Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 10. (Read 40702 times)

Is there any rule that stops you from continuing a current topic? If you check the date of my post it is on the 9th not the 10th, so you are wrong. This was the first time I saw the news and I quoted @rwin100.

I think every good news from El Salvador should be celebrated. After all, if it were negative news about the country, you would see it in headlines for a long period. I will keep celebrating Napoleon Osorio because he is a testimony that Bitcoin can change lives financially.  

However, it is important to note that it was not just Bitcoin that made him a millionaire. He was able to manage his business effectively and efficiently, and Bitcoin was able to contribute to the growth of the business. That's also what El Salvador is doing but it will take some time for the positive effect to be visible in the economy.    

This is perhaps best illustrated by the fact that Bitcoin has changed the economic status of Salvadorans. Where many people are interested in selling bitcoin investments is the person who has traded in bitcoins i.e. he paid his car rent with bitcoins. He became a successful businessman after owning Bitcoin and now owns a company where he also owns a few cars.

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You can see that this topic has already been discussed here a few times and you have mentioned the same thing again today.

I also like the important points they have built from now on and one of them is in the children's sector who have been taught how to use Bitcoin and also Blockchain knowledge from now on. Because I am also quite sure that this will have a quite good impact on their own future and also the future of the country of El Salvador as a whole if all citizens of the country continue to be consistent in using Bitcoin and also Blockchain. Even though El Salvador is not a rich country at the moment, it is also not a poor country at the moment so it would not hurt for other countries to see El Salvador as an initial motivation in order to adopt Bitcoin.

Since El Salvador adopted Bitcoin, they are only gaining success, as the people of their country are ready to learn Bitcoin at any time. Now, the country has gained a reputation as one of the most popular places in the world, and they are known today as successful investors in Bitcoin investing. They will benefit the most if they are willing to hold Bitcoin for a longer period of time, as they have seen massive gains in just four years from 2021.

Has Bitcoin inspired you to start a business?
here

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Bitcoin is a thing that once entered the person must have succeeded, you note the country of El Salvador. An ordinary citizen of El Salvador, he was a taxi driver, and he got into Bitcoin and became known as a major investor today. Full credit goes to the government of the country, Naib Bukele, he has shown the right path to the people of his country, and he has once again proved that he can succeed completely with the people of his country.

Napoleon Osorio the taxi driver

This is an uncommon story. It shows how beneficial it is not to follow the crowd. When others were busy selling their coin, he started a business and was receiving Bitcoin for services he renders. His patience and dedication have paid off, as he has been able to buy more taxis and is no longer struggling financially. This is just one of the success stories among many. This shows that Bitcoin is having some level of impact on the economic conditions of El Salvadorians.

This are some of the things the El Salvador president  seen ahead, that made him thought about BTC legal tender it will bring success to those that will accept BTC as payment in their businesses, which is what the taxi driver experienced from the taxi driving business to grow to this level to establish other business that will double his profit. Anytime I see good stories like this about El Salvador, it make me to praise El Salvador president that allowed legal tender in the country because it has brought a lot of developments to the country which it will make the country to continue to experience the benefit of legal tender.
Just wait for the BTC to reach or cross 20 years in the world, then you will see a lot of things it has done to people and countries that made it legal tender because many people has used it to grow their businesses, and countries too has used it to grow their economics.

Their plan about Bitcoin is far-reaching. The steps they have taken with Bitcoin will certainly take time to implement even though they have already come a long way to implement the plan. But it must wait a long time to reap the benefits from adopting Bitcoin. Wherever El Salvador stands today, future generations will be able to take the country's economy to another level. Children in El Salvador are being taught to use Bitcoin and Blockchain technology from a young age. Children are already learning about Bitcoin and with in few years El Salvador will be among the most economically developed countries with light of bitcoin.

September 7, 2021 was one of the most significant days in Bitcoin’s history.

El Salvador became the first country in the world to adopt BTC as legal tender — defying warnings from the International Monetary Fund.

It was a rapid rollout for the dramatic new policy, especially considering it had been announced by President Nayib Bukele just three months earlier.

Every single Salvadoran citizen could claim $30 in free Bitcoin if they downloaded the government’s Chivo app.

Meanwhile, Bukele excited the crypto markets by regularly announcing that the country was buying thousands of BTC to hold in reserve.

