Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 40. (Read 40464 times)

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.

Its not about profitable only when making bitcoin as legal payment method but also reduce of criminal cases is most benefit in El Savador after accepting bitcoin as legal transaction payment. Less transaction with fiat or cash have benefit with thousand people not using cash or fiat with their transaction and reduce 6% of criminal cases rate down most appreciated positive side with accepting bitcoin as currency payment. El Savador have got all benefit impact after accepting in bitcoin, all sectors have get benefit from investment until tourism get positive impact with bitcoin adopt as payment tender there. Have been benefit for many sector when accepting bitcoin could be reason for the other countries to accept or legal bitcoin as payment transaction of currency.

 This is what is a little surprising to me.
 Bukele spoke very harshly about the IMF a year ago.  And all his subscribers in X remember this very well.  Nevertheless, contacts with this organization not only did not stop, but even entered a very positive stage.
 Despite the fact that some time ago the IMF actively criticized El Salvador for legalizing Bitcoin, negotiations between the IMF and the Salvadoran government continue.  Now official sources say that the IMF in negotiations is based on considerations of “minimizing the risks of accepting Bitcoin as legal tender.”
 The IMF official also says: “In general, we do not support the use of Bitcoin as legal tender.”
 But the IMF itself describes the negotiation process with El Salvador as productive.
 Based on this new information, I now understand that not only is El Salvador interested in financial assistance from the IMF, but the IMF is equally interested in providing such tranches to El Salvador.  The real reasons for this interest on the part of the IMF are of course hidden from the public, and I suspect that the IMF itself makes good money from such financial transactions.  This is the essence of the banking system itself. 
 And even the legalization of Bitcoin turned out to be not such a big obstacle when you can make money... !
source

In the past El Salvador had a high crime rate. But now President El Salvador's government, Nayib Bukel, has brought the crime rate down from its high level to the current 6%. A few days ago, he arrested a serious criminal and brought him under the law and punished him. El Salvador has become a popular tourist destination, especially as crime rates are declining. Because since El Salvador legalized bitcoin as a currency, all tourists have benefited.
Because there is no extra hassle to read, there are also advantages, especially in terms of money, because everyone has some kind of transaction with Bitcoin. And tourists do not have to be harassed by local people while visiting the sightseeing spots. The country of El Salvador has become the focus of tourists since the benefits from these aspects.

El Salvador indeed has really stood out from all the shackles that the former president actually put her in but upon that the nation still needs a lot work to and as time goes by the new leader will definitely make room and way for this to happen. As for the case of corrupt leader getting away with their crimes, well most cases, if that is even the cases are even made public? Do get away with their deeds seeing how corrupt the system have been. Most nation that suffer such faith are actually third world countries with greedy and prideful humans leading the nation.

There is a lot of work to do, but the bribes (forced fees) that criminals demanded have disappeared, there were sectors of society, for example taxi drivers who had to pay these types of demands weekly and the police were part of the "pie."

A country that has gone from being one of the most insecure and most corrupt to one that stands out in positive numbers.

No one escaped corruption, former president in 2014 was accused.

Former El Salvador President Francisco Flores, who is wanted on corruption charges, has handed himself in (*)
https://www.bbc.com/news/world-latin-america-29089877

<sup>(*)
During those years, Bukele served as mayor of Nuevo Cuscatlán, 2012 and, later, of San Salvador on March 1, 2015.
https://en.wikipedia.org/wiki/Nayib_Bukele

Obviously it has been a struggle of years, which involves many, although Bukele sees himself today as the only one who did something</sup>

I think that bitcoin was created to kill the dollar, even though it could take 100 to 200 years to play out.

Bitcoin is the most sound money every in existence, but bitcoin would not be able to transition the whole of the world's finances in a short period of time, especially since it has take nearly 15 years to go from zero to perhaps somewhere around 1% of the world's population invested into it... or having some level of exposure that might be even considered as low coiners for some of them.

Both systems have to exist in parallel, and sure there is not exactly a dollar system, even though the dollar is the most dominant of the fiats, so there are a lot of fiats, a lot of shitcoins and a lot of places that value is inefficiently stored, and bitcoin is going to eat the lunch of those various less efficient value storage locations (whether we are talking about fiats, or gold or properties or equities or the other various places that value is being stored) and bitcoin will serve as both a place to store value and a place to transact value, yet in the meantime, why are we going to spend our bitcoin when there are less efficient fiats (and other kinds of value) that we can spend first?

