Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 4. (Read 39254 times)

Thanks for the correction, your link is correct. talking about Bitcoin Visa, common sense is quite heavy. The target of 1000 people is indeed big, while the attractiveness of El Salvador is not entirely good. There is no word yet on how the accumulated BTC purchase profits are up to the current price. I think they have profited a lot. Another news is that Bukele's vision is not working with the support of his community. Bukele has published a law but most restaurants, shops and hotels don't even accept Bitcoin payments. They show confusion about if anyone will make payments with Bitcoin.

Source: https://reason.com/2024/10/31/a-week-of-failing-to-pay-with-bitcoin-in-el-salvador/

Thanks for the correction, your link is correct. talking about Bitcoin Visa, common sense is quite heavy. The target of 1000 people is indeed big, while the attractiveness of El Salvador is not entirely good. There is no word yet on how the accumulated BTC purchase profits are up to the current price. I think they have profited a lot. Another news is that Bukele's vision is not working with the support of his community. Bukele has published a law but most restaurants, shops and hotels don't even accept Bitcoin payments. They show confusion about if anyone will make payments with Bitcoin.

Source: https://reason.com/2024/10/31/a-week-of-failing-to-pay-with-bitcoin-in-el-salvador/

My suggestion is that they should reduce the amount and hopefully, it will become more attractive to investors.

The link you added is not showing the right news. This one is the correct one.

https://news.bitcoin.com/latam-insights-salvadoran-bitcoin-visa-program-fails-brazil-floats-tax-on-stablecoin-remittances/

Problems are part of success. I am very happy with El Salvador's bold move, they dare to take risks in all development limitations. Even they are currently considered successful because of the accumulation of BTC purchases. I think they continue to try to fix the problems that have been obtained for the time being. But today I read the news that one of the programs they created failed. This program is Bitcoin Visa. The news I read until now is that no Visa has been issued from the Bitcoin adoption program. The original plan of this program aimed to attract 1,000 investors to settle in El Salvador, to raise $1 billion.

Source: https://news.bitcoin.com

I wish everyone had a president like Bukele. There are very few people like him now. Everyone is just putting money in their own pockets. It's great that children from poor families will be able to get a free education, which is very relevant in the current reality. There are few countries that are betting on cryptocurrencies. Quite the opposite, all they do is ban blockchain technology and its derivatives, not allowing anyone to even think about starting to study this area. And there is no talk of investing and buying crypto.

In the country of El Salvador, the school of the country of Honduras will be built due to the generosity of President Nayib Bukele. Because of his right and generous mindset, students in this poor country will be able to gain knowledge about education, and these students will learn about the history of the school being built with bitcoins deposited in Nayib Bukele, and they will be more interested in bitcoin.
The liberal mindedness of present day hero Bukhel is providing special education to thousands of students, and this liberal mindedness is being appreciated all over the world. These students will surely be interested in learning more about Bitcoin later on and grow as holders.

and so there were some problems with how the payments were made including some ways that people ended up claiming $30 that was supposed to be the airdrop of other citizens.  The intention may well have had been good, but the roll out of the $30 airdrop had a lot of problems.

Old news, it has been legal tender for a very long time. The president of El Salvador even did a deal with a crypto exchange to give every citizen like $5 of crypto each a few years ago I recall.

Old news, it has been legal tender for a very long time. The president of El Salvador even did a deal with a crypto exchange to give every citizen like $5 of crypto each a few years ago I recall.

In the country of El Salvador, the school of the country of Honduras will be built due to the generosity of President Nayib Bukele. Because of his right and generous mindset, students in this poor country will be able to gain knowledge about education, and these students will learn about the history of the school being built with bitcoins deposited in Nayib Bukele, and they will be more interested in bitcoin.
The liberal mindedness of present day hero Bukhel is providing special education to thousands of students, and this liberal mindedness is being appreciated all over the world. These students will surely be interested in learning more about Bitcoin later on and grow as holders.

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.


At the conference the president of El Salvador makes the announcement.

El Salvador's President Nayib Bukele Donates 2 Bitcoin To Support Funding For 1,000 Schools Through Charity Run, On Wednesday, Stacy Herbert, Director of El Salvaodor's National Bitcoin Office, shared that President Bukele personally donated 2 BTCs from his wallet to Fujiyama.

