Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 126. (Read 43185 times)

I am not sure if your framing of the matter is correct suzanne5223.

Many of us know that there is some momentum that comes when any of us makes a decision and implements it.  Once a decision is made and then implemented (even if ONLY partially or "in progress"), at point, we are no longer starting from scratch in regards to just throwing out the whole thing.  So, if a third party (whether powerful or having some other things to offer - carrots and sticks), they have to get beyond the mere proposal that the law should be reversed when momentum has been created both through reaching the decision and various implementation steps that have already been taken.

For sure, it is not impossible for El Salvador to reverse itself, but surely seems to make more sense that some time would have to pass, and really with something like bitcoin, there are a variety of rippling effects costs/benefits that come from putting the system in place, and surely some of the benefits (and costs for that matter) come further down the road and may well not be so apparent until further passage of time.. including measuring matters along the way.. building and costs of maintenance and seeing whether benefits outweigh costs (surely too soon to measure with some of the tangible and intangible measuring matters).

Are you from this world? Just kidding.
I said that because this is no longer news and if I could remember correctly the decision was made last year September. Meanwhile, Russia is the next country thats planning to legalize cryptocurrency.

I believe El Salvador understand the importance and potential of Bitcoin more than we think because they currently reject the IMF advice about dropping Bitcoin as legal tender.

It did take a lot of courage to make this step, I bet. It takes even more courage to keep going even with outside criticism, and there has been quite a bit of it.
What I wonder the most, however, is which will be the next country to do so, and when. I cannot imagine that El Salvador will remain the only one.

Currently only El Salvador is the country only one that has succeeded in adopting bitcoin as a whole in their country, although it continues to receive criticism from western countries and also the IMF, this has not made President Nayib Bukulele give up his intention and instead he continues to add to the portfolio of assets they currently have, trust towards the future of bitcoin made President Nayib Bukulele believe if adopting bitcoin would improve their economy and get out of dependence on the US dollar, I think now other countries see El Salvador as an example of bitcoin adoption and if El Salvador succeeds in improving the country's economy, of course the country other countries will soon follow El Salvador in adopting bitcoin in later.

A Salvadorian Company, called K1, is launching a LN bitcoin ATM that allows one to purchase small amounts of BTCs with coins, ranging the coins from 0,05$ to 1$. They’ve currently got a couple of prototypes in The Bitcoin House, and they intend to launch the product officially by the end of month.

The idea is not that of creating their own network of said LN coin-based ATMs, but rather to sell them off to small businesses and such at around 1500$, and let the purchasers make a profit from each purchasing TX (which each business can set themselves). Their goal is to sell 5000 of such units this year alone.

For obvious reasons, it requires the use of a LN based wallet, or Chivo.

The model above differs to that shown in the video linked below, so I figure they’ve gone over different carcase prototypes for the ATM.

Not sure how much market there’ll be for this type of solution.

See:
https://diarioelsalvador-com.translate.goog/k1-mini-el-primer-cajero-bitcoin-desarrollado-por-salvadorenos/187680/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
(In Spanish) https://www.youtube.com/watch?v=Ou3Gkt7cLlY&list=PL3CQ2QtkmQtDW04NGl5JTcsoaCimw740Y&index=17

I’ve read a couple of articles and watched an interview with people from Paxful on the matter, and it seems like a (albeit small) boots on the ground initiative, to form people in bitcoin through courses and workshops through proximity, being all of them free. They will likely steer away from Chivo and obviously place Paxful on the scene when viable. Still in the custodial terrain though.


See (In Spanish – February agenda):
https://paxful.com/blog/es/la-casa-del-bitcoin-febrero-actividades/
https://www-criptonoticias-com.translate.goog/comunidad/educacion-ya-tiene-hogar-casa-bitcoin-el-salvador/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

I kind of wish they had educated their population about Bitcoin before they accepted it as a legal tender. It may have gone more smoothly?

This post was posted some days ago but I think it is still good to talk about this again, it is true that many El Salvadorians do not know much about bitcoin, bitcoin wallet and many things about bitcoin, but Paxful has opened a free bitcoin education center in El Salvador according to this tweet


90% of El Salvadorians said last year when bitcoin became a legal tender in the country that their knowledge about bitcoin is poor or non-existent, this free education will help. I know Paxful will also benefit from this but it is a good way many El Salvadorians will know about how to use bitcoin.

I got the information from this source

https://www.bitcoininsider.org/article/146919/bitcoin-education-center-launches-el-salvador-boost-adoption

The IMF has already warned El Salvador to continue using Bitcoin as an official means of payment. One can only hope that El Salvador will not be dependent on payments from the IMF so soon, otherwise the abolition of Bitcoin would certainly be one of the first measures to be taken. As long as they remain independent, however, they can continue the experiment.

Probably due to some issues faced by El Salvadorian Chivo wallet users, The El Salvador Nayib Bukele led government has relaunched Chivo wallet. They are also planning to deploy 1500 bitcoin ATMs. It has also partnered with AlphaPoint integration. The upgraded Chivo wallet will be able to carry out low bitcion transfer fee while fixing concerns related to stability and scalability which is also the reason they partner with white label infrastructure provider, AlphaPoint.

El Salvador Deploys 1500 BTC ATMs, Relaunch Chivo Wallet; Success Could Usher A Crypto Revolution

Though it is a small country but it is brave, I like the support El Salvador has given to Bitcoin. If other small countries across also give this type of support bitcoin will have enough strength to keep rising and gather more users. Though the present price is down from when the country started with it but it is not late for it to recover still.