I don't really know where the thought that Bitcoin is in competition with the US dollar cane from. I don't think Bitcoin was created to replace fiat let alone kill the it as many people, including influencers like Robert Kiyosaki, enjoy saying.  It was just created to provide alternative means of carrying out financial transaction in such a way that it will not be controlled by any entity... paving the way for a free and borderless world.


To further add to this, the much awaited ETFs are all US base or US focused. I think Europe already had one ETF approved which did not do much to the market. On the other hand, the moment one of the US ETF receives approval, you will see the immediate response of the market... this shows how important the US is in the scheme of things.

I appreciate you trying to praise Bitcoin and letting people see reasons to own it, but you are just out of the line in many of your writeups just like many others here on BTT. Overemphasizing things is very bad as far as I'm concerned and is misleading people. There is no threat to the USD from Bitcoin, neither is there any threat from Bitcoin to the USD, the two have to continue to cohabit in the financial stream just like other assets before Bitcoin without any show of hatred that you people are pitching them together with.

It's a very good development for El Salvador to accept Bitcoin as a legal tender, they have their reasons which I fully support, but still, Bitcoin will never solve all of their financial problems, they need to work decisively on their further policies dispensations and economy and not rely on acceptance only for their flourishing future. There have been assets before Bitcoin and there will always be as they serve the same purpose as a store of value and have appreciated significantly against the USD in the past without being lousy about it. Bitcoin as an asset for investment has ever had the prospect of continuous appreciation over time, and of course, the USD is the currency that is most paired with it and it must appreciate far against the USD by virtue of its nature, but the USD itself will not lose its value because of this, it's only Bitcoin that appreciate against it and this is never a thread whatsoever, so I don't know why you view it as such.

Mind you, if the US citizens have more Bitcoin, it's a plus to them rather than the way you are viewing it as if it would cause economic issues and hence hatred for the coin. Even the US government owns their Bitcoin, so what?

Let us stop misguiding people and appreciate the fact that the US government is one of the world powers that still support it. Or do you think if they declare a ban on Bitcoin today, it will be easy for the price of the coin judging by their standing in the world's politics and economy? China and some countries did theirs without hiding but the US never did such but finding ways to regulate the use and business around it. The citizens of the country are also one of the greatest investors of Bitcoin in the world, at least we should give them that respect.

I am going to share one thing here that El Salvador made a corruption report El Salvador has 6% and Peru top 48%. And this information is presented by CID Gallup who mentions corruption as the main problem of the country. Comparatively, this EL Salvador but at the very end 6% means that there is a lot of peace. At one time EL Salbadar was rife with corruption but under the rule of Nayib Bukele the country is now largely terror free. The country is now known as very safe for people and has become a safe haven for tourists.


Source: https://twitter.com/nayibbukele/status/1712603383591309575?t=qHYyrMSqhHcKTQXzEsKV3Q&s=19

Then they aren't started yet and bitcoin isn't done as well, they should look at the current market price of bitcoin, the market volume and capitalization, joined together with the numbers of bitcoin users globally, we can see that if the government attacks and threats were relevant, things couldn't have gone this well and far with bitcoin, the reason why bitcoin was created was the people's target and not the corperate or government institutions to have control over it.

Now we can see that this same goal is achieved because the people are using bitcoin and other governments are not supporting it's adoption, all thanks to El-Savador for breaking down this first embargo before Central African Republic followed same, more to come in with time gradually.

Seeing this news, I increasingly salute Nayib Bukele as the president of El Salvador. Because with the idea of adopting Bitcoin, the impact has now spread greatly to the tourism sector. Maybe if all this continues to go smoothly, it is likely that El Salvador will continue to be visited by more tourists. Because in one of the news articles I read, that after a year of bitcoin being adopted in El Salvador, the tourism sector had an increase in the number of visitors by 30%.

Source: https://kripto.ajaib.co.id/pariwisata-el-salvador-naik-95-persen-berkat-bitcoin/

For me personally, this fact is very surprising news. Because how could it not be, within one year, the level of tourism in El Salvador could increase by 30%. Apart from that, the news site also stated that in 2023 tourism in the country of El Salvador continue to experience an increase in returning visitors in the tourism sector of up to 95%.

Source: https://kripto.ajaib.co.id/pariwisata-el-salvador-naik-95-persen-berkat-bitcoin/

What a drastic increase in visitors. Apart from that, the attraction is that bitcoin is the main factor in the increase in visitors. But apart from the adoption of bitcoin there, El Salvador also has many very good and beautiful tourist attractions. So it is natural that more and more tourists are visiting El Salvador.

