El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 120.

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Quote from: TelolettOm on May 10, 2022, 07:42:36 PM

So far, I myself only know their purchase history, I don't know their selling history. If you know it, please share it with me?
Surely it is a mistake if they are still holding all their purchasing BTC till now. And I'm starting to doubt El Salvador's ability in crypto investment. I mean, they must know if are heading to the bearish market, where the price of Bitcoin will freefall. It is suicide if they continue to purchase, then they keep the Bitcoin for a long holding. But I'm still trying to trust the El Salvador government, they must be not so dumb as to manage BTC investment carelessly. They should have a reason to continue buying although most people think it isn't the right time to buy.

One thing we must understand is the fact that El Salvador is not in for Bitcoin as an investment but as a currency and this is why the President legalized it as a currency that will serve as an alternative to traditional currency, that is why El Salvador never mind the price of Bitcoin anytime their feel like adding Bitcoin to the country Bitcoin reserve.
So their more interested in the quantity of Bitcoin which is what the El Salvador Bitcoin law is calculated on and not on its US dollar values. So don't use Bitcoin price to judge El Salvador's performance in terms of development as Bitcoin price is always volatile.

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Quote from: TelolettOm on May 10, 2022, 07:42:36 PM

So far, I myself only know their purchase history, I don't know their selling history. If you know it, please share it with me?

El Salvador has never sold any bitcoin, they purchase the bitcoin for Salvadorans to buy and sell (to make payment) in bitcoin as an alternative to US dollar (fiat used in the country) with cheap fee because the coins bought by El Salvador are centralized and make fast transaction and cheap fee possible. El Salvador is not buying bitcoin to be selling it, even if El Salvador will sell, I think not for now.

Quote from: TelolettOm on May 10, 2022, 07:42:36 PM

Surely it is a mistake if they are still holding all their purchasing BTC till now. And I'm starting to doubt El Salvador's ability in crypto investment.

You just meant that it is a mistake for El Salvador to hold what its citizens are using to make crypto payment which is bitcoin and also saying that it is a mistake for El Salvador to have bitcoin in reserve for the next bull market. Or you want El Salvador to be a bitcoin trader and leave holding that will certainly be profitable later in long term. You are making a wrong statement there.

Quote from: TelolettOm on May 10, 2022, 07:42:36 PM

I mean, they must know if are heading to the bearish market, where the price of Bitcoin will freefall. It is suicide if they continue to purchase, then they keep the Bitcoin for a long holding.

Bitcoin falled from $69000 to $30700 and El Salvador bought another amount of bitcoin, isn't that good enough, that is wise enough and a good investment strategy. Or you want El Salvador to sell at $30000? If bitcoin still fall, do not be surprised if El Salvador buy more bitcoin.

Quote from: TelolettOm on May 10, 2022, 07:42:36 PM

But I'm still trying to trust El Salvador government, they must be not so dumb to manage BTC investment carelessly. They should have a reason to continue buying although most people think it isn't the right time to buy.

You do not have to trust El Salvador, another bitcoin all-time-high will convince people like you once again.

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Quote from: Vaskiy on May 10, 2022, 06:59:30 PM

It was a mistake. By now the entire reserve of El Salvador in terms of bitcoin counts to be 2301 bitcoins. During the month of November there was a buy of 100 btc and during December there were two buy order of 150 btc and 21 btc. Adding those to the reserve, the calculation is correct for 2301 bitcoins. Purchase History

So far, I myself only know their purchase history, I don't know their selling history. If you know it, please share it with me?
Surely it is a mistake if they are still holding all their purchasing BTC till now. And I'm starting to doubt El Salvador's ability in crypto investment. I mean, they must know if are heading to the bearish market, where the price of Bitcoin will freefall. It is suicide if they continue to purchase, then they keep the Bitcoin for a long holding. But I'm still trying to trust El Salvador government, they must be not so dumb to manage BTC investment carelessly. They should have a reason to continue buying although most people think it isn't the right time to buy.

