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Grandma cannot pay with BTC in Al Salvador! by bearbear613

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hive-167922 · @bearbear613 · (edited)
$4.51
Grandma cannot pay with BTC in Al Salvador!
![image.png](https://images.hive.blog/DQmZ1c1GxNxuYZz9ALEziLpn6ZyzsWAuSH94cvgvAacdzxJ/image.png)

BTC is now adopted by it's first country officially. Steve Hanke postulates this will decimate the Al Salvadorian's economy even further because it will suck the usd out of the economy. My first thought's were that this is obvious, but he does point out transactions take longer and they cost more than what 'Grandma' can afford. Not only that but Grandma has no idea about how to operate a wallet or transactions with blockchain.

These are actually truth's even though I don't want to believe it. Perhaps legalization will be on par to Gold or asset savings rather for day-day. This would make more sense. Large purchases seem more appropriate for BTC as legal 'tender'. 

However..

![image.png](https://images.hive.blog/DQmNUctPQSnrvgsvE4An1fXnUKTTWTQY9M5vustprdSjGFi/image.png)

I was surprised to learn only a few months ago that Interac is not 'instant' at least for venders. I had no idea it took a few day's to validate certain transactions. Blockchain solves this; but scaling and time are involved with many other blockchains. 

This professor say's Grandma cannot pay with BTC in Al Salvador. "They have no currency aside from the green back". So when these green back's are sucked up by only those who know how to operate a digital wallet..

Cash is still king in other words. I agree even though I do not want to. Perhaps Al Salvador recognizes BTC as legal tender; but it would be better for Al Salvadorians to use green backs because the population cannot transition properly.

https://youtu.be/SNYSFFU8noE

This isn't FUD, this is practicality. I know the Lightning network is working on things such as this; but BTC in my opinion is meant for higher level transactions. In the end this isn't FUD because if I went to Tim Horton's and paid with silver bullion or gold bullion they still wouldn't know what to do with it.

In the end this guy is full of *hit. BTC will be treated like gold. You do not use gold to pay for a Timmies coffee. BTC is a limited digital asset. 21 million many of which are already lost. We don't take a Van Gogh to pay for twizzlers. 

![image.png](https://images.hive.blog/DQmfF1shhkHoLetmdpEK5oohY34BKsztx6GUhFx2UaLGzQn/image.png)  

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bearbear613/grandma-cannot-pay-with-btc-in-al-salvador)
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vote details (95)
@apshamilton · (edited)
$0.03
Steve Hanke has it wrong. 

Grandma is not cashing out BTC for USD at an ATM. She is using the BTC in her Lightning Wallet or to pay for things.
No fees at all and already being used widely in El Salvador.
Strike is onboarding 20,000 users a day there. 

This is the whole  point of mandating that vendors accept BTC.

This law effectively turns the whole of El Salvador into Bitcoin Beach.

And this guy Hanke has form as a FUDer. He clearly does not understand Lightning Network at all or what has already been going on with its adoption in El Salvador.
👍  ,
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vote details (2)
@bearbear613 · 
Let them lead the way.. I'll just tell you not many people understand Bitcoin, wallets, or transactions. They just want to put their phone near a terminal and pay. BTC isn't as simple as that and if it were then I'm sure there would be security flaws. Murky at best but still a big change. I do not believe countries in the first world like these developments especially the USA. Nobody wants a competing currency; Like Trump said.
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@gillianpearce · (edited)
>Strike is onboarding 20,000 users a day there

That's a mind-boggling number.

!ENGAGE 20

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@gillianpearce/re-apshamilton-5ptee3)
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@lebah · 
no fees? is true? Does lightning network still charge fees?

Posted via [neoxian.city](https://www.neoxian.city/@lebah/quszlk) |  The City of Neoxian
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@apshamilton · 
There are no fees on the Strike App which uses Lightning and fees are extremely low on the Lightning network in general. A few sats
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@apshamilton · 
A complete demolition of Steve Hanke in this post https://peakd.com/@shortsegments/strike-a-phone-application-that-puts-the-bitcoin-lightening-network-on-your-phone
👍  
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vote details (1)
@bearbear613 · 
I think we have to go from the Al Salvadorian's mindset. Would they rather cash (usd) or crypto.. 

Cash is anonymous, crypto is not (BTC) 

Now I'm just playing devils advocate. We shall see how it rolls out. I also have heard from FUD regarding lightning network.. like it is fast! But it does not have the adoption we are looking for. This can always change of course and layer 2 on BTC is a possibility at this stage.
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@bozz · 
I think there will definitely be use-cases there.  It might not be the day to day sort of stuff, but it opens the door for a lot of things to happen.  Looking to buy some land in El Salvador?  We can easily do that with some BTC now!  I think it will take some time to see how this all pans out.  I am just glad someone took the first step.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-bearbear613-52eyol)
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vote details (1)
@edystringz · 
I don't agree 

Grandma will have to find someone who can help her operate her wallet, and do transactions 

Infact, the staff on any company's payroll will always be there to help grandma pull through 

Learning how it works even if steadily will lighten up Grandma's  life a bit

So she has to learn. The green back should go to hell. This is clearly fud, no matter how you try to define it as practicality



---

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vote details (1)
@bearbear613 · 
agreed! Definite opportunity to teach grandma!
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@bearbear613 · 
agreed! Definite opportunity to teach grandma!
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@julianhorack · 
We can't really trust this mainstream expert to know how easy it is to buy a coffee with your bitcoin wallet directly and just ignore the ATM in El Salvador. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@julianhorack/re-bearbear613-3byqux)
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vote details (1)
@bearbear613 · 
I have yet to buy a coffee with BTC. I have to see it to believe it. I moved some BTC just recently.. it took about 10 minutes. Lightning network solves that, but I have heard FUD regarding Lightning as well. Seems early imo.
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@bearbear613 · 
I have yet to buy a coffee with BTC. I have to see it to believe it. I moved some BTC just recently.. it took about 10 minutes. Lightning network solves that, but I have heard FUD regarding Lightning as well. Seems early imo.
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@ph1102 · 
Hehehehe... This video was rather amusing than real news... :) 

When a person educated like Hanke uses words like "dark forces", "junk",  and of course using "criminal activity", and calling people "stupid", you know that this is just a "SPONSORED" video to spread FUD... 


---
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