54% of Salvadorans are not comfortable with bitcoin as a legal tender- Survey shows

[Josemendez]

The news that El Salvador has plans to have bitcoin as a legal tender in the country come September 7, 2021 is no longer something new to the cryptocurrency world. There has been a lot of speculation on what this action could have on the economy of the country considering the fact that bitcoin is very volatile.

According to survey from Disruptiva, a pollster affiliated with Francisco Gavidia University, about 54% of the citizens of El Salvador are not comfortable with the government decision to make bitcoin a legal tender in the country.

The survey was conducted from Jul 1 to Jul 4 and was answered by a total of 1233 persons. Their opinion shows that having bitcoin as a legal tender is a very risky digital transformation bet.

Do you think that the government who have already create their own wallet and have as well distributed $30 worth of bitcoin to citizens who opened account with them will have to reconsider their decision?

 

[Sherman198]

Though, this development is good as the president is trying to create his own way of ruling. The Salvadorians need currency of their own,as they are entangled with the dollar currency. They are trying to cutoff from the shackles of high remittances. But the introduction of Bitcoin as a legal tender to the citizens of El-Salvador may caught it's people by surprise, and not everyone is a fan of Bitcoin, with time, their affection may change.

 

[sincerem]

Its still an early stage for the people adoption of crypto especially BTC. It happens that way to almost everyone when moving to a new unfamiliar environment. Surely they'll come to like the idea and the decisions of the country leaders to picking out BTC as a legal tender investment option for them. The transition is going we can't decide what the future holds for them.

 

[Yugocean]

This is not even clear that how this survey was conducted? We all know how the surveys work, what was the questions in the surveys? How this was actually recorded? If 54 persons are not comfortable, then what was the incomfortability? Actually such surreys are made up for no directions, anyone I can make any survey.​

 

[Josemendez]

If 54 persons are not comfortable, then what was the incomfortability

The survey was answered by 1299 persons who made themselves available for the survey. It is not 54 persons buy 54% of the total participants . 24% were in support of it and the rest were either in support or against it. If you still need more details on the survey you can go to coinmarketcap and search for the survey . Or if I get the link I will share with you here.

 

[Lens1000]

In reality, when president Bukele announced that he will give Salvadorians bitcoin worth $30 I was a bit sceptical and i thought his dream around bitcoin would be dashed but i was totally convinced when I read his statements . That was when I come to terms that president Bukele really knows what he is doing.

 

[Yugocean]

The survey was answered by 1299 persons who made themselves available for the survey. It is not 54 persons buy 54% of the total participants .

Oh that was a mistype, I meant "54 out of hundred" (meaning 54%).

24% were in support of it and the rest were either in support or against it. If you still need more details on the survey you can go to coinmarketcap and search for the survey . Or if I get the link I will share with you here.

All these surveys don't make sense, I do not want link of the survey, it is your thread, so post the actual comment instead of link or telling us to look it at coinmarket.

So please tell us, was the survey oral or written?

 

[Josemendez]

Oh that was a mistype, I meant "54 out of hundred" (meaning 54%).


All these surveys don't make sense, I do not want link of the survey, it is your thread, so post the actual comment instead of link or telling us to look it at coinmarket.

So please tell us, was the survey oral or written?

The world has gone digital , it is probably online survey . But outside this survey issue , don't you think that there will be issues with respect to the use of bitcoin as a legal tender.
Low income earners with little or no formal education will have issues dealing with bitcoin volatility especially when they are paid with it.

 

[Yugocean]

Low income earners with little or no formal education will have issues dealing with bitcoin volatility especially when they are paid with it.

This is possible, however as per your information provided in the thread, that survey was -

from Disruptiva, a pollster affiliated with Francisco Gavidia University

So, this cannot be considered as "no formal education" , secondly, when it is online survey, then for sure it is not something to be unknown.
Anyway there are other possibilities too, like some people supporting other altcoins, or survey provided them odd query under which they could not understood.

 

[Ahmedo24]

Actually every organisation or firm could decide to take survey of people's reactions of feelings towards the adoption of cryptocurrency by El Salvador and we are meant to have mixed feelings about it because it is very possible that more than 50% of the El salvadorian are not even enlightened or informed about cryptocurrencies but I think if the surveys are done at interval of time especially when they formally integrate it or adopt it then we could get a clear results.

 

[Alexandoy]

It is common for the people to resist a new thing. When the computer came to town the most common drawback was the poster that says IBM... to mean "It's Better Manual." With the use of Bitcoin I guess it is normal for the public to resist but if it is legal and convenient the new currency will be accepted. Again, that is if Bitcoin is convenient to the public's use.

 

[Deleted member 28127]

There is something in mind like what you are saying like for example local bank account of account holder in local banks will like a bitcoin deposit address and dogecoin deposit address then for each deposit you receive in this address it will be converted to cash into your bank account that you may cashout from ATM or bank agency but most of countries are far from such technology.

 

[btaliat]

This is normal. It is not easy to adapt to change. They are not used to it and they should react. This is where governemnt needs to come in, they need to sensitize the citizens the reasons why bitcoins should be adopted and lastly the need to assure the citizens about the plans government has put against the side effects of using bitcoins.

 

[Mika]

When you pay with cash, your transaction will complete in few seconds, when you pay with cards, your transaction will complete in few seconds, but when you use bitcoin to make a payment it will take a while because bitcoin blockchain network can perform only 5 transaction per second. THis is the biggest issue to takle for salvadorans.

 

[Yugocean]

When you pay with cash, your transaction will complete in few seconds, when you pay with cards, your transaction will complete in few seconds, but when you use bitcoin to make a payment it will take a while because bitcoin blockchain network can perform only 5 transaction per second. THis is the biggest issue to takle for salvadorans.

Bitcoin is not mandatory there, many people are already using bitcoin in El Salvador; many unemployed youth started online bitcoin mining and other ways to earn for themselves, this resulted in fall of crime rate too. And overall the Government has no fiat currency to avoid competition. That survey might be manipulated.

 

[Dora Wi]

The decision to make Bitcoin a legal tender in El Salvador sounds like it was mainly motivated by a potential positive effect on the economy. So unless something drastic happens, I don't think this decision will change on the basis of what people think about Bitcoin.