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Quote from: DdmrDdmr on May 10, 2022, 07:22:03 AM

Quote from: Vaskiy on May 09, 2022, 07:07:33 PM

<…>

I believe the total amount is now really 2.301 BTCs:

1391 BTCs as of beginning of year 2022 (as per this balance).
410 BTCs bought in January 2022
500 BTCs bought yesterday

All in all pretty bold (I’ll leave it there for now), considering the circumstances, and the growing rumours of the country nearing default. Let’s hope it doesn’t come to that though, amongst other things, to avoid it being blamed on having adopted bitcoin, which would seem to be a shallow excuse.

It was a mistake. By now the entire reserve of El Salvador in terms of bitcoin counts to be 2301 bitcoins. During the month of November there was a buy of 100 btc and during December there were two buy order of 150 btc and 21 btc. Adding those to the reserve, the calculation is correct for 2301 bitcoins. Purchase History

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Quote from: Vaskiy on May 09, 2022, 07:07:33 PM

<…>

I believe the total amount is now really 2.301 BTCs:

1391 BTCs as of beginning of year 2022 (as per this balance).
410 BTCs bought in January 2022
500 BTCs bought yesterday

All in all pretty bold (I’ll leave it there for now), considering the circumstances, and the growing rumours of the country nearing default. Let’s hope it doesn’t come to that though, amongst other things, to avoid it being blamed on having adopted bitcoin, which would seem to be a shallow excuse.

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Quote from: Daltonik on May 09, 2022, 03:07:18 PM

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his

It is good for government to also speculate and buy bitcoin at the right time, buying bitcoin at the price below $31000 is a good move. This means the government have planned for bears and bulls time. I just know that in long term, bitcoin adoption will favour El Salvador. Bitcoin may still fall further but the support at $30000 as been very strong, bitcoin crashed to $30000 several times but but bitcoin is showing strong support at the price. We have experience the half of bitcoin halving and another halving is coming by 2024, we should expect a good return at the time despite the bulls that might occur as El Salvador bought at a very strong supoort price.

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Quote from: Daltonik on May 09, 2022, 03:07:18 PM

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

Quote from: https://twitter.com/nayibbukele/status/1523742670044413954

This is the bitcoiners type of mindset, "you buy the more it goes dip" yes I'd love this mentality and oriented mindset of persistency, Bukele is an hero hear when it comes about bitcoin, buying as low at $30k of about 500 coins is really worth it because i see bitcoin gathering momentum to bounce back on ATH breaking the last record limit.

Quote from: rdbase on May 09, 2022, 09:19:03 PM

When I first heard about him buying up more bitcoin due to the dip. I was saying, where is he getting all this capital to fiance these buys.
Atleast he can now fund those cryptocurrency projects which are on the to do list with the asset he is promoting for his country.

things are changing for good right now in El-Savador and not as expected by many that the current situation will cause Bukele to regret his actions, and now the whole thing turned to be on his favour in making more buys on bitcoin, the vulcanic ciry plan is a lucrative one right from the onset even to the pictoral stage as we can see.

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Quote from: Wiwo on May 10, 2022, 05:14:09 AM

El Salvador is gearing up and work is underway on the building of the Bitcoin city, the city which will serve as a Bitcoin Hubbs and become a business city that will offer various services.
The president unveiled some of the architectural designs of the Bitcoin city some hours ago on his Twitter handle.

El Salvador is an pioneer nation in aspect of Bitcoin legal tender. They have made lot of initiatives to bring Bitcoin to their citizens. They have built up not only legal stuffs for Bitcoin but also physical infrastructures and hardware installations to software developments for Bitcoin.

The nation and their President made lot of noise since 2022. I know they will have to cope with so many difficulty but when they surpass it, they will get big achievement. Not only for their nation, citizens but for Bitcoin adoption in general.

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El Salvador is gearing up and work is underway on the building of the Bitcoin city, the city which will serve as a Bitcoin Hubbs and become a business city that will offer various services.
The president unveiled some of the architectural designs of the Bitcoin city some hours ago on his Twitter handle.

