Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 128. (Read 40749 times)

I understand the doubters, their livelihoods rely on stable money that will not devalue. The USD has been devalued, and when in a bear market bitcoin gets devalued. If bitcoin goes up in a more stable straight line rather than a zig zag, there would be less haters. As the market is now turning bullish lets hope all the Salvadorians start to embrace the big B

- Having just skimmed through some of the results on the forum about EI Salvador's adoption of bitcoin, an outcome that may be out of reach for fans, enthusiasm is very low when the rejection rate is unusually high, many crypto members are feeling these figures are problematic and faked but reflecting on this issue, I feel people in EI Salvador still trust their currency more and fear such a great innovation

This is a breakthrough! I think if this decision has a positive effect on the country's economy, then in any case other countries will follow this country, world recognition is just around the corner, I think bitcoin will soon be recognized by a number of other states, you just have to wait.

In boolean terms (yes/no), there were protesters out on the streets, although the press should really contextualize the (mis)information alongside the amount of people that actively took part: apparently, less that you’d find in a small sized bar on a week-end – something like 25 or so.

See:
https://www.youtube.com/watch?v=-c_8jH9_vuA
https://diarioelsalvador.com/protesta-de-fmln-no-tiene-apoyo/109109/ (in Spanish)

Granted that covid restrictions applied to gatherings, but it has had a lot more echo in the press than on the ground so far …

@Kemarit. It only implies that bitcoin’s volatility will be a problem. The people cannot have a useful medium of exchange if the volatility of the currency is more than the price on an item. Also, those people who are protesting are certainly not investors who are in this for investment profit.

Sounds like nearly pure nonsense to me since no one is forced to hold their value in bitcoin. Each and every citizen has a choice..  to hold their value in bitcoin, dollars or some combination. 

Makes a lot of sense to grumble about having more options.  NOT.

Of course, any merchant (or provider of a good or service) is required to accept bitcoin, but they do not have to hold the value in bitcoin for any period of time, and of course, there could be complaints about being force to used systems that allow consumers to spend their bitcoins - and I thought that I heard that the El Salvador government was going to be helping merchants to set up those kinds of systems that allow for the acceptance of bitcoin, too? 

Anyhow, hardly seems like any kind of oppressive law, even if some folks living there (likely a considerable minority) want to disagree and protest over such a new system that seems to provide more options to people, overall and actually certain ways that people living in El Salvador might be able to become more richie in terms of how they might be able to save into a kind of monetary system (talking about bitcoin) that has pretty damned decent chances of appreciating in value compared to the dollar.. sure no guarantees, but seems pretty damned likely that folks who are able to save some of their BTC rather than spend them are going to have good chances of increasing rather than decreasing their wealth.... especially if they are holding over several years.. 4 years or more and likely will be doing even MOAR better the longer that they are able to figure out systems in which they are able to save portions of their BTC longer such as 10 years or more.

Anyone saw this article from cmc?

Protests in El Salvador over Country's Plans to Adopt Bitcoin as Legal Tender


https://coinmarketcap.com/alexandria/article/protests-in-el-salvador-over-countrys-plans-to-adopt-bitcoin-as-legal-tender

Or is this just another click-bait. Perhaps the government needs to educate some El Salvadorian though about the pros and the cons, just saying.

waiting for more explanations or details.

@estenity. The original way intended to use strike.me for El Salvador was with tether included. For example if an El Salvadorian mother wanted to send American dollars to her son in El Salvador through strike.me, the process would be strike.me takes her USD convert it to bitcoin, send it to strike.me Lightning node, convert to USDT then send it to the son’s account.



Moreover, Strike will also list popular stablecoins tether (USDT, +0.05%) and USD coin (USDC (+0.04%)), beginning with a pilot program in El Salvador. Stablecoins were one of the crypto industry’s breakout products in 2020. The market cap of dollar-pegged tokens rose some from around $7 billion to over $30 billion by the year’s end, according to Messari.

Mallers chose El Salvador to pilot the stablecoin project because of its large availability of dollars, Bitcoin ATMs and one of the largest remittance markets in the world. The Latin American nation swapped out its native currency, the colon, in the early 2000s for the greenback. At the time, El Salvador was trying to stimulate economic activity by adopting the stronger currency in a case of intentional “dollarization.”

Source https://www.coindesk.com/bitcoin-lightning-startup-zap-global-fiat-pairs-stablecoins

a new stablecoin would be complementary of BTC use ?
the president has said previously that somewhere in september BTC will be generalized and used on smartphones with lightning network
as the previous experience in a limited area (El Zonte) has been fully positive in practice.

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?