Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 127. (Read 43185 times)

I am not going to assert whether I believe that Bukele might have employed x, y or z strategies better, because there is a lot of discretion within the realm of politics and even within the realm of running a business that you may well be striving to be profitable or successful in some way to carry out certain missions. 

In other words, we might all acknowledge that if we were in the same position, we would interact differently and show our public profile differently (more professionally, perhaps?), but in the end, we also might acknowledge that there could be quite a few advantages in attempting a kind of public and flamboyant character when adopting something that is already known to be controversial right from the getgo.   

Slowness in implementation is quite expected in governments of 3rd world countries. This is not the real problem, I reckon. The problem is I hope that article does not imply that El Salvador is only larping and using bitcoin only for their propaganda campaign against the IMF. In reality, bitcoin does not need legal tender status to be used everywhere.

Also, the comment on their ATMs. This might be okay, I reckon. If bitcoin is used as a currency, it should be allowed to function similar to other forex currencies. However, you might have something that makes this a real problem?

In any case, maybe El Salvador is right in using bitcoin as a tool for political propaganda. Was this not how the community behind bitcoin began? This might help countries for real adoption.

I just came across a very interesting website that depicts the experience and vicissitudes of a couple of travellers, well versed in bitcoin, who took it upon themselves to travel El Salvador solely using bitcoin as a means of payment, on a trip that describes an approximately 45 day experience doing so.

The article summarized some of their experience as:

-   There still seems to be a lot of misinformation on bitcoin amongst the population, to the point that many confuse it with the Chivo System as being essentially the same.

-   Efforts to properly educate the population on using the Chivo System seem scarce and even lower when it comes to bitcoin itself.

-   There are still many places that still do not accept bitcoin, and this is even more so once you move out of the centric touristic areas.

-   If you want to travel the country on bitcoin, be prepared to route your itinerary based on where they actually accept bitcoin, and not necessarily on where you intended to go.

-   Museums and other Heritage related places still seem to currently only accept fiat.

I’ve read about a dozen or so of the entries in the diary, and each one was worth the time to get more insights on the day-to-day over there. The entry for day 28 was particularly shocking, since they claim that it seems feasible to withdraw USD (by selling BTC) on their ATMs, and perform a RBF. Not sure if this is really true, but it would be one hell of an oversight if so.

see:
(diary – Italian left/ English right) https://bitcoinitaliapodcast.it/missione-el-salvador
(article) https://cointelegraph.com/news/around-el-salvador-in-45-days-a-bitcoin-only-travel-story

It is very clear that Max Keiser is talking about Argentina. There were some articles that mentioned that Jack Mallers has been in talks with the people in the Argentinian government for a partnership with his company strike.me. I reckon there might be an announcement within 3 months.

It appears that another country publicly holding bitcoin in their treasury might begin a geopolitical game of who is not holding bitcoin might be left behind. This will be very exciting to witness in the cryptospace hehehe.

Are you referring to blockstream?  or some other company that you believe is either unduly influencing bitcoin's governance or is leading in that direction?

Although El Salvador is not a big country, but what El Salvador has shown is quite brave by legalizing Bitcoin as a legal tender. Because not
necessarily a big country dares to do what El Salvador did, I am very happy that there is a country that is so serious about supporting
cryptocurrencies like El Salvador. I also really hope the country I live in follows in El Salvador's footsteps, making it easier for me to use Bitcoin.
But for a country to legalize Bitcoin as a legal tender, it really depends on the country's leader, because most state leaders only think about
themselves, so they don't dare to take risks by legalizing Bitcoin as a legal tender. While El Salvador has Nayib Bukele who has enormous courage,
because it is not easy for state leaders to make unpopular decisions. I believe Nayib Bukele can make great progress in El Salvador, which is
the advantage of having such a young leader. Because his thinking is fresher and most importantly he is more daring to take risky steps for
the progress of his country.

Others seem to be following suit with El Salvador and exploring their Bitcoin options.  Max Keiser stated that the next country to accept Bitcoin is known by him and that it is in South America.  They'd better hurry because the news today is that Turkey is exploring cryptocurrencies and is now widely expected to recognize Bitcoin as a currency also.  The dominoes are beginning to fall.  I can say that I'm genuinely concerned with so many people being onboarded onto Bitcoin's layer-2 with development of that layer being so extremely centralized to a handful of companies and almost no community support from developers (this website doesn't even have a Lightning section).  I just cross my fingers and hope that one company's mission to take over control of Bitcoin's governance doesn't lead to the failure of our global finance vision.

El Salvador president lure their citizens to use btc in the form of airdrop and its effective because who would ignore free money? But that move is not easy but it requires huge amount of funds. There are btc's ATM's but I think they are only allowed to countries where bitcoin is legal because it would be strange to install them if they did not legalize it first.

People will use them and then few minutes later they will get arrested but in terms of btc legality, all countries will comply on it soon and maybe they are now planning but not really read. Thanks to El Salvador for the big move because that heavily influence other countries to think of doing the same .