Source: https://twitter.com/nayibbukele/status/1523799427856490496?s=20&t=LdFKlwZPIoHDGk3ytUetUA

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Quote from: Daltonik on May 09, 2022, 03:07:18 PM

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

Quote from: https://twitter.com/nayibbukele/status/1523742670044413954

When everyone panicked due to bitcoin prices continuing to decline, but not so with president Nayib Bukele who still dared to take risks by buying bitcoins worth $15,372,000, the bold action taken by the president was certainly based on his belief in the future of bitcoin bright, but to be honest, I don't know what will happen to El Salvador economy in the future if bitcoin price geting worse.

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When I first heard about him buying up more bitcoin due to the dip. I was saying, where is he getting all this capital to fiance these buys.
Atleast he can now fund those cryptocurrency projects which are on the to do list with the asset he is promoting for his country.

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El Salvador President Nayib Bukele is a person of positivity. When the whole world is crying on the bearish move of bitcoin, he has announced the addition of more 500BTC to the reserve buying at an average price of $30744. The total purchase price adds more $15.3 million adding to the 2301BTC reserve.

September 6, 2021 - Bought 200BTC and president mentioned of the brokers buying more for the country.
September 7, 2021 - Bought 150BTC. Reserve - 550BTC
September 20, 2021 - Bought 150BTC. Reserve - 700BTC
October 28, 2021 - Bought 420BTC. Reserve - 1120BTC
November 26, 2021 - Bought 100BTC. Reserve - 1220BTC
December 03, 2021 - Bought 150BTC. Reserve - 1370BTC
December 21, 2021 - Bought 21BTC. Reserve - 1391BTC
January 15, 2022 - Bought 410BTC. Reserve - 1801BTC
May 10, 2022 - Bought 500BTC. Reserve - 2301BTC

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Quote from: Daltonik on May 09, 2022, 03:07:18 PM

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

Quote from: https://twitter.com/nayibbukele/status/1523742670044413954

If there is anything I have admired about El Salvador President is his unwavering faith and stance on Bitcoin and its potential, while the El Salvador anti-Bitcoin preachers are busy compelling several ways El Salvador has failed in its Bitcoin adoption and how the country is sinking in debts due to Bitcoin price downtrend. The president is busy tapping into the many advantages of owning a large portion of Bitcoin for future sake and the president always makes sure to buy during any dip. This is one commendable characteristic of a true leader that has the enthusiasm to make a long-time difference in an economy. CONGRATULATIONS EL SALVADORIANS 500BTC not a joke I really commend President Neyib Bukele for not giving in to detractors.

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And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

Quote from: https://twitter.com/nayibbukele/status/1523742670044413954

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Quote from: _act_ on May 06, 2022, 02:17:37 AM

El Salvador’s central bank accepts Qredo's registration to provide crypto services

Qredo, though a decentralized finance firm, registered by El Salvador's central bank to be providing bitcoin custody service in El Salvador. Among other firms are Chivo, the firm behind the state-issued crypto wallets and kiosks, Paxos Trust Company, Paxful and OpenNode.

Firms providing bitcoin service in El Salvador
https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados

Some people just come up saying that bitcoin as a legal tender in El Salvador has failed but it is just the opposite, what I can say is that this will take time as more Salvadorans will learn and know how to use bitcoin wallet and bitcoin.

As a matter of fact, decentralized and noncustododial way of bitcoin holding and usage is never included yet but there are Salvadorns that will prefer decentralized and noncustododial way, though they can be few people.

I will personally say that this survey

result is inaccurate and does not reflect the accurate statistics and data collection was done in a primary source level, collection of data for this kind of survey work should be based on secondary sources that way the result will have 100% elements that reflect the actual behavior of El Salvadorans and how the adopt crypto currency as a secondary currency. I know the president is going to come out with an independent audits reports that will caption the total records of the country involvement and usage of Bitcoin as a legal means of payment both in it decentralized and centralized form.

