Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 23. (Read 38876 times)

For sure it will happen but provably takes time for those citizen to fully trust what newly implemented to them.

And once they see some good relevance for investing on bitcoin by the help of government especially for spreading a awareness for sure people will consider that to happen since government influence is much stronger than any one else there.

They already done the huge step for making bitcoin as legal tender on their country so for sure in next following years a huge percentage of people there is using bitcoin especially that their government is strongly supporting. Bitcoin maybe a good investment tool but people should remember that this is currency so they must use that base on its purpose and also they can decide to hold it since for sure they can get rewarded especially bitcoin is good for long term.

You could have avoided the pyramid post by just using the format.
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In addition  investment  in Bitcoin should be done with the intention of holding not short but long , thus investors can keep on accumulating by buying the dips of the market

Investing in bitcoins if we can't wait for a long time then it will not be possible to earn profit from the invested bitcoins. So I want anyone who is thinking of investing in bitcoins to accept that they must wait for a long time and invest. Later, when the Bitcoin market goes to the def, we sell the bitcoins and we have to fall into the possibility of a lot of loss. Therefore, no matter what we do, we can never be disappointed if the Bitcoin market def.

Only bitcoin investment is strictly better because here it is possible to reap huge benefits if you can present it correctly. Bitcoin is a coin where investors have a very low chance of loss, only investing with risk and holding it for a long time will definitely reap the benefits. Investors are often told that investing in Bitcoin must be done for the long term, as the ups and downs in Bitcoin prices create opportunities for investors. Now it is downtrend, later Bitcoin price will complete uptrend again. We have bitcoin halving ahead so we should not waste this opportunity to live a luxurious life like them I think.

Well, I did not know those were the kind of things which were being done in El Salvador, it is the kind of political move I would only expect from countries under left wing regimes, where the regime uses food as a way to control the population into voting for them in the coming elections, as someone who has lived in Venezuela for a whole life, I can assure you this is one the of lowest tactics used by regimes, they profit off the misery of people.
I am not against giving food to the poor though, but it has to be away from a political setting and away from the cameras.
I don't understand why Bukkele would need to do this in such a way either, keeping in mind the high popularity he has among his people. In my opinion, it would be more dignifying to build public cafeterias for the poor to go whenever they have in need for a hot meal, instead of doing a spectacle out of this.
Perhaps my opinion in biased, but that is what I feel.  

They don't give food to the poor in developed countries ...! Either ...?

They do not do dirty policy in developed countries ... politics does not change among countries, it is individuals and institutions that may have real influence when they reach office, but as they arrive there, it does not vary much from country to country, Some cover the "marramunciations" with gray legislation.

No matter what they do or what is said about Bukele, he "TxPresidente=confirmation," hopefully he has the ability to give ideas to the population of who could be his successor, who does not appear...

Just checked the Freedom Passport program website and I was pleased that my country was among those that are eligible. The process of registration seems to be easy but the only impediment will be the 1,000,000 USD in BTC cost. This program is solely reserved for the rich and not for folks like me. However, it is not too much to contribute to a country that will offer a fast-tracked El Salvadoran passport. But the good thing about the program is that the funds will be used to invest in the economy of the country. The government of Bukele will raise funds from this project and also attract wealthy individuals who could invest in the country's economy. But the country should be careful not to give citizens to the wrong people that will bring a bad reputation to the country. I also know that the President still has the power to withdraw these passports.   

From the picture you shared, it looks quite amazing and extraordinary for those who have become Bitcoin investors and can enjoy the results so luxuriously. I hope that this can be the main trigger for El Salvador citizens and other citizens to take an interest in becoming Bitcoin investors so they can experience that level of success in the future. Because this can be an example for others that entrusting Bitcoin as an investment asset can be quite beneficial and truly satisfying because Bitcoin can bring changes in the lifestyle of everyone who does not hesitate to invest in it.

The Salvadoran newspaper El Salvador representing Nayib Bukele's opposition politicians published information about a method of campaigning for Bukele prohibited by current legislation.  This is of course a classic of democratic elections in underdeveloped countries.  This is bribing voters by distributing free boxes with a set of essential products to voters.
 Volunteers hand out such boxes saying that they are “from President Bukele.”
 The items in this box include: pasta, beans, rice, a bottle of butter, flour for making tortillas, oatmeal, powdered milk, oatmeal, a can of sardines, a package of toilet paper and corn flakes.


 It is not clear why Bukele himself needs this campaigning using this method?  He already has a very high rating.  True, the opposition newspaper also writes that the authorities of El Salvador previously distributed such standard sets of products simply during the period when there were no elections.  This is their kind of social.  Support for the poor.

 But the opposition is still going to sue Bukele over an illegal method of election campaigning.

 But everyone understands that this is simply one of the reasons to imitate the vigorous activity of the opposition.  Still, the opposition to Bukele in the country is too weak.

