This week, critics of El Salvador who are misled have received new ammunition.
The recent Aktuellen survey The study found that only 7.5% of Salvadorans used Bitcoin to make transactions and 92% did not. While some people (cue Steve Hanke again) might look at the numbers and wonder, “Oh, well that experiment failed,” I do not agree.
El Salvador’s Bitcoin Legal Tender Law has proven to be a huge success.
El Salvador is home to a population around 6.3million people, so 475,000 (7.5%) of them are using Bitcoin. It is impressive that nearly half a millon citizens use BTC for daily transactions. However, the Lindy Effect means this number will continue to grow.
Were it not for the rich history of El Salvador’s currency regimes, the country would have been unable to adopt this technology right away. El Salvador is a country with a long history of currency regimes that have failed. Trust in a new currency system can take time.
You can also read my blog: pointed Three years ago I believed that Bitcoin needed to first become a means of storage of value before it could become an exchange medium. Bitcoin is still a mere drop in the sea compared with global wealth, even though it’s worth $1.4 trillion.
Bitcoin still has a bad reputation in general. This will have to change before people from more countries begin using Bitcoin on a regular basis.
Bitcoin remains a young asset class. It is growing up.
The process is already in motion.
Bitcoiners who believe the adoption of Bitcoins as everyday transactions will occur suddenly in the coming years are ignoring real world data such as this survey which indicates that it is taking much longer.
If Bitcoin is to gain worldwide acceptance by both merchants and everyday users, then it’s going to have to cost more, be more convenient to use and trust-worthy than today.
How long will this take? What will it take? I’m not sure. We’re 7.5% there on the road to 100%.
This is progress. It takes time for anything to happen.
This is not a good article. Take. Opinions are those of the individual author and may not reflect BTC Inc.
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Source: bitcoinmagazine.com
