Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 25. (Read 40390 times)

El Salvador recently started a pilot education project in their country

Through this education project, students in El Salvador will learn how to set up, manage and operate Liquidity on Lightning Nodes as well as coding. I think it's amazing to see students learn coding skills and get hands-on experience in setting up, operating, and managing the fluidity of a Lightning node. With these, Bitcoin will probably become more popular in El Salvador and students will get a lot of hands-on experience with Bitcoin.

Their program is expected to roll out to other schools in El Salvador within the next 12 months.



https://twitter.com/bitcoinofficesv/status/1755707538413154752?t=KWwl1Q0sjBWOMcBR2ThPKQ&s=19

In social network Nayib Bukele told that the purchase made by El Salvador has generated huge profits so they do not currently expect to sell the digital asset as this is a long-term strategy.

Information of nayibtracker.com, El Salvador holds 2,762 bitcoin, with an average price of $42,433.42 and a current market value of over $115 million. The break-even bitcoin price for the El Salvador portfolio is over $42,500 per BTC. This average in December-2023.

According to Government data the price of bitcoin is fluctuating it has show an upward trend since it was created its value has increased 1,400 million percent.

Today (02/08/24) bitcoin reached more than $44,801.26.(last write). Now it should be smiling!

Its been a while on this, once it has to do with el-savador, then there's no alternative in digital currencies than bitcoin, i knew it earlier that the people will never be ungrateful to Nayib Bukele for the tremendous changes he has brought to el-savador, he is such a committed president who doesn't give chances for compromise, he mean business when he started by making bitcoin a legal tender, though the beginning could be tough but that has brought on them the level of developments they have achieved today and how the country is globally recognized with bitcoin and no other.


Its not about selling or buying now @fiatless just as JayJuanGee have cleared, bitcoin is now a stable and adopted digital currency in el-savador and eevn after the regime of Nayib Bukele, it will still remain as a legal tender, this was not intended for a certain duration, it was aimed at the people of el-savador to have an alternative to fiat currency by adopting bitcoin which gives everyone the right to a decentralized digital network.

Lastly before i forgot, congratulations to Nayib Bukele and the great people of El-savador.

Some times it is difficult to get some feet on the ground perspectives, which sometimes is needed.

In this hour-long interview on the Stephan Livera show, Mike Peterson (that just came out today) describes that he believes that the benefits are ongoing and sometimes not direct.. and also it is his belief that network effects can take time to continue to build.. including mentioning some obstacles along the way. 

Nayib Bukele has indeed made such a statement. I am worried about the other presidential candidates. But it turns out that one of the candidates also wants to continue the Bitcoin program. This makes me happy. In addition, I read that Nayib Bukele won again. This means that the Bitcoin program will definitely continue. Although this is not officially Bukele's victory. But I read that El Slvador has a rule that a president cannot become president continuously after his term expires. That would be unconstitutional, he would be an unconstitutional president.

Source: https://www.bbc.com/news/world-latin-america-68205036

New president has potential will change the previous regulation exactly with bitcoin have been legal under Nayib Bukele can't guarantee when changing president keep defend to make bitcoin keep legal currency. But regarding the latest media published by BBC about the victory of Nayib Bukele make proud for El Savador citizen with bitcoin keep using as legal currency transaction there.
Not have to worry with bitcoin regulation in El Savador because Nayib Bukele one step closer become the election winner and he will defend his position as president.

Actually the achieving by Nayib Bukele not only success made bitcoin as legal payment currency transaction but also he had success reduce the criminal case in his country.

I think it depends on who gets elected in the end because even if Bukele is not re-elected in the end but if a new president is elected who still has the same thoughts about bitcoin and has felt the impact that bitcoin has in his country then it will not be a problem.
Although until now for bitcoin in El Savador is still a pros and cons even for its own citizens but if the government is still serious about running the programme and developing what was planned in the previous leadership I don't think it will be a problem even though in the end there will definitely be a series of new regulations formed but as long as it does not interfere and actually supports the previous regulations especially when talking about bitcoin then it will not have a big impact and will actually be a positive indication again.
Currently, changing the policy will actually hamper and make the situation chaotic so that with the thinking that occurs, surely the regulations that were previously passed will continue to exist and will not have many changes even though there must be additions.

But he was re-elected.  What are you asking?  What if he had not been re-elected? You are presuming what if reality was not real.  What if the opposition took over?  It is not as easy for the opposition to take over when Bukele has such high approval levels, so maybe you are asking what if Bukele was not so popular?

