Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 101. (Read 43229 times)

why not limit it to bitcoin only, as for me i will rather prefer by going with bitcoin only than the combination of other cryptocurrencies I don't know about, so far so good, bitcoin has been the only most recognized digital currency for exchange, assets and store of value.


which of the financial services, with bitcoin digital currency or fiat?


I think you need to be more current in this regard because Africa has one of the top user's of bitcoin with a good number if it population from West Africa and Nigeria to be precise, highest users of paxful exchange, and the likes, I can't just mention more.

News about the adoption of cryptocurrencies in Africa has actually been circulating and has been in several media, it's just that there is nothing recent like the one made this month, but for the news in the previous month it has been promoted more by the media. This means that Africa already has very good plans for the adoption of Bitcoin and cryptocurrencies and is working to make that happen over time.

Some of the obstacles that you mention are indeed very reasonable so that the state must continue to strive to make other better ways so that it is no longer hampered by volatility, legal regulation, and financial literacy. Because of all that there will be more solutions if more people are willing to think about it in order to achieve the goal of mass adoption of Bitcoin and cryptocurrencies. After all it also includes the economic sector that is better for all of them.

Bitcoin and cryptocurrencies are an excellent choice for countries that are constantly experiencing macroeconomic problems and facing the reality of inflation. In this respect, the African continent is also a very suitable location for this new technology. Also, access to financial services in Africa is quite limited (just like in El Salvador), but we have yet to read any remarkable news about the mass adoption of cryptocurrencies in Africa.

I think, issues such as volatility, legal regulation and financial literacy may be an obstacle for the masses to prefer Bitcoin for now, but I am sure that the countries that take these courageous steps will one day be remembered with respect.

Isn't there a bit of a problem that you need to "deduce" the point(s) that you believe Wakate is trying to make?

I will concede that on a regular basis, forum members make posts (and points) that can be difficult to figure out; however, when there is so much additional obscurity that is created from a failure/refusal to use the word "bitcoin," then at least forum members should NOT either be shying away from the use of the word bitcoin or perhaps attempting to make it seem like they are talking about broader concepts (that go beyond bitcoin) by using the word "crypto" and to be implying that bitcoin is contained within the more broader word "crypto"  that they chose to use.

None of us should be having to try to figure out what the fuck other members are saying because they fail/refuse to use the word bitcoin - especially within a topic in which bitcoin is the subject matter - when we are referring to what El Salvador made into legal tender last year.

El Salvador did not make "crypto" into legal tender.. because that would have been retarded.. and don't get me wrong, there are some retarded people out there who are in positions of power, and luckily neither El Salvador (nor Bukele) took that kind of an unfocused path in terms of what they were trying to do upon implementing their law and what they seem to continue to do - 1 year after the law went into effect.


Ok.  

First of all, perhaps Wakate was wanting to say something like that, yet it seems that it would have been much easier to figure out if he would have at least clarified what he meant by "crypto" and how and where bitcoin might have fit into such picture that he was wanting to describe.

Second, why would there be any need to talk about what is happening with "crypto" as a whole rather than to just stay focused on what is happening with bitcoin.  Yeah... many people tend to not know what bitcoin is as compared with various vague-ass concepts like "crypto", so they just throw out the word "crypto" because they want it to appear as if they know what they are talking about because they are speaking more broadly.. beyond just talking about bitcoin.  Actually I don't have any problem with the idea of talking beyond bitcoin, but there are ways to describe such situation by talking about bitcoin and sometimes referring to bitcoin and various other crypto project.. or to refer to general price dynamics that might be happening beyond bitcoin on its own.. yet no matter what there still seems to be some need to figure out how to use the word bitcoin so we at least realize that you are trying to refer to bitcoin when using the "crypto" word "crypto"  


Who fucking cares about broad and general context without putting such claims within the framework of bitcoin?  It seems to me that we should be trying to focus on bitcoin first, and yeah sure we can talk about various outside factors that might affect bitcoin's UP or DOWN price dynamics, yet it is not going to get us very far to be vaguely referring to such general matters without figuring out where bitcoin might be in that mix.. or at least somehow tying bitcoin into the topic and even using the word bitcoin in order that we know what is being talked about instead of some vague general concepts about crypto.. and yeah, I know that a lot of people refer to vague general concepts, but that should not mean that we should allow ourselves to devolve into such gobble-dee-gook and muddy thinking and fail/refuse to specify what it is that we are trying to say exactly.. as it relates to bitcoin.

