El Salvador just bought the dipped on Friday flash crash, or should I say the president bought the dipped when Bitcoin crashed 20%. Who is really owning Bitcoin in El Salvador?
Here is 1 min summary of the article if you want to skip the reading.
Celebrity President
The El Salvador president is a celebrity president. He constantly Twitters his Bitcoin beliefs and bashing fiat currency. The crypto community loves it. However, even if the country makes Bitcoin legal tender, who controls the private key of the wallet?
Multi-Signature Wallet
Perhaps the country assigned multiple people with signatures of private keys to control the Bitcoin funds. If one wants to take away Bitcoin, others may prevent such action.
Bitcoin Does Not Cure Economy
Yet the country still has a bigger problem than it faced before. The economy does not recover and the social issues are persistent. The president spent too much time on the phone and tried to buy the dip. Their citizens may still live under the same influence over the financial system but only with a more valuable currency to use.
The Test Trial
El Salvador is a Bitcoin legal tender trial. However, it does not truly reflect a decentralized financial system but a centralized system to provide guidance for citizens to follow. It does not create a Bitcoin standard but rather one or few to control the power of funds and determine what to use. Bitcoin becomes just another fiat tool for countries to use without utilizing it fully.
In Conclusion
It is good for Bitcoin to use as legal tender and people see the hope of new currency potential to use in the future. To be fully using Bitcoin, the country needs to adopt the nature of such currency which few can achieve and fully utilize to evolve its financial system.
This article is also published in Cryptologist as parnership publication.Photo by Mahosadha Ong Unsplash
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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.
