Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 43. (Read 38876 times)

Although El Salvador's economic status is average, we consider it a developed country compared to other countries. Because this is the first country which has given the most priority to Bitcoin and they have filled the various shortages of the country with this Bitcoin. In that case, we have seen that El Salvador has advanced economically by using Bitcoin, if you look at the previous position of this country, you can certainly confirm that they have advanced economically by using Bitcoin. Not only economically but also educationally they have become the most developed state. Where el salbad starts from all products in their country and what government pay and pay through bitcoin they accept these transactions and payments for free. Since they are the most advanced in education, they can use new technology to build a more developed state. Although the government of El Salvador has the most eye on Bitcoin so they have invested heavily in Bitcoin to move forward economically. When the Bitcoin market turns into a bull market, we can definitely expect this country to have the highest economic growth.

I might have had gotten a bit into scrambled arguments, yet I suppose that I was trying to say that any governmental leader, whether Bukele or any other leader has duties to represent everyone, not just people from their demographics, since synchronym's post seemed to be suggesting some kind of an age-bias that Bukele would have had to appeal to young people blah blah blah.. so I was also suggesting that Bukele's high level of support likely shows that tend to believe that he's representing everyone..

and then I got into the prisoner situation.. which probably convoluted some of what I was saying.. so maybe I was trying to say too much and it's not even seeming to be completely that central to the overall theme of this thread in terms of the ramifications of making bitcoin legal tender.. even though the topics do somewhat relate. 

In that particular post, I was not even trying to get into anything related to the Binance situation, but I don't mind saying something about the Binance situation, which is  that I think that various kinds of relationships are likely needed to be made in terms of which services are made available in the country, and surely any bitcoin related service operating in the country would need to follow the laws of that country.. so I am not sure why people are getting into such a huff about whether it is a good idea for Bukele to agree to Binance coming into the country and receiving certain kinds of licenses to operate there, which may well include trading shitcoins... El Salvador might not be into shitcoins (which it seems that it is not), but on the face of it, the mere fact that Binance allows for shitcoin trading seems like a pretty big "so what?" to me..

I don't get it clearly what you mean by Bukele trying to segregate some segment of the entire El Salvador citizens in some area as regards some financial inclusions but then I also have to forced myself to align myself with your level of conception to be able to assume what you mean by that and in my assumption I believe that you are talking in regards the El Salvador government collaboration with centralized exchange Binance to provide exchange service to the El Salvadorian citizens.

But to what limit that collaboration will hinder the success and freedom that Bitcoin represent to the citizens,  but all the way the president as the authority pf the land has to spearhead the promotion and proper arrangement that will give all the citizens an alternative to the highly inflated fiat currency system,  offering them the decentralized freedom that come in-between.

Seems to me that a leader should both represent and appear to represent all of the people and not just people who agree with him or are the same age as him.  Probably part of the reason that Bukele has high approval ratings in the arena of 92% is because there is largely a perception that he is trying to represent everyone.. even while he is taking steps to lock up a lot of people, so surely he would not necessarily be representing the interest of those people, even though he likely has responsibilities that he is not unduly locking up innocent people and that there are due process mechanisms in place in order to make sure that innocent people are not getting punished.. .which is frequently a risk when drag-net type operations are carried out...and don't get me wrong, I don't have enough information to conclude that appropriate balances have not been accomplished and ongoingly being worked out in regards to what some folks consider to be draconian measures to achieve better senses of public safety.

Source link: https://twitter.com/BitcoinMagazine/status/1694372875161989446?t=VVhTAHNliItaEbxE54BYng&s=19

Bitcoin Magazine shared a report that the government of El Salvador has received Bitcoin Little Holder Nayib Bukele and expressed joy. Nayib Bukele is one of the most successful people in the government of developed countries to adopt Bitcoin because he has been successful in everything since adopting Bitcoin. Since adopting Bitcoin, El Salvador has benefited the people of El Salvador in many other ways such as crime free, high education rate, Bitcoin education, tax free on Bitcoin transactions, etc. All these things make Nayib Bukele happy and I hope he will get more big rewards in the future.

