I just saw there is a ton of negative comments and FUD around the recent video of the president of Salvador talking about bitcoin.
Please, first think, educate and then talk.
1. He said instant transactions and no fees
Yes, he said that. He talks about the wallet (Chivo) they are ruling out at September. If you use their app (as salvatorian) you will get 0 fees and 0 waiting time.
2. But it's not decentralized
You are not forced to use their app, it's optional.
The benefits of using their app as Salvatorian:
- 30 usd in btc free
- instant exchange between usd and btc
- no transaction fees
- instant transaction
Cons
- need to kyc
- centralized
Obviously they need to kyc people that want to exchange btc to usd throught their app. Nobody wants a drug dealer or a child abuser to change money in their app.
You can freely use any wallet you prefer, nor mandatory to use their app. Take it as a bank. They offer their bank (Chivo) with lot of benefits and some cons, but you can also have your preferred bank (coinbase...) or have your btc in your pocket (hardware wallet, cold wallet...).
El Salvador is doing a great thing for Bitcoin. Obviously isn't a perfect way, but they can't (and don't want) just educate and promote the masses to use their own hardware wallet or cold wallet, or decentralized, because of:
- too complicated
- they would aim people to go out of their radar
If you build a business, you want to somehow have a control of your employers (so they can't steal your money), the same applies to the countries.
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