7th September 2021 Bitcoin becomes legal tender first in history

Tessnik

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I think it’s great that El Salvador is excepting bitcoin as legal tender.

Bitcoin is going to be a great way for El Salvadorians to be part of the this huge technological shift and not miss out on this new digital revolution.

But again, what has been the significance of the El Salvador acceptance of bitcoin have it really effect the price of Bitcoin and what publicity have help to promote the adoption of Bitcoin globally. El Salvador took a really significant step and with time the economy of the country will resize and make huge profits from their investment.

slaman29

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Quote from: AicecreaME on September 08, 2021, 08:46:59 AM

Alas! Bitcoin has been officially accepted as legal tender now in El Salvador. They managed to push through with their initial plan which is to implement it by now and that means success on their end. However, you must know that El Salvador isn't really a well-developed and powerful country unlike that of the US and China which means it will not really have an effect on the market trend. Unlike when such a brave move comes from the developed countries, you will see a positive correlation in an instant and vice-versa. Although this is still a good thing to celebrate - bitcoin is being slowly adopted by the countries which means we're taking a positive path right there. Hopefully, there would be more countries to follow such initiatives made.

But why the "Alas!"? I mean, I myself have said before this El Salvador news is cool and nice, but I doubt it's the magic bullet everyone was hoping it'd be. I can't see why anyone in Bitcoin would think it's a bad thing. True, it's not as developed as US or any other 1st world country. I know as my original country is probably as bad or worse.

But it can't be bad at all to have the opportunity one day to pick it up in your own country, to buy it from ATMs all around, and to even have a small amount of BTC to start off with. $30 in many countries is a month's worth of salary!

Vishnu.Reang

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Quote from: molsewid on September 09, 2021, 01:31:26 AM

We may not yet see the impact of the first adoption of bitcoin as a legal tender in history of cryptocurrency today but this is so far the biggest milestone that cryptocurrency have gone so far. The thought that there is a certain country that pave the way to become a cryptocurrency legally used in their economy will be a beginning for a more milestone of bitcoin. El Salvador may not be one of the powerful country today but the good thing about it is that the government of this country were open to adopt for a new technology of finances then who would've thought this country will become in the following years.

Usually there is a lag in the market prices of Bitcoin and the important milestones. Remember what happened after the block reward halving? The halving happened in May 2020, but the rally occurred in October (and even then it was due to the trigger from PayPal). So I am not expecting another rally sometime soon. Maybe that will happen after a few months, by 2022. For me, it doesn't matter much. I am OK even if the rally occurs in 2023 or 2024. Because I can wait for a few years.

molsewid

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Quote from: Pulsar77 on September 08, 2021, 06:59:09 PM

Finally, we are seeing Bitcoin becoming the legal tender of a country for the first time in history. Even though cryptocurrencies are not for this, I'm happy about this very brave action that El Salvador has taken. All people now wonder what they will do in the long run with a volatile cryptocurrency. The citizens are going to be compelled to use only Bitcoin from now on. And places like restaurants and other shops aren't going to have another choice than accepting payments with Bitcoin also.

We may not yet see the impact of the first adoption of bitcoin as a legal tender in history of cryptocurrency today but this is so far the biggest milestone that cryptocurrency have gone so far. The thought that there is a certain country that pave the way to become a cryptocurrency legally used in their economy will be a beginning for a more milestone of bitcoin. El Salvador may not be one of the powerful country today but the good thing about it is that the government of this country were open to adopt for a new technology of finances then who would've thought this country will become in the following years.

Pulsar77

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Finally, we are seeing Bitcoin becoming the legal tender of a country for the first time in history. Even though cryptocurrencies are not for this, I'm happy about this very brave action that El Salvador has taken. All people now wonder what they will do in the long run with a volatile cryptocurrency. The citizens are going to be compelled to use only Bitcoin from now on. And places like restaurants and other shops aren't going to have another choice than accepting payments with Bitcoin also.

Artemis3

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Quote from: Reatim on September 08, 2021, 04:59:25 AM

seems like some faction don't like this idea though there is a chance that this is come kind of politically motivated.

Absolutely, look at this "anti Bitcoin" protester:

Venezuelans (world's worst fiat, lost 14 zeroes in the last 13 years) will immediately recognize this.

Source: https://www.youtube.com/watch?v=LAtK62OHBCk

Among other things, she says this against Bitcoin: "There is no price fixation".

I hope you can understand what this means politically...

They want a command economy, like the socialist bloc countries (aka 2nd world) of the past century. Think East Germany, Czechoslovakia etc...

