Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 16. (Read 42639 times)

As an emerging economy, the economic potential created by the adoption and massive holdings of Bitcoin by the President of El Salvador Nayib Bukele could be a model for the world to follow. Originally President Nayib Bukele primary objective of adopting Bitcoin was that it would increase the efficiency of remittances, reduce dependence on the US dollar and open up underbanked services that would reduce pressure on the domestic currency. Bukele positive initiative may take some time to fully implement and the world is looking at how they can make the use of Bitcoin more positive and effective. Meanwhile, Russia is looking to implement Bitcoin for its internal trade transactions and Panama may similarly legalize the use of the cryptocurrency for its internal trade transactions.

Today is 🇸🇻 El Salvador Independence Day 🙌

El Salvador gained independence from Spain on September 15, 1821.

200 years later, it became the first country to adopt Bitcoin as legal tender.here



The country of El Salvador has come a long way in terms of Bitcoin holdings, and El Salvador is the only country in the world to have achieved success in a short period of time. Seeing their Bitcoin holdings, other countries are showing interest in Bitcoin, which is the biggest positive point for Bitcoin. The country of El Salvador has found a future permanent address for holding these bitcoins.

In this case, Bitcoin simply turned out to be a tool that this person was able to use, because there are many similar applications, but only some become successful. And in this case, Bitcoin was exactly what was able to attract attention, because despite the fact that Bitcoin was approved as an official means of payment, not everyone was able to immediately adapt their activities with Bitcoin, and those who were able to do so received an advantage from this. There are always many opportunities in our lives, you just need to be able to find them and use them.

El Salvador’s Bitcoin Office Celebrates 21 Months of Success, Sets Stage for Renaissance 2.0

The National Bitcoin Office (ONBTC) of the Office of the President of El Salvador, led by Stacy Herbert, aims not just to help further integrate Bitcoin into El Salvador’s economy but foster a cultural, artistic and psychological renaissance.

By many metrics, The Bitcoin Office has already achieved much success since its founding in December 2022. It’s stockpiled 5,836 bitcoin on behalf of the country. It’s educated 80,000 Salvadoran civil servants on what Bitcoin is and why it’s important. It’s helped implement Bitcoin education from kindergarten to university levels through programs like Mi Primer Bitcoin and CUBO+. And it’s attracted entrepreneurs, investors and other bright minds to the country.
Source link: https://bitcoinmagazine.com/business/el-salvadors-bitcoin-office-celebrates-21-months-of-success-sets-stage-for-renaissance-2-0


More detailed information is available at the link above, but currently the government of El Salvador has introduced further improvements to education about Bitcoin. And they will definitely get the benefit of holding bitcoins because their benefit is built in these 5836 bitcoins. And the more it holds, the more it will see growth, so the government of El Salvador has placed the highest importance on Bitcoin holdings, and it is everyone's choice.

Individuals are a vital part of any process. Years ago, a well-known businessman in my area with whom I had establish a good business relationship told me: "I have built several businesses in my productive years, and there are always three essential things, money, the idea and people... and of those three, the most difficult to achieve in any of my projects is always the people."

And that is the case here, it is not just Bukele, it is not just bitcoin, and it is not the idea of ​​your (us) project, it is (are) the individual(s) who, with his talent, leads his venture to success.

On the other hand, regarding the news, you can see many people giving their opinion on the debate, blah, blah, blah, and it is important, because the United States, whether we like it or not, is a reference for many economies, but there are people who see more brilliance in that, than remembering September 7, or that there are people trying to use bitcoin as a way of life. (ojo: I'm not talking about people in general, I'm talking specifically about this niche, our forum)

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^{ojo x Ad}

Is there any rule that stops you from continuing a current topic? If you check the date of my post it is on the 9th not the 10th, so you are wrong. This was the first time I saw the news and I quoted @rwin100.

I think every good news from El Salvador should be celebrated. After all, if it were negative news about the country, you would see it in headlines for a long period. I will keep celebrating Napoleon Osorio because he is a testimony that Bitcoin can change lives financially.  

