Is Bitcoin Winning in El Salvador? Let’s Just Say It’s a Slow Dance!

The idea to make Bitcoin as legal tender in El Salvador was a bold move and challenging all the status quo of the World, who live on the hard hand of the international monetary fund (IMF) and in long run will pay the dividends. Right now, people still learning about the new tech and embracing it day after day, but is it winning?

That is a very tricky question as being new currency on the El Salvadorans it is a challenge for them, after all, it's not easy to embrace, adopt something that until yesterday was completely unknown. Even with the efforts from the presidency, airdropping that initial $30 dollars to their Chivo wallet, was just a way to convince that turned in free lunch for the people.

People just passed their KYC and took the amount out and never returned to that chivo account, at least while they don't need it. They still use their dollars to receive remittances and small of El Salvadorans are using Bitcoin on remittances.

That isn't something that I just made up but, the central El Salvadoran bank expressed on this report. Actually only a tiny part of remittances still be received in Bitcoin and cryptocurrencies placed in 1.1% of all total remittances received just that amount were in decentralized assets.

While that is a small percentual, its good to know that in 3 years of Bitcoin being a legal tender in El Salvador, it is actual being used by families abroad to send money home. Adoption take time and knowledge so, I am not surprised seen that amount on the report as that service, remittances, is just a part of an all ecosystem.

Bitcoin in El Salvador still being used to purchase groceries, pay for gas, bills and any kind of payments people need on their daily life. Banks can just control what they have stats on hand but they can't monitor what's happening on the streets of El Salvador.

Overall, adoption take time and efforts to happen and doesn't just end up on the governmental stage only, it needs people to want to use it and this run to embrace it, will make people realize how important is the asset on their Life and start using it massively. Remember:

CONTENT IS KING!