In a video attached to the post, an emotional Fujiyama can be seen talking to Bukele, expressing his gratitude to the president.


https://x.com/stacyherbert/status/1849223444207919526

The philanthropist was currently on a 3,000 km charity run to raise funds to build 1000 schools in Honduras, a country with high levels of poverty. He founded Students Helping Honduras, an international non-profit to address socio-economic challenges in the region.


Earlier this year, Bukele reaffirmed El Salvador’s policy of buying one Bitcoin a day, stating that it would continue until Bitcoin becomes unaffordable with fiat currencies. As of this writing, it had 5,912.76 units of the cryptocurrency in its reserves, worth $397 million.

News source

The truth is that its because you understand the importance and value of Bitcoin being used as a store of value and that's almost what every bitcoiner today term and use bitcoin.  Bitcoin is an asset that grows over time and if you as a bitcoin holder know this then the temptation of tempering or using your bitcoin wouldn't be an issue for you and I believe el Salvador to an extent understand this phenomenon too.

This hits me directly. Whenever I am in need of cash and visit my portfolio, even if BTC is on green that I should atleast cash out a little percentage, I'll be hesitant of doing that. Instead I'll resort to using my USDT if I have any. BTC obviously to me is the last coin to spend and I believe it's so to others who also understand and values bitcoin.
Not using BTC frequently, is truly not a sign of bitcoin failure in El Salvador.

This hits me directly. Whenever I am in need of cash and visit my portfolio, even if BTC is on green that I should atleast cash out a little percentage, I'll be hesitant of doing that. Instead I'll resort to using my USDT if I have any. BTC obviously to me is the last coin to spend and I believe it's so to others who also understand and values bitcoin.
Not using BTC frequently, is truly not a sign of bitcoin failure in El Salvador.

We already know that with Gresham's law, people are going to spend their less valuable money first, and so if bitcoin is the most valuable, then bitcoin would be the money that would be spent last. .. which also would mean that there needs to be some discretionary income and even ability to hold bitcoin for several years, such as 4-10 years or more in order to justify the potential volatility of it.

Salvadorans May Like Bukele But They Aren’t Using Bitcoin, Survey Finds
A new University report shows that not many people are using the orange coin to buy things in El Salvador.

Salvadorans may like President Nayib Bukele for cleaning up the country’s once disastrous security situation. But at least one policy isn’t sticking: Bitcoin.

That’s according to a new survey from the San Salvador University Francisco Gavidia, which found only 7.5% of people interviewed said they use cryptocurrency to make transactions, while 92% admitted they didn’t.

El Salvador made Bitcoin legal tender in the country in 2021, the idea of its millennial leader—and prolific tweeter—Bukele. Businesses are legally obligated to accept the cryptocurrency if they have the technological means to do so.

President Bukele has also gone on Bitcoin-buying sprees but has been criticized by U.S. politicians and the likes of the International Monetary Fund for doing so.

The survey from Francisco Gavidia University added that only 1.3% of people said they thought Bitcoin should be the country’s main bet in the future.

President Bukele has tried to woo foreign investment with his bet on Bitcoin, promising visas and even a volcano-powered Bitcoin City.

Some 58% of those surveyed said they thought the country was headed in the right direction and were overwhelmingly supportive of President Bukele. The survey spoke to 1,224 Salvadorans aged 18 and on everything from the economy to security.

In an August interview with TIME, President Bukele said fewer Salvadorans were using the cryptocurrency than expected. “Bitcoin hasn’t had the widespread adoption we hoped for,” he said.

Source Link: https://decrypt.co/286463/salvadorans-like-bukele-but-arent-using-bitcoin-survey-says

---

From this post we can learn the people of El Salvador country who have benefited from using Bitcoin and are successful, but still those who are cursing this Bitcoin are mainly terrorists of El Salvador country. Because the relatives of the terrorists who arrested and imprisoned the terrorists who pacified the current country of El Salvador are the ones who are currently hindering the use of Bitcoin. 
So 58% of the people in Salvador support the use of Bitcoin, but the biggest positive is that it has the most support from young people. El Salvador is now a quiet favorite country and is making huge strides in Bitcoin usage.