Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 116. (Read 37174 times)

This is very good news for us as crypto users and El Salvador is the country that further legalizes bitcoin and becomes a legal means of payment to be used in the country, and this decision is well planned and I believe the Government of El Salvador has considered all the risks that will be faced by the country if bitcoin becomes a legal means of payment, If later the Government of El Salvador can take advantage of bitcoin well then the country's profits will definitely be obtained easily.

Apparently, some people were taking advantage of Chivo Wallet’s BTC to USD frozen value on the app, resorting to scalping trading techniques. The display and effective conversion value on the app was updated every minute, time in which some managed to peak at what the price was doing on other Exchange platforms, and buy or sell on Chivo knowing what the price was going to do on the next minute price refresh on the app.

For now, Chivo has decided to hide the conversion value on the app, and are seemingly working on having a real time price instead on the app.

I’ve also read that some users are reporting that they are now being required to wait for three minutes between TXs on Chivo Wallet. Nevertheless, the source is that of an opposition media, and I’d like to see some official source giving validity to this claim. I haven’t been able to see this mentioned as an official modification so far, so I’d take this latter claim with scepticism for now.

See:
https://cointelegraph.com/news/el-salvador-removes-btc-price-feed-from-chivo-app-to-crack-down-on-arbitrage-scalpers?utm_source=Telegram&utm_medium=social

(In Spanish):
https://www.elsalvador.com/noticias/negocios/usuarios-chivo-wallet-denuncian-cobro-comisiones-transacciones-bitcoin/892188/2021/
https://www.change.org/p/gobierno-de-el-salvador-nayib-bukele-transacciones-instant%C3%A1neas-sin-l%C3%ADmites-de-tiempo

https://twitter.com/chivowallet/status/1450190995581292552
https://twitter.com/chivowallet/status/1450190998542356481
https://twitter.com/chivowallet/status/1450191000979267587

One of the benefits is this one on where aside from minding about its real use case,you could really also have that benefit on making profits which is really able to be felt specially now that bitcoins price

had attained new all time high as of this moment and pretty much sure that they are really glad on whats happening as of this moment.Lets not just rush up on how things should be going

because adoption and recognition is something still on the move.What matter most here is that  we do able to see some progress.

President El Salvador's seriousness in legalizing Bitcoin and expanding its application in society to the field of air transportation must be appreciated.  Because honestly, he's the only one who doesn't seem to care about the political interests of the Bitcoin ban.  Today Bitcoin has rebounded and reached its new ATH.  The most impactful right now may be the people of El Salvador who already own Bitcoin because they will feel the benefits of owning BTC after this.

I’d say that there is a fair share of exaggerating the feat on the government’s behalf (*), at least in relation to the association to bitcoin. It is a chance to get some exposure though, and they are making the best of it.

For starters, @Bukele stated that Volaris is the first air company in the world to accept bitcoin. Well, airBaltic announced accepting bitcoin back in 2014, stating that they were the prima donnas in the affair. AirBaltic still accepts payments through Bitpay, so I figure it’s a standing and sustained claim (see https://simpleflying.com/airbaltic-accepted-cryptocurrencies/).

On the other hand, Volaris is Mexican. In El Salvador, we are talking rather more of a subsidiary (BTC payments does not apply to all Volaris as a whole). Nevertheless, under the recent roll-out of the Bitcoin Law, it’s not as if the air company could escape from accepting bitcoin anyway.

See:
https://www-presidencia-gob-sv.translate.goog/gobierno-del-presidente-nayib-bukele-propicia-que-el-salvador-vuelva-a-tener-una-aerolinea-propia-gracias-al-buen-clima-de-negocios-en-el-pais/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=nui (GT from Spanish)

https://www.albawaba.com/business/mexican-airline-volaris-accepts-bitcoin-el-salvador-1451705

The President of El Salvador, Nayib Bukele, announced that the low-cost airline Volaris El Salvador will accept payment for tickets in bitcoins, this happened a month after the authorities of El Salvador issued a local branch of the low-cost airline Volaris a work permit in the country.

A few updates from the President of El Salvador Nayib Bukele on the use of the Chivo wallet and the further dissemination and popularization of bitcoin among the population of El Salvador.
People deposit much more US dollars into the Chivo wallet than they withdraw from Chivo ATMs.
So 24,076 money transfers were received in one day, which totaled $3,069,761

The 20 cent per gallon discount for payment made through the use of a Chivo Wallet (BTC or USD), has been extended until the 31/10/2021 (the original promo ended on the 14/10/2021).

The interesting thing, and fairer if I may say, is that they’ve now added Texaco and DLC to the promo. Texaco is the country’s dominant company by number of petrol stations, whilst DLC is the smallest chain, although looking at the info linked below, it looks like only a subset of the total amount are included in the promo.

See:
https://twitter.com/nayibbukele/status/1449181546292862976
https://twitter.com/nayibbukele/status/1449181950627942401

Strike, which is actively cooperating with El Salvador to implement the bitcoin law, announces the introduction of a new wallet function that converts direct deposits into bitcoins. Now anyone with a strike account can convert amounts starting from $0.5. Thus, Salvadorans have the opportunity to receive a salary, well, or part of it in bitcoins, of course not everyone will take advantage of this, but now there is such an opportunity.
Users can transfer part or all of the direct deposit to Bitcoin without a transaction fee. "Today, anyone with a Strike account, regardless of your employer, can receive a salary in bitcoins," wrote Strike CEO Jack Mallers. https://jimmymow.medium.com/announcing-pay-me-in-bitcoin-455f4fa0a0e4

yes El Salvadors action is the game changing though they are only small part of this market since they are a small country but this count as well.
 this serves as eye opener to other country to consider accepting crypto not only bitcoin.
So this is your way of Cheap Advertising ? don't you have funds to bring a advertising  here in forum as you are doing it yourself?

hopefully sooner .

