Topic: El salvador has become new history of bitcoin! (Read 439 times)

El Salvador has made a wise decision despite much criticism that their country has legally acquired bitcoin and will recognize it as a legal transaction from fiat, will this be a problem with the world bank? sure and I haven't seen a clear reason that El Salvador did this with research and how bitcoin has become a new milestone in the history of a country that is El Salvador.

Btw, every citizen will get $30 as a first launch and this application will always be connected even without a connection it looks fun for its citizens and can enjoy the products developed.

I think that the reason why they are doing this kind of thing against the World Bank is because they have some sort of ace up their sleeve and they think that that ace could be enough to hold up against the world bank plus why does World Bank have to interfere? It's not like they are making it a currency. I think that everything big that happens that is remotely related to bitcoin is pretty much part of the history, I don't think that El Salvador is any different but it's a welcoming one.

It is the biggest step that the current government is doing or has done. They adopted bitcoin and then make it legal, so all nations in the world are shock by this and at the same time is eyeing what will happen to El Salvador. If it turns out to be a successful, other nation might follow the same path, specially their neighbours.

I'm not sure with anti-bitcoin countries, but definitely those nations that are in the borderline or grey area might look at this options and welcome bitcoin as well. So we have give credit to El Salvador for making this bold move and dare other countries to follow.

Because they find ways to maximize their economy that's why they adopt the new changes in terms of financial system. I'm sure they will earn huge benefits in future for adopting bitcoins and I'm sure more other countries will follow them since this will create history.

Maybe for now other country find hard to adopt it due to its volatility but once they found how good it is even if we have bear season calling we will surely see more country use this as their currency.

Only the country of el salvador has so far dared to adopt bitcoin as the official digital currency in the world, and what el savador is doing of course aims to use bitcoin as a means of payment such as the use of the US dollar in that country. if this has a positive impact, of course there will be other countries that will follow in the footsteps of el savador and of course it will make crypto more widespread so that it will be easy for other countries that were previously anti-crypto will be able to accept crypto as a world currency.

An extremely audacious plan and the success will bring a very impressive debut of a small country in terms of their technology philosophy but how will they come up with theories and evidence to prove the success and role of bitcoin? Some legal tenders have yet to affect the size of the world, if they continue to come up with crazy and uncreative actions, the result is just a waste of resources, facing banks all over the world, they need more meaningful reasons for this before the banks are forced to unlink with them

I didn't expect El Salvador to dare to take a policy that was against the world bank, of course this is good news and I hope other countries follow suit, so that it will keep me on hold for a longer time

Well it is rest assured that what they've done will be one in the books but at some point, we should not forget that it can go two ways, it can either be a historical success wherein lots of countries will follow its lead or it can be a historical failure which caused bitcoin to become more unideal as a currency. Let us hope it would be successful because if it does, it will be a chain reaction towards other countries till bitcoin becomes able to dominate the world. On the other hand, bitcoin as a currency might be fancy but fiats should not be replaced by it so that everyone can still have their financial freedom.

Is it a progress? It surely is. Sure we care about it for now? We should not. Look at the price, from 40k to 30k to 35k it moved like crazy during all of this, so el salvador news didn't help crypto at all, not saying the drop was its fault, of course this news couldn't make it go down, but it also didn't make it go up. Hence at the end of the day this is not something we should care about, it is fine and dandy but that is about it, we should just ignore it.

I obviously did, and many people evidently did as well, it is really nothing too shocking. Wake me up when a country who people can show on map actually makes it a legal tender, before that it is not going to be anything special. Any European country, any north American country, hell even some Asian nations would do. However these days we hear more about bans then good news so I am not sure if that will happen.

but what has been done by a country like el savador is a progress that needs to be followed by other countries and has been proven that many countries have started to take part. accepting bitcoin as a legal means of exchange in accordance with their currency, of course it will certainly have a good impact on the country, because it is difficult to send anywhere quickly and cheaply with bitcoin.

hopefully this will lift bitcoin to be able to rise from the deepest correction so far, because bad news always comes and disturbs bitcoin and now there is good news starting to come out to be able to lift bitcoin. we will wait for that effect some time to come.

El salvador is not an organization who acquire bitcoin. It is a nation. Just enough to push Bitcoin to have its next ATH. Do not afraid to HODL yung bitcoins. It will rise up soon. If possible, sell your shit coins and make full BTC right.

Not only the fluctuation that they must be cautious but the illegal use also , mind that EL Salvador is one of the worst country in terms of law enforcement so they might face tons of troubles in regards to law implementation .
and now there is Iran and some other country that desiring to study and may apply the same thing as what El Salvador does .

