Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 52. (Read 34541 times)

I think, Yes. Certainly there is some concern within the cryptocurrency community regarding the motivations of the larger institutions and their contradictory statements regarding Bitcoin and El Salvador's decision to make Bitcoin legal tender is a positive development, it is wise to note. JP Morgan as you mentioned also has a tumultuous history with Bitcoin, and their recent comments regarding the cryptocurrency have been somewhat confusing. It is possible that some institutions attack Bitcoin publicly while investing in it privately.

I think that the impact of this last event with the growth of the mempool was still on LN payments in El Salvador.  But it was very small and could only be associated with an increase in commissions for opening LN channels.  At the same time, of course, Chivo users most likely did not notice this. 
And the second.  The mempool calmed down rather quickly and commissions started to return to normal levels. 
I think it's a good thing that bitcoin passed this latest stress test caused by the Ordinals transaction flow quite easily.  Most likely, such situations will continue to repeat periodically. 
I can make an assumption that the residents of El Salvador, who use bitcoin, heard something about this event, but they didn’t pay much attention to it and it didn’t really affect their LN payments and, in general, the daily use of household bitcoin payments.

Chivo Wallet uses LN technology, so most payments in El Salvador are probably in the second layer, so the recent events with the temporary increase in the mempool and fees in the bitcoin network probably should not have hit bitcoin circulation domestically.

I think everyone knew the recent drama on Bitcoin regarding high transaction fees. Bitcoin as legal is tender is the most affected services in time like this since high transaction fee is a disadvantage for a small to medium transaction.

Assuming that most of the country applied same law like this that will boost the transaction volume to an insane level, Is there any solution on scalability issue without the use of sidechain? Or sidechain is inevitable to cater this kind of heavy transaction. I’m thinking that Bitcoin scalability issue should be solve now before the real mass adoption happened. This might be one of El Salvador consider on implementing Bitcoin as legal tender.

Indeed, El Salvador became the first country in the world to make Bitcoin legal tender. This historic decision was announced by President Nauib Bukel at the Bitcoin 2021 Conference held in Miami, Florida.
El Salvador's decision to recognize Bitcoin as legal tender could have major implications for the global economy and the crypto community. This could lead other countries to follow the example of El Salvador and start accepting Bitcoin as their official currency, which could lead to further adoption of cryptocurrencies and increase their value.

BTC is already a success, but if you are talking about BTC's success in El Salvador, surely things are going according to plan for the country, if their BTC idea wasn't working or if it was a failure, they would have gone back on it, but El Salvador has continued to pursue their BTC goals, even though institutions like the IMF wanted to discourage them from it because they are selfish and do not like decentralization.
Development does not come too fast, and do not think that El Salvador is going to become a rich and developed country only because they made BTC a legal tender, surely they can earn from their 'BTC investment' and from BTC tourists, but there are many other aspects of governance which are more important and will enable them to have a better economy and life.

Slowly but surely, it doesn't feel like the development of bitcoin adoption in the country of El Salvador has gone so far. Now bitcoin in El Salvador seems to be very popular with the people. Initially, there were pros and cons among the people of El Salvador, now there is no more news that reviews this matter. Slowly the negative viewpoint about bitcoin has begun to disappear in El Salvador, it is the fruit of the hard work of Nayib Bukele and other governments who have always remained patient in implementing bitcoin in the country of El Salvador. Even from now on it is very likely that the country of El Salvador will slowly become a country that will be followed in the footsteps of other countries regarding the adoption of this bitcoin.
So in essence, the adoption of bitcoin that occurred in El Salvador, which was previously underestimated by many, now that negative view has slowly turned into something positive and maybe it will continue to bear good fruit for the country of El Salvador.

In recent times politics has not really followed any principles. America has now intervened in various countries and has seen extremely negative effects on them. Especially the influence of the current government on their economy. Economic power is variable. But the good news is that Bitcoin will succeed in this transition.

All the personalities who have been negative about El Salvador's Bitcoin adoption will at some point support it. One should remember that success can never be brought by anyone. He has to achieve. The right policy of Nayib Bukele will play a vital role in making the country reach the pinnacle of development in the coming days.

They are visionaries, kudos to a leader and country that believe in the future promise of Bitcoin rather than the noise associated with it which sparked opposition. Frankly, there are both ups and downs aspect to El Salvador legalizing Bitcoin but this does still not translate to forcing it on people except for the huge amount owned by the country. This might have caused protest and panic when the coin was falling, but I bet with everyone that it's one of the ways to enrich the country in the future.

