114 sats \ 3 replies \ @cointastical 23 Nov 2022
That's not entirely true.
On Twitter follow @Lorinaura who has been documenting their travels where they attempt to spend in bitcoin whenever they can.
https://twitter.com/Lorinaura/status/1595070682987376643 [Nitter]
The petro station, the rental car agency, etc., ... they struck out on their first try but they were eventually able to find merchants who accept payment in bitcoin.
When there's a rally, the wealth effect causes many people to be comfortable spending some of their bitcoin. But in a bear market, the main reason you are going to spend in bitcoin is if you also earn in bitcoin. And that's what occurs very rarely yet today. Remittances to El Salvador ... ok that's one way that people are receiving bitcoin. But otherwise, who is getting paid in bitcoin? Very few -- maybe some freelancers, etc. And if these merchants are using Chivo, or IBEXPay or some other payment processor, those bitcoin are being teleported away and not circulating locally. The merchants could help the situation by paying suppliers and staff in bitcoin.
But let's see -- after the price has bottomed, I bet more merchants will want to hold bitcoin rather then convert to fiat the revenues they receive that are paid in bitcoin. Then workers and suppliers will want to be paid in bitcoin as well, so the merchants will be more likely to honor those requests as they already will have a bitcoin stash and can pay out of that.
When there's only 2% of the population that uses bitcoin, for example, and that doubles in say .... six months to 4%, that really isn't all that noticeable. But when there's 10% of the population that uses bitcoin and that doubles to 20%, then that most certainly becomes noticeable. Whatever catalyst caused the increase from 2% to 4% also can also be what causes a 10% to 20% increase.
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27 sats \ 0 replies \ @NorthKoreanHostage 23 Nov 2022
Damn fine reply, sir.
Thoughtful analysis ... On the Internet?! I must be lost.
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26 sats \ 0 replies \ @Atreus 23 Nov 2022
All this ^^^ is right.
I would just add most people in ES only learned what Bitcoin is a year ago, and most of them have yet to really learn what Bitcoin is — if you take my meaning. And with the bear market it's easy to assume (just like non-Salvadorans did in past bear markets) that it won't rise again.
But it is used in all places mentioned. I think I mentioned in that thread, there's a lack of Spanish-language BTC content, and that doesn't help.
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25 sats \ 0 replies \ @om 23 Nov 2022
Looks more true than false to me. As @Lorinaura herself writes (with @Rikki6ixx) in the article:
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0 sats \ 0 replies \ @0364d00578 23 Nov 2022
I was in El Salvador for the past week, San Salvador then El Zonte. Many places are accepting bitcoin. Some places refused to accept bitcoin. Education is ongoing with projects like Mi Primer Bitcoin scaling up to teach people what bitcoin really is, not merely another way to pay for a meal.
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