Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (Read 38852 times)

Thanks for looking into the matter further and providing some further explanation and some details (and links), which sometimes can become a bit cumbersome to look into, including I sometimes will get confused about what I am looking at or what the information that I see means, even with some things that are supposed to be straight-forward and understandable.

I thought that there were supposed to be various technologies, yet maybe not very well implemented (such as silent payments) that might allow for the showing of public addresses, yet not being able to go back and see so much of the historical information about those addresses, even though surely for a public entity there likely is quite a bit of value regarding transparency of the various amounts, but maybe not so much transparency in regards to how many signatures are required to spend... and I would think that a smaller institution (or individual) might be more suitable for 2 of 3, yet bigger institutions and/or governmental (public) entities would be more suitable for more signatures, such as 3 out of 5, yet I would imagine that there are trade offs for any of the kinds of set ups that might be available, and surely if some public entities might be vulnerable to attack (and/or corruption) and they also might be honey pots that are containing higher amounts of value within some of their wallets, then there would likely be more thought within how they safeguard their private keys and the various rationale that they consider for their private key management options.



Oh gawd @Fivestar4everMVP.      You start your statement our correctly by acknowledging that politicians should not be trusted, but then you state that Trump and his VP have sufficiently shown through their actions to date that they are going to carry out their bitcoin-related campaign promises.

Let's just stick with Trump for now instead of attempting to attribute responsibilities too far down the chain of command, even though surely any US President (including Trump) will rely on various persons around them to carry out their various policy preferences, we still like to consider that the guy at the top has a certain amount of ability to keep their various team members in his preferred direction, whether we are referring to the VP or other advisors or cabinet or departmental agency picks that Trump might make.

I will admit that generally Trump has been seeming to come around to bitcoin since around early to mid 2024, perhaps right around the time that Vivek Ramaswamy dropped out of the Republican primaries and joined Trump's election campaign team (which Ramaswamy dropped out right around mid-January 2024).  We cannot necessarily know all of the backroom developments and discussions, yet since early 2024, many of us had likely been noticing Trump move towards more and more bitcoin (and crypto) friendly kinds of assertions in his talks and even in some of his various background position papers, and there were criticisms of various monetary policies and even strong statements against central bank digital currencies (CBDCs) which truly those kinds of statements resonated strongly within the bitcoin community, within shitcoin spaces and also beyond bitcoin and crypto.

So far, Trump and his team have not seemed to back away from several aspects of the pro-bitcoin angle including a very large number of his appointees seem to have a pro-bitcoin angle.. not just shitcoiners, even though there is a kind of shitcoining angle that seems to be in the current Trump mix that is ambiguous, yet I agree with quite a bit of your overall statement that Trump's actions seem to show that he is not really backing off of the pro-bitcoin angle and even a kind of angle that is way less hostile to bitcoin (which seems to also be less hostile to shitcoins too.. which could be a problematic area to be too friendly to shitcoins.. yet we will see?) .. .

It seems to me that even people who support Trump recognize and appreciate that he does not have a very good track record when it comes to either truth telling or even staying behind certain directions that he might take, unless he is able to perceive his direction from a very personal (and even a childish and narcissistic) point of view.  Trump tends to be a liar, whiner and a bully when he can get away with it, and truly he has gotten away with a lot of things and has not been held accountable, and so Trump tends to bring a certain amount of his own drama, so it could be difficult to know if he is going to be able to stay on a path that bitcoiners consider to be sufficiently focused and not ending up overly contributing to chaos that back fires on bitcoiners, yet even an atmosphere that might be chaotic may well give bitcoiners several more years to develop (presuming that Trump is able to stay in office for several years, perhaps 4 years and not screw things up too badly). 

I would take with a grain of salt that any of us should just be believing in that diptwat Trump, even if he seems to have been getting on a better path since around early 2024 in regards to his seeming learning about bitcoin (combined with his convoluting shitcoin ideas in the mix of ongoing ambiguity - which who knows if some of that might be 3D (or is it 5D?) chess?)
 
