Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 117. (Read 43185 times)

Many big countries in the world such as the usa and china no one has the guts to take a stand to legalize bitcoin but only the elsalvador country has the courage to legalize bitcoin, in my opinion the elsalvador country is a country that takes a big risk for their country and now the elsalvador country has proven it can improve economic factors in their country by legalizing bitcoin and currently there are several countries who want to discuss with the elsalvor country maybe this is one proof that legalizing bitcoin can revive the economy.

Some of the presumptions of your post romero121 are truly cringeworthy, but it seems that you are somewhat blindly parroting several of the various dumbass talking points of the article... such as 1) bitcoin emissions will push global warming up 2°, 2) there's even any kind of possibility that bitcoin would move to proof of stake or that lame-ass proof of stake is an actual preferred solution that should be taken seriously (unless you want to uninvent bitcoin.. good luck with that dweeb - not necessarily referring to you romero121 - even though you seem to be blindly parroting the talking-points of the article), and 3) a kind of underlying presumption that ONLY green energy is good - which has been coming off as so lame in recent times that it is difficult to take seriously (a seeming misleading attempt to suggest that "we" should forget about all the so many ways that energy production advantages man and to limit ourselves in how we think about the various ways that energy production brings benefits to civilizations to get ahead).

I am not against ideas around attempting to harness ways that volcanos can contribute to any energy grid.. especially if there are volcanos available, which seems to be the case for El Salvador. 

It seems that there are going to be times in which any kind of focus on possible benefits of one kind of energy production might well be spinning the matter in ways in which care needs to be taken in which parallel energy system should not be forgotten - even if there may well be many benefits in attempting to take advantage of a kind of energy source (referring to volcanos) that seems to be quite abundant in that area.

The El Savador government certainly conducts a study and analysis of deep when deciding to receive bitcoin, of course this is for good and improving the economy of citizens, if the use of bitcoin is more massive, the state can avoid high inflation so that the El Savador economy continues to move positively.

Understand Volcano Mining

The growth of cryptocurrencies have a big change in the financial system all around the world. Following this there is concern about the effects over environment due to mining. For this there is need for good alternative energy source. According to a study bitcoin emission will push global warming by 2° which is really bad.

It is a must to reduce the carbon emission out of bitcoin. One way is the usage of renewable energy sources instead of fossil fuels. Second way is shifting their mining process from Proof-of-Work to Proof-of-Stake. These two can't be easily achieved all around. According to the region and availablity of resource planning needs to be done.

El Salvador have got 30 Volcanoes. Among those Volcanos, 20 were active. The country have already planned for the Bitcoin City and the mining to be powered by Volcanoes. In this process the geothermal energy out of Volcanoes will be used. The volcano powerplant of Berlin can be taken as a prototype and can be modelled for Bitcoin City.


Mining Powered By Volcanoes

The El Salvador Bitcoin adoption came with a lot of ups and down, even though their have being speculation around the bad shape of the total holding due to the drop in Bitcoin price, we must also consider the stand of El Salvador President on the long term gain of the Bitcoin and also as an asset which is what the prompts the president to use El Salvador reserve founds to buy more Bitcoin and have not sold any portion of it since the adoption. I think the El Salvador government should go on a Nation wide public enlightenment about the many benefit of Bitcoin adoption to both individual and government, either in the area of infrastructure such as the Bitcoin city project or in health sector making use of the blockchain technology to solve health challenges since the can connect with other expects using real time.

