7th September 2021 Bitcoin becomes legal tender first in history - page 4.

DarkDays

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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.

Hurray!!! This is positive news and at a time when the market is already in a good position, I wonder how much of an impact it may have. We already saw it reach 52K and right now making another attempt.

In good timing for this legal tender on Bitcoin... We shall see how the rest of the world reacts to this news and what it will mean for the world of crypto

MAAManda

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Quote from: Wiwo on September 06, 2021, 03:49:31 PM

Yeah, the news of retirees who feels their pension is unsafe in Bitcoin, but I don't think that demonstration will make any difference the government has already made the policy to adopt Bitcoin.

The US Dollar Is Still Valid There, Bitcoin Is Only Optional, If Retirees Want To Receive In Bitcoin, It's Up To Them. The problem is that there is no clear communication between the government and the citizens of El Salvador, as if there is a policy that comes from one party, the government should first introduce what Bitcoin is, so that citizens are educated.

Around 1 Hour ago Nayib Bukele Tweeted That They (As a Country) Have Purchased Their First 200 Bitcoins and Will Buy More.

Tweet Source: https://twitter.com/nayibbukele/status/1434968475928248331

Slow death

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Quote from: Punk4000 on September 06, 2021, 01:56:42 PM

We can dearly hope that the next president dont decide to "backward" the "law" and become BTC illegal...

this is expected to happen mainly because from what I see the majority of the people do not want bitcoin, it is enough that some politician takes advantage of this situation to be elected as president and the first step he will take will be to order parliament to revoke this decision

I keep asking myself: if most people are not in favor of this decision, why are they going ahead with it?

bitbollo

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https://twitter.com/DocumentingBTC/status/1434980052983324676
El Salvador has just bought it’s first 200 coins. Well now it's official!

Wiwo

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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.

[img width=500 ]

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.

In the text that I highlighted in black above, I conclude that it seems that the government of El Salvador does not have a good way of communicating with its people (like a dictator).

I agree with the demonstrators if there is no communication between the government and the people of El Salvador on this matter. People Should Be Educated First About What Bitcoin Is and Everything About Bitcoin.

Every Plan Must Be Consolidated First to Stakeholders, and Citizens Are Stakeholders in Terms of State Policy

Acceptance of Bitcoin as a Legal Tender in El Salvador may be good news for the Bitcoin community & Bitcoin Price (even though El Salvador lacks economic power), but it could be bad for the citizens of El Salvador.

Yeah, the news of retirees who feels their pension is unsafe in Bitcoin, but I don't think that demonstration will make any difference the government has already made the policy to adopt Bitcoin.

Kasabus

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Quote from: avikz on September 06, 2021, 03:06:50 PM

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.

Yes it's encouraging! Bitcoin has been made legal by only a handful of countries till date so whenever any such news comes in, it reassures your faith in bitcoin. But don't expect a lot of impact in the market. I don't think the current surge in price is anyway linked to this news. El-Salvador is a small country with a population of roughly 6.4 million people. So a lot of unknowns are there.

Today marks the day when bitcoin will become the official currency of El-Salvador and people will start using it from now onwards. So wait and watch the reaction of the commoners.

This news has already made a positive impact on the market some months ago so definitely, it will not make any noise this time. But i am very optimistic that this will be the start for other neighboring countries to start also using bitcoin as a local currency. Let's see how will this come out.

Although its not El Salvador who started to legalize bitcoin but its the first country i guess to start using bitcoin as a legal tender. But i'm not expecting everything will come out smoothly. Of course there might be problems that will arise in its first months but i know it will also be resolve in time since the people are still adjusting to its new adopted currency.

avikz

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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.

Yes it's encouraging! Bitcoin has been made legal by only a handful of countries till date so whenever any such news comes in, it reassures your faith in bitcoin. But don't expect a lot of impact in the market. I don't think the current surge in price is anyway linked to this news. El-Salvador is a small country with a population of roughly 6.4 million people. So a lot of unknowns are there.

Today marks the day when bitcoin will become the official currency of El-Salvador and people will start using it from now onwards. So wait and watch the reaction of the commoners.

adzino

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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.

So it's tomorrow? Well good for them. At least they are trying something new that no other country has ever tried. Other countries can watch and learn from them. I wonder how they are going to deal with the volatility though. Will merchants instantly convert bitcoins to fiat? Or they will just hold their bitcoins? I have also heard that about two third of the population are against making bitcoin a legal tender. I wonder how things will go.

Theones

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Quote from: Charles-Tim on September 06, 2021, 10:40:40 AM

El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

I have to google to find where this country is located. Nonetheless, news coming from this country is all about BTC El Salvador becomes a crypto laboratory with bitcoin gamble. I do agree that such small economic powers wont be able to influence BTC and crypto market, until we see something positive from countries like USA, China etc.

Punk4000

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We can dearly hope that the next president dont decide to "backward" the "law" and become BTC illegal...

swiftxi

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El Salvador is a small country, they have no political agenda against crypto as do big powers.
Its interesting always to see how Central American countryes launch cryptos and/or accept them

Veery nice, im glad.

