Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 20. (Read 42639 times)

Do you think other countries might follow suit in bolstering their Bitcoin holdings?

The potential adoption of Bitcoin as legal tender in El Salvador marks a significant milestone for the cryptocurrency industry. If the bill passes, it could pave the way for broader acceptance and integration of Bitcoin into global economies. This move not only signifies progress in the digital currency realm but also has implications for social and human development worldwide. It will be interesting to observe how this decision influences other countries and shapes the future of finance on a global scale.

I also read this. They already have support with the Bitcoin legalization program. One of them is with thermal energy that is used for mining power. They allocated 1.5 MW devoted to cryptocurrency mining of the 102 megawatts (MW) generated by the state-owned power plant. This means that El Salvador is really serious about Bitcoin. According to the news I read, currently the El Salvador government has collected 5,750 Bitcoins.

About ATM crypto, I read on https://coinatmradar.com/countries/ the number of ATMs installed is about 215 ATMs. I've been monitoring this in recent months, as I've created growth data in local discussions. Only the United States is developing rapidly for now and a few years ago.

Source: https://coinatmradar.com/countries/

The use of Bitcoin ATM has been for some time a quite aspect of concentration, whereas in El-Salvador, things have not remain the same over there with the use of bitcoin ATM, we may just have to understand this that even if there have been failure in some aspect for the use of bitcoin ATM, El-Salvador is ready to fixed that up and make bitcoin adoption an affordable investment for everyone use in the country with the help of their president, Nayib Bukele.


It is important that we know this concerning El-Salvador bitcoin investment that they will always continue to buy and hold because they are the role model for others and are setting the pace for others to invest and follow suite, this is one of their strongest secret because they have always been investing and continuing in buying the dip and holding, you can imagine if the market should sure from now to anything close to $100,000 or more, this means they have already been profitable about the one they have just invested in addition to the previous investments as well.

Salvadoran Bitcoin Technology Company K1 Grows with Foreign Investment
 The firm, which produces and exports basic Bitcoin ATMs where anyone can top up electronic wallets using the Lightning Network, including the Chivo wallet, received an infusion of capital from foreign investors a few months ago, allowing it to expand its operations. The process of searching for investors ended in November 2023 with the signing of two financial agreements, one for $150K with an American investment fund and another agreement for $110K with a South American investor. Thanks to the acquisition of these funds, K1 was able to expand its team this year and begin work on new ATMs with the goal of releasing about 200 ATMs by the end of 2024 and thus.  Currently, only 70 such ATMs are in operation.

 According to the company's CEO Edgar Borja, since last year its technology has been present in the USA, Japan, Mexico, Colombia, Ecuador, as well as in European countries such as Austria, France, Italy and Switzerland, but most of them are in the USA and in El Salvador.

 He pointed out that although they have a few clients in the territory, the largest orders come from outside the country and they are preparing for this.

 The firm's current products: K1 Mini, which allows you to load wallets with coins only, are priced at $1,200, and K1 Plus, which allows you to load coins and bills, is $1,850.

 “One of the greatest innovations in our technology is that we can now support coins and banknotes from different countries.  Previously we were limited to the currencies of six countries, but since last month we can already accept Guatemalan quetzales, for example,” added the CEO.

At the ATM, you can insert coins and notes of different denominations and different currencies, which are converted into bitcoins and added to your wallet.

 Borja assured that although they strive to serve large markets and compete abroad with their product, but their main goal is to facilitate the adoption of Bitcoin by Salvadorans by offering a space where they can save in small quantities, and thus strengthen the vision of the President  Nayib Bukele, which should cover the entire unbanked population.

 “We are already contributing to financial inclusion.  For example, in a community in a remote area of ​​the country, families who previously had to take a bus and travel an hour and a half to pay for their services.  They now buy Bitcoin from our ATMs, then open apps like Bitrefill and pay from there.  They actually already have netbanking.  There are many other places in El Salvador that are not as developed, but they can use Bitcoin in this way,” he noted.

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El Salvador's president Nayeb Bukele announced that he will buy a bitcoin a day, continuing the trend and the president also bought a bitcoin yesterday. El Salvador's total bitcoins hit a new record of 5752.756 bitcoins. El Salvador Bitcoin holder CleanSpark(5739BTC) is behind, Bitcoin Holding reports.