Source link: https://cryptonews.com/exclusives/has-el-salvadors-bitcoin-bet-been-a-success/

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They have been holding bitcoins every day since accepting bitcoins as legal tender on September 7th, 2021, I think this complements the DCA approach. Because they have been holding Bitcoin for the past four years, and their Bitcoin holdings were purchased at their 2021 peak.  And again in 2022 and early 2023 Bitcoin had very low buying prices, which I think they continue to hold until now. 
And the price of each bitcoin is on average (roughly around 40k) of bitcoins purchased. So it must be noted that no matter how much the price of Bitcoin increases, holding Bitcoin for a long time following the second method will definitely reduce the purchase price.

El Salvador is now three years old since it has made Bitcoin a legal tender, which the President admitted that Bitcoin has brought the country investment, tourism and branded the country. Bukele admitted he was right  when he said those who bought Bitcoin earlier when being launched must have profited more .

https://cryptonews.com/exclusives/has-el-salvadors-bitcoin-bet-been-a-success/

It was truly a great day for El Salvador. On September 7, 2021, El Salvador became the first country to accept Bitcoin as legal tender. El Salvador's president, Nayib Bukele has played a key role in making El Salvador stand tall in the world as a Bitcoin investing country. Nayib Bukele has taken steps to expand Bitcoin in his country by teaching Bitcoin to students there.

Napoleon Osorio is a shining example of how you can improve your financial status and become rich with Bitcoin. Napoleon Osorio is a taxi driver who made a living driving taxis in El Salvador. He used to accept bitcoins as fare from passengers i.e. he also used to accept his taxi fares through bitcoins. He has greatly improved his financial status with Bitcoin and now has 21 drivers working under his leadership which is truly inspiring.
Napoleon Osorio talks about the transformation of his finances with Bitcoin, saying,

source: https://www.france24.com/en/live-news/20240907-how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin

Thank you for this post, this thread has 2747 posts, up to the post mentioned above, and 584 users have passed by, who have given their opinion on the subject but they forgot one of the most "irreverent" days of bitcoin, in fact I would say that it is the maximum official reverence of bitcoin so far, and it practically went unnoticed, even spammers ignored it, by the way it is not that I forgot and I am here on September 8th, I have a topic dedicated to this date in my local language.

On the other hand, there are not many different data that can be given, both in the positive and negative line (side where the data borders more in reality).

But as it is a birthday, let's surround this day with a positive fact, among the 1000 that exist, I repeat, anyway,


^{Source:https://www.france24.com/en/live-news/20240907-how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin}

Happy Bitcoin Legal Tender Day 🙌

On September, 7th 2021, 🇸🇻 El Salvador became the first country to officially adopt Bitcoin. here

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El Salvador is the first country in the world to accept Bitcoin in 2021, allowing Bitcoin to become legal tender. And since then its Salvador has stood head and shoulders above the rest of the world in Bitcoin adoption, and has gained one of the world's reputations for being the only Bitcoin adopter. And gained even more reputation because he taught Bitcoin using various techniques to educate the people of his country from students to young and old people about Bitcoin. And has been successful in many ways, I can say the president of El Salvador, Nayib Bukele, is a successful entrepreneur and his contribution to bitcoin holdings is the most.

Correct they are not wealthy yet. They are under category lower middle income country which means they are not rich yet. Maybe they are gaining something from bitcoin but they didn't see yet the full effect if we talk about their profitability with bitcoin, since for sure it will take a long time before they gain especially on investment they have done with bitcoin and for sure in future it will good result for their country.

People can see it here on where El Salvador earn their wealth https://www.britannica.com/place/El-Salvador/Economy

For sure they didn't came to the level where they are gaining a lot of money from bitcoin since they are just newly adapted this coin and maybe they only get small result for now. But for the fact that their country is gaining attention and tourism with that they already get the benefits that they want.

El Salvador is not yet a rich country. The country has successfully bought some amounts of Bitcoin and they are still acquiring more. Since they see Bitcoin as a long-term investment and the price of Bitcoin is predicted to keep increasing, there is a high tendency that the Bitcoin will contribute to the economic development of the country.

