El salvador a trail blazer for other developing countries

Reatim

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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

400 BTC for a Whole country's Bitcoin Holding? while this amount is handed by only small investor here?
let us not exaggerate the situation because we all knew that this is not a big impact in crypto market though this is indeed a Trail blazer because nowadays many more country is looking to what El salvador does about bitcoin.

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El Salvador is the first country to recognize Bitcoin as legal tender. Many people and media are paying attention to El Salvador. When El Salvador does something, everyone will always pay attention to it for the first time. Other countries will follow El Salvador. When El Salvador has officially adopted or good measures, other countries will learn.

Paying attention is far different from being a big investor and user so lets not conclude that far until it happens .

wxa7115

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Quote from: matjas on September 15, 2021, 02:02:09 AM

I wonder how many % of population actually use BTC. I am afraid majority don’t understand how it works and therefore doest trust it. Government will really have to step up and educate their people if they want it to be massively accepted.
The good thing is other counties have time to analyse the best way to approach BTC adoption based on El Salvador.

We cannot really expect governments do something like that, they do not even like the idea of people understanding fiat currencies because if they did then many people will look for alternatives the moment they find out how much of a scam fiat really is.

However this is not such a big issue, most people do not know how their car works but they know how to drive it and that is more than enough, we do not need people to understand exactly how bitcoin works, they just need to learn good practices when storing and sending their coins and that is all what they would need to use bitcoin correctly.

Spack17

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El Salvador has become a big example for the other developing and underdeveloped countries. They had the courage to make Bitcoin legal tender even though this might result in badly in the future also. And I hope that it doesn't happen. El Salvador is continuing to take the steps needed to make people become interested in Bitcoin in their country. If they go on successfully, we can see new countries taking the same action also.

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Quote from: hatshepsut93 on September 16, 2021, 04:06:22 PM

Quote from: tyz on September 14, 2021, 03:37:45 PM

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

Haven't been keeping up with the current news there concerning it's bitcoin acceptance into their financial system as legal tender.
But the last time I seen something about it was not good.
They showed people protesting and burning signs of the bitcoin symbol.
Now I don't speak the el salvadorian language (spanish?) but having them setting ablaze signs with the BTC on them and all those protestors against a government sanctioned currency does not look good to the rest of the world.

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Quote from: Pulsar77 on September 16, 2021, 04:56:59 PM

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

Yeah, but I think some countries are going to be undecided even if bitcoin is to be successful in El Salvador. I reckon that the number issue for them will be bitcoin's volatility and then the rampant scams.

So it will be 50/50, countries might stick to their fiat or the US dollar as their medium of exchange. Although one obviously effect is that they maybe left in the closet when other nations started to legalised BTC. So let's see how it pan out, maybe in the next bearish trend and see how El Salvador are going to react about it.

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Quote from: Pulsar77 on September 16, 2021, 04:56:59 PM

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

And they have the reason why they should adopt the system and make a law to legalized the use of Bitcoin. Some big countries never appreciated it but these small and third-world countries giving such importance as they consider this a helping tool to grow their economy and uplift the living status of their people. It is someday many will also follow the footstep of El Salvador, in fact, we heard the news that some of the Asian countries are talking about crypto legalization which I presume it can be happening soon.

Pulsar77

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El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

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Quote from: Kong Hey Pakboy on September 15, 2021, 07:49:50 AM

Quote from: zanezane on September 15, 2021, 12:17:55 AM

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

Until it was still out of their control, they keep resisting it and this will include fiat banks. Even it was legalized in El Salvador these developing countries will never take a look that hard and consider this for a profit venue but rather ignore it. Because if that they foresee that this could give them additional revenue, I think they are in the rush to get in and legalize crypto but they don't.
This will give hope for the small countries but not for the developing countries (maybe in the future).

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Quote from: tyz on September 14, 2021, 03:37:45 PM

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

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Quote from: zanezane on September 15, 2021, 12:17:55 AM

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

Kusman

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El Salvador is a big role model for the countries which are intending to making Bitcoin legal tender or accepting Bitcoin while paying for something at least. And I heard that Ukraine was getting ready to make Bitcoin legal tender also. First, they think of adding Bitcoin as a second currency alongside gryvnya. But they think of stopping the usage of their main currency while integrating Bitcoin into daily life also.

cotton ball

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before we discuss in more detail about other developed countries following in the footsteps of el salvador, we have to wait first how the el salvador economy will go in the future, will the economy improve, because if the el salvador economy advances with bitcoin, automatically other developed countries will follow el salvador's steps Because it will flow by itself like river water.

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Quote from: int03h on September 07, 2021, 10:12:37 AM

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.

Yes in order for the researchers to conclude a solid statement. So far what they need to look out first is the problems that may occur in the long run like, stability of its app, how to tax it, do all parts of the country manages to adopt and many more. But this is a great kick starter for other countries if they are going to use btc as their currency.

matjas

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I wonder how many % of population actually use BTC. I am afraid majority don’t understand how it works and therefore doest trust it. Government will really have to step up and educate their people if they want it to be massively accepted.
The good thing is other counties have time to analyse the best way to approach BTC adoption based on El Salvador.

