Can El Salvador's adoption of Bitcoin as legal currency increase interest in Sat

hatshepsut93

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Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

Because of this, owning a Bitcoin must seem unfathomable to a vast majority of people living there so do you think this will lead to more people talking about Satoshis?

Maybe not a lot people can afford 1 Bitcoin, but they can afford 0.01 Bitcoin, and it looks way better than 1,000,000 satoshis - 3 digits vs 7 digits. And I think everyone will just use the USD price anyway, because Bitcoin is so volatile, so phrase like "I paid for it $100 in Bitcoin" would be way more common than "I paid for it 250,000 satoshis on June 14 2021".

dkbit98

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Many people told me that they can't afford to buy one Bitcoin and I think that educating people about Bitcoin and it's units like Sats, or mBTC that is often used in betting websites is very important.
Problem with using sats instead of normal denomination is that people can't buy one or five sats and they can't withdraw them especially when fees are higher.
1 BTC is equal to 1000 mBTC and that is why I think that mBTC is more suitable for this, but other solution is to use some second layer solution like Lightning Network.
Again, Bitcoin education is more important than changing this units on exchanges.

SFR10

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Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

Because of this, owning a Bitcoin must seem unfathomable to a vast majority of people living there so do you think this will lead to more people talking about Satoshis?

Possibly raising Bitcoin's interest even further?

Regardless of their minimum wages ^{[and average income]}, the fact that it might sound like a completely new technology to some is more than enough to get their attention, and that'll always lead to more discussions being generated towards BTCitcoin.
^{- Having said that, scammers will surely try to take advantage of the situation so they could mislead tech-illiterate Salvadorians ^{[unfortunately]}.}

Kemarit

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Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

On Google, I found that the minimum wage there is between $200 and $300 per month.

There is another site that reports that the average income is $1,700 a month.

Whatever the truth of these figures may be, it appears that the people there are not generally wealthy, at least compared to US dollars.

El Salvador is one of the developing countries in Central America, so it's just above the regional average if I'm not mistaken.

Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

Because of this, owning a Bitcoin must seem unfathomable to a vast majority of people living there so do you think this will lead to more people talking about Satoshis?

Possibly raising Bitcoin's interest even further?

Economic and more purchasing power for their population if they started to stack sats because of the government's adoption of Bitcoin.

Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

Apparently, some American still believes you need to buy an entire Bitcoin.

Yes, but we all know that it is not true.

Coyster

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Quote from: ConnerDalfino on June 12, 2021, 01:53:41 AM

Because of this, owning a Bitcoin must seem unfathomable to a vast majority of people living there so do you think this will lead to more people talking about Satoshis?

Of course, this news will increase the interest of citizens of El Savador in Bitcoin, but the thing is, if they continue to struggle economically, then people will prolly not be able to make enough money to buy Bitcoin. El Savador is not really that much of a big country, and thus this news is prolly not a big one, but it is definitely a step forward for Bitcoin in terms of adoption. I hope the move by El savador to legalize BTC yields fruitful results so others can follow in their footsteps.

verita1

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Quote from: Fesatmas on June 12, 2021, 11:18:40 AM

Quote from: joniboini on June 12, 2021, 10:31:32 AM

The misunderstanding about buying 1 BTC is easy to solve, even if El Salvador doesn't do this tender program, it will go away sooner or later. Honestly, it's quite risky to pay wages in crypto atm, I'd rather do a 50:50 split instead. But well, if the country uses BTC as the standard, maybe there won't be a huge problem even if there's volatility.

I'm interested to know how the government of El Salvador implements the policy... because so far there probably won't be any major problems as this is just the beginning. but over time they will surely get used to various issues like paying for a cup of coffee for $1 in Satoshi form. Is the payment transaction system from Wallet 1 to the seller's wallet Send Coffee costs higher?

I have not received any information, how to practice payment simulation there directly or in video form.
if anyone can show me please share, i am very interested to see the payment process from start to finish.

The information that is reported in the digital media about how bitcoin will work in the economy of El Salvador is that it will give financial inclusion to thousands of people outside the formal economy and that the US dollar will continue as the official currency.
Bukele will improve the internet connection with the help of Blockstream.

Quote

Satellite infrastructure to be built, helping rural El Salvadorans 🇸🇻 connect to the internet, and thereby #Bitcoin network, in places where land-based connectivity is poor.

@Blockstream plans to contribute their expertise and tech to make the nation a model for the world. 🌎

https://twitter.com/DocumentingBTC/status/1401945700615737348?s=19

It is also worth noting that it is a cooperation with Jack Mallers CEO of Strike, a crypto wallet that uses bitcoin lightning so it has low fees and almost instantaneous transactions.

https://twitter.com/jackmallers?s=09

https://twitter.com/ln_strike?s=09

seoincorporation

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I don't think El Salvador quell move big amounts of bitcoin, it's legal now but that doesn't mean there is a lot of rich people moving tons of money with the crypto coin. For sure it was news that makes big noise around the world, and more countries will do the same in the future, but this first step is just a small step, it will have some impact on the market but I don't think a move like this will send BTC price to the moon.

