Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 35. (Read 38876 times)

This is the kind of news that all bitcoin enthusiasts have been waiting for, and it is finally becoming a reality. El Salvadorans are more fortunate than others in that their government has yet to approve the use of bitcoin as legal tender in their countries. With this breakthrough, El Salvador's young children and people will be more educated and exposed to bitcoin technology. They will also benefit from understanding blockchain technology and taking advantage of the opportunities that come with it while using it for financial purposes.


El Salvador is setting a good example for other countries to follow in terms of adopting and embracing bitcoin technology. Many people will replicate the outcomes of their constant efforts to make this technology widely utilised, accessible, and accepted in their region. By then, they will be the centre of this new technology, from which others will learn, and they will be at the forefront, where no one can beat them. They were successful in establishing the country's first bitcoin mining pool. Given the benefits to local communities and miners, it's quite appealing to be a part of this initiative and community that will benefit from this mining pool. From accepting the use of bitcoin and legalizing it as legal tender, they are now interested in seeming up a mining tool for the benefit of the country and its people, this is very interesting and one of a kind in this new era of digital technology.

First Bitcoin Mining Pool from El Salvador


After launching their Bitcoin mining project in June this year in El Salvador, Vulcano Energy has announced a new deal with Luxor Technologies to set up the country's first Bitcoin mining pool in America and is working towards making the project a reality.

The news comes from an email from Martinez that says Bitcoin Miner's main goal is to decentralize Bitcoin mining and take advantage of El Salvador's regulatory transparency. We decided to launch one from Salvador. The only country with regulatory transparency and a business climate that provides stability and predictability for Bitcoin trading. This kind of risk-taking of El Salbad is widely read as we can understand from this news.

This volcano has developed a bitcoin mining facility in the western section of Shanta Anna using wind and solar energy sources. And this bitcoin mining project will generate renewable energy with a capacity of 241 megawatts and will be partially used to mine bitcoins and provide cheap electricity to local communities. So that the people of El Salvador are always interested in using this electricity resource and the project will always try to provide the right level of service.

The main interesting point is that the Bitcoin network currently has a hash rate of 458.441 Ehash/s. Despite Bitcoin's low price since 2021, the hash rate and interest of miners to participate in the network has continued to increase. And since the labor force of attraction is in the right mind so far, if the price of Bitcoin increases, the miners' willingness to labor must increase. And the people of El Salvador will try again to increase their project to a more accurate level.

Source link: https://www.forbes.com/sites/digital-assets/2023/10/04/the-first-bitcoin-mining-pool-from-el-salvador-is-here/?sh=1a39646468b1

The dollar will remain in El Salvador and the bitcoin will be used by whoever wants to use it, and it is true that bitcoin is not affected by any fiat currency. But I am sure that one day bitcoin will overtake the dollar, because bitcoin is hope and bitcoin cannot be avoided.

If this works in El Salvador, the future of bitcoin is beyond doubt. El Salvador is a real case study for other countries and companies. If I were a citizen of El Salvador and had a business with all its fluctuations, I would be happy to use bitcoin transactions because the benefits are very real. I hope that one day my country will also follow the steps forward like El Salvador. Since I believe Blockchain Technology is the future, all governments should invest in this new technology better than later.

I think it's all because of the media. a few years ago people didn't really think about what was developing in the media, or even access to social media was very limited to certain communities. but today we can see the development of social media, the use of which I am sure exceeds that of people who read newspapers or magazines.
This also happens with the use of Bitcoin, such as in El Salvador, where videos that are made and published spread very quickly. everyone in the community and even those who were previously unaware of Bitcoin also read and viewed the information.

The widespread use of Bitcoin does not necessarily replace the role of the dollar now or even in the future. We all know the problem with the value of Bitcoin because we cannot label an item that is bought and sold for 1 Bitcoin. I mean we will still do it with $ and then we convert to Bitcoin.
people think more about Bitcoin as an asset, that's what happens and is understood by most people today. So when they see 1 Bitcoin, then it's not 1 Bitcoin. but some reed thousand dollars.

