El Salvador Understand Bitcoin Network


Recent news from El Salvador has sparked well deserved interest among Bitcoiners and in the mainstream media. The most pressing question is how ordinary Salvadorans will actually use bitcoin in everyday life. For example, will it be possible to adequately secure bitcoin in poorer communities?

The Lightning Onboarding

It’s clear that ordinary, non-technical people don’t have much time to research the ins and outs of Bitcoin. They just need the tools that work. So it’s understandable that so far, Salvadorans have mostly used accessible mobile apps like Strike and the Bitcoin Beach wallet.

While these are great tools for quick onboarding straight to Lightning and provide locals with much needed low-fee payments, such wallets make a trade-off of usability for privacy and security. And while keeping ten dollars in these wallets isn’t such a big deal, using them for family savings is asking for trouble.

Not Just Fintech

El Salvador’s population is 6.5 million. There has never been a coordinated push for bitcoin adoption on such a large scale. It would be disastrous if Salvadorans misunderstood bitcoin as merely a financial technology thing, i.e. something you download an app for and you’re set. There’s a pressing need to grasp Bitcoin (the upper case), at least in its basics. The best way to understand how Bitcoin works is to use it in its real form: handle the recovery seed, perform a few on chain transactions and so on.

Source link Bitcoin Magazine


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