Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 124. (Read 38852 times)

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?

You seem to be changing the topic.

Largely you were saying that if El Salvador goes forward with this bitcoin as legal tender matter, the powers that be in the financial system (such as the USA Govt, IMF and perhaps some other status quo traditional banking stakeholders) were going to be motivated to take out the leader Bukele, and therefore you were suggesting that Bukele should be toning down his pushing forward of the bitcoin legal tender law because he was going to be made an example out of to cause pain end suffering in order that other countries do not model after him.   

In other words, I was describing your views about the political ramifications of this to be "pie in the sky."  So far, we have not been discussing how strike.me works or other ways that bitcoin is likely to be expanded into El Salvador.. so I am not sure why you are wanting to suggest that we had any kind of dispute about that when I was largely just characterizing your speculations about various political reactions as being quite detached from what is either more likely going to happen or even that your going on and on about such seemingly nonsense seems to be distracting at best rather than attempting to grapple with real likely matters that are going to be happening.

At least if you are trying to talk about how strike.me might work or how it might be used or how much it might be used, that seems to be a much more relevant topic and even potentially helpful - to consider how easily/difficult adoption might happen or if there might be some disincentives or problems in terms of strike.me being able to continue to function/serve in its current way of doing so.


I had heard some similar things about strike.me moving over to have less dependencies on USDT in comparison to what they had originally thought and also that strike.me was in the process of attempting to create relations with banks and other exchange services that are already existing in El Salvador that would help from moving away from so much reliance on USDT as they had earlier anticipated would be the case, and even Jack Maller talked about this on his interview with Peter McCormick on the Podcast  "What Bitcoin Did" a few days ago.

Furthermore, I hardly understand why you are wanting to suggest that attempts to expand strike.me services is going to result in doom and gloom.  Yes, a large number of unbanked is an issue that is attempting to be addressed so that those people can use the various strike.me services and would not automatically signify that they even have to get a bank account, as you seem to be presuming without any evidence and largely a seeming motive to turn any news to negative news, even if what you are saying makes damned close to zero sense... but that close to zero sense is not going to stop you from spewing it out, is it?   


Do I want you to tell us more Katie?  Do you know anything?

Are you living in El Salvador? 

Probably I erroneously sent you an smerit too soon because I thought that you might have actually known something..., Whoops.

Does anyone know anything on the ground in terms of services that are using bitcoin in various ways, such as on bitcoin beach or expansion into other parts of the country?  I imagine that some of those matters will be going active before September and surely there is going to be a process of rolling out capabilities.. as DooMAD's above post seems to suggest.

It doesn't come into effect right away.  BTC officially becomes legal tender 90 days from the date the bill passed, so there's still a while to wait yet.  A very small number of places may accept it already, though.

El Salvador want to escape from the control, and choose the encryption currency, it is a good thing for the country, and also for the same other country opened the pioneer of fate, if el Salvador after use COINS to pay for the country's fiscal, financial pratt &whitney, investment, tourism and other fields has a positive meaning (this may take years), Then more countries with the same fate as El Salvador will enact corresponding Bitcoin laws, which is a milestone for the application of Bitcoin.

I saw nothing had changed in prices as Bitcoin never pumps after such an announcement. That of course it gives some replica to the other countries which is still now they are doubts about Bitcoin's capabilities. This gonna be a turning head for those who ban Bitcoins and also for those who keep ignoring this. Now that they see it started to be legalized in some parts of the globe and a way to lead others to do the same. Well, it is a process and it was slow.

What was the pie in the sky speculation? It was based on how the strike.me application works. If El Salvadorians in America want to send dollars back to El Salvador through strike.me, strike.me converts the dollars into bitcoin then converts it into USDT to send to the receiver.

It is not pie in the sky. It is how strike.me works.

Also, there were some comments in social media that were saying strike.me might remove tether and USDT for usage in El Salvador and strike.me will send the dollars straight to users’ bank accounts through banking partnerships. This might also be a problem because 70% of the population is unbanked. There was also no roadmap from strike.me on how to implement this.

This news will surely make a huge impact on bitcoin's reputation as well as its value. We know how it works for crypto and influencing a nation can also mean you will soon influence the whole world. If ever this works out well for El Salvador and if ever their economy rise higher due to this decision, we should expect that lots of other countries will soon follow its footsteps. There are a lot of countries that has bad speculation over bitcoin but it is a good thing that some countries are open for the possibilities of gaining help from crypto. Let us hope it works out for El Salvador for it will mean much more success for bitcoin in the future.

Lots of no name newbie accounts spreading (repeating) various forms of nonsense in recent times.   Use the FUD dice, or some other method to spread quasi-incoherence?

At least there is some kind of a budget to support such thread cluttering sockpuppet foney baloney, no?

El Salvador citizenship prices will skyrocket!

The best and the fastest way to get a citizenship is having a El Salvadoran girl friend.

and I didn't know that El Salvador had such beauties. Look at those!



Solid stuff indeed




https://latinawomenbrides.com/salvadoran/

Daym!!

Though the population of El Salvador might be small as you rightly said however there might be few individuals in that country that might be very rich and whose investment in Bitcoin might trigger price change coupled with other fellow country people, in a nut shell the numbers of users of bitcoin will continue to grow if the unbanked populace also utilized saving or storing their bitcoin in their respective wallets for easier P2P transaction and more so there is the tendency of other south American countries adopting bitcoin after El Salvador.

The price of bitcoin could have a great impact taking into account the success of the implementation of the Bitcoin Law in El Salvador and by the time that happens it would have to spend at least a year and compare the economic indicators and the satisfaction of the population. Poverty does not diminish overnight, it takes time.

The country of El Salvador is attracting investors with the bitcoin resource. I see it as a pilot test that allows us to see how bitcoin can alleviate the economic crisis. It would also help if the region of Latin America follows in the footsteps of El Salvador. But the answer to everything is time and results.

Maybe it's time for Musk to start tweeting to celebrate again!

The day when Bitcoin first became legal tender may become a day in history like the Pizza Festival many years later. The first to eat crabs, either eats the plump crab roe, or gets caught in the mouth.

It's good but the problem is that they are a small country and I don't think that they will have a really big impact to bitcoin just because they made it a legal tender, it's legal tender and not currency.

it's very good that there are countries that adopt bitcoin. this is a very important process. like this, what will be done by countries in asia, such as iran for example. that's why some countries have started to legalize bitcoin, this is a sign that the digital currency can serve as a legal tender. And also a long-term investment.

Whom? 

but wait, just because they accept bitcoin as legal tender they will be richer? on what way and how long?


wrong , it is their country that almost into edge of cliff and not bitcoin.

We will see then.

I will brace myself in case disappointment ends up playing out in terms of either 1) the ease of use of the lightning network as a payment mechanism does not work as well as it has been touted or 2) in terms of Bukele having an agenda that might not be compatible with following through with bitcoin adoption (i.e. the legal tender adoption matter that is supposed to go into effect in early September).

So far offchain networks like LN have been an epic fail for adoption,
the reason being it is far cheaper to use an exchange that does offchain transactions between their users at zero costs without the tech headaches of the never ending beta code.

From what I understand El Salvador, is trying to get a 1.3 billion dollar loan from IMF.
Most likely, their leader is trying to use bitcoin as legal tender as leverage to make sure they get the loan,
and as a condition of getting the loan , expect a ban on bitcoin from normal commerce to follow shortly after.
He cares little for bitcoin , it is nothing more than short term leverage to get the 1.3 billion dollar loan he wants.
Politicians work like that.