Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
Ojima-ojo
on 07/07/2023, 22:03:18 UTC
⭐ Merited by JayJuanGee (1)


Yes.. countries.. just like individuals.. can get distracted into shitcoins or thinking that they are going to be able to do better with some kind of a non-sense strategy that might be more "crypto-friendly" or hospital to a variety of coins (in order to diversify.. blah blah blah nonsense).  Those countries will likely punished if they are not able to sufficiently focus on bitcoin.. and bitcoin-related matters and to keep their eye on the prize.
Most countries are indeed carried away by mixing up things like relating bitcoin to CBDC there creating more shitcoi all in the name of creating a central bank-backed coin that will aid them more centralization but most of them failed to meet the demand of an alternative that bitcoin have provided us with.


Instead of concetrating on Bitcoin and how it network and mechanism works so as to align their country with it, most of thos countries have been distract from the original plan and now focusing on developing something that doesn't have the capacity to serve as a replacement to Bitcoin (CBDC).

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So there could be some kind of a learning curve in terms of actually not allowing shitcoins or shit projects to distract you, but also to learn the various ways to employ strong-hand actions rather than caving into various pressures to NOT manage your bitcoins with sufficient and appropriate care.
At the individuals level,  altcoin/shitcoin have been a lot of distraction to many gullible investors who got confused between bitcoin or shitcoin and the inability to define both and differetiat them could lead into a lot of confusion and misunderstanding which can actually drive the individual away from the reality and potentials of Bitcoin.
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There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.
Yes we have several countries who could overtake el Salvador spot in terms of taking advantage of Bitcoin as a technology and at the same time investment,  but the big question is.


Would those countries dump the CBDC to adopt bitcoin like El Salvador did?