El salvador a trail blazer for other developing countries - page 3.

tyz

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Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

El Salvadoar is certainly a testbed. Nevertheless, the country also has special conditions compared to other developing countries. This is because El Salvador had abolished its own currency many years ago and introduced the U.S. dollar. Since it was too strong for the economy in the past, another alternative had to be found. This alternative is now Bitcoin. It will be interesting to see how this experiment works and how the volatility will be affected. If this works well for the next 1-2 years, then I could imagine that other such countries will follow suit.

BOAEDAN

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if el salvador is able to make their economy better, and able to make bitcoin as their economic pump, and their people live prosperously with bitcoin, and they are able to boost their economy, el salvador can be said to be the main trail pioneer for other developing countries, by itself the country Others will follow El Salvador's steps.

kryptqnick

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Mass adoption of Bitcoin in El Salvador is in early stages, so it's hard to estimate how this will impact their economy. Given that the economy is in a terrible state, the move to adopt Bitcoin is a desperate decision that is supposed to help the country. But the problems in El Salvador are very serious, and I'm not sure that adopting Bitcoin can solve them. After all, their fiat is USD, but that doesn't help them at all, even though the USA manages very well with this currency. The potential with Bitcoin is, of course, higher, because it can create lots of new jobs if crypto businesses open there, but we can't predict if this is going to work. If it does, and El Salvador significantly improves its economic state after adopting Bitcoin, I'm sure many other countries will give it a shot and will take Bitcoin way more seriously than they do now.

Argoo

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Quote from: LonelyUranus on September 07, 2021, 10:54:08 PM

El Salvador is the first country to use Bitcoin as legal tender. As pioneers, many small countries, developing countries, or countries that are economically controlled by the United States are all watching the changes in El Salvador. If El Salvador does a good job, it may involve many countries. There are too many unknowns, let's wait and see

However, it is also wrong to impose bitcoin on all residents of El Salvador and even apply sanctions for refusing to use it as a means of payment. We seem to be for freedom in means of payment and the creation of convenience in their use. Freedom is not combined with a lack of choice and methods of coercion to use only this and nothing else. Therefore, coercive measures to use bitcoin can provoke a backlash in people with its rejection. The already very rapid introduction of bitcoin as the only means of payment in the country has caused protests and approximately 70 percent of the population of El Salvador do not agree with these actions of the president. The situation with the rejection of bitcoin may still change, let's see what happens next. So far, Bitcoin has been officially introduced as a means of payment in El Salvador only since yesterday.

LonelyUranus

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El Salvador is the first country to use Bitcoin as legal tender. As pioneers, many small countries, developing countries, or countries that are economically controlled by the United States are all watching the changes in El Salvador. If El Salvador does a good job, it may involve many countries. There are too many unknowns, let's wait and see

Pouvoirp

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Quote from: ranochigo on September 07, 2021, 01:06:27 PM

In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.

If they're not adopting it as a better medium for a transaction exchange;
Are they adopting it for PUBLICATION purposes (since they're not a popular nation)??
Are they adopting it to gain an increase in the nearest FUTURE??
Do you think it's a negative move on the crypto market??

ranochigo

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Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

Damn. No freedom for their own citizens to choose their own payment methods?

In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.

Alanaz

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and I just opened my social media and it said elsavador added another 150 btc and this is very good even though it seems like making a pump but this is certainly quite good news because before there was news that said El Salvador will also accept Bitcoin payments with OpenNode! With this new partnership, all McDonald's restaurants in El Salvador can accept Bitcoin payments using the Lightning Network.
and this is like a pretty big adoption and step that the government of El savador is taking.

int03h

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Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

We have to wait for the economic optimism of El Salvador after they adopt the policy of using Bitcoin for payment. At least 5 years to observe.
Bitcoin is just a payment unit and it fluctuates widely. Businesses that hold Bitcoin may be at a disadvantage because of the price drop.

Pouvoirp

newbie

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-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

Topic: El salvador a trail blazer for other developing countries - page 3. (Read 391 times)