In regards to bitcoin, what if the country changes its mind about bitcoin because some leader other than Bukele were to come to power?  What if there were a coup d'éat?

We likely need more details regarding some kind of a factual scenario to help you to reach some of your presumptions that some kind of event in which Bukele were to not come to power than there would be a sliding off of the desire for Bitcoin as legal tender.. so some how bitcoin would also need to be blamed for some issue.. .maybe if the bitcoin disappeared or maybe some other corruption were to be discovered in the administration.. but we still would need more context for your fantastical "what ifs?"


Right now the dollar and bitcoin are both legal tender, and so residents can use either one, and there were some provisions that merchants would have to accept it; however, from what I heard, there are still a decent number of residents that are still not set up for accepting bitcoin, and also I am pretty sure that the El Salvador said that it is not prosecuting merchants for not being set up, even though it would seem that if the merchant is really BIG then they should have to have the capability of accepting bitcoin.. so I am not sure if they are never going to not enforce those kinds of issues. Maybe we need more investigation into those parts?

It seems that initially many of us thought that they would be using lightning network to spend, but a lot of the lightning network involves various custodial solutions, so there are not very many non-custodial (or self-custodial) lightning solutions, even in the last couple of years.  On chain transaction fees have not been helping the ability to transact with small items using bitcoin, and surely some folks are reluctant to spend their bitcoin, even though if tourists are coming in, then they might not be reluctant to spend their bitcoin, especially if they have had bitcoin for a long time, but still it seems that due to relatively low BTC prices (spending a lot of time below the 200-week moving average) a lot of bitcoiners might have been reluctant to spend their bitcoin between May 2022 and October 2023.. so there could have been some resistance to spending during that pretty long period of low BTC prices.


I would imagine that success or progress could be measured from a lot of kinds of indicators besides ONLY whether BTC is being transacted within the country, and so if there might be various kinds of infrastructure building that is going on to improve cell service and the availability of various kinds of technology, then at least the excuse of lack of technology might not be focused upon... At the same time, in some countries there are accounting and tax consequences, but El Salvador does not have that issue and it does not have the issue of administrative hostility, and perhaps the administration is trying to encourage and educate people about the various ways that they would be able to use bitcoin. 

I doubt that El Salvador is considering it nearly 2.5 year roll out of bitcoin to have had been a failure, even if there might be some areas in which it is appearing that adoption and usage of bitcoin is still not rising to very high levels... but then now with Bukele's election to another 5 year term, we may well be able to see how bitcoin adoption progresses in El Salvador during that time - presuming that Bukele stays in power for the next 5 years. ..that would be bringing us into 2029.

What if Bukele isn't reelected? This only means that there can be new sets of policies towards the country's status about having Bitcoin as a legal tender.

This is not surprising because still many of their residents don't have an idea or doesn't like using it as a legal tender.

That's sad but it's the reality.

I am not necessarily against Bukele, but an election result of 87% reminds me of sham elections in dictatorships. I don't want to imply that for El Salvador, but it does have a certain flavor when a president who is not uncontroversial among his own people achieves such an election result.

Does anyone know whether foreign election observers were present and admitted?

The success of El Salvador likely has to do with its bitcoin focus rather than getting distracted into shitcoins.

You seem to be distracted in your own desires to frame this as a victory for some vague ass generic category of crypto/digital currencies/ shitcoins.

So in some sense you seem to consider them all to be in some kind of similar category, which likely shows that you are lacking in your own abilities to distinguish what is special about bitcoin and what is going on with the various shitcoins that are mostly either affinity scams or maybe you could consider them as test networks for bitcoin, even though there are a decent number of folks scamming and getting scammed through their various involvement in those overwhelmingly snake oil projects.


There is no need to trade or sell investments... especially something like bitcoin.

Congratulations Nayib Bukele for re- elected as president.
Bitcoin always win ...



Most of the people of El Salvador had confidence in this president, especially after the approval of Bitcoin, the revolutionary steps taken by the President of El Salvador, Nayib Bukele, were all timely and very beneficial for the people of Salvador. That is why the people of Salvador elected the president in the re-election period from 2024 to 2029.

Yes, I agree with everything you said. Because from the data spread in cyberspace regarding the development and reaction of the people of El Salvador to bitcoin, the results can be said to be less than satisfactory. This is all possible because all levels of society there need a longer adjustment to bitcoin, so Nayib Bukele's plans are slightly hampered.

