Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 119. (Read 37107 times)

That's one thing regarding the bad news articles, but they also conducted some surveys among El Salvador citizens. Many of them don't even know what it means or what it is supposed to be useful for to make Bitcoin legal tender, but here is the thing: change will always meet resistance. We have seen that with Bitcoin right from the start. People need time to understand their options and how it could help them or maybe not help them. How should you have an informed opinion about something that you don't understand?

I think it is a good initiative that Nayib Bukele has taken, but I also think that maybe it has been a bit hasty. The population (most, not all) of El Salvador is not informed or educated about Bitcoin and blockchain, and that should have been the first thing the president should have thought of. My opinion on the Bitcoin Law is positive, but I think El Salvador still has months ahead for this test.

I checked some of the news portals to know what is now the mood in El Salvador and they are flooded with anti-Bitcoin articles. It is not surprising, since Bitcoin is now officially a competitor to the US Dollar in that country. There have been a few protests from people with vested interests, but I don't think that we need to give much importance to them. These protests will gradually subside as the exchange prices rise. Anyway no one really expects that everything will be very smooth. The road ahead will be full of obstacles.

Bitcoin law has been met with skepticism and worry by essentially every financial institution on the planet, starting with the World Bank and the International Monetary Fund. Bitcoin’s volatility, exemplified by its plunge to about $30,000 this week, after grazing $65,000 in April, has been lambasted as a recipe for financial disaster. Citizens will be allowed to pay taxes in a currency that might depreciate in hours, suddenly draining the government’s coffers

if i understand well, related to previous unsuccessful experiences in other countries,
the "colon dollar" would alone have a difficult living alone, especially in the long  term.

so the very original approach there is to marry the already rich experience of bitcoin, 
to have a "rock solid" vehicle allowing achievement of future long term use.

Did El Salvador just make Bitcoin legal tender or did they also pass laws that make it easier for businesses and business people who deal with Bitcoin or whose business accepts Bitcoin do get any advantages? Or let's say advantages compared to the rest of the world? By only making Bitcoin legal tender, it probably won't have much of an influence.

maybe it is still necessary to provide education first, even though the state's goal is to improve the country's economy, but if there are still many who do not understand, it can be ascertained as you say, there will be rejection and that is normal but with the passage of time by providing an explanation and the government's commitment to the adoption of bitcoin to the public, it can be resolved as well as possible.

as long as the government's goal is to improve or take any steps there will be rejection, because there are those who benefit and lose, but if the government really aims for the progress of the nation, it will be resolved and can be well received. there will always be resistance in every change.

hopefully the elsavador impact will make bitcoin a lot of countries to follow and bitcoin will be able to increase in time.

I understand the doubters, their livelihoods rely on stable money that will not devalue. The USD has been devalued, and when in a bear market bitcoin gets devalued. If bitcoin goes up in a more stable straight line rather than a zig zag, there would be less haters. As the market is now turning bullish lets hope all the Salvadorians start to embrace the big B

- Having just skimmed through some of the results on the forum about EI Salvador's adoption of bitcoin, an outcome that may be out of reach for fans, enthusiasm is very low when the rejection rate is unusually high, many crypto members are feeling these figures are problematic and faked but reflecting on this issue, I feel people in EI Salvador still trust their currency more and fear such a great innovation

This is a breakthrough! I think if this decision has a positive effect on the country's economy, then in any case other countries will follow this country, world recognition is just around the corner, I think bitcoin will soon be recognized by a number of other states, you just have to wait.

In boolean terms (yes/no), there were protesters out on the streets, although the press should really contextualize the (mis)information alongside the amount of people that actively took part: apparently, less that you’d find in a small sized bar on a week-end – something like 25 or so.

See:
https://www.youtube.com/watch?v=-c_8jH9_vuA
https://diarioelsalvador.com/protesta-de-fmln-no-tiene-apoyo/109109/ (in Spanish)

Granted that covid restrictions applied to gatherings, but it has had a lot more echo in the press than on the ground so far …

@Kemarit. It only implies that bitcoin’s volatility will be a problem. The people cannot have a useful medium of exchange if the volatility of the currency is more than the price on an item. Also, those people who are protesting are certainly not investors who are in this for investment profit.

Sounds like nearly pure nonsense to me since no one is forced to hold their value in bitcoin. Each and every citizen has a choice..  to hold their value in bitcoin, dollars or some combination. 