This will also be to their advantage later.

It would be better if that article was not behind a paywall..... but yeah.. like the idea of three more countries (Panama, Paraguay and Guatemala) going down the legal tender path - and we will see closely the laws resemble one another (or not)... Even though some shitcoiners have gotten into the El Salvador space, so far we have been pretty lucky that El Salvador has been almost exclusively focused on bitcoin, and sure there might be more tolerance for shitcoins... yet we likely still have to see...

This had been the latest.
DeVere's Green: Bitcoin to become legal tender in three more countries this year

EL Salvador did make the first move which did really open the eyes of other countries but pretty much sure that other countries are still observing
on how would this country will able to adjust and to handle out volatility.

This could have some effects on the citizens in one way of the other if it is not generally acceptable by the people. The general public and world countries are still finding difficulties in legalizing the use of Bitcoin, and with this, Bitcoin will face the regulation of price and the up and down movement of Bitcoin will reduce having more price stability. It is one thing that governmental politics and a way to get the support of citizens is also a strategy to make things set in right for the present political ruler. This will always be of good effect to the government when there is a rise in the price of Bitcoin, and will suffer losses too on the other hand. If the percentage of profits is greater than losses, then it might be allowed to remain in use by the next government or reverse becomes the case.
This will definitely motivate other countries to make plans for the legalization of Bitcoin in their countries soon.

Not only the countries you mentioned are trying to legislatively recognize bitcoin as a means of payment, but also individual US states, for example, in Arizona, a member of the Arizona Senate, Wendy Rogers, has introduced a bill in which she proposes to recognize bitcoin as a means of payment. The document states that bitcoin can be used to pay debts, taxes and government fees, as well as other obligations.
 

this is an experiment with true scale ;
please allow some incubation.

I was not criticizing Bukele or the government of El Salvador, however, 3rd world countries’ inefficiencies in execution of any infractructure because of corruption in government is a reality. This has not changed for many decades. We should expect for adoption in El Salvador to be slow and it will be implemented badly before making the proper corrections.

Everyone should read this article and witness reality with acceptance, without criticism.



El Salvador’s Chivo wallet keeps breaking, and users are seeking answers

Sometime between November and December, the website began to fill up with noticeably more complaints about unknown or failed transactions related to Chivo, the state-backed bitcoin wallet that went live in September to much fanfare.  

“I’ve spent almost two months waiting for them to help me with a transaction of almost $1,000 at the time,” Twitter user @Josh_91_L posted on December 9. “Now with the value of BTC plummeting and continuing like this, it seems like it will be much less. I’m still hoping that one day they can resolve it, willingly.”

“Yesterday, I found out transactions in my bank account have been made through the Chivo Wallet that add up to an amount over $3,000,” Twitter user Jenn_Larin85 wrote on Dec. 19. “Hoping that they [solve this for me] as soon as possible!”

Over the past month, The Block has reviewed a range of complaints about Chivo on social media, including claims of unauthorized charges in the app and external bank accounts, blocked accounts, phishing schemes targeting users, failed transfers to other wallets and identity theft. In addition, more than 10 people shared their firsthand accounts of issues for this article.

Source https://www.theblockcrypto.com/post/131452/el-salvadors-chivo-wallet-keeps-breaking-and-users-are-seeking-answers

What I like the most about all this is that many countries are reacting and are looking for a way to introduce BTC through regulations through congress treaties, amendments, in the case of Peru it is like this, Colombia has also been studying this possibility for a long time quite some time and it is obvious that Venezuela the government is mining BTC with a high power, Argentina is another of the countries that have to enter with BTC, what I see closest to entering are those countries with inflation problems, in that case BTC is its ideal lifeline even if the price goes down, there will always be liquidity for any government in that situation.

It depends in the way it is done, governments do not need to lure their citizens to accept bitcoin, some will do and some will not, that is life while dealing with multitudes. Countries do no need to have to make bitcoin a legal tender before they are adopting it, they can also still accept it as a form of payment. Also there is nothing like luring citizens to what you think we be good for the country, that is why he is the president, to lead the citizens righty. But we should know that if accepted as a way of payment or as legal tender, if bitcoin skyrocket again, it will have a great positive effect in El Salvador.

This is one thing about people. Taken this for example, what funny me most is that the religions in the world do not believe in evolution but believe in creation, how would creation could have occur without evolution, instead to say they do not believe in a particular evolutionary theory and they can have theirs. People speak against what they do not about even if it is correct or not.

What is most important is that the citizens of El Salvador should know that if they do not want to use bitcoin, they can decide to only accept dollar and pay also only with dollar.

If the ATM can accept payment also from wallets like electrum and the ATM dispense money before confirmation, that means this have to be chnaged, the advantage should only be given to people that are using Chivo wallet for a transaction not to be revered because it will be possible on noncustodial wallet. Or if the ATM can detect RBF transactions and delay payment until 1 confirmation, it will be good.

The 45 day diary depicts real life experience on the ground, and even though it is just a sample, it does bring to light the ups and downs that one may encounter, that go beyond the lively concept that many may have. Of course it takes time, but the interesting thing is to see boots on the ground reports and experience, and the said time will vary depending on the degree of allocated resources and planning.

Read the entry for day 28 to properly understand the ATM thingy: According to the travellers, they used their wallet to retrieve 20$. The cash was dispensed immediately, without waiting for the TX to be confirmed. They could still see their TX pending in the mempool, thus they highlighted that they could have performed a RBF and got away with 20$ for free. It this is true, it’s something to highlight clearly.