Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 106. (Read 43222 times)

I imagine one day every country will start doing the same thing as El Salvador. then the price now will be very very cheap compared to later after every country is open with bitcoin.

bitcoin can still be use as a substitute of USD in El-Savador, it is not by law quite alright but the people can decide to get involved with the use of bitcoin than fiat, if we consider well what El-Savador did, we will see that he made the two options available, use bitcoin or fiat USD, that is why you see the government of US and IMF having the fear of bitcoin not overriding fiat USD being the central currency.

am in doubt about this, the price will rather increases than reducing, this is what determine it value, though there might be seasons of bearish moves but the value remains incomparable to other cryptos or the fiat itself, this is what makes out the uniqueness in bitcoin.

this has been discussed previously by ddmrddmr when he share a statistics of El-Savador's bitcoin invested, value, cost,  loss and win, and the likes, in short he statistics are well explanatory in a table, here's the link: https://bitcointalksearch.org/topic/m.60612784  and lastly let me correct you that the bitcoin is not Nayib Bukele's coins but the entire El-Savadorans, base on your statement, i will also recommend you to read more about El-Savador's volcanic bond and this link as well will be of help as well.

the reality today is that the people who continue to make fud and associate it with el salvador are the ones who misunderstand.
they thought that bitcoin had replaced the dollar in el salvador. even though bitcoin is only legalized in that country as a legal tender, not as a substitute.

I imagine one day every country will start doing the same thing as El Salvador.

then the price now will be very very cheap compared to later after every country is open with bitcoin.

The truth is El Salvador's president has not disclosed to the public his Bitcoin holdings and what he intends to do with them

The Bitcoin market has adopted Salvador as a symbol.

the reality today is that the people who continue to make fud and associate it with el salvador are the ones who misunderstand.
they thought that bitcoin had replaced the dollar in el salvador. even though bitcoin is only legalized in that country as a legal tender, not as a substitute.

even the decline in bitcoin actually didn't have much impact on the citizens of el salvador due to the fact that most people there still use dollars more. the difference is there we are free to use bitcoin for legal tender.

bitcoin price is now very high when you see from the beginning of its creation. and when we look at the world map. then only a few countries allow their people to invest in bitcoin. and only a few countries that have legalized it as a means of payment such as el salvador. I imagine one day every country will start doing the same thing as El Salvador. then the price now will be very very cheap compared to later after every country is open with bitcoin.
so it's actually not too late to get in now. because the true potential of bitcoin is still completely unseen. I believe in the next generation where people are smart with technology and communication knowledge then that's when bitcoin will really be accepted in every country. even the enemies who have been cornering bitcoin all this time will secretly collect from now on so they want to be the ones who continue to dominate the market.

Impact with bitcoin as legal currency transaction by El Savador not give impact with local currency left by their people, I saw what did by dominance El Savador people most likely make bitcoin as investment assets for the future. Bitcoin can substitutes with local currency on each country when adopting as legal currency transaction but most people see have great chance with bitcoin as worth for investing at the future, less inflation and keep increasing price day by day make many countries try to adopt bitcoin although still against by United State. Bitcoin will get positive respond when getting many countries have make it as legal currency and keep dominance later without left with local currency.

the reality today is that the people who continue to make fud and associate it with el salvador are the ones who misunderstand.
they thought that bitcoin had replaced the dollar in el salvador. even though bitcoin is only legalized in that country as a legal tender, not as a substitute.

The Bitcoin market has adopted Salvador as a symbol. More and more individuals may start using Bitcoin as the nation's official currency in the near future. Not the finish, but merely the beginning.

I also haven't seen the President of El Salvador reveal about his losses so far unless I read about it in some other media as explained by tribunnews on 27 June 2022 where El Salvador's economy started to collapse when the bear market occurred in Bitcoin. But if the President of El Salvador is still very confident in Bitcoin and its adoption all this time, I think the economy of El Salvador itself will also find gradual improvement if the President of El Salvador is still able to manage any losses from his investment as well as the economy at this point.

We do not get detailed details about bitcoin investment assets owned by the President of El Salvador. However, if you refer to the table and published details, it is clear that he suffered large losses, but we do not know whether the President of El Salvador has ever sold bitcoin or has remained an investor in bitcoin since it was first legalized until now. Coupled with the details of the price of bitcoin being purchased starting from the highest price of $60,000 and certainly experiencing a very large loss, but in detail there is no publication to the media whether the president of El Salvador really holds all btc assets both purchased at a price of $60,000 up to btc purchased with cheapest price at $19,000?

Well, I glanced at your profile aylabadia05, and I see that you have been registered on the forum since mid 2017, and maybe I can infer from that about your learning about bitcoin and wanting to learn about bitcoin since that time (so right around 5 years of learning, no?)  

I started in bitcoin in late 2013, so I am a bit more than 8.5 years of learning about bitcoin, yet I also had a decent amount of living back ground that included personal investing prior to my getting into bitcoin, too.