Surely I have no problem with the idea of you (Fivestar4everMVP) or anyone else considering Trump to be on the right course in regards to bitcoin, yet even you should be able to recognize problems with blindly believing any politician (as you mentioned) and especially Trump does not have the greatest of track records in regards to his own behaviors and seeming lack of discipline... except he is a good whiner who has been able to get support from quite a few seemingly smart and innovative people within his current circle..to the extent that he (Trump) does not end up screwing things up, which he has a pretty good track record of screwing things up too.. it seems to be a part of his ongoing getting attention brand.


Your numbers seem to be be a bit off in regards to El Salvador's current paper bitcoin profits Fivestar4everMVP.  Their total Bitcoin stash is less than $600 million, but yeah, sure it could end up going up in value, and sure they may well be close to 200%  up in terms of profits in regards to their actual BTC stash.

For sure, El Salvador's profit from bitcoin goes beyond merely the size of the BTC stash that the government has amassed in the past 3.5 years-ish, but there seems to be value in their permissiveness towards bitcoin which has been incentivizing bitcoin development in the country and even the flourishing of other aspects of their society based on pro-active and positive focusing on bitcoin.. which may also have had contributed to their wanting to improve safety (and perceptions of safety) within the country  - which also has some likely beneficial economic values, even though there also may be some controversies in regards to whether some due process principles might have had been stepped on "for the greater good."

Well, you are right afterall, politicians arent to be trusted and thats a fact, but all the same, how best to verify things like this has to do with watching actions and not just statements.
Donald Trump from his actions after his statements shows that he is indeed ready to truly adopt bitcoin in the US, his vice has been confirmed to hold a certain amount of bitcoin which I cannot remember at the moment.

So let's just say that, if he(Donald Trump) faces no issues or strong oppositions, let's believe that he and his vice will work to bring all their campaign promises as it regards bitcoin to pass - let's just believe.

El Salvador has made billions of dollars in profit from their bitcoin holding,  I mean to say in "paper profit", since an unrealized profit sometimes end up disappearing if not realized On time.. But I strongly doubt if there ever will be such case with Bitcoin, as a matter of fact, we might wake up someday to see the price of bitcoin nearing a million dollars.

Hello JayJuanGee, yes, I thought a multi-sig would be most optimal for this purpose.

There is not a way to tell whether this address: 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo derives from a multi-sig or a single-sig wallet.

Once this address is used though, we could take the witness script and determine whether it's a multi-sig or not.

For instance, the address 34nYWqkdJpFYQdQjwy9CWVQVycYAQC7cwi was used to fund the address 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo.

If you check the transaction details here: https://mempool.space/tx/b88dad13553c4e377a539d7792d8233713ee0f225616faff0d1e5385242cabc5, you can see the witness script:


This script proves that the address used to fund the wallet is a 2-of-3 multisig and the public keys are listed above.

So, I believe that the address that they have made public in their X post, is also a multi-sig address.

They can also use multi-sig with 2 of 3 or 3 of 5 or some other number of signatures that they find appropriate.  They could also have time locks, yet I am not sure how they might want to incorporate such time locks, if they were to choose to use them.

Your other example about the seed is that you would not keep the backup seed and the wallet in the same place, and yeah, I would consider that single signature would be problematic in regards to security of institutions and/or governments.

There has been some publishing of some of El Salvador's main bitcoin address, and surely it seems problematic to keep all of the BTC in one address or even in one wallet, even though there could be quite a few ways to hold such bitcoin and to manage their private keys... and they would not necessarily want to disclose how they are doing it, at least in terms of which persons hold the keys.

I am answering both of you guys.

Bitcoin self-custody shouldn't be complicated.
Even at a national level, making a backup should be the same as an individual would do, otherwise a custom setup could be proven dangerous.
Let's assume that they have a vault and inside the vault they keep a seed phrase (and ?) a hardware device.
This setup is exactly like keeping a gold bar inside the vault.

But... There are significant issues here...