Maybe that day is not far away as Bitcoin's demand and its value are appreciated worldwide.Because there is no country or people in the world who do not know anything about Bitcoin.The dollar you speak of is but a paper currency.Bitcoin, on the other hand, is a coin through which dollars can be converted and dollars can be converted back to their own currency in different countries.But now the world is becoming modern due to which people prefer to do online based transactions.So people are now buying their daily necessities and paying Bitcoin as the price.However, not all countries can make payments through Bitcoin in countries where it is legal.But I can say that maybe one day all the countries around the world will be able to buy anything with Bitcoin but it will take a long time.

In today's world the number of people who use dollars is very high but the popularity of Bitcoin is also very high now if you compare it with the past few years. So what is the reason behind the popularity of Bitcoin or who is using Bitcoin? Dollar users are Bitcoin users. Now maybe they are giving more importance to dollar than bitcoin but after few years it will be seen that bitcoin has taken the place of dollar. We always hear positive news about Bitcoin. Starting from the transaction of buying and selling houses through Bitcoin, many large transactions are currently being done by people through Bitcoin. Those who are doing big transactions with Bitcoin could do their transactions with Euros or Dollars if they want but they are relying on Bitcoins instead of doing them, in this case it is definitely safer for those people to use Dollars or Bitcoins from Europe as a means of transaction.  

People now look for security of money as well as people now prefer to use digital money. It is only a matter of time that the use of the dollar will decrease and the use of Bitcoin will increase at a later date. Maybe we won't see it, but our next generation will see the highest use of bitcoins compared to the dollar.

Bitcoin can not only be scaled or calculated in dollars, but can also be calculated in any fiat currency so that Bitcoin can continue to be popular on its own without having to depend on fiat currency. And Bitcoin may not overtake the dollar any time soon, but as more people start to feel more comfortable using Bitcoin in various sectors they will need to. Maybe dollar users themselves will prioritize Bitcoin over dollars so that dollar use can be reduced compared to Bitcoin in countries that have legalized Bitcoin, such as El Salvador.

Dollar will be there. You need a dollar to scale/calculate your Bitcoin value. Both could be the same in terms of popularity. But I do not think Bitcoin will take over the dollar anytime soon. Do we expect it? I don't know. But where there is a good side, the opposite exists as well. But we don't know the future. You could be right as well.

With a simple tap of your card on the vendor's NFC-enabled payment terminal, the transaction is seamlessly completed. No need to fumble with cash or worry about exchange rates – Bitcoin, the world's first and most prominent cryptocurrency, is readily accepted here in El Salvador.here

One thing you will notice is that both the buyer and the seller have a satisfied smile on their faces after making the payment.This picture proves that they were happy.

Not only during the war in Russia and Ukraine, people were helped far and wide by Bitcoin, but also when the global corona virus took the form of a pandemic, many donations were made through Bitcoin. Even when Turkey's highest magnitude earthquake hit the city of Turkey and many people died under the rubble, a large number of people donated through Bitcoin. Bitcoin is a reliable digital currency, which can be used in all fields. The popularity of bitcoins is gradually increasing and the popularity of the dollar is gradually decreasing. Just as El Salvador has approved Bitcoin as a legal tender by keeping their country's currency, many developing countries around the world are making plans around Bitcoin. For a long time, the dollar has been used as the international currency worldwide, so it will take a long time for bitcoin to take the place of the dollar, but at some point, bitcoin will definitely be more popular than the dollar.

Well, imagine what happens when more popular stores, I mean not just in El Salvador, start accepting Bitcoin and start seeing Bitcoin as a potential alternative if everyone opens up. Of course, many will estimate and ask what the next Bitcoin price forecast is for next year and beyond.

My estimate is that currently most mutual funds and investment funds have not even started investing in Bitcoin. But, El Salvador has done it even though the journey at the beginning was not smooth and there were obstacles.

Salvadoran company Volcano Energy announced yesterday that it has received $1 billion in financial commitments to build a Bitcoin mining farm with a total capacity of 241 megawatts (MW). The plant is to be built in the northwest of El Salvador in the El Shiste region near the city of Metapán. One of the investors is the stablecoin issuer Tether, which just a few days ago announced its involvement in Bitcoin mining in Uruguay.
source

This is certainly the stage we all want Bitcoin to reach through the world, but time is what can tell. El Salvador has indeed pave the way and cleared the road for most nation to know that Bitcoin is very much usable as a legal tender and if all the nation set aside the hate and spread of FUD and FOMO Bitcoin can certainly achieve more than what it's already doing in El Salvador and the rest of the world.

