El Salvador’s Bitcoin Adoption Turns Sour

Vitalik Buterin warns El Salvador’s Bitcoin adoption is contrary to the ideas of crypto. What is really means of Bitcoin adoption in El Salvador? 

Bitcoin Adoption

Crypto adoption used to be an agenda in the crypto community. People believe that crypto adoption is a beginning to replace fiat currency. It is still the case. However, the meaning of Bitcoin adoption has changed.

What does adoption mean?

Adoption of crypto really means the majority of people freely choose crypto as their currency which forces the government to make a legal tender. The opposite will not work the same. The government announced of abandonment of fiat and use Bitcoin to replace currency fiat currency is not adoption but a replacement of current already devalued fiat currency.

El Salvador adoption is the government adoption

In the El Salvador case, the government adopts Bitcoin. It is a top-to-the-bottom effort that the government forces to change their worthless currency into a valuable cryptocurrency. Citizens are not free from choosing their currency to use but force to use Bitcoin.

Ideas of crypto

The idea behind the creation of crypto is privacy and freedom to use money. You may use crypto to purchase items to avoid tracking and to protect your privacy. You can freely choose the types of money to spend. 

El Salvador president is a twitter president

The president of El Salvador is a twitter president. He loves popular attention. However, the intention of Bitcoin adoption is not purely good for citizens but political motives perhaps. We need to be cautious about the narrative. 

El Salvador Bitcoin adoption did not bring decentralization alive

Even though El Salvador used Bitcoin for their daily transaction, it did not bring decentralization into the country. The central bank still functions and people are still using banks. Decentralization did not widely spread to their citizens. The government is still managing money and distribute it to its citizens.

In conclusion

We are cheering for Bitcoin adoption. We also need to remind us that the Bitcoin adoption is about privacy and freedom but not about the central figure that makes sole decisions based on their own interests.

Photo by Stephen Leonardi Unsplash
Note: the post was shared on multiple platforms.
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.