How El Salvador’s Bitcoin Adoption is a Double Edged Sword

How El Salvador’s Bitcoin Adoption is a Double Edged Sword

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  1. > Nationalizing Bitcoin as legal tender would force businesses to use the government-controlled app Chivo, and would persecute dissidents who resisted the overreaching government control via Bitcoin adoption. This could be extremely harmful to El Salvador’s citizens, as it would increase governmental jurisdiction in the financial sphere, and would expand President Bukele’s power.

    How could this be true? They are using Lightning Network, they can download and use any other wallet they want. They can even run their own Bitcoin/LN nodes. Or as merchant they could also use OpenNode like I’ve seen McDonald’s do in another thread. The only thing Chivo does that other LN wallets don’t do is conversions to dollar using the government’s liquidity.

    Lastly even if they were forced to use the Chivo wallet, it still doesn’t change the sound properties of the underlying money that is Bitcoin. They can pay any LN invoice from that wallet their own non-custodial wallets and enjoy self-custody/self-sovereignty over their money with the assurance nobody can endlessly inflate it… unlike the US dollar.

  2. tldr; Protestors of El Salvadorian President Nayib Bukele and his controversial law, legalizing Bitcoin as legal tender, torched a Bitcoin ATM at the National Palace on September 15th. This is the latest protest of a series of demonstrations organized in El Salvador. The adoption of Bitcoin could cost Western Union and Money Gram an astounding $400 million in remittance costs.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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Source: Pixabay

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