Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 47. (Read 43313 times)

I think he or she used the word only for names which has no significance. There is nothing to learn by the word. At every stage words choice carries a significance. If I say "crypto" then there is nothing to learn. But there is no end to learning when it comes to "Bitcoin".
Those who don't know about bitcoin they can consider crypto as bitcoin. There is a great difference in between the two words. When we utter “crypto” we can refer any type of cryptocurrency but when we utter bitcoin that definitely referring to bitcoin only. The difference between these two issues has been discussed many times in various discussions. In case of word choice especially "crypto and bitcoin" every one need to be very cautious to avoid mistakes.

I have followed @JJG in other threads where he emphasized the need to be specific when referring to Bitcoin and the others.  Like he mentioned, using crypto in a vague way can be misleading. It sends a wrong message to the uninformed when someone fall into the hands of mischief makers under the guise of cryptocurrency. So, it is always good to be specific about the choice of words.

I am not even very much against the use of the term crypto (or cryptocurrency) when we at least know what is being referred to, and I tend to get more worked up about the use of such terms when they are used in vague ways (which ends up being misleading). .which may or may not have been intentional.. and so usually if I make a comment about the vagueness of the use of such terms, and the use was not intentional, then the person who used it might end up correcting their usage....

To me it seems that most people are not going to admit to intentionally being provocative and insist to use such vague and misleading language (and perhaps even most people are not intentionally trying to be vague and misleading).. even though there surely are a few of those stubborn ones who insist on continuing to use the terms crypto and/or cryptocurrencies because they might think that it is sufficiently clear.. but then I become more and more suspicious of the motives of members who are insistent and persistent in their use of such term.. and sometimes they might just be stubborn for the sake of being stubborn and not really have bad intentions but they want to be free in their use of language.. blah blah blah..   It's a free world.. yet from my perspective, because of the damaging effect (and the seemingly attack on bitcoin), they still deserve to be slapped down (verbally)...  .  hahahahaha

Someone has to lead and explain it better. I have seen you defend them whenever someone used the crypto term referring to Bitcoin. I don't know If I was one of them to use the term "Crypto" to refer to Bitcoin. Even though it's not too bad to call "Bitcoin" a crypto, it's like you are calling a Man a human. Sometimes, people agree and sometimes disagree with it. But when people like you step up and explain in many words who have a long forum background, people think twice before they argue with you. So you are kind of the back of many people.

That seems to justify that many of us continue to clarify the situation and fight back against the ongoing attack that those who use the term try to act as if using the term crypto is some kind of an innocent and different way of talking about bitcoin, when it is not.  Even if some of them likely do not have bad intentions, those of us who know better still likely have obligations to continue to beat them into the ground when they continue to use such term in vague, amorphous and meaningless ways.

I have no problem with using the term crypto when it is clear what is being discussed, but so often, it is used in ways in which it is not really very clear what is the reference and many times it seems to be trying to make bitcoin into a kind of equivalence to shitcoins, which surely any of us studying bitcoin for more than 100 hours likely realize that bitcoin has sufficiently meaning and material differences that require differentiating bitcoin as not only the leader, but to also make it abundantly clear that an overwhelming majority of shitcoins are affinity scams, even if they might have some redeeming utility, use cases and even being able to advantage from them as kinds of testnets.


I am not sure if everyone is going to be able to necessarily maximize on the bitcoin benefit, even if we feel like we know bitcoin very well, because while the world is transitioning from various fiat systems and also value is likely to ongoingly continue to gravitate into bitcoin, at the same time, mistakes are likely going to continue to be made in terms of balancing between the two worlds. and maybe sometimes overallocating in one direction or another during such transitioning process.. and hopefully, we are not losing too many bitcoins along the way, yet some of us will.

We have been involved in this discussions as regards to learning Bitcoin or learning crypto,  but majority of bitcoin users already know that crypto is not Bitcoin and using that terms to refer to Bitcoin in any form is a fundamental violation of what Bitcoin really is and stands for,  this also is what has shaped our approach towards those discussions as regard to Bitcoin journey and just as JayJuanGee said bitcoin is a life long journey that will touch several aspects of human development in regards to financial inclusions,  some time this misconception of terms have given bitcoin bad image from the general bad actors in the market such as in the class of shitcoins that are referred to as crypts who are nothing but just hype and shitcoins.

Learning about Bitcoin is a lifelong journey,  and the fundamental thing to do is to walk in the direction of the fundamental knowledge of Bitcoin because only through doing that you will be able to take a proper look at the long-term benefits of Bitcoin and how to maximize on that benefits.

