Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 125. (Read 40749 times)

yes El Salvadors action is the game changing though they are only small part of this market since they are a small country but this count as well.
 this serves as eye opener to other country to consider accepting crypto not only bitcoin.
So this is your way of Cheap Advertising ? don't you have funds to bring a advertising  here in forum as you are doing it yourself?

hopefully sooner .

Congratulations to El Savador on taking the forward steps into Bitcoin incorporation.

Seeing as Bitcoin was released back in 2008, its about time there is some serious acceptance of this nature.

Its definitely game changing for the crypto world as a whole.

Had our first player in our casino from El Savador a few days ago, good to see that Bitcoin is flowing there nicely.

Hopefully other countries will follow suit and if that happens then expect prices of many assets to rocket.

They only talk about the initiation of a referendum, and the counting of votes there, as I think by a simple majority, is about the initiative for a partial revision of the constitution according to Chapter 139 of the Federal Constitution of the Swiss Confederation: "Any 100,000 people who have the right to vote can, within 18 months after the official publication of their initiative, demand a partial revision of the Federal Constitution.
A popular initiative to partially revise the Federal Constitution may take the form of a general proposal or a specific draft of the proposed provisions" https://www.fedlex.admin.ch/eli/cc/1999/404/en

This is very interesting news for us to follow and El Salvador is a country that has officially accepted bitcoin as a legitimate means of payment, even they have activated bitcoin payments at their airport is certainly very extraordinary for us to listen to, and I believe the Government of El Salvador has designed well for the legitimate use of bitcoin in his country, And they believe bitcoin can add to the country's assets if it can be managed properly, for other countries I think can follow El Salvador.

I am not sure about the requirements. Is it even possible to put forward such a referendum? If so, how many signatures are needed? Also, what are the requirements for approval if it receives necessary support? I have read somewhere that 50% turnout is required in Switzerland even if a referendum attracts majority support. Given the age structure in Switzerland, I am not sure whether any referendum to make Bitcoin as the legal tender will be able to meet these requirements.

Will Switzerland become the next country to officially recognize bitcoin after El Salvador, the Swiss non-profit analytical center 2B4CH plans to put forward a proposal to include Bitcoin in the Swiss Federal Constitution in a referendum.
According to Swiss law, referendums on the "people's initiative" are held after collecting 100,000 signatures. 2B4CH is trying to enlist grassroots support to meet this criterion.

"We plan to launch a Federal People's Initiative. Will we be able to attract 100,000 Bitcoin-friendly Swiss residents? https://cryptoslate.com/could-switzerland-be-the-next-country-to-constitutionalize-bitcoin/

It's great that in addition to the obvious benefits for both the crypto community and individual users, the recognition of cryptocurrencies as a means of payment also benefits pets. President of El Salvador
Nayib Bukele announced that the profit generated from operations using bitcoin will go to the construction of a veterinary clinic.

The law specifies that Bitcoin must be accepted for payments by anyone that is capable.

You come off as about as lost and/or disoriented as that goofball Vitalik... in your failure/refusal to recognize and appreciate that more options are being provided (made available) for El Salvadorians, whether they take advantage of such more options or not.

Furthermore, the extent to which the government is involved in training people can be considered a kind of double-edged sword in terms of there are quite a few advantages in that the government of El Salvador has provided the space for people to use bitcoin and to learn about bitcoin, including that private sector innovators can step into the matter of teaching and providing services too.. providing services and training people.

Seems like more options rather than fewer options, and no need to consider the matter as glass half full when quite a bit of progress is being made and has more potential of being made (and developed along the way).. and another good thing, at least so far, is that the El Salvador government did not get involved in delusional thinking in terms of considering that ethereum is actually providing much if anything of value, so I can see why Vitalik wants to get his little digs in there.. because Vitalik likely cannot even see straight anymore in terms of his level of trying to justify his piece of crap (and shifting narrative) smoke and mirrors baloney.

things like this are quite good because it is not only humans who need to be considered but also animals. although I don't know what kind of health facility there is but it's a good thing.
but actions like this now I feel are not right even though it is one of the good things.
this is the same as pouring oil into a blazing fire because we know that they are still facing chaos due to the adoption of bitcoin in recent months, besides that their economic condition is also still very relatively low. and of course this will cause other anger from most of the people there because if it can be considered a hospital for pets it is a secondary thing, it can even become tertiary.
it will be very funny later when the needs that are not too important are prioritized but their primary needs in the economy are still falling.

Thing is, this is both a good and a bad move on El Salvador's part. it's good that they tried to push people into using a much superior form of currency against the ones they came to know with, but the transition process is almost non-existent. People are complaining, not to mention the fact that no prior education amongst the citizens of El Salvador was given which causes a lot of confusion and distraught on their part. You can't really blame the nay-sayers when you are faced all of a sudden with a novel concept that is shoved down your throat like spicy sausage. Whether he said this because he's salty about ETH not being on the El Salvadorian wallets, you can't deny that his statement made sense in a way. Although this is something we envision for a future, a decentralized coin being regulated by a central government seemed so funny and absurd in paper but that is basically what's happening with El Salvador right now. Not to mention the drastic transition that left all the people who are not that tech savvy to be left in the dirt.