(1) The person who created the wallet could have noted the words, so they can steal the money without ever visiting the vault again.
(2) Unlike gold, bitcoin secured in a vault can be stolen without ever moving what's inside the vault.

That's why I am asking and I know we can't have such exact information, but it looks tricky and perhaps dangerous to me.

I don't think you even expect anyone to hold what Donald trump's have said to heart because all what we know he might just be campaigning at that time and decides to use  Bitcoin as an edge over his rivals but no doubt the impact on Bitcoin has been massive his victory as the price have been upwards.


As for El Salvador. I think bukele is one of the few Bitcoin lover that understand the need to hold Bitcoin for future reference because only God knows how much they as a country would have gotten from the interest of accumulated when the price was low till now.

https://x.com/nayibbukele/status/1768425845163503738?t=-AX4eBBhC76Skaz_-JVWFA&s=19

The source of that information is the X account of Nayib Bukele. There is no details about who holds the keys or how it is secured. Maybe it's is a classified information. However, since it is a national asset, I assume that it should be in the custody of the Central Reserve Bank of El Salvador. I am just wondering why you need such information  .

Considering the way of how bitcoin investment and holdings is expected to be handled with the understanding of privacy for security purpose, since this is a government related implementation, we may be limited to the right or accurate response regarding this, if someone should just come on a random way to explain in details about where the keys are or with whom it was secured, then they may be lying, for sure, there might be a copy of the private keys probably left on the vault being secured while the other maybe with the president himself or the central bank as the case may be in the El-Salvadorian political settings, this is purely a government decision and plan, and we are very limited to knowing about the right or full details on what transpired than only the ones we heard from the media.

I didn't want to create a separate thread, so I 'll ask here.

According to this article from last year:


So, the question is very simple: Who holds the bitcoin keys? I reckon that inside the vault there is a backup of the seedphrase and the hardware device itself. So essentially in this situation, Bitcoin is stored kind of like Gold, isn't it?


P.S Excuse me if it's already been mentioned in the thread! If so, please lead me there because the thread is too big.

Nayib Bukele has a long-term plan for Bitcoin and he has never mentioned when he intends to sell the coin. He still has about more than four years to rule El Salvador, we just hope that the next president after him will key into his vision on Bitcoin. Donald Trump has made some good comments about Bitcoin and promised to make it a reserve currency in the US. We are not sure if he would fulfill all those promises he has made. So we are focusing on El Salvador's unwavering support for Bitcoin.   

El Salvador is getting its first tokenized US Treasury offering

Tokenized U.S. Treasuries are a booming market, and now they are coming to the nascent crypto hub of El Salvador.
NexBridge Digital Financial Solutions S.A de C.V, a digital asset issuer based in El Salvador that recently won digital asset service license from local regulators, has teamed up with Bitfinex Securities to offer the first regulated public tokenized T-Bill offering in the country.
>>> https://www.coindesk.com/business/2024/11/19/el-salvador-is-getting-its-first-tokenized-us-treasuries-offering/

Although this news is from several months ago, It clearly states that even though El Salvador's Bitcoin holdings have increased by over 50%, they are not ready to sell Bitcoin. This means that their thinking is far-reaching and that they will buy and hold their bitcoins for a longer period of time. Moreover, even after the IMF imposed a ban on the adoption of Bitcoin by this company, they held on to Bitcoin and regularly purchased Bitcoin. El Salvador continues to buy bitcoins regularly despite all obstacles.

I read he wouldn't sell his Bitcoin even though he had made a 50% profit. This means that there will be a period when they sell it. If it doesn't sell I think he will have to be patient in a certain period, because of his fotality. In addition, the profits should be used to build the country. This condition is certainly very good when the IMF refuses, but Crypto is a special concern by the president-elect of the United States. So this condition seems to be an indirect support for the adoption of El Salvador.