However, the wealth of El Salvador is not solely dependent on Bitcoin investment, the government needs to put in place viable economic policies that will attract foreign investment and create jobs. The government have been able to maximize the opportunity that making Bitcoin a legal tender provides which includes improvement in tourism but the government needs to improve other sectors of the economy to make the country wealthy.

And now thanks to the continued adoption of Bitcoin in the country of El Salvador, the country has become wealthy despite its small size. I am also truly amazed at the determination of the citizens there and also by the government there who continue to prove what they have said before to be a sweet reality. I have found El Salvador to be an amazing country because they have been able to rise to become wealthy through Bitcoin adoption and also continue to provide Bitcoin education in every school so that children of a suitable age can learn it properly.

Of course as an individual you have the right and the power to do whatever you like, but if you really think through the matter, you are not likely to do yourself any favors to use selling as a strategy to accumulate more bitcoin, and your speculation that you are more flexible and able to do it (as compared to a country) does not even mean that trying to sell in order to buy back cheaper is the right idea or the right way to approach an asset like bitcoin, even though it looks so damned tempting to sell and to buy back cheaper, there are so many ways that you can end up screwing up your own financial solvency and also your psychological well-being.

Ongoingly buying bitcoin as aggressively as you are able to do without screwing up your finances and while trying to maintain solid back up funds, no matter what the price, is likely amongst the best, if not the best practices to continue to assure that you are building your bitcoin stack and keeping a building mindset... You can also try to figure out various ways to increase your income and to decrease your expenses in order that you will have more discretionary income to work with and to ongoingly buy bitcoin with some reasonable portion of your discretionary income that you believe is plausible and prudent.

Probably, you should not even give very much thought in regards to the extent to which your BTC holdings might be in profits or in loss, as long as you are ongoingly, consistently and persistently accumulating bitcoin and building your stack size, you are likely going to have a lot more options 10 or more years down the road based on your ability to stay focused on accumulating bitcoin through buying rather than fucking around with trading that may or may not end up paying off.  Yeah, what I am saying might not make sense to you and you might really believe that you can figure out the various price moves, and hopefully you do not get too financially and psychologically stressed over your desire to gamble rather than to really invest..

Now if you have some kind of an irresistible urge to gamble (trade) with some portion of your bitcoin holdings, then maybe if you at least keep it to less than 10% of your bitcoin holdings (without cheating by continuing to draw from your bitcoin holdings when you are losing), then sure, there may be some benefit for you to learn about trading while limiting the amount of your trades and mostly remaining focused on just accumulating bitcoin.

Again, do what you like, and no one is going to rescue you if you lose either way, you are responsible for your own BTC accumulation and/or wealth building strategies...and your abilities to attempt to stay focused  on what might be more productive ways in reaching your goals.. and remember that frequently the psychology of trading (gambling) is very difficult to break from since gamblers/traders frequently think that they are smarter than everyone else and they can have many trades that are paying off way greater than the BTC buyer holder (accumulators through buying), and then one trade can end up wiping out all profits and even putting the trader/gambler at a way worse position as compared to the one who had been focusing on accumulating bitcoin on various ways of buying techniques, earning more money and/or cutting expenses.  Yet, again, you are free to choose whichever strategy you wish, even the dumb ones that seem smart.

Governments and institutions do not tend to be as flexible as individuals in regards to either trading or even changing around their strategies, yet ongoing buying  and holding still may well be amongst the best (if not the best) of strategies to both assure ongoing growth of the bitcoin, but to provide more long term options, especially if there are abilities to consider 10 years or more down the road and governments frequently have those kinds of inabilities to plan out long term and to execute fiscal policies consistent with longer time-lines.

From your explanation, it is clear that selling at $100k might not be a smart business move since Bitcoin prices will keep increasing in the near future. Secondly, the government of El Salvador sees Bitcoin as a long-term investment, so selling after one circle might not be in their near interest. Since the country can keep accumulating without having any negative financial consequences, it will be better to keep accumulating using DCA.

I have not accumulated much but I have been doing my best to keep some part of my weekly income in Bitcoin. Accumulating has not been easy but I see Bitcoin as an important investment. I thought I could accumulate more by selling at a high price and buying the deep through lump sum during the bear market. It might not be the best decision, but  I have to take some risks that can lead to accumulating more coins. It might have some effects since keeping money in fiat is not advisable, but it is a risk I want to take. However, I now know that relating my plans to El Salvador's policy on Bitcoin was not the right move. Thank you for the heads up.

