is the crypto version of Booking.com where you can pay your vacay in crypto. To me this token is really one if it would pick up that it really can be a fantastic example on what is possible adaption crypto into the normal world. This is what people see and what people like. Free money to buy plane tickets and hotels from.

Will the residents of El Salvador also see it this way? Free money that is very difficult to spend? Or is this the beginning of the future and will El Salvador be a country full of BTC maxis in the end? Time will tell