They accuse Bukele of copying Hugo Chavez, and their own protesters wear the very symbol of Hugo Chavez...

famososMuertos

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Yes! El Salvador makes history, having two legal tender coins.

Come on! It is not simply good news, if you see it like this you do not understand the historical and transcendental dimensions of what this means, as relevant as the first coin minted in history or the first legal tender, among many other comparisons.

Any economic or social side that is related to this historical moment is only news, the true history has been written El Salvador" the first country to use bitcoin as legal tender.

Tessnik

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Quote from: DdmrDdmr on September 08, 2021, 10:57:53 AM

Quote from: TopTort777 on September 08, 2021, 09:59:36 AM

<...> Maybe they are afraid that their salary in USD will turn into Satoshi with 1:1 exchange rate.

Although things may change at some point, the current stand is that salaries and pensions are to be paid in USD.

Back in mid June 2021, the Minister of Labour hinted that bitcoin was being considered for salary payments. Nevertheless, the standing Law of Monetary Integration prevails, and has not been altered nor replaced or amended by the recent Bitcoin Law, thus salaries are still mandated to be paid in USD and not in bitcoins. The latter was reaffirmed yesterday by Javier Argueta, a legal advisor to the presidency (see https://twitter.com/dialogo21/status/1435237512532971532).

Pensioners staged a protest some time ago against integrating bitcoin into the country payment system and, from the interview, some of them were concerned about the volatility of bitcoin and how the unstable nature of bitcoin can affect their life savings negatively.

AakZaki

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Quote from: DdmrDdmr on September 08, 2021, 08:22:28 AM

~snip~

550 BTCs would currently cover rougly for 852K airdrops ((550*46500)/30), which is still very short if all their population were to make the claim. 6,4 Million people, and say at least 65% over 18 (I believe they are required to have a DUI ID, which is for 18+), would lead to a potential pool of airdrop claims from around 4M people (not likely though in practice).

The amount of 550 bitcoins is a bit in my opinion. If we remember Microstrategy, Tesla, and one more Square Inc. That is a list of companies that own Bitcoin, but I don't know if they have sold it or not. The comparison is very far from El Salvador. I'm quite happy with this news, but it doesn't seem to have any effect on the Bitcoin price. This moment does not seem to strengthen the bull market. In contrast to the real situation, bitcoin actually fell sharply in the $42K-$43K area. But I think we have to see how El Salvador works with Bitcoin, if they succeed I think they will be an example for other countries.

DdmrDdmr

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Quote from: TopTort777 on September 08, 2021, 09:59:36 AM

<...> Maybe they are afraid that their salary in USD will turn into Satoshi with 1:1 exchange rate.

Although things may change at some point, the current stand is that salaries and pensions are to be paid in USD.

Back in mid June 2021, the Minister of Labour hinted that bitcoin was being considered for salary payments. Nevertheless, the standing Law of Monetary Integration prevails, and has not been altered nor replaced or amended by the recent Bitcoin Law, thus salaries are still mandated to be paid in USD and not in bitcoins. The latter was reaffirmed yesterday by Javier Argueta, a legal advisor to the presidency (see https://twitter.com/dialogo21/status/1435237512532971532).

TopTort777

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Quote from: AicecreaME on September 08, 2021, 08:46:59 AM

Although this is still a good thing to celebrate - bitcoin is being slowly adopted by the countries which means we're taking a positive path right there. Hopefully, there would be more countries to follow such initiatives made.

It is too early to celebrate. People are already complaining about this free money: https://twitter.com/Paolo202019/status/1435364198003924996 or https://twitter.com/Paolo202019/status/1435355876865495048. I have found this in just a second. If I google more, I'm sure there would be more examples.

This adoption might have a negative impact, as "people were promised that they will receive 30 USD worth equivalent, but with each day their holdings becomes smaller".

This remind me situation, when countries that joined EU changed their local currency to Euro. If the exchange rate of their local currency was greater than 1. (like Maltese Lira had exchange rate of 2.32 MTL per 1 EUR). People were worried, that their salary of 1000 MTL would turn into 1000 EUR, instead of 2320 EUR, while prices remained the same. This is perhaps identical to what Salvadorians feel about Bitcoin. Maybe they are afraid that their salary in USD will turn into Satoshi with 1:1 exchange rate.

Shenzou

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Quote from: Wiwo on September 06, 2021, 10:31:01 AM

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

I think that the news itself is what drives the price and no the actual act of adopting it, a lot of people at this point have invested in bitcoun and held it in the hopes that by the 7th of September the price will reach high prices because of the news of adoptation, and as soon as the price hit 50k they all started selling and that is why the price right now is going down.