Not only the imf is putting pressure on El Salvador, but also private individuals, for example, there is such an economist and bitcoin critic Nouriel Roubini, who calls on the government of El Salvador to impeach President Nayib Bukele because of his investments in bitcoin, I just wonder what his opinion will be after bitcoin reaches a new ATH.
https://twitter.com/Nouriel/status/1485357576711778307

There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party.

but ATM are being installed all over the world for long time now even those countries has not adopted bitcoin is so i think this is best to believe than to disagree .

It appears this president is motivated with strong convictions in an ideology which also can be speculated that he will never listen to the IMF’s demand to remove bitcoin’s legal tender status in El Salvador. I support this tweet, however, I am afraid that Bukele should begin to be cautious for his family’s safety and his own. Those bloodless vampires behind the IMF will do anything to maintain the existing state of their monetary system.

I reckon the other South American leaders should unite and push back.



Wanna see hypocrisy?

Look at the ones supporting a President who wants to go to war to boost his approval ratings, sending gas prices to the roof in the midst of a global inflation that will send hundreds of millions into poverty.

But they’re concerned about McDonald’s jokes

Source https://mobile.twitter.com/nayibbukele/status/1485754688628789249?s=12

https://mtmcrypto.com/2022/01/25/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender/

IMF urges El Salvador to remove bitcoin's status as legal tender, stating it can cause risks of financial stability...


El Salvador make bitcoin a legal tender but citizens can choose accepted payment to be in US dollar, it is not that bitcoin is forced on El Salvadorians. Making bitcoin a legal tender in country like El Salvador is not the same with making bitcoin legal but both have some similarities.

The similarity is that anyone can choose payment accepted to be US dollar which is the currency the country is spending.

This is a very great news, this will be an advice for people that bought bitcoin at high price but thinking they have lost all because the price decrease in this period. Organizations know that buying the dip in steps as the price is reducing is a good ways of bitcoin investment rather to not know when the bear time is over and lose for the bull time. El Salvador president has shown courage and brilliant bravery that could help his country, he should be a very good president. He is not following what others are saying, what they could not say when the country has always been in dept and the dept is increasing which was massive in 2020 before El Salvador adopt bitcoin in 2021. I hope bitcoin bull time is coming, a time when that will favour El Salvador if the country continuously buying the deep. Bitcoin buyers which are for long time purpose should always have it in their mind which is true that bitcoin holders will never lose but again make profit.

This is what Bukele should be doing instead of showing arrogance. This shows that we are in this together from the bull market to the bear market. He might only be joking, however, this also shows that he wants to be part of the community and his intentions for bitcoin and the cryptospace are not short term and not only in during the good times, out during the bad times.



#NewProfilePic

https://mobile.twitter.com/nayibbukele/status/1485031106982428677?s=12

@El Holdedor (El Salvador) just bought another 410 BTCs, which is close to their maximum purchase batch of 420 BTCs made last October, and that brings the alleged total held to the 1801 BTC mark. I figure it’s buying the dip from dipping into the Bitcoin Trust …


see: https://twitter.com/nayibbukele/status/1484651539587289091

It would be really nice to see some official balance from the Government, instead of Tweets that need to be tracked and taken for granted, specially for the local population’s benefit (as in knowledge).

Theere is no crisis of public confidence. Only FUD. Ignore the FUD and you will be fine. 1 btc = 1 btc. No one can change this fact. If you see some one telling you that 1 btc isn't 1 btc, just hit him in the face or ignore him. Your call.

Bitcoin has gone through worse situations than this before. It will go through this one too.

In the end when these are all over, bitcoin will absorb the whole fucking thing. Imagine the price when that happens. I don't know If I can type that many 9's or 0's. So, a lot.

Where are you going with your argument? Who in this community does not want bitcoin or the cryptospace to succeed? My comment was on Bukele. He should be silent about the downgrade or make a more empricial argument than being arrogant and tweeting does not give a fuck in public as if that would help El Salvador’s finances. Are you praising him for tweeting DGAF? Is that a step forward for the global adoption of bitcoin?

It should be. Since El Salvador has legalized Bitcoin as a legal tender, it automatically becomes their national currency. Sure, we are all happy with this because this indicates the great adoption of Bitcoin. With big support from one of the government in the world, we are more confident about the future of Bitcoin adoption around the world.

Regarding the possibility of BTC price $100M, I don't think any strong correlation with El Salvador. It purely depends on the demand on the market, and how the trend in the future. If Bitcoin is getting popular and more people are interested to buy Bitcoin, then $100M is possible to reach although we don't know when it is.

Great news, and it's another positive thing in the cryptocurrencies market. No one can now stop the flow of bitcoin as many people accept it.
I googled "El Salvador" and found Bitcoins on their Offical Currencies, which makes me happy.
We're slowly growing, and soon we'll reach the $100M, and that's the dream of every bitcoins lover.

the figures that you present for salvador's debt to GDP ratio are low, much lower than developed occidental countries, that are largely above 100 percent presently.
but apparently there has been an upward tendancy recently.
this could eventually be due to the present government, that invests a lot in permanent structures.

hence an evident difficulty for developing countries is that they cannot control sufficiently their currencies quotes, in front of dollar and euro for example;
adopting an independant international currency could eventually be a great advantage, if the horse chosen is adequate.