El Salvador has been buying bitcoins for a long time, so far they hold a large amount of bitcoins, and if they hold more in the future, they will surely reap the maximum benefits. El Salvador is usually one of the largest companies and countries with the highest bitcoin holdings. El Salvador currently benefits from their bitcoins from every bitcoin they have ever collected in the past.

Thus if Naib Bukele collects Bitcoin in the future days then he can definitely participate inside the top countries. The more bitcoins you can collect, the more benefits you will get, the better the sign of them collecting these bitcoins.

El Salvador has mined 474 bitcoins

El Salvador has mined about 474 bitcoins worth $29 million over the past three years using volcano-fueled geothermal energy. It was powered by a small amount of geothermal energy produced by the country's dominant Tekapa volcano, which was identified as a green way to accumulate the well-known cryptocurrency.

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You may notice how El Salvador ranks within the top countries holding bitcoins. Among the countries and companies ranked 15th is El Salvador, a country that has gained a place in the top rankings in just a short time due to constant purchases of Bitcoins. And will be able to go to a higher level in the future, because Nayeb Buckele is ready to hold more bitcoins.

Setting up bitcoin mining in El Salvador is indeed a very good plan. But for now, the El Salvador government must first focus on Bitcoin adoption among its citizens. Because as far as I know, the adoption progress there has not yet reached 30%, as revealed by a survey from one of the universities.

So far the government in El Salvador has done the right thing in educating the public about Bitcoin. But the problem is, the majority of people in El Salvador who receive education about Bitcoin are students. Meanwhile, we certainly know that a student is definitely not financially stable and of course there are still many who still rely on money from their parents. So the possibility that they can buy bitcoin at this time is definitely not big. Maybe in the next 2-5 years, the number of bitcoin investors in El Salvador is likely to increase. Because students are currently receiving education and receiving guidance about bitcoin, it is certain that in the next few years many will have income or work. And it's likely that many of these students are buying bitcoin.

Therefore, the steps that the El Salvador government must take at this time, do not just focus on the younger generation being given guidance regarding Bitcoin. However, people who are adults or already have jobs must be given guidance about Bitcoin. Maybe if implement this method, the Bitcoin adoption rate in El Salvador will likely increase slightly. Because when people who already have income in El Salvador are interested in Bitcoin, they definitely already have the capital to buy it.

El Salvador now has its own @mempool space where anyone can check their bitcoin treasury holdings.

mempool

I guess many researchers has said this some years to alert El Salvador government about the progress that will enter the land of El Salvador, if they can be able to establish a BTC mining in the country and it will going to change their economy for good in the future, which is what Rochard Pierre just review to the government of El Salvador.

  This advise will draw the attention of El Salvador government to encourage their citizens to invest more money in BTC and hodl for a long term to fulfill what pierre Rochard is saying, and many countries will like to follow the advise too, so that their citizens will be part of the progress like El Salvador citizens.

There are some people who will have the opportunity, but they will not use it well to invest in BTC, which we have such people everywhere, but based on the information the Pierre Rochard has made to encourage the government of El Salvador for doing the right thing and to improve in some areas in the land of El Salvador, I guess majority of El Salvador citizen will start using their opportunity well to invest in BTC and hodl for long term.

Pierre Rochard, Vice President of Research at Riot Platforms, one of the most famous Bitcoin mining companies in the world, based in Texas, said on Saturday 04.05.24, that Bitcoin mining will lead to economic development in El Salvador.

 In a keynote lecture he gave at Don Bosco University to students of CUBO+, a program of the National Bitcoin Office (ONBTC) supported by Plan B Network and Fulgur Ventures that allows Salvadorans to learn about digital currency alongside international experts, Rochard explained that there are several benefits to  countries associated with mining, this is the process in which the most bitcoins are generated.  Students also learned how Bitcoin mining works throughout the value chain and internal processes of the network.

 Rochard also suggested that Salvadoran citizens accumulate bitcoins themselves, as this will allow them to grow in the long term.  Unlike savings with fiat currencies such as the dollar, which suffer from inflation and continually lose their value because of it, Bitcoin assures you that what you buy now will remain the same tomorrow and ten years from now.

 “You have a leader who leads by example by accumulating Bitcoin for the people of El Salvador, but we also have to take responsibility into our own hands and say that in addition to what the government is accumulating for me, I also want to accumulate.  And why?  Because the more long-term savings you have, the more options you will have.  There are a lot of opportunities coming our way all the time, but we don’t always have the capital to do it.”

