Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 116. (Read 43209 times)

Indeed Bitcoin will provide an option to the unbanked to escape the many discrimination's and limitation of the banks, the banking system have been full with so many limitations and this can be seen in the kind of services their render to the customers. Who knows what El Salvador long term plans are and to what extent, I will agree with the process the president adopted in actualizing the Bitcoin legal tender status, a lot of people may feel differently and suggest a more holistic approach in the campaign for Bitcoin acceptance within El Salvador but there is no need for that after all Bitcoin was just an option and not the primary currency within the jurisdiction. Attention may now be shifted to the advantages Bitcoin adoption will bring to the unbanked and even those with banks accounts Bitcoin give them option B that sometime give them the liberty over some banking discriminations,

I am a little bit confused by your response Lucius.

Do you really believe that people who are "unbanked" are in that status by choice or by their own lack of ambitions?

Sure, on the margin there might be some folks who are just too lazy or unwilling to set up some kind of a bank account.  On the other hand, I would imagine that there are some systematic structuring matters that contribute towards a decent number of bankers/banks from wanting to provide services to certain "kinds of people," and even if any of us might be in the "acceptable" group for allowing us to have a bank account, there may well be some likely level of services that any of us are not going to qualify, and yeah, sure sometimes the bank/banker will not have any problem putting some of us into some kind of a credit situation in which they know that the odds are quite great that they are going to end up receiving(taking) the collateral that was provided.

I am not even aiming to completely blame banks/bankers for their taking advantage of normies and/or not providing services to such normies, and surely many of us should realize that there continue to exist a lot of perverse incentives within current banking/financial systems that might have had periods of better days and that might even still serve some segments of the population in decently fair and mutually beneficial ways, and so many of us recognize that currently existing banking/financial institutions provide us with a lot of examples and justifications regarding why some more fair forms of money (such as bitcoin) is likely to improve the options, opportunities and access for a lot of people who are currently unable to get access to decently fair banking services.  Sure bitcoin is likely NOT to solve all of the problems, and surely it will not solve a whole hell of a lot of problems over night, but it is likely bringing options, opportunity, access and fairness to money and monetary services to more people around the world the longer that it exists.


Bullshit.**  Why would there be a need to presume that whatever Bukele did is failing or that the benefits in the im plementation of somethin gis not worse than the costs if he had not aimed to implement it right away?  We do not know that.

** I am attacking the way that you expressed your idea, not you Marvell1.

Monday morning quarterbacking comes off as so easy.. He should have done x, y, z.  right.   

The point is that he acted on a timeline that he and his legislature (even if you consider the legislation branch to be a puppet) considered to be a reasonable/prudent timeline based on the information that they then had at their disposal.


Why don't you go down to El Salvador and volunteer to be one of the advisors on the bitcoin education committee, and that way you will be able to improve such committee and such lacking of sufficient and adequate actions that you seem to be presuming to currently exist within: 1) what they had already done, 2) what they are currently doing or 3) what needs to be done in respects to edumacating the Salvadorean population.

By the way, you might consider that I am being too harsh (meanie) to you, yet I wonder whether you might be able to recognize/appreciate a certain amount of value/education that exists in a learn as you go kind of approach - especially something so new and potentially controversial like bitcoin?

Accordingly, might you not consider that there is a bit of "know-it-all" contradictions when spewing seemingly bullshit/contradictory talking points  proclaiming both that El Salvador had: 1) implemented the BTC law too quickly and 2) there is a need to educate the population prior to implementing the law... blah blah blah. 

Do you really believe that much if any progress towards educating the population is going to come prior to implementation?  Seems to me that there would have been considerable likelihood for a bunch of seeming belly rubbing introspection if there had been a campaign to educate the population about bitcoin if it were done prior to implementation of anything... Regarding this last point, I am not suggesting that there is ONLY one way to do something, but instead that there are likely going to be trade-offs no matter what, and in that respect, there seems to be some value in granting deferences to the governmental decisional choices of Bukele and crew rather than spouting out some seemingly mostly superficial Monday-morning quarterbacking about how things would have been better if blah blah bah... especially when there is not really an objectively "better way to do it," but there is a way that they chose to do it based on information that they then had at their disposal.

Nayib bukele may have been in a bit of a hurry to adopt bitcoin in their country, forgetting that the local people's knowledge about bitcoin was too inadequate. Currently, bitcoin is experiencing a bearish phase besides focusing on holding more bitcoins and their bitcoin bond issue plans...I hope he also has a plan to spread knowledge of bitcoin to citizens of El Salvador, only when people truly understand bitcoin and accept it with passion, El salvador quickly achieve the dazzling success they desire.