For now, it is in El Salvador that there are many concrete steps being taken by the government to encourage literacy or increase the insight that is being carried out by the government for its citizens very seriously. Bitcoin schools and so on are clear evidence that they adopt bitcoin as a legal tender with full consideration and not just on a speculative basis. Well I wish more countries followed El Salvador. Although there are already some who follow it. But I hope for more in the future.

Aside from the point you raised being the exposure of Bitcoin users to government regulation through the exchange being one of the major setbacks with the introduction of centralized exchange as a licensed exchange within the El Salvador territory, It becomes more evidence that this development may not witness a lot of Welcome adoption among Bitcoin users in El Salvador most especially those Bitcoin users who know the advantages of self custody of your bitcoin and also privacy adherents.

Also aside from that,  I won't accept the total reliance on a centralized exchange like Binance since it is not your key, not your Bitco This may become a toxic approach for Bitcoin holders,  anyway this will give newbies access to own their Bitcoins easily,  but aside from that it centralized nature makes it risky to be left unchecked unless if you want to also use the p2p feature on the exchange which in El Salvador case it is not needed since one can easily make a sell or purchase of Bitcoin directly from banks in El Salvador.

The only advantage of the collaboration between El Salvador and the Binance exchange is that it allows for more mainstream Bitcoin promotions since El Salvador adopted Bitcoin as an official cryptocurrency as an alternative to fiat so all the adverts within this right will be focused on Bitcoin.

I just wanted to dive in the space to see just how El-Salvador has handled things after they did trend a long time ago but, I don’t think I got the update I hoped to see here still.

The licensing of Binance in a partnership form of operation or perhaps am not using the best world to describe what’s the deal with El-Salvador and Binance, it always leaves me with mixed feelings as we know, this is a centralized system within a centralized system in the cryptospace and with government of nations looking out for crypto regulations and an insight into how citizens make use of cryptocurrency, this provides for them a window of opportunity although, exchange policies is there to protect user data but, there could be something done to benefit both sides at the detriment of a concerned about transaction and user. Not really that this can happen but, it’s often a thought on my mind of a scenario.

Did you also read the recent news about the president teaching the young ones Bitcoin. This is kind of news I like hearing to be honest I wish other regions can adopt that. Although, there's also a builders program organized by some exchanges that wants to teach youth in some certain regions things about crypto in general and bitcoin too.

Someday, somehow. Bitcoin will be well known

All well said and I think we all are saying almost same thing without much difference here, El-Savador is already a bitcoin household name in this regard and Binance has it international reputation and standard, but in this context we should consider less of Binance being an exchange here, El-Savador is the main focal point of discussion in which it bitcoin adoption has attrated so many opportunities all over the globe for it development, i believe many countries would have also make attempts inviting Binance to site their branch in their country which offers got turned down due to low crypto related activities and adoption, with bitcoin adoption in El-Savador, it has become a business hub and entrepreneurship center, where learning opportunity is concentrated and achieved.

It was great for Binance to be able to get a fully licensed exchange in El Salvador, given that Binance is an exchange with great credibility and a lot of features they have to offer crypto users in the country. Hopefully, Binance's entry into the El Salvador market will certainly be a breath of fresh air for the crypto market there, and it is possible that Binance will be able to bring good support not only to the crypto market, but also to the El Salvador economy in general.

It is only natural that there will be obstacles in every different concern. When Nayib Bukele planned to adopt Bitcoin in his country to improve the economic condition of his country, his plan was taken negatively by many people and many economists or media of his country published various negative news to stop his initiative, faced so much criticism and obstacles that he adopted Bitcoin in his country. The initiative has been welcomed by the people of their country ever since Bitcoin was legalized in their country. Nayib Bukele's initiative is today considered a successful concern by those who opposed Bitcoin as legal tender. Nayib Bukele is much younger than the presidents of other countries so maybe he has adopted this heterogeneous concern to change the economic condition of their country.

