Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 119. (Read 40837 times)

Though it is a small country but it is brave, I like the support El Salvador has given to Bitcoin. If other small countries across also give this type of support bitcoin will have enough strength to keep rising and gather more users. Though the present price is down from when the country started with it but it is not late for it to recover still.



This will also be to their advantage later.

It would be better if that article was not behind a paywall..... but yeah.. like the idea of three more countries (Panama, Paraguay and Guatemala) going down the legal tender path - and we will see closely the laws resemble one another (or not)... Even though some shitcoiners have gotten into the El Salvador space, so far we have been pretty lucky that El Salvador has been almost exclusively focused on bitcoin, and sure there might be more tolerance for shitcoins... yet we likely still have to see...

This had been the latest.
DeVere's Green: Bitcoin to become legal tender in three more countries this year

EL Salvador did make the first move which did really open the eyes of other countries but pretty much sure that other countries are still observing
on how would this country will able to adjust and to handle out volatility.

This could have some effects on the citizens in one way of the other if it is not generally acceptable by the people. The general public and world countries are still finding difficulties in legalizing the use of Bitcoin, and with this, Bitcoin will face the regulation of price and the up and down movement of Bitcoin will reduce having more price stability. It is one thing that governmental politics and a way to get the support of citizens is also a strategy to make things set in right for the present political ruler. This will always be of good effect to the government when there is a rise in the price of Bitcoin, and will suffer losses too on the other hand. If the percentage of profits is greater than losses, then it might be allowed to remain in use by the next government or reverse becomes the case.
This will definitely motivate other countries to make plans for the legalization of Bitcoin in their countries soon.

Not only the countries you mentioned are trying to legislatively recognize bitcoin as a means of payment, but also individual US states, for example, in Arizona, a member of the Arizona Senate, Wendy Rogers, has introduced a bill in which she proposes to recognize bitcoin as a means of payment. The document states that bitcoin can be used to pay debts, taxes and government fees, as well as other obligations.
 

this is an experiment with true scale ;
please allow some incubation.

I was not criticizing Bukele or the government of El Salvador, however, 3rd world countries’ inefficiencies in execution of any infractructure because of corruption in government is a reality. This has not changed for many decades. We should expect for adoption in El Salvador to be slow and it will be implemented badly before making the proper corrections.

Everyone should read this article and witness reality with acceptance, without criticism.



El Salvador’s Chivo wallet keeps breaking, and users are seeking answers

Sometime between November and December, the website began to fill up with noticeably more complaints about unknown or failed transactions related to Chivo, the state-backed bitcoin wallet that went live in September to much fanfare.  

“I’ve spent almost two months waiting for them to help me with a transaction of almost $1,000 at the time,” Twitter user @Josh_91_L posted on December 9. “Now with the value of BTC plummeting and continuing like this, it seems like it will be much less. I’m still hoping that one day they can resolve it, willingly.”

“Yesterday, I found out transactions in my bank account have been made through the Chivo Wallet that add up to an amount over $3,000,” Twitter user Jenn_Larin85 wrote on Dec. 19. “Hoping that they [solve this for me] as soon as possible!”

Over the past month, The Block has reviewed a range of complaints about Chivo on social media, including claims of unauthorized charges in the app and external bank accounts, blocked accounts, phishing schemes targeting users, failed transfers to other wallets and identity theft. In addition, more than 10 people shared their firsthand accounts of issues for this article.

Source https://www.theblockcrypto.com/post/131452/el-salvadors-chivo-wallet-keeps-breaking-and-users-are-seeking-answers

What I like the most about all this is that many countries are reacting and are looking for a way to introduce BTC through regulations through congress treaties, amendments, in the case of Peru it is like this, Colombia has also been studying this possibility for a long time quite some time and it is obvious that Venezuela the government is mining BTC with a high power, Argentina is another of the countries that have to enter with BTC, what I see closest to entering are those countries with inflation problems, in that case BTC is its ideal lifeline even if the price goes down, there will always be liquidity for any government in that situation.

It depends in the way it is done, governments do not need to lure their citizens to accept bitcoin, some will do and some will not, that is life while dealing with multitudes. Countries do no need to have to make bitcoin a legal tender before they are adopting it, they can also still accept it as a form of payment. Also there is nothing like luring citizens to what you think we be good for the country, that is why he is the president, to lead the citizens righty. But we should know that if accepted as a way of payment or as legal tender, if bitcoin skyrocket again, it will have a great positive effect in El Salvador.

This is one thing about people. Taken this for example, what funny me most is that the religions in the world do not believe in evolution but believe in creation, how would creation could have occur without evolution, instead to say they do not believe in a particular evolutionary theory and they can have theirs. People speak against what they do not about even if it is correct or not.

What is most important is that the citizens of El Salvador should know that if they do not want to use bitcoin, they can decide to only accept dollar and pay also only with dollar.

If the ATM can accept payment also from wallets like electrum and the ATM dispense money before confirmation, that means this have to be chnaged, the advantage should only be given to people that are using Chivo wallet for a transaction not to be revered because it will be possible on noncustodial wallet. Or if the ATM can detect RBF transactions and delay payment until 1 confirmation, it will be good.

The 45 day diary depicts real life experience on the ground, and even though it is just a sample, it does bring to light the ups and downs that one may encounter, that go beyond the lively concept that many may have. Of course it takes time, but the interesting thing is to see boots on the ground reports and experience, and the said time will vary depending on the degree of allocated resources and planning.

