Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 122. (Read 38876 times)

El Salvador seems to be one step ahead of other countries.  I believe the government of el salvador has analyzed bitcoin so that el salvador can accept bitcoin for legal payment options.  In addition, El Salvador also proved that bitcoin could be useful for the payment system there

1.   95% of Chivo Wallet’s technical errors have been corrected. It should be 100% functional over the next few days.

2.   The 200 Chivo ATMs in El Salvador are working perfectly well, as are the 50 Chivo ATMs in USA.

3.   There are 51 Chivo information centers, 100% functional.

4.   There are Chivo ATMs in USA (which can be used to recharge without paying any comissions), where the local legislation allows for it: Los Angeles, San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo, McAllen.

5.   The option to recharge using a credit/debit card will be enabled from tomorrow onwards.

You’ll be able to recharge your @chivowallet with any credit, debit or gift card, anywhere in the world, and not paying a single cent in commissions.

6.   New registers are not enabled, nor is the app download on new phone models.
Both of these features will be enabled when the app is error free (it will take a couple more days).

7.   We’ve currently got over half a million users.

8.   There are more businesses every day that accept payments in #Bitcoin or dollars, using other apps as well as @chivowallet.

9.   Some (user) profiles are blocked due to errors during the registry process (it was incomplete), when the app still had issues. These users will be deleted in order to allow them to re-register, once their user is made newly available.

10.   Those that have has issues transferring balance to banks or making payments, will be contacted by our technical team, once the interconnection to the bank has been resolved.

This will take one or two days, but all the balances are registered and guaranteed.

11.   The minimum $5 in #bitcoin for transactions to other wallets has been eliminated. The new minimum is $0.01.

12.   We are working with more businesses to offer additional benefits (such as discounts or special products) to @chivowallet users.


We set the challenge too high (launching everything in a three month period) and we made errors, but we are now correcting them and hundreds of millions of Salvadorans CAN NOW use their @chivowallet without any problems.

Soon, all those that wish to, will be able to enjoy their benefits.

So on to use your @chivowallets!

Those that can. Those that cannot will need to wait, but it will be worth while. We’re working on creating a user experience that gets better all the time.

Also to provide more benefits.

And remember that its usage is OPTIONAL.

Javier Argueta, legal adviser to the President of El Salvador, reports that the government of El Salvador will exempt foreign investors from capital gains tax and approach tax on transactions with bitcoin.

The International Monetary Fund (IMF) is a fiat-based organization. It will be ridiculous to expect them to approve this initiative. And this is also the reason why I was surprised when El Salvador asked the World Bank to help them with the implementation of Bitcoin as the legal tender. IMF, World Bank.etc are organizations that deal with fiat currency. What is the point in asking them to get involved with cryptocurrency?

Now regarding the Bitcoin purchase by El Salvador, in the long term it will obviously bring benefits for them. But I am more worried about short term fluctuations. The next presidential election is due in 2024. Hopefully BTC will be in six digits by then.

Undoubtedly, this is another landmark in the history of Bitcoin. I'm almost sure the government of El Salvador made the right decision. I believe that these 550 BTC which were purchased at the current price of 45000 USD will double their dollar value over the next four years. Nayib Bukele is a great Bitcoin proponent.

Now El Salvador has begun to diversify its financial assets and reserves. Perhaps other countries will follow suit. I think the International Monetary Fund is unlikely to help them with this.

On September 7, a law on recognizing bitcoin as a legal means of payment came into force in El Salvador, President of El Salvador Nayib Bukele said on Twitter, El Salvador has already purchased 550 BTC.

How can you be so sure? One or two opinion polls involving a few hundred people is not enough to gauge the public mood regarding cryptocurrency in El Salvador. If I am not wring, the rollout hasn't begun yet. How can someone oppose a measure, when they don't have first time experience about it? That means that they are going by the rumors that are circulating around. And I heard news from some of the Latin American countries as well, regarding the acceptance by the governments there. I am feeling quite optimistic right now.

This is true, but it does not seem that the people of El Salvador support this idea.

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

The best part about this thread is that the word "first" is included in it.  While Paraguay, Brazil, & Mexico all are likely to see some sort of bill put together involving Bitcoin it looks like next up for full adoption may be Panama.  I don't have any inside information or anything like that, but from what I've read it appears that Panama may see adoption of Bitcoin as legal tender before the end of the year.  I can only imagine things may accelerate from there, especially if adoption by these counties is showing a positive effect on their population.

I don't trust these opinion polls. The numbers can change a lot, depending on the language that you use. For example, you can ask a question like this -

1. Do you support the recent move by the El Salvador government to make Bitcoin as the legal tender? This would mean that each and every business has an obligation to accept Bitcoin, which is a very volatile currency that can swing up or down by as much as 30% in a day.

The same question can be asked in a different language, like this:

2. Do you support making Bitcoin the legal tender in El Salvador along with the US Dollar? Do you support giving the merchants an additional payment option in the form of Bitcoin?

Now if you ask the first question, then the vast majority would answer NO. But the response would change, if you ask the second question. And the media channels which conduct the poll will never tell you about this. They will never provide the full questionnaire in their article.