Not everyone in El Salvador is ready for BTC...

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Just a quick post today about an interesting article I read the other day. It was talking about El Salvador and the fact that there were some pretty significant protests the other day. Clearly the photo above is not from that, but I needed so something and that was the best I felt Pixabay had to offer.

Anyway, we all are probably pretty familiar by now with the fact that El Salvador is looking into adopting BTC as legal tender inside of the country. In fact, many others in the region are starting to follow suit with Cuba being the most recent one I think.

For most of us, this is pretty exciting news. It shows that this whole crazy Internet money thing is starting to gain traction and weave its way into the very fabric of the global financial system. In many ways it helps to validate what many of us have known for a long time now. It gives us justification, perhaps even redemption.

Remember I said they were protesting though?

It seems that a large number of people (somewhere in the hundreds I think) gathered at the capital to protest the implementation of BTC as legal tender. Sadly, the arguments are all too familiar. Many of the protesters are people who simply don't understand the concept or technology behind digital currency. I imagine others are people protesting simply because if they didn't have something to complain about they would keel over dead.

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What really drew me in and got me thinking about all of this were some of the other arguments though. We all know that BTC is pretty volatile in the grand scheme of things. I am sure there are those out there who can point to charts and show that in the grand scheme of things there is a steady growth to BTC. The fact remains that even a 10K swing every couple of weeks is just too big of a jump for some people.

Due to that fact, some of the protesters were arguing that BTC is just too volatile. Their major concern was that El Salvador would start paying pensions, SSI (or whatever it is called there) and other things like that in BTC. Understandably people want a stable income. They want something they can count on and bank on to be consistent. I get that.

We all think it is pretty awesome that some of these professional athletes are getting a portion of their pay in crypto. Let's be honest though, they don't need that money. It's not like they are banking on it to pay their bills. They are set whether they take that portion of their pay in fiat or crypto. The same can't be said for the average joes like us.

Even someone with a loose budget knows getting paid in such an uncertain currency is not a good thing. At least right now. I think in the future that will change, but we aren't quite there yet.

The funny thing is, if you look just a little South to Venezuela, I would imagine many people there would much rather be paid in BTC than the government currency.

I really think this whole thing in El Salvador is a combination of a generational thing, an education thing, and just a general fear of the unknown.

As much as I am into crypto, I'd be shocked if my parents ever got into it. I'd never force it upon them, but if for some reason it did get forced upon them, I will be there to guide them for sure.

Did you see this article or a similar one? What do you think? I noticed there was another news story about El Salvador this morning and the fact that their congress backed a $150 million fund for BTC. It seems they are moving forward no matter what. Hopefully the populace can follow suit and be a shining example to all of the doubters.

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26 comments
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Agreed, El Salvadorians are concerned because they are used to the "reliability" of the US Dollar and are afraid of the unknown. It will require a lot of people to learn something new. An ongoing bull-run could help with that.

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I agree. It would be interesting to know if they are getting their pay "pegged" at a certain point too. I still fall into the same trap of relating all cryptos to the USD which is foolish on my part, but habitual at this point. We need to change that.

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It's sad they are protesting this. Maybe they will realize how much good this can do for them. However, I somewhat understand their concerns.

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I agree, I understand on some level too. I think we all just need a bit of education and a slightly different mindset.

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yes a lot of people are not ready, but some like me are completely ready thanks to hive and leo that has teach a lot of do you need to know about how the criptocurrency legal tender could go.

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I believe those protests are of political nature.

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That could be part of it. The people they interviewed for the article were specifically concerned about the BTC piece.

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Yea I don't think most people are ready for it yet. As much as we want, the constant price fluctuations isn't nice. At the very least, we need more people to get off the current monetary standard before it becomes more accepted.

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Yes, all of the above for sure. I still struggle with Satoshis myself and not thinking of everything in terms of USD.

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Don't worry about that. I still think of things in value of USD and not satoshis but some of my purchases in the past still hurt when I think about it (I used BTC).

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I agree as the older people must be scared as they are not all up to speed with what is happening today. Imagine not even having a laptop at home or struggling with a new phone as that is what they deal with. Our generation is ok but ones that are ahead are not exactly with it.

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Yes, I can definitely see that. I think for those of us who are invested, patience is key. We should have that in spades by now!

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That photo is of a protest in Israel. The signs are in Hebrew and Arabic.

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Clearly the photo above is not from that, but I needed so something and that was the best I felt Pixabay had to offer.

You must have missed that part when you read the post.

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No I didn't miss your comment. I was just identifying where the photo was from. Its funny that it is what Pixabay offered you. I suppose there are a lot of protests here to take photos of.

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Ah, okay. Yeah, I just typed in protest and that seemed to be the most innocuous one.

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