Learning bitcoin seems to be a life long process, and surely there are various angles in which to approach it, and since bitcoin is likely going to be taking over a large number of aspects (and assets) of the world, bitcoin is likely going to end up touching upon almost every single thing, so just by definition, most people are ONLY going to learn bitcoin from a certain angle, and probable the smartest of folks - even the polymaths, are likely not going to learn (or know) all aspects of bitcoin.

FTM#1 - Bitcoin in El Salvador

El Salvador could be the catalyst for the most audacious economic experiment since Bretton Woods. On September 7th 2021, they became the first country in the world to make the nascent digital currency, Bitcoin, legal tender. If other countries follow, it could lead to a new international monetary system. How did this come to pass? And what does it mean for Salvadorians?

A beach and a palace bookend Bitcoin's story in El Salvador, and my film starts in the coastal resort of El Zonte, aka Bitcoin Beach, where I visit Michael Peterson, a US charity worker who developed this unique Bitcoin community. Most Salvadorians in El Zonte are unbanked, yet, with Bitcoin Beach, they were introduced to this new financial system.

I also sit with the President of El Salvador, Nayib Bukele, who, inspired by El Zonte, saw a chance to reset his country's fortunes. He took the unprecedented step to align his country's future with Bitcoin, taking on powerful interests at home and abroad.

The El Salvadorian people lie between these two men, ravaged by civil war, gang violence, and political corruption. Bukele has a bold vision for a new future, but his changes have bred distrust in some and hope in others. I travel to meet those protesting against Bitcoin and those who believe it can be a force for good.

On the day I published this video, El Salvador hosted 44 other emerging nations at a financial inclusion conference. What started as a small project in El Zonte may lead to Bitcoin becoming the standard for other countries worldwide.

About this Film ▶️

  Source

I was mentioned several times because of this user. I guess this guy visited the forum and checked the Bangladesh local thread saw my username and then decided to create his account with this username. Hey JJG, it's you again. It's been a while since I did not visit your home. But my name is still suggesting others learn more about Bitcoin.

The funny thing is I have also been learning Bitcoin for a while. Unfortunately, I am unable to learn many things. I didn't even finished to learn bitcoin, how would I start learning crypto? 

Some people don't know the difference between Bitcoin and altcoins because of a lack of information or misinformation. In other to deceive people to embrace or invest in their get-rich-quick shitcoin project, some of these crypto developers and promoters will hide behind Bitcoin. It is common to see them attaching Bitcoin and its logo on their advertisement channels to attract people to their project. In my early days of joining this sector, I attended a so-called Bitcoin awareness seminar, and nothing about the currency was discussed. The organizers kept persuading us to buy a worthless coin and telling us that it would be worth more than Bitcoin in less than one year. So when people especially newbies come up with names or discussions where they use vague words like crypto to discuss Bitcoin, I assume it was a result of misconceptions.  

That's a dumb user name "Learn Crypto"

Why would you need to learn crypto?  it is a nearly meaningless term.

maybe you should learn bitcoin first in order that you can come to appreciate that crypto is largely a distracting, vague and meaningless word that seems to be used by people who either do not know anything about bitcoin or they are purposefully or without purpose trying to create confusion by putting bitcoin into a meaningless category.

Both the currencies can all exist together but in future, one will outshines the other and we already know that currently with what we are having, everyone is after the use of a digital decentralized currency and bitcoin is their target, we have to also  know that bitcoin is not fighting this over dollar, it's only existing as an alternative in which the people preferred it to the fiat traditional currency as of now, very soon it will revolutionize financial economy globally and even countries we least expect will adopt bitcoin as a legal tender.

In fact, what is still visible now is this, but it cannot be denied that dollar users also use Bitcoin for more logical things such as investing and storing it well. So most people still really want to spend their dollars first rather than sacrificing their Bitcoins to exchange them for any goods in this world. And I'm sure that dollar users also know that Bitcoin has started to be accepted by many shops and companies in countries that don't ban Bitcoin, so citizens of countries like El Salvador are quite safe using Bitcoin even though they still haven't forgotten about dollars.

Security is still a very important point and also a very important point for everyone so it would be very natural if it continues to be sought after by many people now. However, on the one hand, dollar users have also realized that storing Bitcoin can also be very safe even though there are still fluctuations and volatility, because there are types of people who don't want to sacrifice important assets like Bitcoin. So a person like that will usually sacrifice his fiat in life rather than spend all the Bitcoin he has on everything he wants.

El Salvador has taken the lead in terms of bitcoin adoption even upto level of being used as their legal tender. The advantage to this is that it creates a safe heaven for investors to invest and also gives a sense of security to the investments committed. A new technology finally finds its safe heaven in El Salavdor, let's give the country just one decade and see what it's decision has made it become.

Dubai is growing rapidly because it opened its arms to blockchain, El Salvador took a step ahead to make it evenake it a legal tender, I can only but imagine the impact on its economy over the years to come

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.