Source
1. https://www.independent.co.uk/tech/bitcoin-el-salvador-holdings-value-b2506424.html
2. https://www.reuters.com/technology/el-salvador-crypto-investors-cheer-trump-powered-bitcoin-rally-2024-11-15/

People do sometimes try to overly romanticize facts and history, and surely Bukele was buying at the top and the bottom and even sometimes pausing at the bottom of the 2022 crash (if we might call it that), and Saylor was the same.  The bear markets can be very difficult to continue buying and/or to be arrogant or smug about our investing into bitcoin.. All bitcoiners appear to be like fools during a bear market.

So yeah, Bukele had something like a $40k average cost per BTC, and I am not sure what the average cost per BTC is currently, yet surely ongoing buying of BTC, even if less aggressive at times, does end up paying off, especially if there is ONLY buying and not much if any selling (except maybe spend and replace).

Getting through a whole bitcoin cycle (of 4 years) does tend to vindicate those who had been ongoingly buying bitcoin through such cycle, and sure it is not guaranteed to be profitable, but so far such ongoing accumulation strategy has been working out to be a pretty decently good strategy (especially for folks, institutions and governments who have been doing so for at least a whole cycle), and there is no real reason to speculate that such ongoing buying of BTC is not going to continue to work in a p[prosperous way, even or someone just coming to bitcoin now (and yeah of course, no guarantees, so each of us has to figure out our own position size and also take responsibiltiy for our own decisions whether or not to buy, how to do it and what position sizes to aim for).

Had he not sold any of what he bought?

I remember in the previous bull run, he bought BTC at the price of $52k while the price was dipping, it shoots up gain to more than 60k and then the bears took over the market. He still has his last laugh though because eventually, this bull run keeps him going.

Despite the IMF pressure and then his BTC bonds I guess can be considered a success already.

To the extent that we are getting into the weeds of who said what, I doubt that I am making any kinds of strong claim, except that I was responding to you and trying to suggest that you should be more specific in regards to what the fuck you are talking about since you seemed to have had been hesitant or perhaps trying to mislead in your failure/refusal to use the word bitcoin.  Whatever points that I made in regards to whether or not El Salvador may or may not be potentially friendly to shitcoins is sort of a side issue, since the main point is that they made bitcoin legal tender and when we are talking about El Salvador and "crypto" or blockchain, we likely need not even use those dumbass, vague and frequently misleading terms and start out by at least talking about bitcoin and if we want to talk about shitcoins or blockchain or anything else, then at least if we frame our discussion in light of how it may relate to bitcoin, then at least we might have some chance of at least staying on the topic of the thread... to the extent that you perhaps might have similar goals to stay on the topic of the thread rather than distracting us into vague, nonsense and/or misleading talk about shitcoin or blockchain or whatever potentially somewhat relevant points that you might have been wanting to make.


I am glad that you know the difference, so then your bringing it up, being vague and shifty about it, might go to show that you are purposefully trying to distract us from this topic, like trolls do..  Hopefully, you are not a troll and you will then at least attempt to stay on topic and not drag us into talk about nonsense.  If that might even be possible with you.


We are not talking about crypto in this thread.  Fuck crypto, and if our topic here is not about crypto then why does it matter that you might happen to have a lot of experience and/or knowledge about such topic?


Your saying that you know stuff doesn't bring us back to the topic of the thread, and you were making some vague ass predictions to suggest that El Salvador may be in a bad place since bitcoin (and maybe you suggested crypto?) is going down before up.. blah blah blah...


What accusations are being made? That you don't seem to know anything?  Who cares whether you know things or not?  The main point that it seems I started out with was for you to be more specific in what you were saying, to use the word bitcoin and to try to stay on topic of the thread.  Sure, I might not have had said it exactly like that, but still those were my main points in regards to what I had read from your initial chiming in post.


I am not competing with anyone, and I am not claiming to know anything - except maybe I know that you did not use the word bitcoin in your post, and you made vague references to crypto and to blockchain, which seem to be ambiguous at best, and perhaps misleading if you are purposefully using such vague language even though you are claiming to understand what is bitcoin and purportedly you are also understanding that this thread is about bitcoin and El Salvador made Bitcoin legal tender, not blockchain or crypto..