However, it is important to note that it was not just Bitcoin that made him a millionaire. He was able to manage his business effectively and efficiently, and Bitcoin was able to contribute to the growth of the business. That's also what El Salvador is doing but it will take some time for the positive effect to be visible in the economy.    

This is perhaps best illustrated by the fact that Bitcoin has changed the economic status of Salvadorans. Where many people are interested in selling bitcoin investments is the person who has traded in bitcoins i.e. he paid his car rent with bitcoins. He became a successful businessman after owning Bitcoin and now owns a company where he also owns a few cars.

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You can see that this topic has already been discussed here a few times and you have mentioned the same thing again today.

I also like the important points they have built from now on and one of them is in the children's sector who have been taught how to use Bitcoin and also Blockchain knowledge from now on. Because I am also quite sure that this will have a quite good impact on their own future and also the future of the country of El Salvador as a whole if all citizens of the country continue to be consistent in using Bitcoin and also Blockchain. Even though El Salvador is not a rich country at the moment, it is also not a poor country at the moment so it would not hurt for other countries to see El Salvador as an initial motivation in order to adopt Bitcoin.

Since El Salvador adopted Bitcoin, they are only gaining success, as the people of their country are ready to learn Bitcoin at any time. Now, the country has gained a reputation as one of the most popular places in the world, and they are known today as successful investors in Bitcoin investing. They will benefit the most if they are willing to hold Bitcoin for a longer period of time, as they have seen massive gains in just four years from 2021.

Has Bitcoin inspired you to start a business?
here

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Bitcoin is a thing that once entered the person must have succeeded, you note the country of El Salvador. An ordinary citizen of El Salvador, he was a taxi driver, and he got into Bitcoin and became known as a major investor today. Full credit goes to the government of the country, Naib Bukele, he has shown the right path to the people of his country, and he has once again proved that he can succeed completely with the people of his country.

Napoleon Osorio the taxi driver

This is an uncommon story. It shows how beneficial it is not to follow the crowd. When others were busy selling their coin, he started a business and was receiving Bitcoin for services he renders. His patience and dedication have paid off, as he has been able to buy more taxis and is no longer struggling financially. This is just one of the success stories among many. This shows that Bitcoin is having some level of impact on the economic conditions of El Salvadorians.

This are some of the things the El Salvador president  seen ahead, that made him thought about BTC legal tender it will bring success to those that will accept BTC as payment in their businesses, which is what the taxi driver experienced from the taxi driving business to grow to this level to establish other business that will double his profit. Anytime I see good stories like this about El Salvador, it make me to praise El Salvador president that allowed legal tender in the country because it has brought a lot of developments to the country which it will make the country to continue to experience the benefit of legal tender.
Just wait for the BTC to reach or cross 20 years in the world, then you will see a lot of things it has done to people and countries that made it legal tender because many people has used it to grow their businesses, and countries too has used it to grow their economics.

Their plan about Bitcoin is far-reaching. The steps they have taken with Bitcoin will certainly take time to implement even though they have already come a long way to implement the plan. But it must wait a long time to reap the benefits from adopting Bitcoin. Wherever El Salvador stands today, future generations will be able to take the country's economy to another level. Children in El Salvador are being taught to use Bitcoin and Blockchain technology from a young age. Children are already learning about Bitcoin and with in few years El Salvador will be among the most economically developed countries with light of bitcoin.

September 7, 2021 was one of the most significant days in Bitcoin’s history.

El Salvador became the first country in the world to adopt BTC as legal tender — defying warnings from the International Monetary Fund.

It was a rapid rollout for the dramatic new policy, especially considering it had been announced by President Nayib Bukele just three months earlier.

Every single Salvadoran citizen could claim $30 in free Bitcoin if they downloaded the government’s Chivo app.

Meanwhile, Bukele excited the crypto markets by regularly announcing that the country was buying thousands of BTC to hold in reserve.

