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Why much Hype About Bitcoin? Bitcoin Cash is being used in some countries already for a long time.
About bitcoin being a legal currency in El Salvador
This achievement is so eagerly awaited by us cryptocurrency enthusiasts, which in my opinion, is equivalent to the day of the first purchase with bitcoin, after all, it is something that everyone was waiting for, but nobody knew when it would happen, and fortunately, it did, but for the investors, this is not such a formidable event, because although it is a milestone, its importance lies more in the representativeness of the event than in the value it adds to cryptoeconomics.
What is El Salvador? Smaller country than the state of Sergipe, with a GDP of just over $27 billion, so not five or ten, but twenty-five times smaller than the Bitcoin marketcap at the moment, so it's just one more poor, unequal country, as well as all of Latin America. I would also point out that it is not even among the three best countries in Central America, being an isolated country that does not have access to the Caribbean Sea. Thus, it is clear that it is not very impactful for the market, because, as well remembered by me, ShadowCripto (https://noise.cash/post/1z3w86k2):
"People are talking about Bitcoin and El Salvador, I'm here to remember you that Antigua already accepts Bitcoin Cash everywhere, you can even pay your citizenship there."
Small Caribbean countries like Antigua, and Latin American countries like Venezuela have already adopted Bitcoin Cash in its commerce, and this has been going on for a long time, and it did not generate much difference in its value, so I confirm that the impact of this achievement is more in the field of representation than in the economic field.
How about becoming a citizen of Caribbean paradise, Antigua and Barbuda? Now things are easier – at least when paying – as a new parliamentary law will allow anyone to buy Antiguan citizenship through the Investment Program (CIP), with payments in Bitcoin Cash (BCH). - SINCE 2018
I am very happy with this achievement, I believe we all are, but I would like to make a reservation for those who are lovers of freedom.
The BTC (blockstream) financed a government to oppress its citizens by compelling them to use BTC, and obviously only BTC as a cryptocurrency. And that's very sad...
While Bitcoin Cash is accepted losing in Antigua, Venezuela, and dozens of other countries by the needs of its citizens, the State of El Salvador creates a blemish on this achievement by listening only to a group of businessmen, instead of creating a law based on longings of its population.
It's important to note that this entire event is sponsored by the blockstream, and that there will certainly be a payoff (understand how you want). El Salvador does not have a sufficient internet network for its territory, which I repeat is smaller than Sergipe. Blockstream will provide internet for transactions with BTC. And they're obviously going to implement a Lightning Network. When a company needs to communicate with the State to guarantee the use and demand for its good or service, this is the ultimate proof of its inefficiency and uselessness.
Finally, I would like other communities like BCH, DASH, DOGE, even the annoying NANO Fanboys, to spread their cryptocurrencies in El Salvador, for them to show how quickly the Lightning Network is unnecessary, and how there are other alternatives, and that in a freeway and competitive as people from El Salvador choose the best currency to use.