AicecreaME

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Quote from: Wiwo on September 06, 2021, 10:31:01 AM

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

Alas! Bitcoin has been officially accepted as legal tender now in El Salvador. They managed to push through with their initial plan which is to implement it by now and that means success on their end. However, you must know that El Salvador isn't really a well-developed and powerful country unlike that of the US and China which means it will not really have an effect on the market trend. Unlike when such a brave move comes from the developed countries, you will see a positive correlation in an instant and vice-versa. Although this is still a good thing to celebrate - bitcoin is being slowly adopted by the countries which means we're taking a positive path right there. Hopefully, there would be more countries to follow such initiatives made.

DdmrDdmr

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Quote from: tbct_mt2 on September 08, 2021, 07:33:16 AM

<...> How did it happen?

I figure it comes from the allocated 150M $ bitcoin trust that their Legislative Assembly[/url] passed on not long ago. I don’t think that these purchases (550 BTCs so far) are to HODL, but rather to provide for the 30$ equivalent in bitcoin airdrops.

550 BTCs would currently cover rougly for 852K airdrops ((550*46500)/30), which is still very short if all their population were to make the claim. 6,4 Million people, and say at least 65% over 18 (I believe they are required to have a DUI ID, which is for 18+), would lead to a potential pool of airdrop claims from around 4M people (not likely though in practice).

swiftbits

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Even though El Salvador is considered a small country, they still have an impact as we see investors joining the hype of buying bitcoin. This will be a step-up process of understanding the result of using bitcoin as a legal tender; we can see possibilities and learn on how to make a better approach of implementation in the future.

tbct_mt2

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Quote from: Wind_FURY on September 08, 2021, 05:57:32 AM

The protests against El Salvador’s Bitcoin Legal Tender Law, not against Bitcoin, might also be supported and funded by the opposition of the government, who are politicians themselves whose agenda should always go against the current leadership.

It is chaotic political situation in El Salvador.

Yesterday, the first ever time in history of Bitcoin and the world, there is a first ever nation that bought a dip. What is the nation? El Salvador.

150 Bitcoin was bought in a dip by El Salvador. It looks great action from them but I don't know how the El Salvador government can quickly decide and take action to use their national budget to buy Bitcoin.

How did it happen?

Wind_FURY

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The protests against El Salvador’s Bitcoin Legal Tender Law, not against Bitcoin, might also be supported and funded by the opposition of the government, who are politicians themselves whose agenda should always go against the current leadership.

Reatim

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Quote from: ropyu1978 on September 07, 2021, 11:18:52 PM

7 september 2021 bitcoin became the first legal payment in history, I think if el salvador takes that step, I am very sure that many of their people will protest,

here are already some protest against bitcoin becoming legal tender

Quote from: MAAManda on September 06, 2021, 11:22:44 AM

The decision of the government of El Salvador to make Bitcoin a legal tender is still a polemic there. In fact, some time ago there was a demonstration about this.

Image Source: https://news.sky.com

This problem seems to be pointing to the human resources there, when I saw this news, it was said that the demonstrators said they didn't understand what Bitcoin was, where it came from and they didn't know whether it would benefit them or not.

seems like some faction don't like this idea though there is a chance that this is come kind of politically motivated.

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because there are some of their people who don't understand bitcoin, don't use bitcoin as a legal means of payment,

but how do they know if they don't give a chance using right?

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sometimes they don't even understand bitcoin to adopt bitcoin, preferably before the government makes bitcoin a legal payment, the government should approach their people first, educate them about bitcoin,

eventually they will understand , but for now all they need to do is start accepting the fact that this is already a Law and they have nothing to do with it.

Cling18

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No matter how we see it, we can't deny the fact that this kind of adoption has a huge positive impact on the status and price of Bitcoin. It might be hard or impossible for some countries like the US and China but I'm sure that if this adoption would run better, more countries would follow the same step.

Charles-Tim

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Quote from: B-Bit on September 07, 2021, 10:04:19 PM

It is not that there is no impact, but the impact is not as great as that of China and the United States.
El Salvador's announcement of Bitcoin as legal tender is good news for Bitcoin. Prices have also risen accordingly. Let more people understand Bitcoin.

Yes, it is a good news that El Salvador accept Bitcoin as a legal tender, but the price of bitcoin later plummeted from over $52500 to $43000 yesterday which still makes my point valid.

Topic: 7th September 2021 Bitcoin becomes legal tender first in history (Read 516 times)