Taxation is levied over each and everything and this is done just to fund essential services. It can be infrastructure development, industrial development, creating job opportunities attracting investments, etc. Where does this tax money comes from, common man to the elite, industrialists, entrepreneurs, etc. In the past taxation money were used to making the lower class of people grow. If the government doesn't have tax money, what'll be its source of money. Just on that contrast I've mentioned it as People's money. I might be wrong, but on this basis I've mentioned it People's money.

am not clear about what you meant by the statement "out of the profit from the people's money, to me this is a kind of statement that could be termed as extortion which is wrong, why use people's money in the context from the first place, i think it would have been best said that El-Savador contributions to the society is on the basis of the revenues generated, if you make use of your money to buy a product, would you later refer the money in the hand of the seller as your money again after you've bought the product and left? while the funds in disposition of El-Savador could as well be referred to as government funds, which could have been from different sources such as IGR and the likes.


it's been quite a while now I've been hearing news about bitcoin adoption in Paraguay to be making dome positve moves, the government have been interested in making bitcoin a legal tender but i still don't get the clear idea on what keeps delaying this adoption in Paraguay, probably they are still making some plans in place for the suitability of the adoption as I'd thought anyway.

Following the adoption from El Salvador more countries showed interest on cryptocurrency adoption. The recent one one the list is Paraguay. Latin American countries are taking it more seriously and strive hard to be the centre for financial technology.

Paraguay have got the lowest electricity consumption charge among the Latin American countries. This makes Paraguay as the mining haven for cryptocurrencies. The Chamber of Deputies Paraguay made plans to regulate cryptocurrencies.

Paraguay Approves Crypto Regulation Bill

Everytime the adoption of bitcoin by El Salvador is seen in a way that it creates economic downturn to the nation. With the recent briefing people could've understood what really happening with bitcoin. Though the El Salvador government continue to buy bitcoin, they've made contributions to the society out of the profit from the people's money invested on bitcoin. For a grown country this looks simple, but for a nation that is getting built it is a big thing. Finally Gonzalez mentioned about CBDCs need to coexist with bitcoin and countries into development of their own CBDC is the beginning of their entry into digital economy.

Is bitcoin adoption in El Salvador a failure? See what El Salvador's Deputy Dania Gonzalez said about bitcoin adoption in her country


Falling Bitcoin price doesn't affect El Salvador: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez


Dania Gonzalez, Deputy of the Republic of El Salvador reveals how bitcoin adoption has been helping her country. She talked about how bitcoin is an investment asset, she also talked about the reason to buy more bitcoin when the price has gone down. Also she talked about the socioeconomic impact of bitcoin that was made a legal tender in her country.



Part of what she said:


Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact according to Cointelegraph.

This is what that matters, to legally support the use of bitcoin in countries. What is most important is the aim of bitcoin usage achieved this way that the world is going more in support of bitcoin. All needed is adoption.

It is the what we have discussed in just last page on this thread: https://bitcointalksearch.org/topic/m.60144214

the 'meetup' of many countries is not about creating crypto law or/to adopt bitcoin in multiple countries.
its about alot of different financial matters including how to help each country give each other 'loans' outside the IMF rules.

yep many countries happily want to give el salv money outside of the IMF restrictions. its good business.

however parts of the meetup is where the other countries reps' are given a wallet and shown how el salv is using chivo in practice. this is more of a demonstration and introduction that may lead to nothing. but atleast lets other countries see what el salv is doing.

On May 18, in the WO thread, I had responded to Out of Memory's post in which he had provided about a 36-minute video documentary that Peter McCormick had just released on the topic of "what's happening in El Salvador" in connection with El Salvador's implementation of the September 7 bitcoin law.   That video documentary had less than a 5 minute clip of McCormick's interview with Bukele.. and really, the video does not really do justice to the whole situation - including McCormick's interview with Bukele.... From my point of view, that video synopsis of the McCormick's interview with Bukele kind of makes both of them look bad. You can see my two responsive posts and the video link here.

In the past day or so, in McCormick's "What Bitcoin Did" podcast, he released a more full context of his second interview with Bukele, and it is my belief that the fuller context interview makes both of them look better, and Bukele comes off as a much more likable, thoughtful and even genuine person.. to the extent that politicians are capable of being genuine.. hahahahaha..  You can see that interview here.

