'El Salavador' could impose national TV display BTC price in dollars all time

MFahad

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Quote from: Artemis3 on June 11, 2021, 12:39:42 PM

Fast? We have been waiting more than a decade... About time someone did it. NOW lets see the others getting jealous and somehow pushing for their countries to do a similar move.

I am sure other countries will follow it too. Its always difficult to become pioneer and 'El Salavador' managed to be the first country to accept bitcoin as a legal tender. Once the world will see the benefits and progess 'El Salavador' will make due to this decision, more countries will follow for sure.

Artemis3

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Fast? We have been waiting more than a decade... About time someone did it. NOW lets see the others getting jealous and somehow pushing for their countries to do a similar move.

Similificator

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It seems that the president of El Salvador is really serious about promoting the use of crypto currencies in their country. Not that it's a bad thing though, but it's kind of mind boggling how fast things are happening. Which makes you wonder what this has in store for the people of El Salvador. I personally think that what they should be promoting most first are seminars for this industry which is very new for most of the people because if not, lots of people will lose money and this will only make this industry look bad in the eyes of new comers.

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Quote from: dansus021 on June 10, 2021, 10:42:18 PM

why would they put BTC price in their national TV, even tho is a legal but many citizen on there still need to be educated first to knowing bitcoin more rather put the price on tv screen. Although el savador become crypto heaven right now for whale Cheesy

That's probably what they're trying to do, to educate their citizens that there's one thing that they've made a law already and that's bitcoin. Televising the price of it, I've never thought that it would happen. Making a law of it as a legal tender is already enough but there's more to it and that's part of the process I think if they're really going to do it. But there's no actual official source for that news if ever there is then that's cool since most of us would want to see that happen.

SFR10

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Quote from: remotemass on June 09, 2021, 01:37:50 PM

BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.

[EDIT: https://en.wikipedia.org/wiki/Television_in_El_Salvador]

What's next? Let me guess, they'll probably send ^[spam] everyone a text in regards to its rate on a daily basis!

On a serious note, I don't think the link you've added has anything to do with what you've written on the subject field. Am I missing something?
^{- I searched on google but had no luck in finding an appropriate source for this and I'm starting to think that this might've been nothing but speculation.}

pooya87

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It is better to show dollar price in bitcoin not the other way around since they accepted bitcoin as legal tender. Which means 1 USD is equal to 0.00002714 bitcoin. Last time I saw such a stupid number was in country with super-inflation and a currency that has lost a lot of value called Venezuelan Bolívar, 1 BEV is 0.00000402 USD. That puts bitcoin and dollar in a nice perspective don't you think?

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why would they put BTC price in their national TV, even tho is a legal but many citizen on there still need to be educated first to knowing bitcoin more rather put the price on tv screen. Although el savador become crypto heaven right now for whale Cheesy

enhu

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Quote from: remotemass on June 09, 2021, 01:37:50 PM

BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.

[EDIT: https://en.wikipedia.org/wiki/Television_in_El_Salvador]

The forex rate is also flash in our TV every news but we all know only a few percent of the people are interested in about it.
But if the whole country will have to keep their eyes and ears to learn the rate I guess it deserves an air time hourly after all it's their currency now. They could just flash the price below the screen whichever the TV show is. Bitcoin is going to be the talk all the time.

Anonylz

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Quote from: skpanchal on June 10, 2021, 12:38:36 AM

The digital currency can be used in any transaction and any business will have to accept payment in Bitcoin, with the exception of those lacking the technology to do so. The U.S. dollar will also continue to be El Salvador's currency and no one will be forced to pay in Bitcoin, according to the legislation approved late Tuesday.

In other words, usd will still coexist with btc as a legalise mode of payment, quite frankly, I think it isn't a bad idea, especially for those who are in the know and can use btc for transaction, my first thought after seeing the news was what about the majority who have zero knowledge with crypto and how it works, how can they adopt so easily, it will take some time before btc is fully used and fiat is pushed aside if they are going to adopt the use of btc fully.

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Quote from: remotemass on June 09, 2021, 01:37:50 PM

BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.

Any source for that?
What are they going to do for the radio news you've mentioned, have them tell the price every minute or what?
I did check his Twitter and I see no mention of this and he is a guy that spends quite a lot of time on that platform or at least the guys in charge of his account do, so, again, where did you hear that?

Now assuming this would be indeed true, sound a bit like overkill to me, pushing for something too forcefully you might not get the reaction you wanted to.

Quote from: franky1 on June 09, 2021, 01:54:43 PM

although it seems like a big news story.. when you think of the fundemental methods. it might end up being cheaper than using western union. but when you think about it as:
US worker $-->btc
ELsalv family btc->$
its not really any different. the physical paper dollar still ends up at both ends.

Oh, franky franky, why do you omit the fact that once the bitcoins reach a guy in Salvador he won't be needing the change in USD as he could simply use BTC?
Have you heard the news about BTC becoming legal tender or are you still pissed about the LN and you can't read anything unrelated?

skpanchal

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The digital currency can be used in any transaction and any business will have to accept payment in Bitcoin, with the exception of those lacking the technology to do so. The U.S. dollar will also continue to be El Salvador's currency and no one will be forced to pay in Bitcoin, according to the legislation approved late Tuesday.

Obito

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That's the same thing in my country during the news segment in a channel, they display the exchange rate of different currency and I don't think that we have to change anything about it because they will probably do the same thing with it.

franky1

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yes bitcoin only used in remittance as the transfer vehicle between dollar exchangers.. is a complete gimmick
real adoption is the allowance to buy goods/services/pay bills/debts/courtfines using a new currency.

if its just swapping a western union database for a blockchain. but then still having dollar at both edges.. its just pure gimmick for sake of "#president #bitcoin #economy-woke"

Fortify

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Quote from: remotemass on June 09, 2021, 01:37:50 PM

BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.

It feels a bit gimmicky really, maybe the President is looting all the riches from the country while pretending that Bitcoin is somehow a savior. Apparently the current President is quite young and popular, but how many times have we seen those sort of people turn into dictators when enough power comes to their heads. Latching on to a cryptocurrency might produce a few short term favorable headlines, but it does very little to change the underlying poor economic state of the country. People need jobs before they can accrue enough money to save and they need things like stable internet access before they can reliably hold bitcoin, maybe the politicians should focus on these basics before trying to get all techy.

franky1

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el salvador never used to put western union transfer costs in the corner of every TV show. so dont expect them to be promoting bitcoin in such a manner

although it seems like a big news story.. when you think of the fundemental methods. it might end up being cheaper than using western union. but when you think about it as:
US worker $-->btc
ELsalv family btc->$

its not really any different. the physical paper dollar still ends up at both ends. the only change is the service in the middle.
which is just a change from western union. to some other exchange.

so. run some scenarios of worker in america. family in el savador. and you will see end to end nothing has really changed

the exchange in the middle. will end up needing to have the same money service licenses as western union. still need to ship in and out reserves of dollar to pay out paper money to el salvador. and ofcourse the fee's to cover their service charges.

you might see some new names of money remitters offering the service. but fundementally not much would change as most familys on the receiving end only care about getting the dollar out to then buy food/rent

remotemass

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BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.

[EDIT: https://en.wikipedia.org/wiki/Television_in_El_Salvador]

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