70% of people in El Salvador were unbanked just 1 or 2 years ago, so if they couldn’t handle a simple bank account (or they just don’t care), should we have expected them to understand what Bitcoin is in less than 1 year? The success of Bitcoin is measured here in a completely wrong way...

Isn't it a bit too early to make a survey that will truly reflect the experience of El Salvadorians with Bitcoin adoption, left for me this period should be focused on building the interest of the citizens as regards Bitcoin adoption, the major problem I have seen with the El Salvador Bitcoin adoption is lack of adequate awareness in the general public and this makes it look as if the president is forcing a strange currency on the citizens but with good orientation the level of El Salvadorans interest and knowledge will increase. Quite a large number of the population have little interest in Bitcoin simply because they lack the basic knowledge of the concept.

Just a minor note on a question regarding bitcoin that I’ve seen recently echoed on the media. The question is part of a broader survey carried out by the Instituto Universitario de Opinión Pública (ludop) de la Universidad Centroamericana (UCA). The scope of the survey is to query on different aspects of Salvadorian’s perception of the third year of Bukele at the front of the country, being a single question (out of 164) explicitly concerning bitcoin:
 
Almost a year ago, the parliamentary deputies passed the Bitcoin Law. How has your family economy benefited from this law? : a lot, somewhat, not much or nothing .

Assesment	Perecentage
A lot	6,1%
Somewhat	8,9%
Not much	12,8%
Nothing	71,1%
DK/DA	1%

A single question does nor really reflect the underlying details, but it may show the current sentiment and balance, certainly influenced by the price decrease of BTC over the last few months.
 
The survey was conducted very recently through personal interviews on 1.272 local residents, chosing the people randomly, whilst attending to keep a balanced representation for both rural and urban areas, geographical zones, sex and age (which seem correct to me) – see pages 1, 45 and 46.

See (in Spanish): https://uca.edu.sv/iudop/wp-content/uploads/Bol-Eva-Gob-3er-anio-1.pdf

We are all well aware of the fact that El Salvador has not sold any amount from the Bitcoin holding and the President is well aware of the volatility of Bitcoin before even approving its purchase, so you cant associate the country's economic problems to Bitcoin as there has always been an economic crisis in El Salvador long before the president announced the Bitcoin legal tender law. On one of those occasions of El Salvador Bitcoin buying a few hours after the purchase, there was a sharp market increase but the president never thought of taking profits and that is because of the long term time frame set for their holdings, and one only lose when you sell at a lower price so at this point El Salvador Bitcoin holding is intact.

Countries that have stable fiat fear bitcoin so that it won't affect their fiat. A country like El Salvador has no financial stability and may not be able to say what they suffer in the hands of America and International Monetary Fund (IMF). The move made by El Salvador was to make bitcoin it's refuge and I know bitcoin will not disappoint them. Government is a continuous process, my prayer is that his successor should continue to toe the lane of bitcoin.

Again, another lesson to other countries is to try the adoption method in phases while sensitising the people and try to sell the idea of bitcoin to the people gradually. It shouldn't be done in a haste so that the people wouldn't misconstrue the nice gesture.

And how are they doing now? Heard that for this reason this country is now close to default, is it so?

Atleast we've seen what Nayib Bukele has done but what have you done OP? what have you implemented? isn't it a thing of joy to celebrate thise that took out of their precious time to help develop a country economy system, a leader that has gain the whole world respect, you have to understand that we are in the era of digital financial and economic system and the earlier you key into this the better, dont compare yourself with the government which can decided to join the massive adoption of bitcoin anytime soon and having nothing to loose or miss out, but what about you? you're a lone man standing at the end who will struggle to make living out of the economy inflation and the government has nothing to do in helping out through the situation, now is the best time to join the digital world of bitcoin adoption for you to remain independent, make hay while the sun still shines.

I hope people like you will not be among the people that will say that they are too late too know what bitcoin is and how it is an asset that get more value over time. The market do not all the time favour bitcoin, but a means for people that have not invested before to buy and means for people to buy more after selling some. There are times that the price of bitcoin will fall more than rise which is the period we are now. There are times that the bears will become the bulls and new people also fomo and join to invest, the time the rise will be more than the fall, the period of all-time-high. You like it or not, that bull time of all-time-high is coming, the time you will know that El Salvador decision is not a wrong chocie but a right decision.

This is how the market grow, and if you go through its past it is possible to see similar market conditions. Bitcoin have reached this level overcoming all such hurdles. Nothing to fear about, if you believe in its growth. On the other side, El Salvador have experienced a massive loss, but it keeps following the market and takes every step forward in a passionate way even though it has been struggling. One such act that have happened recently is Supporting the Bitcoin Racing Team.