Can you share a link to the news, I will love to see the countries already in discussions with El Salvador on Bitcoin. Although there was a conference of heads of countries' central banks in El Salvador recently we are still waiting for the outcome of the meeting to know exactly what the discussion was if it includes Bitcoin since the president of El Salvador 🐦 tweeted about it. El Salvador has set the prospect for other countries and if El Salvador persists in its development especially the Bitcoin city project in the next couple of years from now the revenue generation of El Salvador will increase and the debt rate will decrease automatically.

The country of elsalvador bravely took the conclusion of legalizing bitcoin in their country where other countries banned bitcoin such as the big country of china forbidding bitcoin, but now the country of elsalvador will record the history of the country that was the first to legalize bitcoin I saw the news there are 30 other countries who want to discuss with the country of elsalvador maybe In the future, many countries will follow Elsalvador's footsteps.

Although the Panama cryptocurrency bill that was approved by the country's legislature in April doesn't allow Bitcoin to become a legal tender, but it promotes the free use of crypto as a means of payment for all kinds of transaction. It also allows digital asset companies to establish operations in the country and treats crypto assets as foreign-source income without taxes on capital gains.
The President of Panama Laurentino Cortizo called the bill a good law, but he stated that he would not give his signature. His refusal to sign the law is born out of fear that Financial Action Task Force's (FATF) a so-called global money laundering and terrorist financing watchdog founded by Group of Seven (G-7) nations wouldn’t remove Panama from its grey list (FATF closely monitors country in their grey list). FATF might be doing a good job but it is possible that most nations are not recognizing or accepting Bitcoin because their hands are tied by anti-bitcoin forces using diverse international treaties and organizations.

If it is passed successfully, then if i am not mistaken they will become the third country to make Bitcoin a legal tender, El Salvador can be said to be the country that kicked the ball rolling for multiple Bitcoin adoptions from different other countries, it is just a few as of now in 2022, but in the future when many countries will adopt bitcoin too, El Salvador would be remembered as the first, so no matter how people try to say it is a failed move, one thing is certain and it is that El Salvador have cemented their place in bitcoin's history forever.

If they didn't know, now they know. Hahaha.

They should consider themselves very lucky, and they should take the summit as a golden opportunity to know more about Bitcoin and how/where to buy them. Their governments, who need to weaken political strongholds, are those that need it the most. I hope they truly understand what Bitcoin is, and what it will be for them. This isn't another payment system for consumers. It is something much more.

That is true, it is not only about bitcoin, it is about financial inclusion, digital economy, banking the unbanked the bitcoin rollout and its benefits in their country. But according to what was posted above, some central banks do not know that bitcoin was even part of summit, while some do not care, while some like it and saw it amazing. All I know is that bitcoin can not be accepted by all central banks in just one day, and if some do not accept it, that does not mean bitcoin adoption will not continue. What surprised me most is that China that its mining operation and hashrate went to zero during last Chinese government crackdown on cryptocurrencies are producing the second largest hashrate now if the news I read it from is saying the truth though.

That is true, it remains Laurentino Cortizo which is the present Panamanian president to sign the bill, Panamanian legislature has passed it to the president to sign. The president support some aspect of the bill but saying illicit use of cryptocurrencies should be addressed. I thought the legislature should have done that. Only little time remains, Panama president would most likely soon sign the crypto bill into law.


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Re: El Salvador has become the first country to make #Bitcoin legal tender!



Citizens are not also force to accept bitcoin for payment while many of them accepts it and convert it to USD.

Probably you haven't been posting here or reading what people have been posting here as you just brought back what as been talked about here, you can try and go back some pages like on the beginning to read than bring up what ha been posted here before. I can not go back much but will just tell you that before El Salvador adopted bitcoin as a legal tender in their country, El Salvador has been in foreign dept and fiat was never also still the savior for them.

People should wait before making out some conclusions on what El Salvador had done which it isnt right on making out direct assumptions on a short span of time.They are fully aware on what things
attached with Bitcoin specially into its volatility.

If you are looking with the current condition  then lots would really be saying that the decision made was wrong because it do really mainly affecting
their economic status specially on a bear market but we know on how recovery works or possibility.