Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 44. (Read 38982 times)

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.  

Not surprising to see this news: Binance Becomes the First Fully Licensed Crypto Exchange in El Salvador

While the US and some countries have to be dealt by Binance, they've been the first exchange that receives full license from the El Salvador government.

They just keep on doing good as they progress from time to time and I see this news as something and attracts more exchanges to go on them have it licensed.

Courage based on the ability to read opportunities and be willing to involve experts to perfect the plan before it becomes action. That is the figure of the president of El Salvador.
The story of Nayib Bukele in all things together with bitcoin that has been created and is being created to organize the economy of the country he leads, deserves to be documented into a big screen film to be shown in theaters.

Approximately the title of the film, Young Leaders who are underestimated because of the great desire to achieve progress.
Or am I overdoing it.

El Salvador's government, Nayib Bukele, has scared many on Wall Street since he accepted Bitcoin. But at present El Salvador's bond yields 70%.  These successes are achieved only based on the strategy and intelligence of the budding government Nayib Bukele. And many other researchers help him in different aspects he got the most success per bond which proved to be more than 70%.



Nayib Bukele continued to worry about his obsession with Bitcoin being accepted as legal tender in 2021. Nayib Bukele eased fears of worst-case scenario in the bond market with two debt buybacks.  An International Monetary Fund veteran has signed on as an adviser. Since then, more than $400 million in El Salvador's bonds have been redeemed. Today, El Salvador stands tall in the eyes of the world as one of the most successful and happiest countries in the world.

Source link

El Salvador President Nayib Bukele scared off Wall Street by embracing Bitcoin. Two years later, the bond rally he’s overseeing is proving too lucrative to resist https://t.co/KMcR6SciVq



Source: https://www.bloomberg.com/news/articles/2023-08-15/bitcoin-touting-bukele-s-bond-rally-draws-jpmorgan-eaton-vance?utm_source=website&utm_medium=share&utm_campaign=copy

Some images of the country of El Salvador are shown through this video. 

Video link: https://youtu.be/w6G0K1rD3lg

Investments abroad in 2023 El Salvador has invested $142 billion according to BCR research. The country's improved journey and risk-taking encourages investors from more countries as there are a lot of investments that are risk-taking ventures. The country of El Salvador will gradually improve.

Here's the idealogy from how i sensed it, having an exchange is not something that's bad, i see it as an avenue that will help the people with the use of bitcoin, also make an exchange of it to fiat where necessary for them to transact business locally, some as well might be interested in trading and also in the use of an exchange in getting the bitcoin current market price, which may serve as a reference for them to engage making bitcoin transactions and knowing the precise market rate accurately, there are other opportunities we may see with having an exchanges which Binance may bring to the El-Savadorans like job opportunities and capacity development, this does not stop the people fro having their personal bitcoin wallet aside the one used on an exchange, some can make use of cold storages like electrum wallet, hardware wallet or even make use of bitcoincore software client to run a full node, everything for the success of bitcoin adoption in El-Savador.

To me it looks like a great move. Some had mentioned that the usage of exchange were against the objective of Satoshi. Having a middleman is wrong, the same had been productive when people aren't good enough the make use of the choice available. Binance as the leader of cryptocurrency exchange used to create good awareness and the same could make the people of El Salvador learn more about Bitcoin. Already different educational programs were running within the country and now the presence of Binance will be an added support for them.

Earlier Binance did a Africa tour to promote bitcoin, something like that within El Salvador could create awareness and attract more people towards bitcoin usage.

Let's dive a bit off-topic and discuss a relative topic as regards to El Salvador's fiscal policy, GDP growth and general economic conditions of the country in the current regime headed by Nayib Bukele,  indeed El Salvador have become more tactical in their economic approach since the adoption of Bitcoin and this have sounded as a wake-up call for the Government to work on strengthening the internal reserve and also increased GDP to sustain a stable economic growth agender which bitcoin is one of the tools to achieving that in the long term base and this also has helped to promote the social economic activities and other micro-economic activities within the country which reflection os what we are seeing in the country's reserve and increased GDP.

A growth of 1.8% in GDP in the short term is a remarkable fit, and if that is sustained in the long terms base it will amount to a significant increase in the GDP and then El Salvador will become self-sufficient and that will aid faster economic growth for the country.