On Twitter, a video of a child paying with Bitcoin using his card at a shopping center in El Salvador, I also saw it earlier.

The ice cream is definitely delicious.

Using bitcoin as a means of payment is easier and more convenient.
The child definitely knows the advantages of using bitcoin as a means of payment.

Today I saw children at an ice cream shop in El Salvador paying their bill with Bitcoin NFC cards after eating ice cream.

Paying for 🍨 ice cream in 🇸🇻 El Salvador with a #Bitcoin NFC card 🙌

#Bitcoin NFC Card

Exactly, this BTC coin has something unique and technologically innovative and if talking about the future development and adoption of BTC, it seems that it is becoming more and more real and on the other hand, in this moment many people prefer to choose digital currencies because banks and governments do not have direct control over them but like any investment, may involve the risk of losing money. So, beware of Fomo and stay calm and hold at times like this.

It is really good news that El Salvador is becoming a peaceful country, the corruption rate has decreased a lot. Everyone wants a country to be peaceful, common people to live peacefully. El Salvador has seen another drop in crime. According to reports on Twitter, murders this year have been the lowest in the past 13 years. 2015 saw the highest number of murders, with 102 murders per 100,000. Since 2016, the homicide rate has been steadily decreasing, and since Nayeb Bukele became president, the homicide rate has further decreased. This year only 2.3 per 100 thousand, which is the lowest compared to the last few years. Hopefully the homicide rate will decrease further in the coming years.


The murder rate in El Salvador falls from the world's highest to the lowest in the Western Hemisphere — at 2.3 per 100k in 2023.

Usually we can witness conventional war by arms directly but we are unable to witness unconventional warfare which are remains ongoing all times all over the world which are Economic war. In the past we have seen how a country's currency after a long period of dominance has collapsed again. There is no guarantee that the dollar will not break even. In the meantime, the decline of the dollar has been seen in various ways. There is competition due to the currency of a particular country. But if Bitcoin occupies that place once here, it will be universal, so it is not possible for any country or nation to try together with a group of nations to collapse Bitcoin.

What fiat is doing can be done with Bitcoin, we are already enjoying some benefits with Bitcoin. When Bitcoin is widely accepted all over the world we will be able to receive all kinds of benefits through Bitcoin. The things that Bitcoin is doing is not possible with fiat. We can understand its advantage very easily when a war is consisted with a country or for any other reason when money is needed quickly we can pay quickly through only Bitcoin. We often take help of Bitcoin for this kind of quick help during times of war. Bitcoin dominates only 1 percent of the world so there is no end to people's interest around it. What will be the situation when it increases to 10 percent? Within next 15 years we will be able to see a massive changes in the bitcoin domination in the world.

- I think it's going to happen sooner or later. If not Bitcoin, some other currency will eventually replace the dollar. As history has shown, whether it's dynasties or currencies, they all go through four phases: "Creation - Establishment - Decline - Collapse," and this cycle typically lasts about a century. Currencies are a bit different; they won't disappear entirely, but they can certainly weaken. We've seen this before with the British pound dominating the world before the rise of the dollar.
- Why do I believe the USD will weaken soon? It's because of the current global situation and the declining power of the United States. People are gradually realizing that the dollar they hold is losing value due to inflation and the Federal Reserve's extensive money printing.
- In contrast, Bitcoin is proving its superiority as it remains beyond the control of any government. You can see a Bitcoin - Gold - Fiat currency comparison in Fidelity's research paper below.
Source : https://www.fidelitydigitalassets.com/sites/default/files/documents/1012662.3.0%20Bitcoin%20First%20Revisited_Final.pdf

I remember when the war broke out between Ukraine vs Russia, at that time Ukraine received many helplines via Bitcoin which were sent by many people in the world. Bitcoin has better advantages than Fiat. Yes Bitcoin will slowly kill the Dollar. If you say 200 years in the future that makes sense because Bitcoin takes a lot of time to collapse the dollar. Mass adoption also continues to see a good rise in the development of Bitcoin as many companies have seen Bitcoin as a healthy currency for them to have in their treasuries.

Developing countries will continue to follow the development of Bitcoin from time to time and it is very likely that the entire world community will make Bitcoin their target investment vehicle and fiat inflation will make Bitcoin one of people's goals for owning it.