Always good to see changes. But how are they going to deal with the huge price fluctuations?

In case other countries follow and accept BTCUSD as legal currency, then price will defenetaly go through the roof. The problem is: if a country does not have control over its currency, then that country cant influence its inflation/deflation. Its really goo to see that it happens, the outcome however is questionable. this way or another, this will be an example of how it works (not?) out, if btcusd is an official currency. basically a test for the rest of the world.

I think you need not involve Elon with this news because this is another story and you know how that person ruining the crypto after the hype and tweets he made.
El Salvador had made the right choice and to legalize Bitcoin is the best opportunity for its holder to use and enjoy it. But what I was afraid of if this will only lead to increasing money laundering and illegal activities. Could be this possible as this place is known for such activities.

This one is good news but I am surprised one fake tweet from Elon can bring much excitement in market than News like this.
Come in crypto community it's time we stopped paying attention to Musk.

The real thing here is that EL Salvador is suffering from tons of illegal activities , are their country ready to keep hold of those? or they will just only go with the flow and let bitcoin do the rest?
i felt like Btcoin will only be abused in this matter , that's one thing for sure.
But couple of days ago what happens now? its been days after the approval but yet the effect in market comes from the Tesla issue and not from this good news.

Money laundering will still exist, we can stop people from doing this as they will find another way.
What happens to El Salvador could have a huge impact especially for those who never know about crypto and those also who have doubts about it. This gonna be eye-opening with them as well and this helps to change their mind. But, I don't this making a rallying impact on the prices, it might pumps but not the same as in Bullrun.

We should not make a big deal out of this, I mean there are tons of big name places that accepts bitcoin as few things, like places that take it as bills, places with tons of places accepting bitcoin via a gift card company (Japan had like nearly a million business accepting a gift card that you can deposit bitcoin into) and many other places that accept bitcoin tax payments, I can go on but basically it wasn't a legal tender but it was available for many other things and I am hopeful about this one to make a good change in the future but it is not THAT big of a deal, it is a good thing but people are overreacting right now and they are just overhyping it more than what it should have been.

This is why I do not think that we could see a huge increase at anytime soon, it will not impact the price but it will definitely have a good impact on the future itself.

I think this is one of the great steps taken by any country towards Bitcoin and our crypto community. My only concern is that we don't see any possible money laundering cases in the future as this happened in many countries where crypto supporters are slapped with money laundering cases.

This is just the beginning, El Salvador is not only the first country, but El Salvador is aware that this technology is very useful for their countries,
Korea, Japan, Singapore have already recognized Bitcoin, and now there will be many more countries in Europe that will recognize Bitcoin and even adopt it,
of course this is a good start, because the future of Bitcoin already looks bright.

Indeed.
Does this mean, PayPal is much bigger than a country?
Or Tesla accepting Bitcoin payments (which later on withdrawn)  more important than El Salvador approving Btc as a legal tender?
There has to be a huge positive impact in Btc's price that suppose to happen right after the bill got approved. But its seems that the market didn't have any movements.
Maybe the speculators are still skeptical on the impact of this new bill towards their economy.

Ah, so it actually got approved, just read the confirmation too. But as Bryant points out, no market reaction.

I'd like to see some of those Miami conference dudes put money where their mouths were and start supporting this Salvador Bitcoin thing. And then maybe we start seeing some nodes pick up there, and maybe some good infrastructure for them merchants who let's also hope get an influx of Bitcoin spending tourists. Far end of the continent from Europe, but probably not for most of West Coast US?

After the news that El Salvador has claimed the first country in the world to legalize bitcoin, I am very sure crypto will grow in the future as many other big countries will follow soon, just wait there will be big surprises in the future.

Few months is short time span maybe next year we can see another adoption from some countries who struggle interms of economically. But it will be great adoption if this announcement will came to first world countries but since its was started up by El salvador maybe many countries are now waiting to see the result if the adoption gives them a good results on their businesses.

This is a win for everyone and not El salvador only!
In the next few months or so I expect other countries to follow suit to make it legal tender if this turns out successful in El salvador.

We are in a digital age and not making crypto legal tender just slows down the process but this is were everyone is going.

The market reaction has been disappointing, to say the least. When PayPal announced that they are integrating Bitcoin to their platform, the BTC prices jumped by almost 400% (from $8,000 to $41,000). Now this news is much more important. For the first time in the history of Bitcoin, a country has accorded official status. But the prices went up by only around 10%. I am perplexed by this. Because this news is a hundred times more significant than the ones we had with either PayPal or Tesla.