WHAT IS LAVA POOL?

Volcano Energy and Luxor Technology have joined forces to create the first Bitcoin mining pool in El Salvador. It will harness El Salvador’s renewable energy.

As part of this decentralization process, Lava Pool aims to assist small miners with a special fee to contribute and grow with their inputs.

Lava Pool brings the best fee for small miners!

At Lava Pool, we truly believe in the power of decentralization. The more distributed our Bitcoin hashrate, the stronger and more resilient our network becomes. It’s the PLEB miners who play a significant role in decentralizing the Bitcoin network. That’s why, to you, the heroes of the Bitcoin mining community, we want to show our appreciation.
Source Link: https://volcano.energy/en/lava-pool/
As part of our mission, the first 50 miners to register with us and complete the PLEB client onboarding process will enjoy a SPECIAL DISCOUNT on pool fees. Don’t miss this opportunity!

El Salvador launches its first Bitcoin mining pool, Lava Pool
Oct 4, 2023 | Lava Pool, News

Volcano Energy, a company that combines private and public capital, will manage it in conjunction with Luxor Technology.

Regardless of any investigation, this is an absolute debacle for both El Salvador and for Bitcoin.

This underscores how not decentralized Bitcoin is for its actual users.

The Chivo Wallet VPN data breach has really compromised the privacy and security of its users in El Salvador. The El Salvador's government should do all they can to reassure people who's data has been compromised because this is a breach of trust. The government should issue an official statement and also take immediate actions to address the issue.
Thorough investigation should also be conducted too on the hack and also put in more efforts to make sure that such incident doesn't happen again.

NEW: Students in 🇸🇻 El Salvador’s public schools learning how to step up and run a #Bitcoin    node 🙌


Source and Video link: https://twitter.com/BitcoinNewsCom/status/1785990050951393404?t=uhFykKGo-nxg-qVAZEKvEw&s=19

The will of the people and students of the country of El Salvador is enormous. El Salvador has the largest population in the country and Bitcoin is always being taught in public schools.

With great interest, I found out that it turns out that a plant producing chips (also known as fixed electronic capacitors) has been operating in El Salvador for a long time.

 The plant has long been considered in the El Salvadoran economy as a “star product of the industry”, since it is the exclusive plant of the Japanese company Kyocera AVX.  The plant is located in the free zone of San Bartolo, Ilopango, which began operations back in 1977.
 Salvadoran supplies from this enterprise to the world market amounted to $40.9 million in the first quarter of 2024.  However, this is still at least $12.2 million less than the $53 million for the same period in 2023.
 By the way, in 2002, apparently after the Covid epidemic and also due to the deterioration of international relations, the export of electronic capacitors exceeded $259.9 million and became the fourth best-selling product exported from El Salvador in terms of financial volume according to statistics from the Central Reserve Bank (BCR). True, now this product occupies sixth position in exports with a share of 2.65% in total exports.  But this is also a lot.
 But also the only product belonging to the section of high-tech products.
 And it should be especially noted that this product is produced only in El Salvador.
 Electronic capacitors are in great demand in various industries such as automobiles, telecommunications, mobile phones and space satellites.

So citizens in El Salvador don't actually use Bitcoin in a decentralized way--they might as well be using a government-run central bank. Good to know.

So while everybody here is excited about anything that promotes their investment in Bitcoin no matter what it is, it's worth noting that this is just one more installment of the government boondoggle that has been El Salvador's (unsuccessful) forcing of Bitcoin upon its citizens.

I've said in many other threads that asking for Bitcoin to be dubbed "legal tender" by the government, thereby forcing Bitcoin on citizens whether they want it or not, is immoral, impractical and foolish. This is just one example of what happens.

https://twitter.com/LibertyCappy/status/1785142799018467610?t=jSxwoI22mn1RFSUMhFbphQ&s=19

Considering one of the things to learn and impact from Bitcoin adoption is the equal opportunity it has rendered for everyone to have access for it's adoption, likewise the government will always  keep to maintain and try it's possible best in seing that everyone has the same mentality of this equality of human rights to live up to their desired expectations.

This make the government led by the Nayib Bukele Administration to emphasize on this that gender ideology be banned in El-Salvador and it's corresponding public schools among pupils, with this, we already know and have it in mind that transformation in El-Salvador is without boarders and has also been an unending lifetime memorable achievements ever since after Bitcoin adoption.