Topic: Bitcoin Adoption will bring positive change for the people of El Salvador (Read 149 times)
July 07, 2021, 08:43:38 PM
El Salvador didn't completely eliminate USD as their currency it's still there and currency being used so why is Hanke Steve saying that El Salvador going to suffer economic destruction when it's still there. He is suggesting that El Salvador can use just about anything if possible so why choose BTC. There is no difference if El Salvador uses EUR or USD. The only reason why they could suffer if there will be heavy sanctions on them.
July 07, 2021, 08:01:17 PM
El Salvador has passed the Bitcoin Act. I think it will have more positive impacts on this country than its negative impacts. This is the first country to confirm that Bitcoin is the country’s legal currency. This is an important step in the history of encryption, which will further stimulate El Salvador’s economy. Has brought some potential encryption users.
Secondly, the country’s fiat currency, the krona, depreciated viciously, and the US dollar was used as the fiat currency. However, the US dollar was over-issued and the quantitative easing policy was implemented. This made the domestic economy completely linked to the US dollar and was always affected by the United States. Finally, in the process of implementing Bitcoin, El Salvador will definitely face countless problems, because they are taking a path that no one has traveled before. Even if this road may not go on, I would not be surprised that Bitcoin's legal currency status may be announced in a year or two. But the important thing is that someone has taken this step.
Secondly, the country’s fiat currency, the krona, depreciated viciously, and the US dollar was used as the fiat currency. However, the US dollar was over-issued and the quantitative easing policy was implemented. This made the domestic economy completely linked to the US dollar and was always affected by the United States. Finally, in the process of implementing Bitcoin, El Salvador will definitely face countless problems, because they are taking a path that no one has traveled before. Even if this road may not go on, I would not be surprised that Bitcoin's legal currency status may be announced in a year or two. But the important thing is that someone has taken this step.
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July 05, 2021, 06:52:34 AM
Ever since the El Salvador government move to legalize Bitcoin, we should already aware that there will be alot of pros and cons, people with different opinions that will impact the move negatively or positively. However, we also need to understand the stance of the El Salvador President that he also needs to implement some kind of centralized system cause the world bank seems not to support this move and so are some other political opponents.
If the lightning the requirements to sign up with Lightning Network in El Salvador is almost as samething as the requirements to open a bank account let it be at least it for the business owner and this is just a step for more countries to understand Bitcoin.
If the lightning the requirements to sign up with Lightning Network in El Salvador is almost as samething as the requirements to open a bank account let it be at least it for the business owner and this is just a step for more countries to understand Bitcoin.
July 05, 2021, 04:16:49 AM
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Wow! Thanks for the effort Sir.
The only way to see how this goes, is to wait few years to see the results where we can discuss what happens and the factors that will lead to rise or down of the economy.
Taking into account that it was already a quite fucked country, economically speaking, it is worth the experiment I guess. Who knows, maybe in a few years it becomes a new world power, but as long as it helps Salvadoran citizens get out of poverty, it will be a success.
July 03, 2021, 06:23:16 AM
Some choice quotes from actual bitcoiners from this article:
https://cointelegraph.com/explained/what-is-really-behind-el-salvadors-bitcoin-law-experts-answer
Some Altcoiner. DHF
Some crypto-investor:
Some marketing guru
Some blockchain CEO
Some computer engineer
Some bitcoiner:
https://cointelegraph.com/explained/what-is-really-behind-el-salvadors-bitcoin-law-experts-answer
Quote
The important question is: Will the mandatory transfer to crypto work? It has been said many times already that mass adoption of cryptocurrency is possible, but only through educating people so that they can gain a better understanding of crypto. Will President Bukele educate people on how to use crypto? Additionally, one-third of the population in El Salvador lacks access to the internet, which would make it impossible for them to access Bitcoin and crypto services. How is President Bukele going to solve this problem in order to “provide financial inclusion” as he promised?
Some Altcoiner. DHF
Quote
In terms of impact, I believe it will be mixed and limited in the short term. While Article 7 of the Bitcoin Law requires all businesses to accept Bitcoin payments, people may remain reluctant to accept Bitcoin due to price volatility and low awareness of Bitcoin; in fact, I believe many will choose to immediately exchange Bitcoin for U.S. dollars. Internet access in El Salvador is also limited, and many do not own smartphones, making me believe Bitcoin will not be widely adopted.
Some crypto-investor:
Quote
“Bukele is a right-wing populist, but this was not an internal move to appeal to his base, since there has been no official messaging at all. Anyone can use cryptocurrencies in El Salvador. However, giving it the backing of the law, one can use it in any transaction inside the country’s territory — but that currency is already used around the world.