Makes a lot of sense to grumble about having more options.  NOT.

Of course, any merchant (or provider of a good or service) is required to accept bitcoin, but they do not have to hold the value in bitcoin for any period of time, and of course, there could be complaints about being force to used systems that allow consumers to spend their bitcoins - and I thought that I heard that the El Salvador government was going to be helping merchants to set up those kinds of systems that allow for the acceptance of bitcoin, too? 

Anyhow, hardly seems like any kind of oppressive law, even if some folks living there (likely a considerable minority) want to disagree and protest over such a new system that seems to provide more options to people, overall and actually certain ways that people living in El Salvador might be able to become more richie in terms of how they might be able to save into a kind of monetary system (talking about bitcoin) that has pretty damned decent chances of appreciating in value compared to the dollar.. sure no guarantees, but seems pretty damned likely that folks who are able to save some of their BTC rather than spend them are going to have good chances of increasing rather than decreasing their wealth.... especially if they are holding over several years.. 4 years or more and likely will be doing even MOAR better the longer that they are able to figure out systems in which they are able to save portions of their BTC longer such as 10 years or more.

Anyone saw this article from cmc?

Protests in El Salvador over Country's Plans to Adopt Bitcoin as Legal Tender


https://coinmarketcap.com/alexandria/article/protests-in-el-salvador-over-countrys-plans-to-adopt-bitcoin-as-legal-tender

Or is this just another click-bait. Perhaps the government needs to educate some El Salvadorian though about the pros and the cons, just saying.

waiting for more explanations or details.

@estenity. The original way intended to use strike.me for El Salvador was with tether included. For example if an El Salvadorian mother wanted to send American dollars to her son in El Salvador through strike.me, the process would be strike.me takes her USD convert it to bitcoin, send it to strike.me Lightning node, convert to USDT then send it to the son’s account.



Moreover, Strike will also list popular stablecoins tether (USDT, +0.05%) and USD coin (USDC (+0.04%)), beginning with a pilot program in El Salvador. Stablecoins were one of the crypto industry’s breakout products in 2020. The market cap of dollar-pegged tokens rose some from around $7 billion to over $30 billion by the year’s end, according to Messari.

Mallers chose El Salvador to pilot the stablecoin project because of its large availability of dollars, Bitcoin ATMs and one of the largest remittance markets in the world. The Latin American nation swapped out its native currency, the colon, in the early 2000s for the greenback. At the time, El Salvador was trying to stimulate economic activity by adopting the stronger currency in a case of intentional “dollarization.”

Source https://www.coindesk.com/bitcoin-lightning-startup-zap-global-fiat-pairs-stablecoins

a new stablecoin would be complementary of BTC use ?
the president has said previously that somewhere in september BTC will be generalized and used on smartphones with lightning network
as the previous experience in a limited area (El Zonte) has been fully positive in practice.

I am shaking my head. However, it would not be very shocking if El Salvador created something similar to Venezuela’s cryptotoken.

I reckon the removal of tether from Strike’s roadmap for El Salvador for redollarization removed the intruiging part of the project. This would have given El Salvador the ability to print American dollars without control of a Federal Reserve printer and it would have also given tether a real use case.



The El Salvador government has plans to launch a native cryptocurrency consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night.

Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, told prospective investors the cryptocurrency, which is currently referenced as the Colon dollar, would be introduced by the end of 2021, according to the report, which cited video recordings of the brothers discussing the proposal with these investors.

The president’s brothers reportedly met with representatives from Cardano, WhizGrid and Algorand at different times, according to the newspaper.

Source https://www.coindesk.com/el-salvador-may-issue-its-own-stablecoin-report

Its always hard for any country to take the initiative especially when it is related to legalization of bitcoin. El Salvador did this and they will be remember in the history to be the first country to accept bitcoin as legal tender. Now many under developed countries are closely watching how this develops and if they found it beneficial for their economy, many more countries will follow El Salvador.

@JayJuanGee My speculation on that has not changed. I love bitcoin and the cryptospace, however, the future of something similar to El Salvador’s bitcoin acceptance is uncertain because we have people behind governments and central banks with their souls infused in their interest in monopolies on currencies.

In any case, strike.me’s removal of tether to only avoid the fud removed what was the better piece of the implementation. Using tether to redollarize El Salvador gave the country the ability to print dollars without control of a printer hehe.

Under their new implementation, is there a need to use bitcoin?