Read the entry for day 28 to properly understand the ATM thingy: According to the travellers, they used their wallet to retrieve 20$. The cash was dispensed immediately, without waiting for the TX to be confirmed. They could still see their TX pending in the mempool, thus they highlighted that they could have performed a RBF and got away with 20$ for free. It this is true, it’s something to highlight clearly.

I am not going to assert whether I believe that Bukele might have employed x, y or z strategies better, because there is a lot of discretion within the realm of politics and even within the realm of running a business that you may well be striving to be profitable or successful in some way to carry out certain missions. 

In other words, we might all acknowledge that if we were in the same position, we would interact differently and show our public profile differently (more professionally, perhaps?), but in the end, we also might acknowledge that there could be quite a few advantages in attempting a kind of public and flamboyant character when adopting something that is already known to be controversial right from the getgo.   

Slowness in implementation is quite expected in governments of 3rd world countries. This is not the real problem, I reckon. The problem is I hope that article does not imply that El Salvador is only larping and using bitcoin only for their propaganda campaign against the IMF. In reality, bitcoin does not need legal tender status to be used everywhere.

Also, the comment on their ATMs. This might be okay, I reckon. If bitcoin is used as a currency, it should be allowed to function similar to other forex currencies. However, you might have something that makes this a real problem?

In any case, maybe El Salvador is right in using bitcoin as a tool for political propaganda. Was this not how the community behind bitcoin began? This might help countries for real adoption.

I just came across a very interesting website that depicts the experience and vicissitudes of a couple of travellers, well versed in bitcoin, who took it upon themselves to travel El Salvador solely using bitcoin as a means of payment, on a trip that describes an approximately 45 day experience doing so.

The article summarized some of their experience as:

-   There still seems to be a lot of misinformation on bitcoin amongst the population, to the point that many confuse it with the Chivo System as being essentially the same.

-   Efforts to properly educate the population on using the Chivo System seem scarce and even lower when it comes to bitcoin itself.

-   There are still many places that still do not accept bitcoin, and this is even more so once you move out of the centric touristic areas.

-   If you want to travel the country on bitcoin, be prepared to route your itinerary based on where they actually accept bitcoin, and not necessarily on where you intended to go.

-   Museums and other Heritage related places still seem to currently only accept fiat.

I’ve read about a dozen or so of the entries in the diary, and each one was worth the time to get more insights on the day-to-day over there. The entry for day 28 was particularly shocking, since they claim that it seems feasible to withdraw USD (by selling BTC) on their ATMs, and perform a RBF. Not sure if this is really true, but it would be one hell of an oversight if so.

see:
(diary – Italian left/ English right) https://bitcoinitaliapodcast.it/missione-el-salvador
(article) https://cointelegraph.com/news/around-el-salvador-in-45-days-a-bitcoin-only-travel-story

It is very clear that Max Keiser is talking about Argentina. There were some articles that mentioned that Jack Mallers has been in talks with the people in the Argentinian government for a partnership with his company strike.me. I reckon there might be an announcement within 3 months.

It appears that another country publicly holding bitcoin in their treasury might begin a geopolitical game of who is not holding bitcoin might be left behind. This will be very exciting to witness in the cryptospace hehehe.

Are you referring to blockstream?  or some other company that you believe is either unduly influencing bitcoin's governance or is leading in that direction?

Although El Salvador is not a big country, but what El Salvador has shown is quite brave by legalizing Bitcoin as a legal tender. Because not
necessarily a big country dares to do what El Salvador did, I am very happy that there is a country that is so serious about supporting
cryptocurrencies like El Salvador. I also really hope the country I live in follows in El Salvador's footsteps, making it easier for me to use Bitcoin.
But for a country to legalize Bitcoin as a legal tender, it really depends on the country's leader, because most state leaders only think about
themselves, so they don't dare to take risks by legalizing Bitcoin as a legal tender. While El Salvador has Nayib Bukele who has enormous courage,
because it is not easy for state leaders to make unpopular decisions. I believe Nayib Bukele can make great progress in El Salvador, which is
the advantage of having such a young leader. Because his thinking is fresher and most importantly he is more daring to take risky steps for
the progress of his country.

Others seem to be following suit with El Salvador and exploring their Bitcoin options.  Max Keiser stated that the next country to accept Bitcoin is known by him and that it is in South America.  They'd better hurry because the news today is that Turkey is exploring cryptocurrencies and is now widely expected to recognize Bitcoin as a currency also.  The dominoes are beginning to fall.  I can say that I'm genuinely concerned with so many people being onboarded onto Bitcoin's layer-2 with development of that layer being so extremely centralized to a handful of companies and almost no community support from developers (this website doesn't even have a Lightning section).  I just cross my fingers and hope that one company's mission to take over control of Bitcoin's governance doesn't lead to the failure of our global finance vision.

El Salvador president lure their citizens to use btc in the form of airdrop and its effective because who would ignore free money? But that move is not easy but it requires huge amount of funds. There are btc's ATM's but I think they are only allowed to countries where bitcoin is legal because it would be strange to install them if they did not legalize it first.

People will use them and then few minutes later they will get arrested but in terms of btc legality, all countries will comply on it soon and maybe they are now planning but not really read. Thanks to El Salvador for the big move because that heavily influence other countries to think of doing the same .

Not only the imf is putting pressure on El Salvador, but also private individuals, for example, there is such an economist and bitcoin critic Nouriel Roubini, who calls on the government of El Salvador to impeach President Nayib Bukele because of his investments in bitcoin, I just wonder what his opinion will be after bitcoin reaches a new ATH.
https://twitter.com/Nouriel/status/1485357576711778307

There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party.

but ATM are being installed all over the world for long time now even those countries has not adopted bitcoin is so i think this is best to believe than to disagree .