So, where is the big news?
Unless… it’s to launder money freely within El Salvador. Organized crime, of course, loves its Bitcoin — the only problem is cashing out, but that’s easy if BTC is an official currency. Bukele has repeatedly denied links to local drug cartels, despite evidence of his past work with them to assist his political party.
So, where is the big news?
Unless… it’s to launder money freely within El Salvador. Organized crime, of course, loves its Bitcoin — the only problem is cashing out, but that’s easy if BTC is an official currency. Bukele has repeatedly denied links to local drug cartels, despite evidence of his past work with them to assist his political party.
Some marketing guru
Quote
“I do personally believe that this is just an extraordinary global marketing operation for Nayib Bukele to appear like a financial savior in front of his nation. This whole thing may lead to:
Narcotraffic money laundering by using El Salvador’s banks as an OTC desk
Crypto tax haven for all the Bitcoin millionaires from all over the world.
Let’s imagine a narcotrafficker with $1 million cash in El Salvador. All they have to do is just convert their stack into crypto via OTC by using online anonymous services and after that open a bank account, transferring legit BTC to a El Salvador’s bank as trading profit. This way, you can clean millions of dollars from all the non-legit businesses all around the world.
Narcotraffic money laundering by using El Salvador’s banks as an OTC desk
Crypto tax haven for all the Bitcoin millionaires from all over the world.
Let’s imagine a narcotrafficker with $1 million cash in El Salvador. All they have to do is just convert their stack into crypto via OTC by using online anonymous services and after that open a bank account, transferring legit BTC to a El Salvador’s bank as trading profit. This way, you can clean millions of dollars from all the non-legit businesses all around the world.
Some blockchain CEO
Quote
However, I’m not sure it will help the poor people of El Salvador. Bitcoin was already legal, and many were already using Bitcoin for remittances. The mobile coverage is extensive, which means it was already accessible. Exactly how making Bitcoin legal tender changes the underlying economic and social problems of the country is hard to see. It certainly won’t reduce discrimination and despotic tendencies. As to whether crypto businesses will flock to El Salvador and provide a much-needed economic boost, only time will tell… Was that a flying pig?”
Some computer engineer
Quote
“It is important to understand the context in which the Bitcoin Law comes about. Since the start of his administration, it has been a goal of the president to undermine democratic institutions in El Salvador to centralize power. Worldwide news outlets have documented, for example, his siege of the parliament with the military in 2020, the unconstitutional ousting of the Supreme Court magistrates and the attorney general by his recent parliamentary majority, hampering the Institute for Access to Public Information, and the notorious lack of transparency.
Therefore a swift, extreme, radical measure of this sort can only happen in countries where there are no democratic checks and balances: A president surprises the nation, making the announcement at an international conference, and the next week, within three hours, the parliament approves it with no debate. In other words, this law is not a measure of vision or modernization. On the contrary, it’s a sign of a severely eroded democracy.
From a purely economic perspective, the law is unnecessary. Bitcoin was already being used by some communities without the need of a law, much less one that has a mandate to use it as legal tender. It is doubtful that this can scale countrywide in a population with low literacy (and even less technological literacy) and a struggling economy with a negative trade balance that would still require U.S. dollars to pay for imports.
It is, therefore, logical to assume that there are other reasons at play. The bad relationship with the United States and the expectation of sanctions seems a plausible explanation, as it may allow the bypassing of international financial controls. Media-savvy Bukele is also keen to build a superstar image of himself, and this law has pushed his persona onto the world stage.”
Therefore a swift, extreme, radical measure of this sort can only happen in countries where there are no democratic checks and balances: A president surprises the nation, making the announcement at an international conference, and the next week, within three hours, the parliament approves it with no debate. In other words, this law is not a measure of vision or modernization. On the contrary, it’s a sign of a severely eroded democracy.
From a purely economic perspective, the law is unnecessary. Bitcoin was already being used by some communities without the need of a law, much less one that has a mandate to use it as legal tender. It is doubtful that this can scale countrywide in a population with low literacy (and even less technological literacy) and a struggling economy with a negative trade balance that would still require U.S. dollars to pay for imports.
It is, therefore, logical to assume that there are other reasons at play. The bad relationship with the United States and the expectation of sanctions seems a plausible explanation, as it may allow the bypassing of international financial controls. Media-savvy Bukele is also keen to build a superstar image of himself, and this law has pushed his persona onto the world stage.”
