But honestly, it's going to be a very interesting experience to see how people use Bitcoin as their day-to-day legal tender for transactions, businesses, and investments in El Salvador. However, there are practical considerations to address. For instance, how will marketers accurately evaluate the cost of their products for buyers using Bitcoin? Similarly, how will buyers stay informed about the current prices and determine when it's advantageous to use Bitcoin or not? Given the volatile nature of the Bitcoin market, there may be misunderstandings between buyers and sellers.
Unfortunately, I cannot provide firsthand information on how the people of El Salvador are using Bitcoin since I am not physically there. That is why, like others in this thread have suggested, it would be great to hear from citizens in El Salvador about their experiences with using Bitcoin as legal tender. Are they using cryptocurrency through stable coins for transactions, or are they using Bitcoin directly?
From the perspective of traders and investors, how do they come to an agreement on the value of the investment? Understanding the potential return on investment (ROI) and other factors is crucial when dealing with the volatility of the Bitcoin market. Without a clear understanding of market trends, it's challenging to predict profitability when investing in Bitcoin.
Just like you said, the best people that could give suitable answers to your questions are the El Salvadorians presently staying there. But I believe that for them to decide on making BTC as one of their legal tender or mode of transaction, they must have weighed the the benefits and loss it could yield to their economy hence they took the steps, but even though their might not be much El Salvadorians here in the forum to reveal that, you could also DYOR to get the answers to your questions.
Asides accepting bitcoin as a legal tender, I think they also use the USD and with that there's a possibility that they could be carrying our transactions and other financial activities with the BTC and with dollar rate to come in agreement between customers and traders. However in a case where bitcoin is used directly then I think they might be using the current bitcoin price at the given time of purchasing good and service, although I doubt that and believe it's the latter since USDT is a stable coin.