I guess you misunderstood the OP, and strangely, that was my first reaction the first time I read the headline. From what I understand, the OP is progressive just like me, I wasn't surprised about the news the way many were, and the reason is that El Salvador is the first country to make Bitcoin a legal tender while Binance is the largest cryptocurrency exchange in the world. For Binance to now be the first to earn the full operating licence of El Salvador is never strange but a good relationship as it has all it takes. Even the country might be the initiator of this judging by the status of Binance and the love of Bitcoin by the country. By this, they could possibly get everything they want from an exchange and crypto transactions easily and it will bring about more crypto businesses within and outside the country. This will also cause more exchanges to register and be compelled to get a full licence.

Personally, I view exchanges just like banks, a fintech kind of bank, it's a win-win affair for the country and Binance, and it's another pace-setting because the world will be watching their relationship with Binance and it could be a litmus test for other countries over time.

That's a huge percentage for me, honestly.

Because before there were people expressing how disappointed they were when the Bukele government have announced the adoption of Bitcoin as a legal tender and they don't know how it's going to go and where to start.

But to say that there's been 92 percent of people there that have been educated, that's quick stats for them as they will be forced to know that sides of using Bitcoin as a legal tender.

The next thing is from that percentage, how many will get to used and understand Bitcoin even the basics of it?

Why can't it be said that they have advanced over the years, was it were they started from is still were they are today, have there not being tremendous changes in El-Savador since bitcoin adoption, if we are going by what you said, it only means no progress at all because there's nothing you're bringing out here to serve as their progress through bitcoin adoption and they can't just be at the fence, it's either they are progressing or loosing, but it is clear to us that if you've been following up the thread, you would have enough to recount on bitcoin success with El-Savador.


Aside being educated, is there nothing to talk about the bitcoin education as well in El-Savador, in case you're forgetting, bitcoin education is part of their major success to count on.

The economic condition of El Salvador cannot be said to be so bad and their economic condition cannot be said to be very advanced, that is, they are in the middle level economically, but they have educational qualifications, so it will be easy for them to adapt to any new technology. 92 percent plus people are educated, that is, if the government of El Salvador introduces any new technology to them, I believe that the people of El Salvador will understand the new technology very easily. Taking advantage of the high educational qualification rate in their country, the government of El Salvador adopted Bitcoin as a legal currency in their country, initially people opposed this decision, but later people welcomed this decision of the government of El Salvador. Now many are expecting a big change in El Salvador's economic situation through Bitcoin.

El Salvador might be a poor country but I must say that they have seen the future of bitcoin and have decided to spread the knowledge of bitcoin by adopting it in their country to their citizens. They are even doing what most big countries are finding difficult to implement. Imagine this little kids of 12 years will soon be grounded on bitcoin knowledge at their little age. This something that they have taken advantage of because they so much believe in bitcoin and they know that it will be the future gold in the long run

Why is it not surprising? Isn't it too to bring more continuity to El-Savador bitcoin adoption, have you considered the gambler economy aspect of it whereby it brings in more avenue to enable the people have a platform to make use of bitcoin conveniently in making payments and performing transactions, it's not about Binance being a centralized exchange now but the advantages that comes in together with their decision to establish their exchange in El-Savador, many countries could not have such opportunity but it's an excitement on itself seing this coming to El-Savador.

I consider this "the future" of financial evolution. According to the book "Zero to One" this is the "vertical intensive progress" which can be translated to technological innovation which creates a pathway of innovation for the future.

Many will not understand, but like the Chinese are already taking lead on the technologcal space, same way it will be El Salvador in the near future. We all have a future by the way, but that of El Salvadorians seems to be closer in terms of finance.

El Salvador’s Bitcoiners teach 12-year-olds how to send sats

Over 25,000 students in El Salvador have learned about Bitcoin in the classroom.
El Salvadorian school kids as young as 12 years old are being orange-pilled — taught to send their first BTC.
Bitcoin Beach community leader Roman Martínez told Cointelegraph that he believes early-age education on Bitcoin, money and the economy may lay out a framework for many of the underprivileged kids he teaches to have a better shot at life.

Martínez explained Bitcoin Beach runs after-school programs to help set kids up to use Bitcoin.
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“If they know English, have computer skills, know about Bitcoin and know about marketing, they can work remotely for anyone around the world,” he explained. “This is a big door that is open now for everyone.”

In my opinion, a great initiative is to teach even small children a little to pay sats, for example, for a pie in a school cafeteria or for a candy.