BitcoinRacing is a family-run race team doing their bit to increase awareness, education and adoption of Bitcoin, while simultaneously supporting El Salvador, through the age-old and highly respected medium of motorsports advertising.

BitcoinRacing’s Marketing Director Matthew Speer and Chris Mackenzie, driver of car 21, recently discussed these developments with Her Excellency Ms. Vanessa Interiano, Ambassador of El Salvador to the U.K., at an event at the El Salvador embassy in Mayfair, London. Talks centered around how BitcoinRacing and the Government of El Salvador may work together to increase awareness of Bitcoin across the world, and also promote tourism and investment into El Salvador.

One of the outcomes of the meeting was the decision to display the national flag of El Salvador on all of BitcoinRacing’s vehicles, and a historic world-first partnership was formed.



Bitcoin Racing

El Savador less support getting from other countries and he can't stand by one step only how to build bitcoin community and reach higher level values for bitcoin on the future. But with war crisis still not have ended era I think not any good impact can make by El Savador how to see bitcoin touch higher price. We are on bad position nowadays with never see when pushing price from bitcoin and altcoin, actually ever see dropping price from bitcoin and all cryptocurrency. Really afraid if the era of cryptocurrency have been over with bitcoin price keep stable and dump every day.

This didn't age well. A country like El Salvador that doesn't have the financial stability to take this type of decision shouldn't even think about it, look what's happening right now... It will only have a negative reaction due to how much and how constantly BTC changes. Bukele is out of its mind.

i need to made mention that all the countries afore mentioned by Vaskiy are currently doing good with the running of bitcoin amidst regulations from the government, one thing that got me surprised at first is on how some of the countries first took some drastic measures to curb the flow and usae of crypto as a payment means, later they got to realize how thier citizens have gone wide with the use of bitcoin transactions in making payments through p2p, guess what? some still try to introduce CBDC but that does not solve the problem of what the people want.

now many countries have supported the running of cryptocurrency for transaction and payments with suitable Regulation in place to help the operations of crypto companies perform their services while they (government) implement tax on them, isn't this good and better?... one thing am much convinced of is that if the government can come as low to this extent then with time they will begin to allow the payment transactions to be conducted by their banks in the case of those that places a ban but with or without their services, bitcoin adoption continues to widens all over the globe.

Here, of course, because of Russia's aggression, it was cut off from the channels of traditional finance and is now frantically looking for ways to interact through the use of cryptocurrencies and I think this will increase.

Vietnam records the maximum usage of bitcoin against other countries, as people prioritise as an investment. Apart from Vietnam it is Venezuela, Argentina, Brazil, Turkey which have got more investors as people intend to hold in terms of bitcoin against the inflation.

In Nigeria and other parts of Africa it is possible to see a massive adoption and increased usage of cryptocurrencies amidst the regulation of cryptocurrency. In Africa it is much used for the purpose of transaction as find it difficult to make transactions via banks due to limits

USA, UK, Australia, Canada, South Africa have got good usage and here everything is in a regulated manner. Countries like India, have registered good usage amidst heavy taxation. In recent months Ukraine and Russia made a heavy usage of bitcoin compared to rest of the countries.

Yes, of course he is the first country in the world to accept Bitcoin and set up multiple ATMs at once.His plan has surprised the whole world. Bitcoin will become the lifeblood of every country if there is a government like his in every country.Bitcoin transactions will increase and the popularity of Bitcoin will increase.El Salvador ranks first in legal tender worldwide for maximum use of Bitcoin.

Of course they wont really be making out some decision in a rush manner considering the market conditions plus the war crisis we are really experiencing or struggling on where it do lies about economic

state and related to it which it wont really be a good idea on taking such step but pretty sure that its likely they would be pushing this one when everything settles down and of course the market
do make out or show some greens.

El Salvador isnt really that trying to make things pass on every possible opportunity that they could take on.

The latest updates is from the interview of the El Salvador finance minister and it include the stand of El Salvador as regards to Bitcoin bond which was scheduled to lunch on March 7th but have been shifted due to some reasons mentioned earlier such as the present market conditions and the war between Russia and Ukraine as major factor limiting the raising of the Bitcoin bound. With the bond the development of the volcano energy power supply that was meant to power the El Salvador Bitcoin city which will house so many Bitcoin related activities the progress of that project have been put unhold for somtime now. But with the interview one will get a clear picture on the current stand of El Salvador.
Link: https://www.theblockcrypto.com/post/149872/el-salvador-still-not-ready-to-launch-bitcoin-bond-finance-minister-says