Yes.  It would be the smartest business move to continue to hold bitcoin and to continue to accumulate bitcoin, even once bitcoin prices hit $100k and thereafter.  I imagine El Salvador's average cost per BTC is somewhere in the ballpark between $30k and $40k, so it seems a bit ridiculous to consider accumulating bitcoin for around 3 years to be sufficient to be starting to sell.. including for a measly 3x profits in dollars..

Why should anyone, whether an government, institution or individual consider spending a bunch of time accumulating bitcoin in order to transition into worthless dollars or whatever you are suggesting that they should spend their bitcoin and invest into something else?  Why? 

Bitcoin happens to be amongst the best, if not the best asset of all time, so why would anyone, whether government, institution or individual sell the best of assets? 

It sounds to me that you (Fiatless) do not understand what is bitcoin.  You may well be the one who needs to learn about what is bitcoin before spouting out some nonsense about supposed better business to sell bitcoin for worthless dollars or whatever you are suggesting that they do with the dollar proceeds that they would get if they were to end up selling too much too soon (at around $100k as you seem to be suggesting).

You have been registered on the forum for less time than El Salvador has been in bitcoin, so less than 2 years, and so if we might presume that you got into bitcoin at a time around your registration on the forum, then hopefully, you are not managing your own bitcoin accumulation journey in as bad of a way as you are suggesting that El Salvador should manage its bitcoin accumulation journey.

To me it sounds like you lack focus, and really someone like you (and yeah including governments, institutions and other individuals) should spend a whole cycle, at least, accumulating bitcoin before even entertaining ideas of selling any (except spend and replace), and maybe after one or two cycles of being in bitcoin, you might come to understand and appreciate the power of accumulating BTC and holding through such process.

In other words, $100k is likely nothing too meaningful in terms of price thresholds, and likely many folks (especially newbies) should continue to accumulate BTC through such BTC price levels, and there are going to continue to be more and more newbies coming into bitcoin, and sure even when El Salvador gets through a whole cycle, which would be mid to late 2025, they still might not be in a position to be selling any of their bitcoin... even though surely there are more and more options regarding how to deal and manage your bitcoin in the even that at some point they might start to feel that they are transitioning out of their BTC accumulation stages.


No.


Now you are presuming that selling BTC is for the purpose of buying back lower... so that you are presuming either $100k-ish to be some kind of a top and/or that you might be able to figure out at what price points to buy back.
Trading does not tend to work out very well, even with traders who are fairly good at it.


Presumptively you are doing what you recommend, and so hopefully you have already accumulated enough BTC to authorize yourself to be selling at such price points, and another thing hopefully you do not end up selling too much too soon and become a bitter disgruntled no coiner or low coiner as we have seen a lot of those over the years who think that they are smarter than everyone else and so they sell hoping to buy back lower and lose their BTC accumulation focus.  If you are in the process of accumulating BTC, then the best way to accumulate bitcoin is by engaging in various forms of buying including DCA, buying the dip and lump sum. 

For a variety of reasons selling does not tend to be a good BTC accumulating technique because it gets you out of the buying mindset and practice.  Now if you have accumulated enough or more than enough BTC, then you have more options, but you still would not sell to be able to buy back cheaper, but instead in the case of overaccumulation you would sell based on having more than enough and you would ONLY sell from that portion of your BTC stash that you consider to be more than enough.  Which portion of El Salvador's nearly 6,000 BTC stash would you consider to be "more than enough?"  How much are they authorized to sell?  And would they continue to buy BTC as they are selling?  You, Fiatless, don't seem to be much of a businessman, especially when it comes to having any clue how to deal with pristine assets, including your supposed recommendation that selling is a good way to deal with a pristine asset like bitcoin. 

With Bitcoin price hitting $63,000 today and the prospect of the going higher, I am keen to know the next move of El Salvador if the price gets to $100k. The government of the country has said they don't have any intention of selling, but is that a smart business move? Wouldn't it be more profitable for them to sell part of the hodlings when the price reaches $100k and make gains from it? The money realized from the sales can be used to increase the number of coins they would buy per day during the bear market. Many of us want it see El Salvador succeed and making the right business decisions will make this happen.