Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 126. (Read 40749 times)

President of El Salvador Nayib Bukele shares a video showing the installation of several bitcoin mining machines inside a geothermal power plant, it looks beautiful.

today the government in the country of El Salvador is openly adopting bitcoin on a national scale which they apply to their people in the country, maybe for some people this is a very good thing for the effectiveness of bitcoin in the future with the adoption of the country of El Salvador, with what that country has done we really hope that there will be a lot of acceptance by other countries of bitcoin

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“Transacciones por segundo” doesn’t mean that we have 65,437 new transactions every sec, but that the system is processing an average of 65,437 transactions every sec.

Note: In the above statement, nobody knows whether the ',' is a decimal holder or a thousand separator. Visa does something like 1,700 TX/s (thousand separator) according to multiple sources. This therefore strengthens the idea that the ',' is decimal point holder in their Dashboard.

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“Transacciones por segundo” doesn’t mean that we have 65,437 new transactions every sec, but that the system is processing an average of 65,437 transactions every sec.

More and more people understand the value and usefulness of using bitcoin, so the official crypto wallet of the government of El Salvador Chivowallet is already actively used by 2.1 million residents of this country who have joined in the last 3 weeks, according to the statement of the president of the country
Nayib Bukele has more customers than all the banks in El Salvador combined.

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.


At the conference the president of El Salvador makes the announcement.

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.