I don't even know what you are talking about what was promoted on other forums? Bitcoin? Something related to El Salvador's adoption of bitcoin, or something else?


You could start a thread.  Sure there is no problem bringing up some personal matters when we are posting in threads, but we should at least attempt to stay somewhat on topic of the thread. 

In regards to personal financial problems, or even investing in bitcoin and then having to sell all of it due to expenses, these kinds of things can happen to anyone, and perhaps it is more likely to have emergencies if you are using money that you cannot afford to lose, so you might be contributing to your own emergency if you are using money that you need to buy bitcoin.  You already said that you don't have much if any income, so maybe you are putting money into bitcoin as a way to gamble rather than invest, and if you do not have at least a 4 year timeline, the probably you should be careful about any amount of money you put into bitcoin... the same is true for institutions and governments. There is a need to invest only from discretionary income, not money that is needed for short term expenses or could be needed in the relative short term, such as less than 4 years.

El Salvador to Buy Back More Debt as Bukele Banks on Trump Lift

Nation’s bonds have outperformed most peers since Trump won
El Salvador’s Bitcoin holdings have ballooned after rally

El Salvador is offering to buy back dollar bonds for the third time this year as President Nayib Bukele gets a fresh lift from Bitcoin’s rally and the US election results.

The government opened an offer to repurchase a series of notes due between 2027 and 2034. Those securites have a combined principal amount outstanding of more than $2.5 billion, according to a statement published Tuesday.

More detailed information is provided

In Nayib Bukhel he will decide to buy more bitcoins, because he now realizes that there is a huge amount of money benefit from every bitcoin investment he makes. He is currently the most successful holder, he has held bitcoins so far and will continue to hold them in the future and occasionally buys bitcoins. This type of investment is a long-term investment that can be seen in the government of the country of El Salvador, and I can say that this Bitcoin is a sign of its step-by-step ladder to greater success. So I like his bitcoin holding and bitcoin buying idea the most but he is sure to succeed.

I believe that everyone's government strategy will not be the same. While some talk about Bitcoin accumulation in public, there are many who prefer to keep it private. Maybe when they can fulfill their expectations from Bitcoin they can come to the front and reveal them. I think what El Salvador has done is commendable and so far the only country in the world to have been the first to approve Bitcoin legal tender.

We will see the value of Bitcoin at $100k in the future but its value will continue to increase. Because the state of Bitcoin in 2021 and the current state are not the same. The influx of institutional investors as well as general investors from around the world will quickly make the coin more valuable. Also, governments are secretly accumulating bitcoins even if they don't come out in the open. That's why it's not difficult for Bitcoin to be worth $100k. There is no certainty where the price of Bitcoin has gone in just 2 weeks and it will not cross 100k in the next few days. It is better to prepare in advance for any situation in the market at any time. But in general, what we have realized in the last four years is that it is going up in price over time, so it is certain that the price of Bitcoin will increase in the coming days.

If we consider since the discovery of Bitcoin till the present time, the price of Bitcoin is constantly increasing. If it were the case that after a halving the price of Bitcoin fell back to the previous position that is different. The change in bitcoin price we have seen since 2020 has been greater than in 2021 and may be greater than expected in 2024 and 2025. Of course we will see Bitcoin turn bullish. That's why only those who hold Bitcoin will benefit from Bitcoin. The country of El Salvador will surely set the example in Bitcoin accumulation that will surely reveal in the future.

No, you misunderstood me. Who told you that Salvador was going to use shitcoins? This is nothing more than your assumption. But regarding altcoins, such a situation could very well develop. I am not confusing one with the other. I am not as stupid as you might think. You don’t need to teach me how to tell wheat from chaff, if that’s what you want. I have quite a lot of experience in crypto and I witnessed how this whole trend was born. I won’t say that I was a member of Satoshi’s team, but I still remember the moment when there were people who told me that there was no point in this. Yes, what did you think? I just came to this trend and I don’t understand anything about it? I’ll disappoint you, I saw the moment when all this was born and I am very sad when I am presented with such unfounded accusations of some incredible absurdity. You may know a little more than me, but I'm not sure that your knowledge can outshine mine regarding blockchain technology and the same Bitcoin. I don't want to offend anyone, but I witnessed how this idea was only promoted on other forums.

