Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 49. (Read 43313 times)

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

The results of Bukele's fight against crime in El Salvador are still yielding good results.  The Norwegian cruise ship Fridtjof Nansen docked in the Salvadoran port for the first time this cruise season.  About 200 tourists from Europe, the United States and Canada sailed on the liner for excursion purposes and to see the sights of the country.  Local people naturally welcome guests well.  And for these residents who work in the tourism sector, this is quite a significant event.  They all hope that there will be many cruise ships and foreign tourists in the future.

source 1   source 2

The question now is upon every attack that the government has made, other institutions and also the general public concerning bitcoin, what have these got to do with the globalization of bitcoin acceptability, everyone trying to start bitcoin ended up stopping theirselves because bitcoin cannot be intimidated by any political power or people, this is why El-Savador keep standing strong because they are independently on their own

El Salvador is indeed an example of a great process regarding bitcoin adoption. Because as you said, initially El Salvador strongly disapproved of Bitcoin adoption. But after that, as time went by, the views of society, the government and even the president began to open up little by little. Starting from the legalization of Bitcoin in El Salvador, to many people who disagree with this decision. But the President of El Salvador, Nayib Bukele, did not give up and continued to tout his decision to adopt Bitcoin. After that, little by little the economic system in El Salvador became a little better and people began to realize all that.
So people in El Salvador are slowly starting to agree and support the continued adoption of Bitcoin. Then in the past two years Bitcoin has been more or less legalized in El Salvador and perhaps a lot has definitely changed, especially regarding the economic situation there.

Because from what I read on news sites, El Salvador plans to build 20 schools, has this been done?

Source: https://inet.detik.com/cyberlife/d-5795618/cuan-dari-bitcoin-el-salvador-bangun-20-sekolah

I think this is a positive example of bitcoin adoption in El Salvador.
And most likely in my opinion the country of El Salvador will definitely get big profits, when the next bitcoin bull run market comes. So surely El Salvador will definitely make even more spectacular news after the upcoming bull market.

The country's first Bitcoin mining pool is currently ready in El Salvador.

El Salvador has launched the country's first Bitcoin mining pool, the so-called Lavapool, with the goal of making global Bitcoin computing truly more decentralized and exponentially more powerful. Strengthening the country's energy infrastructure, the announcement said the project was prepared in collaboration with mining experts from Luxor Technologies.  And it will only get stronger in the future.
The company currently operates Bitcoin mining policies around geographic decentralization, and the development of the El Salvador Bitcoin mining pool will further contribute to this goal. However, we are pleased to partner with Volcano Energy to launch Lava Pool, the institute implemented, and to support their mission in El Salvador and Latin America in general, and full credit to the country's government, Nayib Bukele.

In El Salvador, this Volcano Energy has expanded through the use of renewable energy.  Volcanic activity series is provided on the use of geothermal energy in the country of El Salvador.

However, the first phase of the Volcanic Energy project involves the construction of a 241 MW wind and solar power generation farm.  And will play a role in generating more energy in the future.

Source link: https://www.blocktrainer.de/el-salvador-erster-bitcoin-mining-pool-ist-nun-live/

El Salvador's Eco-Friendly Bitcoin Mining Pool "Volcano Energy" and the popular American company "Luxor Technology Corporation" have pledged to work together and establish the world's first Bitcoin Mining Consortium and made this proposal from their official Twitter page. However, in their proposal, the new mining pool that will be formed is named "LAVA Pool", one of the main objectives of which is to use Renewable energies and Geothermal energy and ensure the best use of energy.


source

Vision have aided in El Salvador becoming one of the influential country regarding bitcoin utilization. El Salvador have innovated brilliant ideas about cryptocurrency and have taken a bold step to make bitcoin legal tender in the country, breaching the gap between cryptocurrency and the country's economy. Bitcoin as legal tender in El Salvador have developed the country's economy to become a balanced and competitive one towards other country's economy and budgets. Ensuring about the spreading of the news of bitcoin to every single citizen in the country, perhaps its all gradual process.

I feel El Salvador have made a decision that will go down in history as a great one. On the immediate, the country will enjoy so much attention and this is good for their economy. Give them ten years from now and see the level of technological innovation that will follow this legalization of Bitcoin.

I know there will be challenges along the way such as educating their aged population as well as their children on how to safely use Bitcoin. But if they adjust their educational curriculum to integrate blockchain, then the knowledge will grow faster than expected. They can also add vocational studies for the adults, in that way, no part of the population will be isolated.



If you think the super powers will give up their monopoly of global financial system so easily, the joke is on you. They will use every means to discourage people from embracing anything that opposes their power and control. IMF, the media and other institutions they use will be fully deployed to spread fear and misinformation just to achieve their aim. Well, the world is getting wiser per day thanks to the internet.