Some bitcoiner:
Quote
“Since the requirements to sign up with Lightning Network in El Salvador with Strike are about the same as the requirements to open a bank account, I don’t see how this is going to do much to help the unbanked.
Another major problem with the law is that it forces people to accept Bitcoin as payment.
In a just world, people would be able to choose for themselves what forms of payment they want to accept.”
Another major problem with the law is that it forces people to accept Bitcoin as payment.
In a just world, people would be able to choose for themselves what forms of payment they want to accept.”
June 29, 2021, 03:21:29 AM
It started a few days ago, we won't really know if it brings them any good on their economy or not. we need more months or years to see the exact result of this current adoption. But surely when they managed to come up with a good result, there will be some countries that will follow their footstep on adopting Bitcoin. On the other hand, this will become a good result since we don't have a country that fully adopted Bitcoin as one of their official currency.
June 23, 2021, 04:50:41 PM
At the same time China is kicking out the large miners, talk about good timing. Those miners might even finance the building of more geothermal power plants for the country.
June 20, 2021, 06:13:53 AM
Today in El Salvador entrepreneurs, founders, technologists, innovators and more are spending the whole day in El Salvador discussing the way forward in respect to cryptocurrencies adoption in the country. This bold step taken by El Salvador is incredible and commendable and I hope less powerful countries can follow suit and even the scale. This might just be the advantage third world countries need to improve their economy or not. According to JP Morgan and Steve Hanke, Bitcoin can only destroy an economy
https://nairametrics.com/2021/06/16/btc-could-completely-collapse-the-economy-of-el-salvador-steve-hanke/
Though this legalization plan is coming into fruition quite faster than expected, El Salvador and its leaders are actually managing the progress pretty well. I bet that by the time bitcoin becomes fully legalized in that country, there will only be a few minor problems. With these efforts they are showing, we can see how serious they are about this plan. I am excited to see what surprises this decision brings to the world in the next few years to come. Specially now when not even a year has passed but there are already countries that are planning to follow the steps of El Salvador. It is pretty obvious where this is heading. I can already see a lot of influential bastards and leaders regretting their decisions in the future.
June 20, 2021, 04:57:20 AM
According to JP Morgan and Steve Hanke, Bitcoin can only destroy an economy
This Jp Morgan keeps on spreading FUD but forgets to hide that they're also interested in cryptocurrencies. This is a total hypocrisy on their part and whoever is making those statements, do they really check on what they say and what they do at the same time?What they say and what they do contradicts a lot.
June 20, 2021, 12:52:38 AM
They're probably sick of adopting kids by now. 
Those adopting kids are also sick of the economy which their $2.50 can't buy a gallon of gasoline. There was a channel I watched on youtube in which he examples the lumber that cost more than $1000 these days but a year ago was less than $500.
They are searching for answers and they found them in BTC. El Salvador government mining BTC is a win-win situation, all government should mine BTC.
June 19, 2021, 06:12:57 PM
They're probably sick of adopting kids by now.
June 19, 2021, 09:34:30 AM
The only way to see how this goes, is to wait few years to see the results where we can discuss what happens and the factors that will lead to rise or down of the economy.
Nevermind those bitcoin haters as they will always hate it without even looking into the system of it. They're like built to hate btc in the firstplace
June 19, 2021, 06:05:43 AM
...
According to JP Morgan and Steve Hanke, Bitcoin can only destroy an economy
https://nairametrics.com/2021/06/16/btc-could-completely-collapse-the-economy-of-el-salvador-steve-hanke/
making Bitcoin as a legal tender in their country is not an easy decision, it must be full of consideration...According to JP Morgan and Steve Hanke, Bitcoin can only destroy an economy
https://nairametrics.com/2021/06/16/btc-could-completely-collapse-the-economy-of-el-salvador-steve-hanke/
why do we have to believe the words of the two people above, jp morgan and steve only spread FUD and try to panic the citizens of El Salvador. El Salvador is the first country, which means it's still the first time it's been tried, give them a few years ago to see if Bitcoin destroys El Salvador or revives their economy.
June 16, 2021, 09:28:47 AM
Today El Salvador discussing the way forward in crypto adoption in the country. This bold step taken by El Salvador is commendable and I hope less powerful countries can follow suit and even the scale. This might just be the advantage third world countries need to improve their economy or not. According to JP Morgan and Steve Hanke, Bitcoin can only destroy an economy
https://nairametrics.com/2021/06/16/btc-could-completely-collapse-the-economy-of-el-salvador-steve-hanke/
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