 Here's what the process of distributing free food boxes to low-income citizens of El Salvador on behalf of Bukele looks like:



“Presidential Food Assistance Program” (”Programa Presidencial de Apoyo Alimenticio” (PPAA)

The Lifestyle of a Bitcoin Holder, a citizen of El Salvador living handsomely in an often prosperous paradise by investing in Bitcoin. Anyone can build such a lifestyle just by investing in Bitcoin if they become a successful investor.

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🌐 Living the Bitcoin Life in El Salvador: A Libertarian's Paradise!
Hey Bitcoiners! 🚀 Ever dreamt of a place where your #Bitcoin      values align with your lifestyle? Look no further than #ElSalvador! 🇸🇻
Here, the Bitcoin community is thriving, and life is a symphony of freedom and opportunity. Let me share why El Salvador is the perfect haven for a Libertarian Bitcoiner like you:
✅Organic delights: Enjoy the goodness of life with access to organic food in this country, @bitcoinbabey can be your source for raw milk, butter, pork and delicious dessert ice cream.
@beefbackbetter has local, natural, grass-fed beef in El Salvador, savour the flavours of nature while embracing a healthy and conscious way of life.

✅Bitcoin Market Extravaganza: Imagine shopping at @btcfarmersmrkt with a delicious Salvadoran coffee from @CheritoCafe, buying a book with @lolodelal, paying for it all in bitcoin, and meeting like-minded friends who share your values.

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✅Bitcoin Hardware Haven: Secure your Bitcoin assets with ease. At @tbhs_sv you can find a variety of hardware wallets, seed backup plates, and full sets to fortify your Bitcoin journey.

✅Community Connection: Join local groups and meetups of Bitcoin enthusiasts at @Bitcoinbeach, monthly meetups at @paloverde. Network, share ideas, and build lasting connections with individuals who understand the power of decentralization.

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And here's the kicker - El Salvador welcomes you with open arms, ready to embrace the future of decentralized living. 👉🇸🇻⚡️

Ready to make the move? Drop me a message, and let's turn your Bitcoin dreams into reality! 🏡🌍 #Bitcoin    Country  #ElSalvador #LibertarianParadise

Source Link

In the program for citizenship of a country for 1000 Bitcoin investors (investitions worth more than $1 million), there is one rather nasty clarification:
 The official website of the initiative sets out nationalities with restrictions for applying.
 The site “Adopting El Salvador” indicates that the Freedom Passport does not apply to people who come from Cuba, North Korea, Iran, Syria, Republic of  Crimea, as well as the Donetsk People's Republic, Lugansk People's Republic, Kherson People's Republic and Zaporozhye People's Republic.
 Well, of course, the ban also applies to citizens included in the “black” list of OFAC (Office of Control of Foreign Assets).  They are also not eligible for the Freedom Passport program.”  But this is obviously fair, unlike discrimination against citizens from anti-American countries.

 On Monday, January 15, it was officially published that this immigration tool is “already available to Americans and Canadians” who want to obtain Salvadoran citizenship.
 Investors interested in participating in the program must apply through the online portal, and pay a non-refundable $999 to begin the process.
 The application time may take a few minutes, but the government notes that a response may take up to six weeks, during which time the information provided by the investor is reviewed.  .
 If the application is approved, the government will provide a link via email to pay the total $1 million portfolio.
 After the payment process, the passport will be issued and investors will choose whether they want to receive it by mail or in person.
 The website notes that this $1 million investment will go towards the country's economic development, social and cultural programs.

source

El Salvador used to be murder capitol of the world. Now it's the 2nd to safest country in the Western Hemisphere.

How did President Nayib Bukele do it?

He cracked down on crime and jailed more than 65,000 gang members.

El Salvador now has the world's highest incarceration rate by far and a national homicide rate that's down by 92%. His approval rating now stands at 90%.
Details
The Bukele Model can and should be replicated everywhere. It works.



El Salvador is the second safest country in the world in terms of peace, as the country was also associated with rampant crime not long ago. Looking back a bit, when the government of El Salvador came to power Naib Bukele started arresting these criminals. Now a crime-free El Salvador stands tall in the world.

Another reason why it will take a much longer time for the country and its citizens to adopt bitcoin is because not all the politicians are in support of bitcoin legalisation; many of them see it as something that was imposed on their citizens, which many see as the positive side, and those sets of racists will create a negative vibe around the adoption within the people.
 
Adding to the fact that most people, even those who are academically enlightened, still consider going old school rather than making use of something new that they don't understand, unless they have people who are close to them who will teach and educate them on how the currency works and its true potential. Only then can we see an increase in adoption than it is right now.

Most people expect the entire population of El Salvador to use Bitcoin overnight before they believe that the legalization policy has become effective. But they fail to understand that it took centuries for people to get used to fiat when it was newly introduced. It is also taking many decades for people to embrace online banking.  This entails that it will take some time for Bitcoin to be generally accepted in this Central American country. Although I couldn't find the research carried out by the magazine, however, the news is a positive one. Hopefully, the number of people who use Bitcoin will keep increasing as awareness and education spread to other parts of the country.