Tell me, why any of us should give any shits about general "crypto" dynamics unless we are just some no nothing shitcoiner who does not know the difference between bitcoin and a variety of shitcoins, and therefore tries to appear like s/he knows what the fuck s/he is talking about by using vague "crypto" language and describing some kind of vague concept that hardly even seems to matter without knowing about where bitcoin fits within that description.


Sure. I cannot disagree with you about preferring the analysis of something like El Salvador's Bitcoin adoption situation based on the longer-term rather than shorter-term considerations, because there are a lot of reasons that it could take a long time to figure out the extent to which El Salvador is advantaged or disadvantaged in regards to getting into bitcoin, and a lot of the bitcoin (and El Salvador) naysayers like to look at how the price of bitcoin had gone down in the past 10 months or so, and then to attempt to assign dire consequences on El Salvador, and the fact of the matter seems to be that El Salvador has a pretty small percentage of its overall treasury and cashflow that is locked away in bitcoin.  

Anyone should recognize and appreciate that the economies of countries are much more complex than either individuals or institutions, and even if we can make some comparisons regarding spending within our means and even various ways that money is invested, from the information that we have in the public, the size of El Salvador's bitcoin purchases, seems to be way less than 5% of its overall budget and other investments.. yet I am sure there are a variety of ways that budgets can be calculated and assessed, and I do not claim to have any specific contemporary information to make those kinds of assessments, even though it seems that some of that kind of information has been presented in this thread and in other El Salvador threads on the forum.. and sure it is likely possible to research into those kinds of size of budget and size of bitcoin investments assessments - even if perhaps all information is not available or even released on regular basis..

El Salvador has started accepting Bitcoin as a legal tender, what does this mean for the country and the future of Bitcoin?
This is a great opportunity for El Salvador and its people, from an invisible and irrelevant country, to be in the spotlight around the world. It will attract, technology, investors, businesses, tourists, new residents, etc.

For people who are mostly poor and unbanked, this is an opportunity to learn about this technology, invest safely and save money when receiving remittances. And having a bitcoin book and making it a subject will make all Salvadoran students and college students bitcoin experts in the long run, and perhaps others will be left behind because most of those who understand and engage with bitcoin are only those who have the awareness.

And for Bitcoin, this is good news but not so relevant. Bitcoin does not require countries to adopt it as a legal tender. It is already the de facto currency in many places like Venezuela or Nigeria even though the government doesn't like it. That's the beauty of Bitcoin, it doesn't need permission from some politicians, people want to use it and nothing can stop it.

I have read through @Wakate post and what I can deduce from the point he is trying to make is, the impact of the bear market on El Salvador Bitcoin adoption most especially as the announcement and subsequent buying of El Salvador Bitcoin holding were done at a time where the price of Bitcoin and other cryptocurrencies were at their all high price and since then over a year now the entire market has suffered loses and the bear market have continued which made many to view the El Salvador Bitcoin adoption as a failed experiments but revise is the case if the whole situation is a view on a long term view and not a short time Bitcoin condition. The general cryptocurrency market has suffered a lot of sets back in the year 2022 and if I understand @Wakate correctly, he was trying to use the current crypto market condition as a tool for global crypto adoption. Even despite the bear market, the rate of adoption has increased and this is why we often discourage members of the public to take a more holistic approach towards the subject matter of El Salvador Bitcoin adoption and giving it a long-time perspective and not short-time realities that are subject to change.

First country to introduced Bitcoin textbook to their students, first country to made Bitcoin legal to their citizens, infant El Salvador government are doing well. I think, this is a welcome development for any genuine government to impact Bitcoin to their citizens to enable them to understand Bitcoin technology very well so that their future will be colorful. I guess, El Salvador Bitcoin teachers will do everything possible within their power to ensure they make all the students in the country to understand everything in the Bitcoin textbook. No doubt, El Salvador students will be very good in the area of digital investment, because this Bitcoin textbook will make them to understand so many things that will make them professional in Bitcoin technology.

I don't even mind some discussion of crypto within a bitcoin thread, but there needs to be some clarification of both how the term relates to bitcoin or the extent to which something related to bitcoin or something else is being talked about.