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Quote from: Frengki_cisco on April 29, 2022, 12:19:50 PM

El Salvador, had become a hot topic of conversation throughout the world

Not only have they become the talk of the town, El-Savador is a champion in bitcoin and has made a live requoning experience that others will always follow, this are the calibre of countries we want, that are ready to take a bold step at all cost just to make a better living for the people at large, Bukele is a change agent and understand the future in bitcoin and the blockchain technology as a whole.

Quote from: Frengki_cisco on April 29, 2022, 12:19:50 PM

El Salvador is not talking much

For how long have you been following the news on El-Savador's bitcoin adoption that makes you concluded it has not been talking much, let me just remind you right from here to have a look at this thread once more and consider the number of pages it has developed through discussion and follow up from the first page to where we are now and tell me if you've not come across many updates and development about El-Savador.

Quote from: Frengki_cisco on April 29, 2022, 12:19:50 PM

Bitcoin.unstable, being used as a means of payment is a constrained risk.

Possibly you need to enlight us better on what the word unstable and risk mean in this context? but i think i have a little idea to give, bitcoin is volatile and not unstable, bitcoin has lesser risk compared to fiat.

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El Salvador’s central bank accepts Qredo's registration to provide crypto services

Qredo, though a decentralized finance firm, registered by El Salvador's central bank to be providing bitcoin custody service in El Salvador. Among other firms are Chivo, the firm behind the state-issued crypto wallets and kiosks, Paxos Trust Company, Paxful and OpenNode.

Firms providing bitcoin service in El Salvador
https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados

Some people just come up saying that bitcoin as a legal tender in El Salvador has failed but it is just the opposite, what I can say is that this will take time as more Salvadorans will learn and know how to use bitcoin wallet and bitcoin.

As a matter of fact, decentralized and noncustododial way of bitcoin holding and usage is never included yet but there are Salvadorns that will prefer decentralized and noncustododial way, though they can be few people.

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Moody's Financial Services Company have mentioned about the possibility of "credit event" in El Salvador to be highly serious. We've been seeing more warnings, positive as well as negative things revealed by different people about the adoption by El Salvador. This is one amongst Moody's downgrades El Salvador, says possibility of a "credit event" highly serious

What is meant by Credit Event

A credit event is a negative change in a borrower's capacity to meet its payments, which triggers settlement of a credit default swap. The three most common credit events are
   1) filing for bankruptcy
   2) defaulting on payment
   3) restructuring debt.

Source : Google

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Quote from: Lucius on May 03, 2022, 09:53:09 AM

I really don’t know what about all these people on the forum talking about Bitcoin failing in El Salvador? People have obviously lived all the time in some silly belief that Bitcoin -> Legal tender -> El Salvador will result in a massive bull run that will fill their pockets - and all the while forgetting that from the point of view of the common man in ES Bitcoin is still just an alternative to the US dollar which has been the official currency for more than 20 years.

Bitcoin requires intelligent and somewhat educated people, so even though the literacy rate in that country is almost 90%, most people obviously still do not understand the benefits that Bitcoin can provide. But has anyone expected more in just over half a year since the whole thing came to life?

Well said, people have got the misunderstanding about the meaning of adoption. Everything have got its time to grow. For example, it takes ten months for a foetus to develop as a baby in mother's womb. Here people are getting into conclusion even before that, which means not letting it grow naturally. Already one fifth of the business in El Salvador have begun to accept bitcoin. This will gradually increase, until then we need to it grow.

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I really don’t know what about all these people on the forum talking about Bitcoin failing in El Salvador? People have obviously lived all the time in some silly belief that Bitcoin -> Legal tender -> El Salvador will result in a massive bull run that will fill their pockets - and all the while forgetting that from the point of view of the common man in ES Bitcoin is still just an alternative to the US dollar which has been the official currency for more than 20 years.

Bitcoin requires intelligent and somewhat educated people, so even though the literacy rate in that country is almost 90%, most people obviously still do not understand the benefits that Bitcoin can provide. But has anyone expected more in just over half a year since the whole thing came to life?

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 120. (Read 43185 times)