That's when they should appreciate the use of Bitcoin as money because it is not subject to inflation. The value will continue to increase as time goes by. The US government if given a choice, they would remove Bitcoin from existence because it is a threat to the hegemony of the US dollar, but they cannot do so because of the decentralized nature of Bitcoin.

Even Bukele admits that any country will need time to achieve prosperity. BUT planting seeds across the country is the right way to make improvements and that includes educating or creating a skilled workforce for all citizens, especially the younger generation.

I didn’t really follow El Salvador until Bukele accepted Bitcoin as a means of payment, to some extent he took advantage of the hype and this is a very good marketing move. Now it seems to me that everyone who was interested in Bitcoin knows about El Salvador.

And the fact that crime has decreased in El Salvador is very good, we are not talking about methods, but it will definitely have a positive impact on the growth of tourism if the State engages in further infrastructure development. I like that Bukele is consistent in his plans for El Salvador, this gives me confidence that he will achieve a positive result.

If you look at it, the main basic goal for Bukele in legalizing Bitcoin in El Salvador is because Bukele wants to develop the country of El Salvador into a more advanced country and is not blind to the best technology. So Bukele is willing to clean up the gangs there and continue to organize tourist attractions in El Salvador better so that tourists can continue to have an interest in visiting there without worrying about bad things that might happen to them. And from what we can see now, Bukele is indeed able to make the country of El Salvador quite famous in the eyes of the world after successfully legalizing Bitcoin in El Salvador.

Good news for the people of El Salvador and the tourism industry. All credit goes to the President Nayib Bukele, if he hadn't taken the decision to be the first country to adopt bitcoin as legal tender maybe they could've been seen as the old El Salvador which is much talked for its crime and gang culture. Now things have changed a lot and the tourism industry is already flourishing. This time the cruise ship will surely help with better business taking place. Now people of El Salvador who had fought against the adoption could've understood about the need of the change.

At first, even individuals did not have trust in Bitcoin it all started from one step that is how things began, and now it has developed to the extent of countries adopting it, and El Salvador has shown a great example to other countries when it comes to Bitcoin and now they have even collaboration to introduce bitcoin to there curriculum they have made very impressive moves just show how they have faith in bitcoin and even making it a legal tender, so much has been done for bitcoin in el Salvador. a lot of countries will be doing indoor meeting just to see how they can also adopt. The president of that nation showed courage by taking this action because not every nation will desire to diversify, particularly when it comes to its economics.


In a very short period of time, people will begin accepting Bitcoin, forcing the government to recognize it as legal tender. However, even if it becomes so, I will still choose to use fiat currency instead of Bitcoin because I will carefully consider its current price and conduct a thorough analysis before using it. Even if Bitcoin is adopted, I don't believe people would quit using fiat money, but it will provide a buffer against currencies because it can be used anywhere. And because of its decentralized character, that is where the government is having problems with bitcoin. However, if it becomes a significant trend, countries will be forced to adopt it. I observe that many individuals are interested in Bitcoin, which has brought people together even when they had never met before.

This will affect although not directly when the government still legalises this but with some of the things that the government is doing to bring down bitcoin with propaganda made clear this affects the acceptance of bitcoin globally.
We must realise that the government has all the resources to make bitcoin look bad with some of the news they make and this is actually quite successful for countries that consider bitcoin still something taboo where when ordinary people who do not know anything about bitcoin are treated to negative news about bitcoin then surely they will see it more as a negative form and consider bitcoin bad.
Even though having bitcoin and adopting bitcoin is your own will, when we reflect on ordinary people who are treated to bad news about bitcoin, I think it will have an impact on bitcoin adoption even though the government does not prohibit bitcoin to be adopted by its citizens.

El Salvador legalizes Bitcoin not only as an investment asset in the future, but so far after one year of legalizing Bitcoin, tourist visits have increased quite drastically due to the legalization of Bitcoin transactions. Reported from Cointelegraph  the first half of 2022 more than 82% increasing of tourism visited El Savador impact with Bitcoin legalize.

Tourists get good service with all aspects already implementing payments using bitcoin in El Savador, I think first destination why Bukele want to legal Bitcoin as currency transaction there because want to development with exploring tourist attraction there.

can we clone great thinkers like nayib bukele to become leaders of all countries around the world lol.  He continues to demonstrate his success as a leader, apart from successfully improving El Salvador's economy through the adoption of Bitcoin and other policies, he has also succeeded in making El Salvador a country that is safe from bad guys ^{(tourists will be comfortable visiting a country if the country is categorized as a country with low crime)} 

anyway, i really like his Twitter status which is neutral and knows which ones are actually "evil".
[1] https://twitter.com/nayibbukele/status/1711220281820278875