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Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

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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

This country starts it all , now there are surely other countries that has been looking into doing similar to what El Salvador does and we will see some future action on this because since that adoption there are news that other country is considering having this and also those countries that long time planning but has no guts to make it reality.
so Indeed that EL Salvador is the Blazer and the starter of this great adoption .

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Well, they're the first so it's only understandable that they're going to set an example for the other countries and they need to show results quickly since the eyes of many financial institutions around the world are also keeping an eye besides the other countries. Hopefully they will become successful so we can see a domino effect with other countries starting their own adoption as quickly as possible.

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I find it difficult for a country to fully adopt Bitcoin as the country's only currency for more than one reason:
First: the high volatility of Bitcoin prices. Suppose that El Salvador transferred all of its financial stock as a country to Bitcoin, and the price of Bitcoin fell about 10%. This means that El Salvador’s financial assets have lost 10% of their value, and I think this is bad for the national economy.
Second: It is very difficult to use Bitcoin as a medium for fast daily financial transactions due to the high fees and network congestion, and this will cause several problems.
Of course, we are with the spread of Bitcoin and we bless the bold step taken by El Salvador and we hope that the rest of the countries will follow it, but it takes some time before we see the actual results on the ground, then we can see what are the problems facing this adoption and what are the available solutions to overcome these the problems.

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El Salvador is exactly a trail blazer for the rest of the developing countries all over the world. Especially the Latin American countries like Cuba, Argentina, Paraguay etc. have been interested in making Bitcoin legal tender. And Cuba has taken one step forward actually. They are preparing to start accepting Bitcoin payments also. This could lead to being the legal tender also.

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Other countries might do the same thing as what El Salvador did but there's this that stops them and it's probably because of the idea that they can't do it because they're the government.

Shenzou

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It is really a matter of time to see how this change has influenced the economy of the country and from the looks of it it has gotten the country under the radar of a lot of people, I for once didn't know about this country but since it announced they are using bitcoin i started learning more and more about it and makes want to visit it, so i can see that this has more of indirect influence on the economy, and i think that other countries will follow their steps if this turns out positive.

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Quote from: hatshepsut93 on September 14, 2021, 11:55:07 AM

How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

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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

There are rumors that other countries in Latin America are studying the possibility of adopting bitcoin, I do not know how true those rumors are but it will not surprise me if this is the case, it is too soon to tell if there is a direct benefit at El Salvador yet, but I think we are bound to see it during the next year, and once countries see that they are going to want to emulate what is happening there and try to obtain some benefits out of this revolution that is about to take over the world.

Now there are going to be many obstacles as there are also many opponents that do not want to see this happening, but it is inevitable, and some politicians are realizing this and they prefer to adopt bitcoin early so the benefits that come to their countries are as big as they can be.

hatshepsut93

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How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.

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Let us wait and watch how successful the transaction of Bitcoin is going to span out in El Salvador, initially it might not be easy for all the citizens to operate their chivo wallet however once they are able to grasp it then all sort of transactions will become easy, it's good that the government had gone as far as sanctioning non-compliant businesses that really shows the government is working total adoption of Bitcoin in that country, once this experiment becomes successful, I believe other countries are keenly observing the aftermath of the adoption of Bitcoin in El Salvador, if the outcome is positive then other will follow suit.

Amor.

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People always resist unfamiliar things. I believe that after learning, the people of El Salvador will gradually accept bitcoin and fall in love with it.The Salvadoran government has the courage to try and wishes him success. I don't know if there are any friends from there in the forum. If there is anything I can help, I'm happy to do it.

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This seem to be a decision in the right direction. I also don?t think it should be imposed on their citizens. The freedom of choice of payment shouldn?t be taken from them either. The beauty and ease of trade is in its flexibility.

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El Salvador is a really big role model for the rest of the underdeveloped and developing countries. They have taken a big step forward by making Bitcoin legal tender. And they have made it obligatory for the restaurants, shops etc. to accept Bitcoin also as a payment method. If they don't do this, they will be fined for it. I see some Latin American countries already which are very interested in giving Bitcoin a chance. Cuba is an example now. It is planning to start accepting payments with Bitcoin.

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As a small country, I am very fortunate to make such a decision, and other small countries will follow up.
Whether El Salvador can be a trailblazer is not important, what matters is whether the purpose of using Bitcoin as legal tender can achieve their expectations.
Many times this kind of pioneer will either become the big heart of a small country, become a dazzling star or become a crushed pioneer. These are two extremes, but this kind of spirit is not available in many small countries.
But I personally think that they may not be very smooth.I don't think how to maintain their financial stability when the price of Bitcoin is fluctuating so much.A certain country and a certain dollar will not sit back and let Bitcoin become the mainstream currency..

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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

The source is always a priority, especially when interpreting misinterpreted.

So far they have not sanctioned anyone and you point out that they did implement sanctions. Huh

There is at El Salvador "Law of Protection to the Consumer," as it exists in any part of the world.