Source link: https://cryptonews.com/exclusives/has-el-salvadors-bitcoin-bet-been-a-success/

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They have been holding bitcoins every day since accepting bitcoins as legal tender on September 7th, 2021, I think this complements the DCA approach. Because they have been holding Bitcoin for the past four years, and their Bitcoin holdings were purchased at their 2021 peak.  And again in 2022 and early 2023 Bitcoin had very low buying prices, which I think they continue to hold until now. 
And the price of each bitcoin is on average (roughly around 40k) of bitcoins purchased. So it must be noted that no matter how much the price of Bitcoin increases, holding Bitcoin for a long time following the second method will definitely reduce the purchase price.

El Salvador is now three years old since it has made Bitcoin a legal tender, which the President admitted that Bitcoin has brought the country investment, tourism and branded the country. Bukele admitted he was right  when he said those who bought Bitcoin earlier when being launched must have profited more .

https://cryptonews.com/exclusives/has-el-salvadors-bitcoin-bet-been-a-success/

It was truly a great day for El Salvador. On September 7, 2021, El Salvador became the first country to accept Bitcoin as legal tender. El Salvador's president, Nayib Bukele has played a key role in making El Salvador stand tall in the world as a Bitcoin investing country. Nayib Bukele has taken steps to expand Bitcoin in his country by teaching Bitcoin to students there.

Napoleon Osorio is a shining example of how you can improve your financial status and become rich with Bitcoin. Napoleon Osorio is a taxi driver who made a living driving taxis in El Salvador. He used to accept bitcoins as fare from passengers i.e. he also used to accept his taxi fares through bitcoins. He has greatly improved his financial status with Bitcoin and now has 21 drivers working under his leadership which is truly inspiring.
Napoleon Osorio talks about the transformation of his finances with Bitcoin, saying,

source: https://www.france24.com/en/live-news/20240907-how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin

Thank you for this post, this thread has 2747 posts, up to the post mentioned above, and 584 users have passed by, who have given their opinion on the subject but they forgot one of the most "irreverent" days of bitcoin, in fact I would say that it is the maximum official reverence of bitcoin so far, and it practically went unnoticed, even spammers ignored it, by the way it is not that I forgot and I am here on September 8th, I have a topic dedicated to this date in my local language.

On the other hand, there are not many different data that can be given, both in the positive and negative line (side where the data borders more in reality).

But as it is a birthday, let's surround this day with a positive fact, among the 1000 that exist, I repeat, anyway,


^{Source:https://www.france24.com/en/live-news/20240907-how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin}

Happy Bitcoin Legal Tender Day 🙌

On September, 7th 2021, 🇸🇻 El Salvador became the first country to officially adopt Bitcoin. here

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El Salvador is the first country in the world to accept Bitcoin in 2021, allowing Bitcoin to become legal tender. And since then its Salvador has stood head and shoulders above the rest of the world in Bitcoin adoption, and has gained one of the world's reputations for being the only Bitcoin adopter. And gained even more reputation because he taught Bitcoin using various techniques to educate the people of his country from students to young and old people about Bitcoin. And has been successful in many ways, I can say the president of El Salvador, Nayib Bukele, is a successful entrepreneur and his contribution to bitcoin holdings is the most.

Correct they are not wealthy yet. They are under category lower middle income country which means they are not rich yet. Maybe they are gaining something from bitcoin but they didn't see yet the full effect if we talk about their profitability with bitcoin, since for sure it will take a long time before they gain especially on investment they have done with bitcoin and for sure in future it will good result for their country.

People can see it here on where El Salvador earn their wealth https://www.britannica.com/place/El-Salvador/Economy

For sure they didn't came to the level where they are gaining a lot of money from bitcoin since they are just newly adapted this coin and maybe they only get small result for now. But for the fact that their country is gaining attention and tourism with that they already get the benefits that they want.

El Salvador is not yet a rich country. The country has successfully bought some amounts of Bitcoin and they are still acquiring more. Since they see Bitcoin as a long-term investment and the price of Bitcoin is predicted to keep increasing, there is a high tendency that the Bitcoin will contribute to the economic development of the country.

However, the wealth of El Salvador is not solely dependent on Bitcoin investment, the government needs to put in place viable economic policies that will attract foreign investment and create jobs. The government have been able to maximize the opportunity that making Bitcoin a legal tender provides which includes improvement in tourism but the government needs to improve other sectors of the economy to make the country wealthy.