Is relocating to El Salvador a good idea?

in LeoFinance7 days ago (edited)

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Word about El Salvador working hard to legalize Bitcoin as a means of exchange in the country has hit the airwaves pretty hard. The country with a population just shy of 7 million people, with a name that literally means "The Saviour" looks like they just might become the saviors of Bitcoin.

As you know, Nigeria is currently in really bad shape and I have been thinking up different options to exit this place. I decided to do a minor inquest about the country to see if it is a place that me and my family could relocate to in the near future.

El Salvador is a Spanish-speaking country in Central America that shares a border with Honduras and Guatemala. Due to its position around the Pacific, it is also susceptible to tectonic activities, Earthquakes, and probably floods. It also suffers from the effects of severe weather conditions and various unpleasant factors.

El Salvador is also home to multiple aggressive gangs and anti-government guerilla-type mafias that don't mess around. The country's homicide rate was skyrocketing for a period, however, that was in the past.

The country has also been embroiled in a series of civil wars that spend tens of years and only came to a rest in 1992, coincidentally, the year I was born, so maybe destiny is at play? Since the current Bitcoin loving President, Nayib Bukele took over homicide rate has dropped by 60% and things are looking better.

In terms of Human Rights, there have been some issues that remind me about Nigeria. Here's what I snatched from El Salvador's Wikipedia;

Amnesty International has drawn attention to several arrests of police officers for unlawful police killings. Other issues to gain Amnesty International's attention include missing children, failure of law enforcement to properly investigate and prosecute crimes against women, and rendering organized labour illegal.[84] Discrimination against LGBT people in El Salvador is very widespread.[85][86] According to 2013 survey by the Pew Research Center, 62% of Salvadorans believe that homosexuality should not be accepted by society.[87]

So if you're in the LGBTQ+ community, then you might want to rethink moving to El Salvador that seems to be extremely conservative. I often translate that to be "secretly gay" but that's just my opinion and shouldn't be taken as fact.

Why Crypto?

When you think about El Salvador's position that has been drastically affected by natural disasters, it is only natural to expect the nation to be welcoming to cryptocurrencies. Bitcoin and many other digital assets have servers that operate in different parts of the World, so local disasters won't affect them.

In fact, growing a large crypto community in El Salvador might go a long way in improving their situation.

At the end of the day, it is all about perspective. If you're living in a shitty place like Nigeria and Venezuela, it might not be a bad idea to relocate to El Salvador. In fact, Venezuelans have it easier since the country is closer and speaks the same language as them.

For me in Nigeria, I fear the process might be too drawn out and stressful to embark on, and considering that the difference between El Salvador and Nigeria isn't that much, it might not be worth the stress, despite how crypto-friendly the country might be.




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I would think about it this way.
Did you ever think about moving to El Salvador before the bitcoin news? If yes, then the bitcoin would be a plus.
If not, is the bitcoin news big enough to move??

Also as you said, if its kinda the same as Nigera besides Bitcoin does it change that much then? :D

Doesn't change much tbh. Way too much stress for me but people in Venezuela might be better off there

Have a a little patience. There's gonna be better options in quite a bit. This is just the beginning.

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Yup yup. We'll take language courses to be on the safe side

I hope so too.


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I am thinking Ecuador gets into the mix.

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It wouldn't help Americans to move there. Our tax law would still require that we pay taxes no matter where we live.

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Lol your tax law still affects you in other countries? Wtf? 😆

There is no escape.

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Can't you Renounce your citizenship?

I could. But I haven’t anywhere better to go. I might consider the UK. Nothing in Europe or Asia interests me. Possibly a Caribbean nation or Latin America. I’d have to visit. For now, I’m only familiar with Mexico.

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This will be so great if they legalize bitcoin as means of exchange, getting to know the positivity and courage it will bring to the market I believe the crypto market will get back to its bullish trend.
Changes is happening is the century we are and crypto is one of it, which will make the world a better place.


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Yeah but El Salvador isn't a big deal in the international scene, so there's not going to be a major influence on the market.