Each of us comes to bitcoin with our own set of experiences, and sure if we are younger, then we might not even have had any exposure to bitcoin at all, but bitcoin continues to grown in the world, and so more and more people are learning about bitcoin and learning about different ways that bitcoin might be helpful to their lives on an individual level and so those kinds of learnings have been moving into the spheres of various kinds of institutions and even countries too with the El Salvador example that only goes back a little more than a year for when El Salvador (as a country) announced that it had a plan to get into bitcoin more BIGGEDly by passing laws to make it legal tender and other developments that are associated with that (including but not limited to that El Salvador would spend some of its resources to buy bitcoin, too ... for its treasuries and also for some balancing of funds purposes too.. I don't claim to know the various ways that El Salvador is merely HODLing the bitcoin it bought or using some of that bitcoin in working ways to facilitate some exchanges that might end up going back and forth to dollars or stable coins).

In some sense your summary of what bitcoin is, and your rendition of its "main purpose" comes off as overly-simplified, even though you are providing an intro to bitcoin link, and sure if you are attempting to figure out some of the differences between bitcoin value and bitcoin price, then surely you are correct with any implication that you were making that people might not even be sure about whether bitcoin is overvalued or undervalued at its current price, and those assessments of value versus price can sometimes motivate people in terms of whether they believe that it would be fruitful for them to get involved in bitcoin through purchasing bitcoin or maybe trying to earn bitcoin.. or on the other hand to sell or to purchase items with whatever bitcoin that they have if they believe that the value of bitcoin is less than the current price.

For the past 8.5 years that I have been learning about bitcoin, I have also attempted to incorporate bitcoin into my life in terms of allocating a portion of my investment portfolio into bitcoin, and then considering that bitcoin has various kinds of value and potentially increases some of my options in terms of how I have attempted to balance my various bitcoin strategies and practices and ongoing learning more about bitcoin at the same time - while sharing some of the learnings in the forum or even getting some of my information and ideas about bitcoin through the forum.

Part of my point remains that you are not necessarily wrong in your attempted basic description of what is bitcoin aylabadia05, but your seeming reliance on getting a description from a basic introductory links gives me some sense that you may well have not been spending a lot of time building experiences around bitcoin in the last 5 years or so, which could possibly help you with your own attempts to summarize what bitcoin is from your perspective and how that might relate to topics being discussed in this thread (and surely every thread on the forum may well have deviance from its topic, but it seems to be the responsibility of members to attempt to stay on topic or to bring their deviations back to the topic of the thread, if possible).

I don't think that everyone who considers Nayib Bukele crazy because of the policy of accepting bitcoin does not pursue their corporate interests, but also many share the support of bitcoin by El Salvador, for example, the Bitfinex exchange reports that it is donating 36 BTC and 600,000 USDT  to support the economy of El Salvador, primarily we are talking about small businesses.
https://blog.bitfinex.com/media-releases/bitfinex-donates-36-bitcoin-btc-us600000-tether-tokens-usdt-in-aid-for-small-businesses-in-el-salvador/

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.

The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it would be difficult to get a loan from the institution.

The board's directors have now "urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status", according to a statement.

Quite alright El-Savador may seems to be loosing a significant amount from it investment in bitcoin with about 46.95% but with the current holdings of about $23,000 worth of btc, it has in place an advance future in making a new turnaround profitability sooner, because the present time now is dip and by then when it surges, things could be evidently different because that's what an investment really means, "having patience over a long term".

But aside that, El-Savador has other means for the generation of income in bitcoin tourism, bitcoin beach among other forms of investments it has utilize with the adoption of bitcoin, keep holding till the time comes, bitcoin will definitely surge high and break ATH record with time, then there could be more to profit on.

https://www.buybitcoinworldwide.com/treasuries/el-salvador/

I’ve taken the liberty to add a few more columns of data in order to see their current counter value as of today, as well as the percentage of the total that each purchase represents:


Hodl remains in order …

This is the trap many people from richer countries fall into, just because a country is poor doesn’t mean the population there is financially unaware.

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

Not really bad what did by El Savador keep try to make bitcoin as legal currency transaction and actives until right now how to advertising bitcoin for best solution digital currency transaction, we need to appreciate what have did by El Savador President. Trough still can't lobby countries with highly developed economies such as countries on the European continent but step by step I think at the future bitcoin will be most popular digital currency.

No doubt what happen with country legal bitcoin as currency transaction because many of them have lower level and very poor in pocket. Looks we can't talking about investment for them because they don't have any saving money in the bank. Will be effective when bitcoin adopt by one developed countries like Netherland than adopt by 40 small and poor countries around the world, keep not effective for making bitcoin become legal currency transaction.

I agree with you Bobrox in terms of how difficult that it might be to actually see any impact on bitcoin price that would come from small countries, or even a bunch of citizens (possibly poor) in pockets of countries becoming more and more bitcoin oriented and building systems around bitcoin, yet at the same time, bitcoin is likely going to be getting more and more strength from the lower level, poor and individual choices and building systems of direct communications and transactions around bitcoin...  So for me, it seems very good to be finding out that bitcoin is spreading more and more to various areas of the world in which the population really likely needs ways to communicate value to one another without having to rely on various forms of debased money or even that many of the population has little to no access to various kinds of banking systems.. so in that regard, bitcoin is likely to be quite empowering for them in terms of providing potential for more value storing, transacting and preserving - and surely many of the citizens and even countries could be helpful to help people to learn how to NOT get overleveraged in bitcoin and/or to be careful about scams and careful about their preserving of their keys or even privacy matters in terms of NOT flaunting their value (or the wealth that they might have been able to accumulate in bitcoin).