Congratulations to El Savador on taking the forward steps into Bitcoin incorporation.

Seeing as Bitcoin was released back in 2008, its about time there is some serious acceptance of this nature.

Its definitely game changing for the crypto world as a whole.

Had our first player in our casino from El Savador a few days ago, good to see that Bitcoin is flowing there nicely.

Hopefully other countries will follow suit and if that happens then expect prices of many assets to rocket.

They only talk about the initiation of a referendum, and the counting of votes there, as I think by a simple majority, is about the initiative for a partial revision of the constitution according to Chapter 139 of the Federal Constitution of the Swiss Confederation: "Any 100,000 people who have the right to vote can, within 18 months after the official publication of their initiative, demand a partial revision of the Federal Constitution.
A popular initiative to partially revise the Federal Constitution may take the form of a general proposal or a specific draft of the proposed provisions" https://www.fedlex.admin.ch/eli/cc/1999/404/en

This is very interesting news for us to follow and El Salvador is a country that has officially accepted bitcoin as a legitimate means of payment, even they have activated bitcoin payments at their airport is certainly very extraordinary for us to listen to, and I believe the Government of El Salvador has designed well for the legitimate use of bitcoin in his country, And they believe bitcoin can add to the country's assets if it can be managed properly, for other countries I think can follow El Salvador.

I am not sure about the requirements. Is it even possible to put forward such a referendum? If so, how many signatures are needed? Also, what are the requirements for approval if it receives necessary support? I have read somewhere that 50% turnout is required in Switzerland even if a referendum attracts majority support. Given the age structure in Switzerland, I am not sure whether any referendum to make Bitcoin as the legal tender will be able to meet these requirements.

Will Switzerland become the next country to officially recognize bitcoin after El Salvador, the Swiss non-profit analytical center 2B4CH plans to put forward a proposal to include Bitcoin in the Swiss Federal Constitution in a referendum.
According to Swiss law, referendums on the "people's initiative" are held after collecting 100,000 signatures. 2B4CH is trying to enlist grassroots support to meet this criterion.

"We plan to launch a Federal People's Initiative. Will we be able to attract 100,000 Bitcoin-friendly Swiss residents? https://cryptoslate.com/could-switzerland-be-the-next-country-to-constitutionalize-bitcoin/

It's great that in addition to the obvious benefits for both the crypto community and individual users, the recognition of cryptocurrencies as a means of payment also benefits pets. President of El Salvador
Nayib Bukele announced that the profit generated from operations using bitcoin will go to the construction of a veterinary clinic.

The law specifies that Bitcoin must be accepted for payments by anyone that is capable.

You come off as about as lost and/or disoriented as that goofball Vitalik... in your failure/refusal to recognize and appreciate that more options are being provided (made available) for El Salvadorians, whether they take advantage of such more options or not.

Furthermore, the extent to which the government is involved in training people can be considered a kind of double-edged sword in terms of there are quite a few advantages in that the government of El Salvador has provided the space for people to use bitcoin and to learn about bitcoin, including that private sector innovators can step into the matter of teaching and providing services too.. providing services and training people.

Seems like more options rather than fewer options, and no need to consider the matter as glass half full when quite a bit of progress is being made and has more potential of being made (and developed along the way).. and another good thing, at least so far, is that the El Salvador government did not get involved in delusional thinking in terms of considering that ethereum is actually providing much if anything of value, so I can see why Vitalik wants to get his little digs in there.. because Vitalik likely cannot even see straight anymore in terms of his level of trying to justify his piece of crap (and shifting narrative) smoke and mirrors baloney.

things like this are quite good because it is not only humans who need to be considered but also animals. although I don't know what kind of health facility there is but it's a good thing.
but actions like this now I feel are not right even though it is one of the good things.
this is the same as pouring oil into a blazing fire because we know that they are still facing chaos due to the adoption of bitcoin in recent months, besides that their economic condition is also still very relatively low. and of course this will cause other anger from most of the people there because if it can be considered a hospital for pets it is a secondary thing, it can even become tertiary.
it will be very funny later when the needs that are not too important are prioritized but their primary needs in the economy are still falling.

Thing is, this is both a good and a bad move on El Salvador's part. it's good that they tried to push people into using a much superior form of currency against the ones they came to know with, but the transition process is almost non-existent. People are complaining, not to mention the fact that no prior education amongst the citizens of El Salvador was given which causes a lot of confusion and distraught on their part. You can't really blame the nay-sayers when you are faced all of a sudden with a novel concept that is shoved down your throat like spicy sausage. Whether he said this because he's salty about ETH not being on the El Salvadorian wallets, you can't deny that his statement made sense in a way. Although this is something we envision for a future, a decentralized coin being regulated by a central government seemed so funny and absurd in paper but that is basically what's happening with El Salvador right now. Not to mention the drastic transition that left all the people who are not that tech savvy to be left in the dirt.