NEW: University study finds 1 in 10 El Salvador residents have used #Bitcoin    for payments

Gradually, then suddenly 🚀


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Bitcoin Magazine published a report that one in 10 people in El Salvador uses Bitcoin. Bitcoin synonyms and investors have grown exponentially in El Salvador. Full credit goes to the President of El Salvador, Nayib-Bukele, as he has provided all kinds of opportunities regarding Bitcoin, and has also provided Bitcoin education in educational institutions. As a result, 10% of people use Bitcoin.

Salvadorians use state Chivo Wallet mainly, it allows to pay with Bitcoin without a commission and to exchange BTC to USD and backwards without any commission as well. It is made mainly basing on that Chivo is using LN. So Salvadorians can pay with Bitcoin not worrying about mempool congestion and other problems.

Otherwise it would be impossible to use Bitcoin for regular shopping at a grocery store for the masses, but fortunately El Salvador gov thought about that in advance.

I actually thought this would happen. Because I never thought that adopting Bitcoin as totally as in El Salvador would be an easy thing. However, what is certain is that Bitcoin will take quite a long time to adapt to all levels of society in El Salvador.
1-5 years or even more, things will definitely not be perfect in terms of adaptation. So it is not surprising that in El Salvador there are still many people who are ignorant or do not use Bitcoin as the majority.

Apart from that, don't forget that dollars are still used there (El Salvador), so the majority of people there definitely use dollars for transactions in everyday life. Because dollars have been used in El Salvador for a long time. So it is not surprising that people's habit of using dollars in everyday life is still very large and will be very difficult to replace. So it is natural that currently Bitcoin is still used by minority groups there (El Salvador). Especially when transaction fees are expensive, this will definitely be a challenge if people use Bitcoin as a means of daily transactions.

And regarding the impact of bitcoin on economic progress in El Salvador. I think it's natural that there is no significant difference. Because don't forget, Bitcoin is an investment asset and a means of payment. So economically, the people of El Salvador want to experience progress from bitcoin. The most common way is to invest in it. Because if it is just used as a means of payment, I don't think the impact it will have on El Salvador's economy will be significant.

But even so, currently El Salvador is still in the process stage. So calling it a failure at this time is still not correct. Because as I said, it will definitely take time for bitcoin to adapt in El Salvador.

José Simeón Cañas Central American University issued the results of annual survey about the situation in economy of El Salvador. There are several questions concerning Bitcoin among others. Most people who were asked if Bitcoin made an economic situation better in 2023 said that they don't see the difference and 16.3% said it made the situation better, 18.6% said it made worse. But only 0.5% of those who think that situation with economy in El Salvador become worse name Bitcoin as a reason for that.

12% of Salvadorians said that they used Bitcoin to pay for something in the 2023. It can seem that this number is not so big, but the time of $30 airdrop is over, so these people decided to use Bitcoin for payments by themselves. Most spending was on food and basic needs like communal payments or veterinary. Not fast but in right direction.

I think that it is quite likely that Bukele is going to be able to seamlessly transition into his next term, and sure it is just a bit strange because he is not supposed to be the president, but a lot of people just act as if he is still the president.. and I suppose one of the things that he has going in his favor is that he is so popular.. even though sometimes those kinds of popularity matters can be taken too far if he is actually not being honest in regards to things like making sure that coins are secure and that he is really not being deceiptful about any of his dealings...and there are always going to be controversy and even folks who are opposed, including that he is likely not very popular in the eyes of status quo powerful foreign countries such as the USA and leaders of the European Union.


There always could be ways to accumulate in better ways, but it can sometimes be tough whether individuals, institutions or governments to stay convicted in buying when the price is dropping so much, so there is buying of the dip at $40k, then at $30k and then at $20k and it keeps dipping.. so the passion for buying kind of dries up for a lot of people because people run out of money to buy and they also become nervous about buying when they had already lost so much value and it is unclear if it will continue to lose value... so easier said than done in terms of abilities to just keep buying, even though it seems more clear after the fact rather than while we were going through those trying times throughout most of the second half of 2022.

I don't think El Salvador has any plan of selling their Bitcoin because I have never heard Bukele say anything about selling. I think he understands that Bitcoin is a long-term investment and wants to take full advantage of the benefits of keeping it for a longer period. For now, I don't think the country is under any financial stress that might warrant such action because they have not even defaulted on any financial obligation.

Although we know that nothing is certain from almost all the election polls from El Salvador, Nayib Bukele could comfortably win this year's presidential elections. Apart from his Bitcoin policy, he has also performed well in terms of security. We are aware that one of the biggest problems in Latin America is gang violence and the current armed gang war in Ecuador is a typical example. But Bukele ensured that he reduced gang violence by arresting these gangsters and putting them in correctional facilities. This has led to a 60 percent decrease in the rate of homicide and has also improved economic activities because small business owners are no longer scared of these gangsters who intimidate and steal from them.