But I have a good assumption about this (Bukele wins again as president in El Salvador). These assumptions are

Maybe if we only focus on the data spread in cyberspace, regarding the development of bitcoin adoption in El Salvador, maybe we will think that the majority of people there do not agree with Nayib Bukele's decision to adopt bitcoin. However, in fact, Nayib Bukele won again and returned to the position of president in the current period. So it should be used as a benchmark that Nayib Bukele has indeed had a positive influence on the country of El Salvador. Including the decision to adopt bitcoin in the country. So the important point is that the reason the majority of people in El Salvador currently do not use bitcoin as a transaction tool is probably not because they don't like it. But maybe it's caused by factors

• Uneven systems (such as bitcoin ATM machines)
• The government's direction to the public regarding bitcoin is not optimal
• Or also because of other technical matters.

So I personally don't actually think that Nayib Bukele's plan will be a failure. However, this plan requires a longer maturity process. So I emphasize, if we talk about the plan of a country's leader like Nayib Bukele's plan, it will definitely take quite a long time for the plan to reach a success rate of 60-85%. So the same goes for the adoption of bitcoin which is currently underway in El Salvador.

I am happy that Bukele was able to secure victory for the second tenure which means we are sure of the progress of Bitcoin in El Salvador for the next five years. He deserves a second tenure because the biggest impediment to the development of El Salvador is organised gangs which lead to an increase in crimes. But he made some policies that have reduced criminal activities which has attracted investors to the country. He has also made a positive impact on the tourism sector of the country. The next five years will still be an era of buying Bitcoin because I have never heard of Bukele talking about selling.

he won by a huge margin. 87% is really a lot considering there were 2 more candidates.
This shows how much his people love him. and it also shows that he's a good leader. 
And that's a goog sign for bitcoin in El Salvador as well. if someone else was elected then we wouldn't have known what could be the fate of bitcoin in the country.

Bukele was re-elected as President of El Salvador and stated that he would continue the policy of introducing Bitcoin. It is still difficult to talk about the success of Bitcoin in El Salvador, because according to surveys in 2023, the use of Bitcoin by the population has decreased significantly to 12%, compared to 2022 when this figure exceeded 24%.

I understand that Bukele is trying in every possible way to introduce Bitcoin, but this survey shows us that for the population, payments in Bitcoin are not so convenient that its use is growing among the population, in fact, we see the opposite situation when these indicators are declining.

Nayib Bukele the current President of "El Salvador" Nayib Bukele adopt Bitcoin as legal tender. He has been a prominent figure in the politics and his populist approach use of social media to connect with citizens. He has been both praised and criticized for his leadership style and policies, including his aggressive stance on crime. His courageous decision bitcoin and related digital currency has become a powerful stage. In the world some of the legendary people has born and they have to tried to change the society. He is one of them.
Nayib Bukele is a legend of bitcoin family and his thinking about it inspired us and will be inspire in the future generation.This is one of the significant for bitcoin future.

This is what I am afraid, because there is a new presidential election I am worried that the Bitcoin program will not be re-run. But this statement at least makes me a little happy. The reason is, I'm interested to see how other countries respond that see El Salvador succeeding with Bitcoin. Although indeed we never know what will happen with Bitcoin later. but historically El Salvador should be able to improve the economy if BTC again has the best price. I hope that later El Salvador will succeed so that it becomes a reference for other countries.

El Salvador has been made Legislative Assembly approved a bill proposed by President recognize Bitcoin as legal currency alongside the US dollar.The law mandatory that all businesses in the country must accept bitcoin as a form of payment but the government has also provided mechanisms for converting bitcoin to usd instantly if they needed. They has launched the chivo wallet that government-backed digital wallet to facilitated Bitcoin transactions and provided citizens with $30 worth of its upon registration.
significant international attention and debate regarding the potential implications, benefits and risks associated with using bitcoin as legal tender in a national economy.

Nayib Bukele was re-elected as President of El Salvador



Presidential elections were held in El Salvador on February 4. Whereas El Salvador's Bitcoin President Nayib Bukele was declared the winner by popular vote before the electoral body announced the results.

In El Salvador's presidential election, Nayib Bukele received over 85% of the vote and won at least 58 of their 60 assembly deputies. According to CID Gallup exit poll data, 87% of people voted for Nayib Bukele.

CID Gallup

Nayib Bukele is a popular man in Salvador who first adopted Bitcoin as legal tender in his country in 2021 after it was declared legal tender.
Felix Ulloa, Vice President of Nayib Bukele, said that they will maintain Bitcoin as legal tender after the re-election of the government in El Salvador.
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