Vitalik has a point though, there's no freedom anymore if one is forced to accept bitcoin, however, I do understand the stance of the government, they were the first country to legalized bitcoin and it's not only for the purpose of it using as a payment system but their interest is to benefit from its adoption which is to profit from their investment.

https://www.reuters.com/business/finance/el-salvador-buys-150-more-bitcoins-president-says-2021-09-20/

They keep buying bitcoin and therefore they will also make sure that people under their regulation will use bitcoin to ensure that the growth of bitcoin as an investment.

I can’t say what the health care in El Salvador is like, but it doesn’t seem so good to me that they can afford to open such a modern pet hospital. According to the 3D view, it is really a super modern institution, something that I have experienced only in the private health sector in my country. I don't mind helping animals, on the contrary - but building such facilities in a country that is relatively poor could anger most people in that country.

Click on the link posted by @DdmrDdmr and scroll down to see the video.

@Bukele announced today that they are going to invest 4M $ … in a pet hospital. The funds should come from a surplus in the Trust fund they created for the Chivo Wallet system, derived from the current accounting value of the Trust. The trust has now more value than when it was created due to the BTC purchases they made using money from the said trust, and that is what they are planning to use to build the pet hospital, using only the part is USD of the Trust (not the part in BTC).

That somehow seems wrong to me, and although we hope that BTC will go "to infinity and beyond" (so as to say), nobody can rule out a drop in price that could lead the Chivo Trust to go into losses (in terms of accounting). The 4M $ spent on a pet hospital seem to differ rather much from the purpose of the Trust, and liquidate part of the accounting contingency value to better withhold in the said potential scenario.

See from this tweet on (upwards):
https://twitter.com/nayibbukele/status/1447017312893161478

Vitalik Buterin criticized El Salvador's decision to recognize bitcoin as an official monetary unit. Well, Vitalik, does he have his own point of view on everything, or is he dissatisfied with the fact that El Salvador legalized bitcoin and not ETH? I don't understand why he is talking about the forced imposition of bitcoin as a means of payment or is the incentive to use it through discounts a compulsion?
On Reddit in the discussion thread https://www.reddit.com/r/CryptoCurrency/comments/q3udz3/unpopular_opinion_el_salvador_president_mr_nayab / user u/vbuterin said that “there is nothing unpopular in this opinion”" noting that "the mandatory adoption by enterprises of a certain cryptocurrency contradicts the ideals of freedom, which are supposed to be so important for the crypto space."

Bukele and his team are very smart and well-planned to promote Bitcoin in El Salvador. They are so creative and made good decisions to be the first nation that accepts Bitcoin as legal tender.

After makes it becomes true, they are seriously to educate their citizens about Bitcoin, its transactions, Lightning network and more. Airdrop distributions and education make the nation now is like a hub of the growth of Bitcoin. The world look at El Salvador and I believe many small nations with abundant green energy are trying to learn from El Salvador.

That’s roughly a 5% off per gallon (see https://es.globalpetrolprices.com/El-Salvador/gasoline_prices/ for current prices in El Salvador), though only for the next couple of weeks, regardless though of whether you pay in BTC or USD.

Actually, @Bukele’s team might have negotiated with the largest gas station groups in El Salvador, but the logos on the promo correspond to Puma and Uno, so I guess they haven’t landed Texaco which is the largest group, nor White flag which is pretty large (see https://dlca.logcluster.org/display/public/DLCA/3.1+El+Salvador+Fuel).

Ha Salvador is increasingly introducing bitcoin and blockchain into the country's economy, so the president Nayib Bukele writes on Twitter that from tomorrow, the two largest gas stations in the country will sell each gallon of fuel for $0.20 cheaper if you use Chivowallet.

Well.. if the 14,500 figure represents only ATM transactions, then it makes sense for me. Personally I visit the ATM only once or twice per month. So the 2.25 million users making 10,000-20,000 ATM transactions in a day is not very surprising. But the number of total transactions in Chivo will be much higher. Because I heard reports that a lot of people are using the wallet to buy coffee and for shopping. The daily transactions may be more than a million (although need confirmation on this). Anyway, they have 199 Bitcoin ATMs now (minus one that was burnt down recently). So it translates to around 70 transactions per day, per ATM.

Do you even know how to read beyond the first post in this particular thread?

Just to clarify for other people who might be reading this thread.

The President of El Salvador announced this bitcoin as legal tender matter on about June 4/5.

Law was passed by El Salvador's parliament on about June 7 with an effective date of September 7.

Law went into effect on September 7, and currently the El Salvador law with bitcoin as legal tender is in an "into effect" and implementation status.