All the money I invested in Bitcoin, I had to spend on the operation of my loved one. Do you still need any explanation for my situation? Of course, I understand the fact that people have gathered on this forum for far from that, but I do not intend to tell about my problems. Who should I cry to? To you? Or to someone else? Ugh, I am trying to fix the situation on my own.

Fair enough that you want to describe some various ways that you actually know bitcoin, yet I still doubt that your explanation excuses you from failing/refusing to use the word bitcoin in your first responsive post.  I also doubt that it helps your position to proclaim that El Salvador is going to accept shitcoins in the future, since they likely already have pretty relaxed abilities for people to transact in shitcoins there... but their law ONLY made bitcoin legal tender up until now, and so their law and their various focuses has so far been on bitcoin - even though I am not going to proclaim to know about how the so many various ways that shitcoins end up finding their ways of getting into the space - that's what affinity scams do.  And, sure there can be some valuable tech or social/economic/marketing matters that can end up transferring into bitcoin or even having some of the shitcoins as second layers on bitcoin in the future... so I am not totally opposed to ideas that shitcoins likely have value, but in this thread we are talking about bitcoin, so it seems a bit of a slippery slope to either be going to far down the shitcoin path or your problem of failing/refusing to specify what you were talking about in your first responsive post.


Well, I am glad that you ended up overcoming your fear.  I know that when I first started, I tried to limit my number of posts, so maybe I would try not to do more than 30 posts in a week, and probably even fewer than that, but little by little, I started getting more and more used to interacting with the ways that bitcoin was being discussed... and surely my first posts were mostly on the WO thread.. probably my first few years were almost exclusively on the WO thread (or at least an overwhelming majority of my forum posts).


Well, you might struggle to invest more than $10 per week if you have such a salary, and yeah, so I used $100 per week as an example, and of course, if your salary is much lower, then you have to work within your own limitations, and surely you cannot (or should not) be investing in bitcoin at all with money that you will need in the next 4-10 years, so surely you will have to figure out what you are able to do to increase your income and/or decrease your expenses or to just work with what you have.

I did not know whether you had started to invest into bitcoin or not, so I was just attempting describe where you would be at if you had been investing in bitcoin, focusing on bitcoin and attempting to learn about bitcoin, and surely there is a certain value in learning about bitcoin while you are still investing into it.  I suppose that if you are feeling that you are in a better financial position now as compared with earlier, then sure hopefully you are able to figure out ways to fit investing into bitcoin into your mix of priorities, but yeah, it becomes more difficult when income is relatively low and there may be some desires to figure out ways to increase the income.


If you don't have discretionary income, then I would not advise investing into bitcoin, so I am not really sure what can be done except trying to figure out ways to increase your income, if you might be in a position to be able to figure that out.  Bitcoin is not good for investment for people who have less than a 4-10 year or longer investment time horizon.


That is good.   I can imagine it would be frustrating to see a good idea, such as bitcoin, yet not have enough money to invest into it. I think that people will still be advantaged by bitcoin, but it would be even better if there are ways to invest into it, too... yet I cannot really figure out how you can increase your discretionary income.. it can sometimes take years to increase discretionary income.

I know that when I was in college, I had a lot of challenges without having an income and difficulties to figure out ways to save, and so there can be some luck and fortune to be able to get a good paying job later down the road, yet I had some periods in which I was not able to invest very much, either.   I am not sure what to say for people who might not be able to increase their salaries in the future.  By the way, when I first left home when I was 17, I thought that I was not going to go to college, and so I had several fairly low paying jobs before I decided that I needed to go to college in order to improve my quality of life, and in those years I was never really very excited about trying to get rich or anything like that, but I always tried to save/invest at least 10% of my income, even during times that I was not making very much money...so surely in several ways I ended up getting lucky in a lot of ways for finances to end up working out and even getting much better after I had been in bitcoin for several years (even though my first few years in bitcoin were not profitable).


