It is over for FIAT but not banks, according to Bukele. Chivo wallet is a bank, not a wallet.

Because of the 1MB block rule on Bitcoin, BTC transaction fees are not cheap, and as such, bitcoin can't be used as a currency without the need of either custodians or a computer science degree. Running a Lightning Network is not easy; believe me, it is not easy because I have done it in the past, not just run a mobile or private node but an actual full node.

The way Bitcoin has been implemented in El Salvador means most users will use custodians like Chivo Wallet and the Wallet of Satoshi, which both are not wallets whatsoever; they are indeed bank accounts where users don't control and don't have access to their private keys, meaning that users can lose their funds at any moment by any reason.

It should read "Chivo El Salvador government bank account".

Fiat is alarming because central banks and their partners, the government, can print your national currency to their heart content and to the detriment of your savings because printing money always means those that save money lose purchasing power. Banks can't print Bitcoin directly unless they become a miner, but if everyone starts using custodians soon enough, banks will control the supply of Bitcoin to the point that they will print Bitcoin.

Suppose over 90% of the population starts to only use a particular custodian (Chivo Wallet), at least inside the territory of El Salvador. In that case, the government could start either printing Bitcoin or start practicing fractional reserve Bitcoin. Not to mention that you have zero privacy with custodians as your custodian will know your financial life through and through.

RSK has a bridge for Lighting Network, so hopefully, users will see the advantage of moving funds from custodians into at least a second layer sidechain instead of just leaving funds sitting on custodian accounts. And with sidechains like RSK, you can trade without a centralized exchange like Coinbase and Binance and use the custodian services to buy and sell into Fiat if you need to.

For Fiat, it may be over but not for banks because Nayib Bukele forgot to mention that you will be only changing your fiat control from one bank into yet another bank. Still, both banks will have the power to print at some point, mainly if most of the population adopts their bank-like service.

Bitcoin Cash is the version of Bitcoin that doesn't need custodians, and transaction fees are cheap, but the project has been under heavy censorship from the get-go; I would say give it a try to both networks and decide on your own which cryptocurrency is best for you, and Bitcoin Cash has decentralized finances as (DeFi). The protocol is called SmartBCH, where you have over 50 tokens to buy and sell; RSK only has around nine tokens.

The best way to have the complete picture is to use both networks and decide which one suits your needs.