Some people use the term "crypto" and they are wanting to talk more broadly about bitcoin and other crypto (shitcoins) or the industry more broadly to refer to Defi and NFTs too, and still if the term crypto is being used as a way to talk about the space more broadly, there is going to be some need to specify which portion of that is referring to bitcoin.. especially in a thread that is specifically about bitcoin.

I had one member tell me that it is o.k. for him to use the term "crypto" because everyone else is doing it (including mainstream media), and from my perspective, no one is excused to use such vague ass language merely because others are also using such vague references.

Same way i also got surprised if all that has anything to fo with bitcoin, they were all crypto influencing news around the globe that talks not even specifically about El-Savador or it bitcoin adoption and the thread here is all about "El Salvador has become the first country to make #Bitcoin legal tender" there are times replies goes off the radar on specific areas of discussion unknowing to the user, as a matter of fact this goes well with altcoins discussion to be precise, let's try to make it a difference whenever we are talking about bitcoin and crypto, their discussion should be on different boards precisely, now at the end of it all, i dont know what Wakate has got to offer about bitcoin or matters related to El-Savador in all his analysis, thanks JayJuanGee for the observation.

Maybe you should go back through your post Wakate, and tell us specifically what that has to do with bitcoin?  You did not use the word bitcoin at one point in your post, and El Salvador has specifically adopted bitcoin - even though shitcoins and various other projects related to bitcoin referred to as "crypto" have come along for the ride.

Sure, maybe you are actually talking about bitcoin, and maybe some of your references have bitcoin contained therein, but if you are not figuring out specifically what bitcoin has to do with those information points, then you are speaking meaningless gobbledy gook.. and there would be some advantage to us readers/recipients of your information (and quite likely even advantages to yourself) to present your ideas more clearly.. and especially here.. El Salvador specifically adopted bitcoin.. even though shitcoins have also gone into El Salvador too.. and so far, El Salvador has not been welcoming to shitcoins... even though shitcoins are there.

So many things had been happening in the crypto market currently since the bear market started and even with that, the crypto market does not relent falling dip like the bear market. The 2022 Global Crypto Adoption Index says the overall adoption rate has slowed down globally in a bear market it’s still above pre-bull market levels.

“Global adoption of cryptocurrency reached its current all-time high in Q2 2021. Since then, adoption has moved in waves … Still, it’s important to note that global adoption remains well above its pre-bull market 2019 levels,” the blog says, adding that global adoption leveled off in 2022 after growing consistently since mid-2019.  

Vietnam has once again topped the Global Crypto Adoption Index prepared by blockchain analytics company Chainalysis. The list has India at the 4th, the United States at the 5th, China at the 10th, and the UK at the 17th position in an Index containing 146 countries. Philippines and Ukraine are in the 2nd and 3rd positions respectively. Vietnam had topped the list last year, too.

The 2022 Global Crypto Adoption Index, a part of the 2022 Geography of Cryptocurrency Report by Chainalysis that will be released later, looks at the grassroots adoption of digital assets rather than countries having the largest share of the crypto trade.

It does not ends only in the mood of El-Savadoran's celebration of Independence but it also a thing of joy that sounds to their hearing on the occasion whereby the president Nayib Bukele stated his intentions towards nextyear presidential race ambition for re-election come 2024, he does not only introduced a new currency (bitcoin) to the people he has set the pace for establishing severignity, peace and liberty throughout the country upon his regime and lot of people have shown interest in support for his re-election. https://twitter.com/stacyherbert/status/1570604261356236800?t=iCKtibpFDPAbP3xm3MeCQQ&s=19

I’ve taken a brief look at the whole book, and at first sight, it depicts the topics in an orderly manner, going from the wider historical view on the origins of money, to the more focused approach on bitcoin/Bitcoin.

I figure that, if we were to go into details, we’d all find inconsistencies or expresions which could be improved. For example, on page 51 it states (translated):
We’d probably agree that the analogy between email and wallet is not the best of choices, that the send function was omitted within the phrase, and that quite a bunch of important types of wallets were omitted as well. Even so, we’d probably need to look at it from a wider angle and be a bit less nit-picky.