There's not much improvement on the price of Bitcoin and the market is still red right now, the positive impact will come later we need more good news like this, Elon Musk FUDDING has a huge impact but we'll see next month if there is a change of the market, I don't believe that the market is now shifting to bear trend, but three months of this trend and we can confirm that we are moving in the bear trend.

For this reason there will be regrets for those who sell off while have lost.. Lol just joking  
Actually that's what other saying when ppl panicking due to some negative news wherein they don't worry after such situation, "i mean the future" .. Indeed that's why others saying its like a roller-coaster because when there's a negative news that bring the market down there will be a good news afterwards wherein will make the market fine again.
Just imagine on this situation wherein suddenly there are some positive news about bitcoin adaption. All i can say thank you because for sure this a another sign of progress soon or later .. Lol

There's too much fud for a small country like El Salvador to have an impact on the market with this positive news. To be frank not until the rumors started circulating, I didn't know there was a country called El Salvador, forgive my ignorance but I believe this could be the same case with other and from my findings their local currency isn't doing quite well so we now underywhy they turned to bitcoin for help.

I don't think this development would be having an immediate effect, just like the pizza purchase that didn't have an immediate impact on shop to start accepting bitcoin, it'll take sometime before other countries start doing the same.

Lets see how the economy of El Salvador react then you can start expecting other countries to follow their fullstep. I'm pretty sure their economy is been closely monitored by other nations to see how their recent decision plays out.

El Salvador is very decisive to be the first country to adopt Bitcoin as a legal tender. This is despite the fact that what the country is getting into is an uncharted territory. Not to mention that what the country has adopted as a legal tender is a currency not accepted by the international financial bodies. So this is still largely an experiment for now. We still don't know how this will turn out in the coming years. As such, we cannot assume that a rise in the price of Bitcoin will follow.

Other countries are carefully looking at how Bitcoin works as a legal tender and whether it will have significant impact to the socio-economic situation. From relevant observations, other countries will also make their own decisions.

It will have an impact on the price of bitcoin and the adoption of bitcoin in the long run depending on one thing : how will it impact el salvador. This is certainly a good step to take according to us because we love bitcoin but let's see how it will impact el salvador, if they get a good thing out this and they do very well, then that means they are not going to face any trouble with it and will continue to exist for a long time, and they will improve their economy and they will be example for all the other nations that have terrible economy and they will implement crypto to become better as well.

Basically this is the way how production went to china because it was cheaper, this way human work will move to other nations like these as well, you will hire people all over the world for cheaper and pay very small fee compared to natives who work in office and that way you will profit more.

I think that the moment that they plan to consider bitcoin as a legal tender is already a reason for them to be part of bitcoin history because that is a sign of adoption and it's the first for any country.

I believe the decision made by El Salvador will heavily impact the market and industry overall. Now, I just hope that other countries just look into this matter and then make their decision on adopting crypto.
This step much appreciated because I feel that this would change the way people will see cryptos in the future and gradually cryptos will be accepted by every country.
Few countries are planning to accept it but it will fall under an asset class rather than a currency.

If these countries could provide a place to build a mining facilities that runs on renewable energy that'd be great, same with el salvador so the problem regarding massive energy consumption will be resolved although actually it has been debunked few times and just an overblown issue.
but yeah, the IMF will be a big problem for the whole cryptocurrency market in the future but technology like blockchain or any crypto as a product of decentralized system gonna be hard to go against, mostly they just gonna make some random regulations.

^^ We will see if bitcoin will become problematic, Japan has adopted bitcoin legally, but we don't here IMF criticized them? So it seems that IMF has some narrative with this negative statements about El Salvador and Paraguay, yes they are poor country but they don't need to dictate what the government wanted to do to their economy, specially trying to become the first in Central America.

In the midst of a number of negative sentiments that continue to occur towards bitcoin but finally there is some news that is quite encouraging for us bitcoin lovers, according to the news  after El Salvador, Paraguay is now considering crypto assets as a transaction tool in their country, and even plans next month Paraguay congressman Carlos Rejala plans to submit a bill to attract international mining companies and other crypto businesses to invest in the country, but unfortunately now the IMF (International Monetary Fund) says if the two countries (El Salvador and Paraguay) adopt bitcoin it is possible will be problematic for the economy and law in the country later .

https://www.google.com/amp/s/www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/amp_articleshow/83363776.cms

Elsavador's first history of being part of a cryptocurrency that legalized legal payments as its currency, but this is still the first tail we have to start longer and who will follow in their footsteps later, of course some institutions will see this progress and they can believe that bitcoin indeed assets that are more important to be made into investments and other capital, I think so and see after a lot of news developments about elsavador that are reaping this praise.