Sure anything is possible with BTC price movements, but I have my doubts about seeing prices below $60k ever again (and your chart shows a dip below $50k from now until late 2026).. but sure anything is possible, and it is also possible that BTC price never go below $80k ever again.  So I am not going to proclaim to know anything about where the BTC price might go, except that it seems way more likely to go up rather than down, and if there is any down it might not even get into the mid $70ks, at least not in the near future, even though you drew a nice chart about what you expect, it does not mean that our odds are very high to satisfy anything close to your suggestion of down before up.

If you think about the four year pattern in bitcoin 2025 is more likely to be an up year rather than a down year, and you can also look at the 200-WMA which is considered to be a bottom price and it continues to go up (right now at nearly $41k and going up about $36 per day), and I have my doubts that BTC spot prices are going to come within 25% of the 200-WMA within the next 12-ish months... but sure, anything can happen.. . and so many folks are way more lacking in preparation for up as compared to their being no coiners and low coiners, and we have very little world-wide adoption, so a lot of the no coiners and low coiners are going to end up having to buy BTC higher rather than lower as the BTC price continues to go up they are going to get way fewer BTC for their dollars (or fiat).

So part of the dilemma for people with low income and/or lacking in discretionary income, the ones who have discretionary income are going to be getting more bitcoin quicker, and we have another problem of some rich folks, institutions and governments starting to suck up bitcoin faster than normies are going to be able to get bitcoin, and yes, it is too bad, but that is the world that we live in, and there is some advantage in trying to figure out how to get bitcoin while you can rather than fantasizing about BTC prices going down, which those are not even liikely scenarios under current macro circumstances.

Of course, people in El Salvador have a similar problem as you and there likely are quite a few El Salvadorians who have very low incomes so they struggle to figure out how to increase their discretionary income so that they can buy bitcoin, and surely their atmosphere is conducive to interacting in bitcoin, and so there might be some increases in various kinds of jobs that might be available to El Salvadorians who are ready, willing and able to spend time on bitcoin.

What is Bitcoin? It is a payment system that uses the coin of the same name to conduct transactions. I would also like to emphasize that it is a decentralized (i.e. there is no single data center) and peer-to-peer network (all participants are equal).

Why didn't I use the word Bitcoin in my post? It's simple. I also don't rule out the possibility that El Salvador will accept other cryptocurrencies as legal means of payment. In our time, it's worth considering all possible scenarios that are understandable. You can't be a limited person. It's like chess. There are many possible moves. And so it is here. That's why I wrote "derivatives" instead of "Bitcoin". And yes, I know what Bitcoin is and have been watching it since its price was just a few dollars.

Yes, you are right. I have not been on the forum for very long, but I have been following Bitcoin for many years. I did not write anything on the forum because I was terrified of communicating on such platforms. With great difficulty, I had to convince myself that there was nothing to be afraid of. So I started communicating here. To say that it is difficult for me is to say nothing. I have no predisposition for such an activity.

Why didn't I invest in Bitcoin much earlier? I had quite large debts to banks that I had to pay back. I had no time for investments. Now the situation has improved a bit and I have started to reconsider my financial strategy. And how can I invest $100 a week when my salary is about $350 a month? This is under good working conditions and the maximum for today. It's barely enough for food, and you're writing about such amounts of money. I can't even buy shoes. The situation in my country is only getting worse every year. The level of inflation risks is increasing. Money is depreciating faster than my income is indexed.

Believe me, I can distinguish Bitcoin as the first coin from shitcoins, which were created much later, taking the idea from Satoshi Nakamoto's development.

And at this point in time, I am looking at this potential scenario with the price of Bitcoin: