El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.
I appreciate what their president did to legalize Bitcoin as a legal tender on their country El Salvador. It's a slap to the face for banks that it's citizens has no access to them but has access to Bitcoin. But the only problem with this is the high fees but if it is fixed in the future then I think they are like living in paradise where other countries are struggling on legalizing Bitcoin.
I think that's the downside to this wonderful innovation and that's why it's said everything has disadvantage and advantage. Well not only the El Salvador community that is facing this high fee issue but every Bitcoiner on earth and that's why another solution should be put in place to handle this issue. Although I know that the lightning network has set to handle such cases of fee but the adoption is really slow although I don't know for the case of its use in El Salvador but I say this because of the ratio of its use here. I hope El Salvador adoption of Bitcoin as legal tender will suddenly pave way to other countries to look into how beneficial the use of Bitcoin in their nation can be.
El Salvador recognized Bitcoin as legal tender in 2021, and the government of the country of El Salvador, Nayeb Bukele, has given the people of his country every opportunity to become addicted to Bitcoin.
Over 2.5% of all people hold Bitcoin. More bitcoin holdings will increase in the future, as they receive full bitcoin transaction returns. The people of El Salvador, including the country's government, have been trying hard to improve Bitcoin adoption. Because El Salvador has developed various energy production facilities including volcanoes.
Surely it is close to impossible to figure accurate measures in regards to how many people hold bitcoin and what quantity of bitcoin would be a threshold amount for proclaiming that the person holds bitcoin.
This has been a challenge for the bitcoin space since the beginnings, especially since bitcoin is pseudo-anonymous, yet sometimes with some of the various third-party custodians or even services provided by third-parties, we can sometimes get some better ideas regarding how many people hold and/or transact with bitcoin.. . yet at the same time, if we get into KYC kinds of matters, then that takes aways decent amounts of BTC's quasi-anonymity... which also would have some potentials of taking away some of its power or its
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