For the OP to think the price back to @64k I think this will take a long time too, but we'll see how strong the bitcoins are to keep pumping bitcoins up to ATH again.

the steps taken by el savador will certainly make other countries to start researching how much benefit el savador can take after adopting bitcoin in their country, if it will have a positive impact on the el savador economy, of course many other countries will going to follow el savador's to adopting bitcoin.
because in my opinion only one positive example is needed for other countries to be able to adopt bitcoin and what is certain is that a long road always starts with one first step .

one good step from a big country, and of course this will be a big step for other countries to be able to follow El Salvador which legalized Bitcoin,
just wait Brazil will also legalize it, and there is news that Iran will legalize crypto currencies in particular Bitcoin, just wait for further info.
https://www.trustnodes.com/2021/06/10/iran-to-legalize-crypto-as-soon-as-possible-says-president you can see the news here, hope it helps

Hopefully there could be other countries to follow the footstep as what El Salvador this 2021.

We never thought that a Central American country like El Salvador will be the face of bitcoin in that border, but they initiate it so we should lauded their current government for the decision. And it will open up a lot of opportunities for El Salvadorian to explore the benefits of bitcoin individually. Who knows maybe next month we will see them on top of Google Searches. And give them some time, maybe Central America countries are already looking at bitcoin and make them a legal tender.

Remember that bitcoin was only considered a legal tender but not as an official currency so it's just another step towards adoption of bitcoin. To those who don't know what legal tender is, it basically means that anything that is considered by the government as a way to pay debts or something.

If something X happens, does that mean that something Y has to happen? In other words, when Tesla bought Bitcoin, does this mean that all car companies should follow in its footsteps? of course not.
Therefore, what El Salvador has done is a step in a long way to adopting Bitcoin, but this does not mean that other countries will follow suit.

It might be understandable that other countries would do this if the United States did, but I don't expect that to happen.

So it is a step on a long road to adoption, neither more nor less, and it is wrong to make predictions based on it.

I don't think the rally was mostly caused by El Salvador, it was a combination of events such as Saylor raising $500M and he will buy BTC sometime next week. What was more bullish was that he got offers for $1.5B actually so there is proof that there is tons of demand for bitcoin. Currently its hard to say where we will be next week. We can go and break the $40K and head to $50K or we might go back down to the $30K and most likely this time it won't hold.

There are many people who are very bearish now which is actually bullish because thats the way the markets work. If you look at the futures there is no more premium and the funding is actually negative now. So the shorts are paying to stay short. So most likely we might get a squeeze and that might end up being the top before it heads back down.

No, El Salvador is the first. Japan didn't actually make it legal tender (which I thought they did for like a solid year after it happened) but it was more like they just in some way recognized it but it's not legal tender. Would love to see Japan make it legal tender, I could see them being the first first world nation to do so, but I imagine that's still a few years away. I think we'll see a handful of third world countries adopt Bitcoin over the next few years before Japan would even start thinking about it.

Nah, I don't think that this news is enough to push the price to even $40k. Yes, this is a developing news, but I would say that it won't have significant effect. What we should here is first world countries adopting and legalizing bitcoin, it will be huge news.


Correction, Japan and Australia is the first and second to legalised bitcoin as legal tender way back in 2017.

The initial reaction was indeed a huge pump is going to come but it seems that it wasn't that spectacular as I would have expected, of course, we were on a clear downtrend but still if we look in terms of price only we're barely 4k up from the dip and ..I don't know..the weekend is coming, I don't there will be some big news and just Salvador related ones simply seem like they can't push the price much further. If we look back at the moment of Paypal and Tesla news the price jumps are far more serious, again we were experiencing a trend up at that time but still, feel like this one although my opinion is way more important than a company buying coins simply can't do the same with the price. 

It's possible the traders are focused more on short term gains, maybe they don't see anything major coming from Salvador in terms of investment that would trigger a buying wave, or I don't know but to me it feels like this was the spark needed to reverse the trend but somehow it failed to ignite everything. Maybe some consider a moron of Trump to have more influence than a tiny pacific nation, or some other morons speaking in the US senate hearing, I'm referring to Darrell and Warren, have some more influence but this is really weird.