What I do miss though is a much wider contextual content to El Salvador. Bearing in mind that the book is intended essentially for students, it barely quote the country itself and the specifics of using bitcoin there as legal tender. There are no references to the Chivo System and it’s usage in everyday life, which might be deliberate, but it is the currently main wallet there, and it does manage both legal tender units.

Thank you for your update on this development, as widening the scope of Bitcoin education will increase the rate of Bitcoin adoption among El Salvadorans. Am sure in no distance time we will have the best academic materials from Bitcoin since the government in support of Bitcoin projects unlike other parts of the world where governments either see Bitcoin as a threat to their authoritarianism, I hope to see the English version of this educational materials so that I can have an in-depth understanding of the content of the book to see if it is educative or not.

As a follow-up to what I posted the other day, it seems that the whole textbook is now available in the following links for anyone to download (in Spanish):

https://github.com/MiPrimerBitcoin/Diplomado_v3.0/blob/main/Mi%20Primer%20Bitcoin%20-%20Libro%20de%20Trabajo%20(V3.0).pdf

https://raw.githubusercontent.com/MiPrimerBitcoin/Diplomado_v3.0/main/Mi%20Primer%20Bitcoin%20-%20Libro%20de%20Trabajo%20(V3.0).pdf

I looked around for it the other day for quite a while with no results, but it seems that the ONG that’s behind the textbook has made it available today through its twitter account, encouraging people to download it for free providing there in no commercial usage of the book.

Great way how to give education about bitcoin after El Savador adapting with bitcoin as legal currency transaction, not matter with firstly legal bitcoin as currency transaction and later announce to public how to give education about bitcoin trough textbook. Usually before bitcoin adapting as legal currency transaction El Savador need to give education about what kinds of bitcoin, but legal early and later announce or giving public education about bitcoin.

Most serious with El Savador for educating their people to know about bitcoin, give student education trough bitcoin textbooks and I think later they have new innovating how to make their people most easy understand about advantage when adapting bitcoin as legal currency transaction at the future.

It is a good thing that the President is pushing through with all means possible to achieve the capital project of the bitcoin bond even though the rest of the world may have judged his actions as a failure based on the current market conditions of Bitcoin forgetting the fact that if one wants to judge based on data and analysis of protective development most especially capital projects such as the El Salvador Bitcoin bond and Bitcoin adoption, in general, have to be based on long term base let say 2+ years time frame before making any reviews of its impact on the economy expecting its impact to be immediate will only result in the mid conception of the whole idea just like what we are having already from the general public on the El Salvador Bitcoin adoption which many sees it as an experiment that has failed. President Neyib is committed to the development of Bitcoin city and other infrastructural projects that will propel the advantages of Bitcoin adoption on the economy of the country.

El-Savador had come at it again with the surprise to all that have been saying contrary things about the real status quo of the happenings within it country, its launching the 2023-2025 all debt due within the specified years from external source as today marks their official day for public purchase and every interesting and eligible bond bearers can has access to the purchase as well, this is an indication of how the state of the apprehension of situation surrounding it bitcoin adoption continue to progress by clearing it debt.

     
https://twitter.com/nayibbukele/status/1569409143156494338?t=e6Y-d8f2jeq8FZ48tmWOrA&s=19

Is El Salvador’s Bitcoin adoption a failed experiment?

https://theconversation.com/one-year-on-el-salvadors-bitcoin-experiment-has-proven-a-spectacular-failure-190229

Yes.. fair enough.

Thanks for clarifying that point, and surely it seems that El Salvador is ongoingly pushing a variety of adoption efforts forward, so it is likely more and more difficult for critics (largely bitcoin naysayers) to really have any basis in reality for the extent of their various criticisms, but the critics are likely NOT going to stop with their ongoing loosely based in reality negative talking points.


I am sure that El Salvador is working on what they can, including making improvements to the internet.  Governments are usually able to focus on a number of things at the same time - especially if they are able to get help from various segments of private industry and the more that the public comes aware of bitcoin and comes on-board, then the more help that citizens will be making for themselves.  I doubt it is just a one focus matter, and countries surely vary in the quality and extensibility of the internet penetration in their country and they also very in regards to how many residents have access to portable electronics (such as phones and other devices) and know how to use them, whether in relationship to bitcoin or other ways that portable electronic communication devices are used these days.