One thing for sure in the El Salvador case is that, shortly,  most of the countries that kicked against El Salvador/ President Nyib Bukele in the beginning lf will end up regretting not taking a similar approach on ti. e because El Salvador's Bitcoin adoption will not only help the country to settle its financial indebtedness but Bitcoin will also become the sole reason why El Salvador will want to pay the price to be self-sufficient both in production and financial stability

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El Salvador has been busy collecting data over the past few months about correcting solid mix GDP and reducing the fiscal deficit. The fiscal deficit must be filled because the government of El Salvador is very cautious about Naib Bukele. Amazing changes have taken place in El Salvador, not only economically but in all aspects, the country of El Salvador has often reached the peak of development. People are more optimistic about Naib Bukele's government because other governments like the current government could never improve. Due to which the government of El Salvador is working heroically to correct the fiscal deficit and improve the lives of the people.

As the first country to legalize Bitcoin, Salvador is becoming an important country on Earth. The neighboring country of Salvador, Costa Rica, is going to start ferries for commercial purposes. This will make Costa Rica's trade with Salvador even stronger. Not only for commercial interests but also for the reduction of Salvador's sea time limit with Costa Rica from 96 hours to 18 hours.





See video: https://twitter.com/nayibbukele/status/1689993917716946945?t=vpRXvgGOzlRCMXSdyxf7CQ&s=19

This is the first registered exchange to enter El Salvador which I consider auspicious for this journey. From my personal opinion I say this exchange service is third party tailor made clothes though a bit risky (assets should not be stored with third party) but this way should be used for trading and buying and selling. They have their own hardware or non-custodial wallets to store assets. However, this journey of exchange is a source of great joy for El Salvador as the practice continues in 18 countries. This is the right opportunity for El Salvador to stand tall on the world stage. Because El Salvador's journey has only accelerated since adopting Bitcoin.

To me I believe that binance entrance into El Salvador as the first official exchange to get licensed in El Salvador is a good move such that will promote Bitcoin adoption and eas of accesibilty to bitcoin for El Salvadorians who may be novice and want to own the first bitcoin.

There os no doubt the fact that this so called middle men or third-party companies are the same service that provide Bitcoin scabilities despite the fact that their operations are geared towards provides maximizing and over control and that is something that is prominent with centralized services.

But with this,  I think El Salvador citizens will have multiple windows to buy Bitcoin and using other exchange features such as trading which provides additional income if you know how to manage the risk that comes with it.

Binance have taken the right step by extending their services to El Salvador as the first exchange in the region even with the whole uncertainty that pause it ugly head as anti Bitcoin in El Salvador.

This is a good step because binance has provided fully licensed services for El Salvador, so it will be easier for them to reach customers there and also I see having a service provider license will increase people's trust, as is the case with licensed exchanges operating in my country and although we all agree that exchanges are not a place to store assets because the level of security is still quite dubious.

We don't have to worry about the exchange going bankrupt or having problems, as long as we don't use the exchange as a place to store assets. However, the steps taken by binance can increase people's trust when trading because this exchange has permission from El Salvador in particular. I welcome this move and it also dispels many people's doubts regarding the SEC lawsuit, this is just my personal opinion and does not involve any interest in it.

I don't see the news as a good one. Middlemen focus on making profit and they can do anything legal or sometimes illegal to attain their goals. El Salvador doesn't need centralized exchanges to succeed. These intermediaries cannot be trusted because we have seen many of them fall due to the recklessness and mismanagement of their owners or management. I expect El Salvador to use Bitcoin traditionally. I don't know the tailor-made services Binance intends to introduce to the country. I am watching with keen attention.

Binance Becomes the First Fully Licensed Crypto Exchange in El Salvador

The exchange has been granted both a Bitcoin Services Provider license and the first non-provisional Digital Assets Services Provider license, allowing it to offer tailor-made products and services in the country.


Source link: https://www.binance.com/en/blog/ecosystem/binance-becomes-the-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721

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This Milestone has gained a lot of space in the global market which is a step forward since the El Salvador license was obtained. And has approval in 18 countries around the world.