One day ago I would have said new ATH by the end of the month, now I'm more cautious.


Well, it did manage to get some 4$ back in dominance but I think the rise in shitcoins was because of the traders that expected like always the altcoins to follow bitcoins, a false movement based simply on the belief that those will definitely rise if BTC hits a wall before 40k I expect another red month for all the shitcoins out there.

The first of many. I expect this decade we'll see numerous small 3rd world nations adopt bitcoin as legal tender, maybe even a larger non-western nation or two.

The 2010s was the retail movement of bitcoin.
The 2020s will be the institutional movement of bitcoin and the start of small nation-states coming into bitcoin.
2030s and 2040s will likely see larger nation states joining on with bitcoin.
By 2050 there will be several billion people who simply think of Bitcoin when they think of money and any country where you can't simply spend Bitcoin by law anywhere will be a backwards nation. If you have 1 bitcoin you'll be rich. You'll be able to go out and buy a sandwich anywhere for a few hundred satoshi.

Yes, El Salvador!  Will it go viral and will it become a worldwide brand and style?  I believe this country did the right thing and they are really progressive and integrated with crypto.  I am so grateful for their strength - El Salvador must be mentioned in the history of bitcoin and the crypto space with respect!

I do not think that many countries will follow El Salvador. But this is a very good news that El Salvador has already made bitcoin as a legal tender. Some countries might follow and just tuning in what shall be the effect of it to their economy and then they'll start to decide and plan if they will do the same. And for the price, we may not see the effects of it positively in a quick manner. It's going to be a slowly but surely effect that we shall see but I'm believing that price will come back soon at $60k~ish.

In hindsight it'll be crystal clear to everyone that the price of bitcoin went down as more countries followed El Salvador's lead.

Yeah, even if El Salvador is a small country, still, we should take his as very welcoming news indeed. We have been waiting for other nations as well. And maybe this is the start of a movement, in Latin American for bitcoin to be accepted as legal tender.

And at least we have some positive news to come, last 6 months or so, the headline was always, Elon and China FUD and negative news. Prices jump to +10% or more in the last 24 hours, good sign ahead.

The news was about Bitcoin, but I can see almost all the cryptos going up by anywhere between 10% and 20%. It is quite frustrating actually. El Salvador is accepting Bitcoin as a legal tender. They are not accepting any of the shitcoins, including Doge or XRP. Still a section of the users are using this opportunity to pump these shitcoins. Anyway, I just want to concentrate on the positives. We will take care of the shitcoins later.

BTW, the community has reacted in an overwhelmingly positive manner to this news. And it should be like that. Because this is a groundbreaking and historic moment for Bitcoin. The excitement within this forum is quite visible and I have seen at least 10-15 different threads on this topic on various sub-sections.

hopefully with this positive news it can push the bitcoin price back into a positive path, after a lot of negative news that continues to hit bitcoin this month causing the bitcoin price to fall to the $30K price level. With the legalization of bitcoin or crypto as a means of payment in that country, of course, El Salvador is the first Central American country in the world to do so, and we all hope that there will be other countries that will also legalize crypto, especially bitcoin as a legal payment alternative later, such as what El Salvador is doing today.

This is indeed a good news and I appreciate this law because they'll guide people who are still not familiar with bitcoin and there's no need to pay capital gain tax. I didn't read the whole context but the headline says it all already, Bitcoin is now a legal tender and I'm so excited to hear more countries to do the same thing. Though the price of BTC is still down a little, but when the law takes effect for sure many will start to adopt.

I guess that it would be appropriate to have a "Thank you El Salvador" or "Bitcoin legal tender in El Salvador" like messages on the blockchain today.
When I've seen the news about the proposal, I was skeptic at best. So it's a hugely wonderful surprise that this happened. It's a huge leap forward, although it's a small economy/country.


I think that the price getting "this low" again is unnatural and should reach again proper values (and new ATH too) as soon as the good news will pile up and weak hands too get more confidence.
Now it's El Salvador. In less than 4 days, Taproot lock in. It's a start...

Yes this day is a cause for celebration and others will follow. Also note this is Bitcoin, not crypto, not some kind of shitcoin, but Bitcoin. And they will be focusing on the Lightning network.

El salvador has achieved that because this morning the proposal got approved majority in Salvadoran Congress.

https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight/amp?__twitter_impression=true

Many countries will follow El salvador later to accept bitcoin legal tender on their country, what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

First pizza traded for 10,000 bitcoin , now EL Salvador the first country for bitcoin legal tender.