Okay, but we need the positivity and the step taken.


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I would say no at this point. There will be other countries that pop up on the radar like Ecuador that would be better options.

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The beurecratic hurdles in getting there from Nigeria might be a big issue for me. There's also language and whatnot to worry about.

Outside of English, I'm going to be looking at French speaking countries for now while I take language course in French.

I have a feeling that many others will follow in El Salvador's footsteps soon.
Unfortunately, in the country where I live, the government is too stubborn to accept Bitcoin.

Sorry about that man. Is your country India?

hmmm... read this - https://www.coindesk.com/el-salvador-residents-are-split-on-bitcoin-adoption-bill

Basically, that president is currupt, has sacked some officials, many actually and international countries want to investigate all this curruption stuff...

So if there is a sanction, there is still a way El Salvodor can trade using Bitcoin.

Anyway...

I think it will be a new kind of capitalism there, inviting rich blokchain companies to invest in El Salvodor and provide them permanent residency, near beaches?

Sure this will be encroachment of water body, lots of illegal stuff.

BTW those volcanoes will produce clean energy for Bitcoin mining industry it seems...interesting.

Anyway...will it help poor people, don't know...do they have good phone and internet for wallets?

Do they have computer and going to be educated on crypto...don't know.

Anyway.

Lol yes his corrupt and so is every other government lol so how is that a negative? Because his more upfront about it than most? I've seen my own government do much worse

It’s not about him being a piece of shit even if he is if he does the right thing does it matter?

What his his intention behind having legal tender is the question?

Is it because he may face sanctions? ...meaning can't use US dollars to receive payment for trade stuff...

Maybe that's why he made bitcoin legal tender so other currency he can use for country to engage in trade if he gets sanctions ...

Second, whats the point?. See the country is poor, not many have good phones with internet for crypto storage. So how will this benifit the masses.

Surely its a great idea, its a opputunity for people to hold wealth in their own wallets especially since they are mostly not having bank accounts but still technoly wise they need a good smart phone for crypto stuff with good connection.

That's why I am what you call sceptical... he sounds like a liberarian you know, like he is for em[powering people financially, as if he is against Central bank practices but he himself seems to be authoritarian...

Agreed he is a good looking man, not that old just 39, bitcoin advocate...all that...but inside that so much action he has taken on people investigating curruption against him, 5 people of the court removed!! , that's a lot.

Is he again encouraging capitalism...those guys who pour in money as investments get power, built corporations at the cost of environment? ...already shady entreupreurs like Justin Sun have shown interest on his offer to settle and establish his office there.

So I am getting mixed signals...anyway maybe Bitcoin will make that country's economy richer...maybe it will make the wealthy richer along with polical people like him, what about the poor person, who as said works in informal sector and has no bank account?

I don't know... this guy wants to get all the BTC and get richer a bit...was that one of his intensions.

This is interesting as well because most currupt Govts.n never been so open to embrace Bitcoin, this president guy is smart...but let's see what happens due to this.

You highlight good points and I can’t speak for the country but the way I see it is BTC is not about trying to make people good or getting them to find morality, it’s about alignment of incentives

He wants power, he sees BTC as a a way to acquire that, if it does its side effects are a better life for all his citizens

I live in a poor country and I can tell you it would make a massive change, even if people don’t have the penetration of smart phones. It has to start somewhere, the middle class and business owners and small business owners use it first they pay their emoloyees, in BTC or fiat they got out of BTC more purchasing power than they would have otherwise had and so it actually trickles down

Not like with fiat where when the money finally trickles down it loses value it trickles down and maintains value

Having lived and worked in both the formal and informal economy I think you downplay the resourcefulness of the poor. We currently have system made up of trading in cash, cell phone minutes and SMS’s vouchers from stores and anything that can hold value to be traded I see it all the time!

1 Bitcoin alone could reshape an entire informal economy and replace so much of these make shift systems the poor use today Using lightning ⚡️ Is going to be a game changer for the unbanked