Cafex

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It is the first in history indeed. El Salvador took a really brave step while the other countries were bewaring of Bitcoin about making it legal tender. This will be a very important example for rest of the countries. However, I don't know if this action can have a positive effect on the price. If El Salvador was a more powerful country then I would make sure of it. But they are an underdeveloped country so it may not effect the market even a little.

jossiel

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

Acceptance of Bitcoin as a Legal Tender in El Salvador may be good news for the Bitcoin community & Bitcoin Price (even though El Salvador lacks economic power), but it could be bad for the citizens of El Salvador.

Eventually they'll just have to accept that it's co-existing with their cash.

What I see on this news, despite being already known, probably look at that positivity that there's the fact a country has adopted it as a legal tender.

We all want that and not all countries can do that.

AmoreJaz

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Quote from: ShowOff on September 06, 2021, 11:25:17 AM

Bitcoin is a completely new currency for the general public of El Salvador so there will be a lot of time needed during the transition of the financial system and mean of payment to bitcoin. I feel that some people still believe that bitcoin is not the means of payment they need because of its fluctuating value, we can know this from the protests that come from the community.

Everyone still need to know how they can use bitcoin as a means of payment and how they will secure their bitcoin balance. Failure is still possible because everyone can choose what they buy bitcoin for. We will find out what is the most dominant use of bitcoin that El Salvadorans prefer between using it as a currency or a trading asset very soon.

the adoption will really take time and every change in the government whether it is bitcoin or not, the government always have their nemesis. but am betting most of those who are not pro-bitcoin don't have any experience yet dealing with crypto. because if they have, they will understand its benefits and may change their stance on this situation. in time, they will discover its advantages when everybody around them have tried using crypto in their transactions.

CryptoBuds

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Quote from: DdmrDdmr on September 06, 2021, 10:55:13 AM

Lately, a lot of articles are pointing towards a rather high increase for bitcoin before end of year per se. Whatever effect, if any, El Salvador has on bitcoin price is not going to be seemingly easily attributable. From what I’ve been reading these days, their population is still much pretty lost on how to use bitcoin, and will likely take some time to assimilate and adopt.

I’d fear more a potential fiasco affecting price, than the implementation and roll-out of the Bitcoin Law having a positive turn in price in the short term. Bearing in mind that all the steps so far have had little to none effect on price that is directly attributable, a chunky roll-out shouldn’t drive the price to any noticeable peak.

According to UCA pool, 32 percent of Salvadorans are agreed to adopt Bitcoin as legal tender in El Salvador. though the majority of them have disagreed, but they were not able to show any valid reason for their disagreement. The only thing they claimed is that they are not much aware of Digital currency. I think it is very positive that they have realized that they should have to learn first. So, the government should adopt Bitcoin as well as provide proper education to their people about technology.

IMO, 32% acceptance is very positive. not only El Salvador but also all other country's people are not much aware of Bitcoin, Cryptocurrency/Digital currency. If you run the same pool in Havana, Honduras, or any of the Mexican cities or any other nearest country then I'm damn sure the acceptance would be much lower than El Salvador. The government should acquaint its people with modern technology.

ShowOff

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Bitcoin is a completely new currency for the general public of El Salvador so there will be a lot of time needed during the transition of the financial system and mean of payment to bitcoin. I feel that some people still believe that bitcoin is not the means of payment they need because of its fluctuating value, we can know this from the protests that come from the community.

Everyone still need to know how they can use bitcoin as a means of payment and how they will secure their bitcoin balance. Failure is still possible because everyone can choose what they buy bitcoin for. We will find out what is the most dominant use of bitcoin that El Salvadorans prefer between using it as a currency or a trading asset very soon.

MAAManda

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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.

In the text that I highlighted in black above, I conclude that it seems that the government of El Salvador does not have a good way of communicating with its people (like a dictator).

I agree with the demonstrators if there is no communication between the government and the people of El Salvador on this matter. People Should Be Educated First About What Bitcoin Is and Everything About Bitcoin.

Every Plan Must Be Consolidated First to Stakeholders, and Citizens Are Stakeholders in Terms of State Policy

Acceptance of Bitcoin as a Legal Tender in El Salvador may be good news for the Bitcoin community & Bitcoin Price (even though El Salvador lacks economic power), but it could be bad for the citizens of El Salvador.

DdmrDdmr

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

<…>

Lately, a lot of articles are pointing towards a rather high increase for bitcoin before end of year per se. Whatever effect, if any, El Salvador has on bitcoin price is not going to be seemingly easily attributable. From what I’ve been reading these days, their population is still much pretty lost on how to use bitcoin, and will likely take some time to assimilate and adopt.

I’d fear more a potential fiasco affecting price, than the implementation and roll-out of the Bitcoin Law having a positive turn in price in the short term. Bearing in mind that all the steps so far have had little to none effect on price that is directly attributable, a chunky roll-out shouldn’t drive the price to any noticeable peak.

hd49728

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

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.

It is only a reason to hype the market. Legal tender in El Salvador won't change the whole picture and global adoption of Bitcoin.

Additionally but more importantly, this positive news already was reflected on the price of Bitcoin.

"Buy the rumor, sell the news". It is not a new news and you can not expect too much from it. Huh

Charles-Tim

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El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

Topic: 7th September 2021 Bitcoin becomes legal tender first in history - page 4. (Read 516 times)