Explanation:

The law establishes that if the business has the Wallet, it must accept the transaction, upon receiving the payment he decides if he wants bitcoin or wants USD and the government uses the word "will" in that context.

The merchant must, so is obliged to accept the transaction and then the decision is his right or the will to load it into his wallet in bitcoin or dollars, so nowhere do they force him to have to receive bitcoin.

What happens is that Salvadorans use the word conversion, they do not use exchange or swap, which is confusing for connoisseurs, in conclusion it has never been mandatory to receive bitcoin.

This image can help you:

^{These images were taken from Twitter and edited for post purposes.}
^{Source:https://twitter.com/patucelsv/status/1435153005414916097/photo/1}
^{Source:https://twitter.com/daxsosa/status/1435152370506285057/photo/1}

Quote from: BOAEDAN on September 08, 2021, 09:12:00 AM

if el salvador ...//...:

Please "El Salvador".

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Quote from: dothebeats on September 09, 2021, 12:27:50 PM

No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.

Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.

I have the feeling that some of their neighboring countries will follow thru. But they will assess first how El Salvador performs when it comes to this new approach in their financial system. If the positive outweighs the negative, high likely that they will ask the assistance of El Salvador to help them in implementing this system to their country. Anyway, this is interesting how things pan out after 6 months.

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No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.

Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.

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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 Salvador is the first nation accept Bitcoin legal tender. They are the first nation bought Bitcoin in a dip.

The bought Bitcoin will be used to airdrop to their citizens.

Globally nations are trying to create their CBDCs with blockchain technology. So the type of transaction will be used but on governmental centralized blockchains.

Chivo wallet is a custodial wallet and citizens have to register to receive airdrop. It is like KYC on exchange or in bounty to receive airdrop.

ropyu1978

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el salvador is the pioneer of the main trail of other countries,, for now it may not be able to be the pioneer of the main trail, but it can only be said that el salvador is the pioneer of the main trail of other countries, el salvador is able to have a positive impact on their country, and can make the country they are more advanced, if it has been proven, it can only be said that el salvador is a pioneer for other developed countries, for now it is still in the process..

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Quote from: Darker45 on September 08, 2021, 08:47:54 PM

The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.

[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924

Oh, so this is the opposition's strategy to bring down the president as if making contradictory policies, when in fact they are not. We quite understand how the opposition clearly does not like the new regulations from the President. In fact, we suspected that when many people demoed some time ago, isn't that like an alibi to separate the actual rules and lead opinion so that the public does not support the Bitcoin adoption policy.

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

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.

That's not to say they can't track them with BTC could actually be done very easy if the insist on you using a wallet they supply probably packed with all kinds of tracking tech.

I also see a lot of their people resisting the change what a crazy world we live in these days.

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Quote from: noorman0 on September 08, 2021, 10:32:45 AM

Quote from: Darker45 on September 08, 2021, 09:53:32 AM

I'm curious where the OP got this news. I think OP hasn't been properly informed about this.

I got the source of this info.

Quote from: https://www.americanpost.news/this-is-not-for-us-poor-people-how-el-salvador-lived-the-first-day-of-official-use-of-bitcoin

There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.

It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency.

Yes, there were confusions at the start particularly because Article 7 of the Bitcoin law explicitly states that "Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service."^[1] This is now being repeatedly mentioned by anti-Bitcoin entities to sow misinformation among the public. This caused fear and uncertainty among the people especially those who do not have the access both to knowledge and the technologies needed.

However, the same law also explicitly states in Article 12 that "Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law."^[Ibid.]

Moreover, the president himself has made it clear very recently that the people have the freedom to download the app or not. "If they want they will download it and if they don't want to, no."^[2]

The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.

[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924

noorman0

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Quote from: Darker45 on September 08, 2021, 09:53:32 AM

I'm curious where the OP got this news. I think OP hasn't been properly informed about this.

I got the source of this info.

Quote from: https://www.americanpost.news/this-is-not-for-us-poor-people-how-el-salvador-lived-the-first-day-of-official-use-of-bitcoin

There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.

It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency.

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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

In fact, it seems as if people feel forced? is this freedom in bitcoin transactions? isn't this a misnomer for the benefits of Bitcoin? I don't really agree if there is a policy of sanctions if you don't use a certain wallet and refuse Bitcoin payments. Because after all this kind of adoption only creates a bad stigma in the eyes of society. We want to run as it should and have adoption on the basis of people's trust in Bitcoin and on the basis of Bitcoin's viability for the future.

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

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?

I'm curious where the OP got this news. I think OP hasn't been properly informed about this. Bitcoin is not the country's only legal tender. El Salvador is not replacing the USD with Bitcoin. The USD is to stay as a legal tender alongside Bitcoin. This means to say that businesses as well as the country's citizens have the freedom to use USD over Bitcoin. They are not forced to use Bitcoin. If they do not understand how Bitcoin works or simply do not like to use Bitcoin at all, it is their freedom not to use it.

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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

Activity: 8

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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 (Read 390 times)