It will be a sure moon when the first world countries take the same desition.

hugeblack

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Adoption is more of a political message than a reason to push the country's economy forward, although it could do so if the government puts in place packages of economic stimulus, tax breaks and other things that attract crypto capitals to El Salvador.
On a personal level, more people may know about Bitcoin and if they are lucky enough, they will hedge against an economic crash using Bitcoin.

BIN-BIN

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El Salvador, adoption of Bitcoin will help its citizens with a second independent currency and that will further enhance their financial life and the country’s entire economy. Bitcoin indeed offers true financial independence.

livingfree

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They're misinformed if they're thinking that you need to acquire 1 bitcoin. That's why there are decimals that you can purchase on it and you can acquire that a little by little.

It doesn't matter if the current average there per month isn't that high. You'll never know how many people can actually buy bitcoin and start investing on it.

OnurGalatasaray

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El Salvador will be very bullish for Bitcoin dominance. We can see it already climb.
Allmost every alt coin is at a loss while Bitcoin could improve in value.

Actually, so many alt coins are overpriced and Bitcoin will gain market shares again.

Fesatmas

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Quote from: joniboini on June 12, 2021, 10:31:32 AM

The misunderstanding about buying 1 BTC is easy to solve, even if El Salvador doesn't do this tender program, it will go away sooner or later. Honestly, it's quite risky to pay wages in crypto atm, I'd rather do a 50:50 split instead. But well, if the country uses BTC as the standard, maybe there won't be a huge problem even if there's volatility.

I'm interested to know how the government of El Salvador implements the policy... because so far there probably won't be any major problems as this is just the beginning. but over time they will surely get used to various issues like paying for a cup of coffee for $1 in Satoshi form. Is the payment transaction system from Wallet 1 to the seller's wallet Send Coffee costs higher?

I have not received any information, how to practice payment simulation there directly or in video form.
if anyone can show me please share, i am very interested to see the payment process from start to finish.

kryptqnick

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The minimum wage and the average income can be very different, but perhaps not that different. In my country, minimum wage is around $180, and the average income is around $350. But what's also important to take into account is the percentage of people in poverty, which in El Salvador is 30%. So 'not generally wealthy' is putting it mildly.
So maybe those having official full-time jobs are earning $1710 per month, but tons of people are out of jobs or something. As for owning Bitcoin, I do think that those having less than $4 per day per person there (and it's around 9% of the population) won't use Bitcoin because the fees would truly be abnormal to them. But as for many other people, they might still use it. Oh, but of course they won't all have 1 BTC or more, it'll be just a fraction of it. But it still counts. I think when people say 'owning BTC', they don't mean having more than 1 Bitcoin, but they mean a currency and owning even $20 in it.

fiulpro

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What I do believe is that, you do not need to buy Bitcoins according to the norm of the society, you have to check your economic conditions and then move forth. If you cannot afford to invest in Bitcoins as big as thousands of dollars, there is nothing wrong with that.

The good news is "you can make profit even in 100's" at the same time if you do believe you need more Bitcoins then do nothing but invest a small amount every month but do not take loans etc. For me personally it's very weird.
This news is definately going to boost the popularity and I hope the price too, but either way I do believe the country have to take care of the economic situation too delicately , this can be a disaster too if not handled in a proper way.

yohananaomi

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actually this is a good news that comes for bitcoin where some time ago we actually received bad news that barrages which resulted in a fairly deep correction of bitcoin.

at least there is good news where there are countries that actually recognize bitcoin and make payments with bitcoin. this will obviously bring a better impact from bitcoin itself and hopefully good news like this will continue to grow so as to strengthen bitcoin again to achieve goals that have not been achieved so far.

right now good news is needed to boost bitcoin which is very down and people who give bad news to stop immediately and don't be given a chance to be able to give useless tweets to be trusted again, that's enough for them.

joniboini

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The misunderstanding about buying 1 BTC is easy to solve, even if El Salvador doesn't do this tender program, it will go away sooner or later. Honestly, it's quite risky to pay wages in crypto atm, I'd rather do a 50:50 split instead. But well, if the country uses BTC as the standard, maybe there won't be a huge problem even if there's volatility.

target

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Having an entire BTC is a lot better than having just sats but since a regular person with little to no wealth to invest can still have the chance, a poor person can even just put as little as $10 worth of BTC just so they have something to look forward to whenever there is a big change in the future.

I watch an interview that the government of El Salvador is paying their streetcleaner in BTC. If they are doing this, I guess they are paying thru LN?
Their Bitcoin beach is very interesting.

ConnerDalfino

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On Google, I found that the minimum wage there is between $200 and $300 per month.

There is another site that reports that the average income is $1,700 a month.

Whatever the truth of these figures may be, it appears that the people there are not generally wealthy, at least compared to US dollars.

Because of this, owning a Bitcoin must seem unfathomable to a vast majority of people living there so do you think this will lead to more people talking about Satoshis?

Possibly raising Bitcoin's interest even further?

Apparently, some American still believes you need to buy an entire Bitcoin.

Topic: Can El Salvador's adoption of Bitcoin as legal currency increase interest in Sat (Read 185 times)