Bitcoin adoption failed in El Salvador for the following reasons.
One who is against bitcoin will keep on adding more reasons to state bitcoin adoption in El Salvador is a failure. We need to understand El Salvador isn't a country that is Wealthy to stand strong against the world powers, but it have took a bold decision and working on it. This itself a true success. El Salvador is in its experiment and to get the result it needs time. It has passed one year since adoption, but what El Salvador have encountered is criticism. Same time if the market could've turned bullish, the same people who are criticising might've stood along saying this is great from El Salvador.
- People just use the bounty and never use the Chivo Wallet later.
- Very little number of people have begun to accept bitcoin into their businesses.
- Postponed Bitcoin bonds.
- Loss with the holding value out of bear market.
- Opposition from certain group of people.
- Nothing certain about its future progress.
- No improvement in economic uplifting out of bitcoin into personal usage.
- The adoption is done against the suggestion from the IMF.
One who is against bitcoin will keep on adding more reasons to state bitcoin adoption in El Salvador is a failure. We need to understand El Salvador isn't a country that is Wealthy to stand strong against the world powers, but it have took a bold decision and working on it. This itself a true success. El Salvador is in its experiment and to get the result it needs time. It has passed one year since adoption, but what El Salvador have encountered is criticism. Same time if the market could've turned bullish, the same people who are criticising might've stood along saying this is great from El Salvador.
Yet, that hasn't stopped El Salvador from reverting its decision of accepting BTC as legal tender. It may've been too soon in doing the move, but it hasn't lost anything yet. Most people in the country reject Bitcoin because they think it's a scam or simply because of its unstable market prices. That, and also the fact that merchant adoption for the cryptocurrency is extremely limited. El Salvador should've provided some sort of incentive to merchants and businesses accepting BTC as payment method to help spur its adoption. Unless BTC reaches a new All-time-high in price, don't expect to see an increase in Bitcoin adoption anytime soon. Just my opinion