A lot of benefits are now associated with it in terms of taxation and others and might amass wealth for the citizens if they could follow the footsteps of the country's leader in this long-term vision and benefits.

You're right and this does not only applies to JP Morgan, we have them in the likes of Michael Saylor among others whose stance cannot be accurately predicted with bitcoin even with what they say often, they are such a complacence actors in this for long ad this makes another good criteria to judge on El-Savador as a country that loops on no man idea but rather head straight i getting it's target and objectives being fulfilled through it decisions, the first actors and players in this begins with the IMF, as a matter of fact everyone has their own right to decide on what they want, we cannot be moved by all these political, government and individuals propaganda on what they say about bitcoin or El-Savador, because everyone will only contribute base on the aspects of their own personal interest, that's why I will always respect El-Savador in every of it steps and decision made towards bitcoin and disregard any third parties opinions.

I would like to point out the fact that in recent times, almost nowhere in the media has there been a sharp criticism of the decision of President Naiba Bukele and the Government of El Salvador to legalize bitcoin as legal tender.  It seems that the critics of this decision on the partial de-dollarization of the country have nothing to say.  Especially after the increase in the country's credit rating.  Obviously, the US authorities cannot like the de-dollarization of any country, even one as small as El Salvador.  However, they are silent.  There is no serious, and in fact well-paid criticism of the implementation of bitcoin payments in El Salvador.  This means that there are no necessary arguments for serious criticism.  And secondly, the political leadership of the USA does not give the command to organize informational persecution of El Salvador's decision.  And why is this happening?  Maybe the US authorities have temporarily left El Salvador alone, and are focused on their problems with aged presidents and elections and on the confrontation with China.  It turns out they are now not up to such a small country as El Salvador. 
And it's great when American rulers do not brazenly interfere in the affairs of another sovereign country. 
From this, there are only pluses for the population.

JP Morgan is a flip-flopper, so I would not expect any kind of discontinuation of the attacks on bitcoin and various bitcoin-related infrastructure that is being built, even though surely it can feel a lot better to experience positive rather than negative statements about bitcoin - even though it is best for all of us to remain skeptical when we see some of these BIGGER players sometimes seeming to want to play both sides of the fence.

While the critics are still not moving on with this declaration and law made by El Salvador making bitcoin as a legal tender.

Here goes the results that they're not seeing because they've been stuck that it's not a good idea for a country to adopt it as it is. Well done to El Salvador and all of those people that are working hard.

It may not be the peak of the numbers shown for the tourists but it's just building up and in the future, we'll see for sure more of them.

Wow. Sooner or later even the fud-fud against el-salvador will turn into praise. Because after all, a lot of fud leads to El Salvador. it turns out that the response from El Salvador is the level of progress they show which proves that the steps they are taking in policy in that country are steps that are full of calculations and not random. included in the legality of bitcoin payments there which was considered a step that was considered too bold by other countries but El Salvador went ahead and carried on with great conviction. And now when bitcoin is starting to end its bearish market and turning towards a bull market, the praises are starting to come back to El Salvador. I love every policy signed by Nayib Bukele. He really has worked hard to bring positive changes to the country. In fact, I think the level of violence there has started to decrease from year to year since the reign of Nayib Bukele. And now maybe investors in the field of technology innovation will begin to approach El Salvador and make the country the center of attention for new investors. And that is a positive signal for the country's economy.

Not only will it be remembered in history by many countries in this world, but the country of El Salvador will be used as a prime example for other countries who want to adopt Bitcoin as did the country of El Salvador. And not only that will be unique to the country of El Salvador, but tourist attractions, businesses, supermarkets and schools there have made Bitcoin an important thing for them to learn so that all citizens of El Salvador can know Bitcoin thoroughly.

The country of El Salvador has never played around with their interest in building a peaceful country and made El Salvador the first country to adopt Bitcoin in this world so that the authorities in El Salvador are really serious about dealing with this so they get pretty good results from what what they have been doing so far through Bitcoin. Hopefully El Salvador can move forward with the adoption system they have built and have used so far.

Bitcoin adoption is really having a tremendous impact on El Salvador as the rate of tourists influx to the nation is constantly on the rise. According to statistics made available by the minister of tourism, Morena Valdez, more than 1 million tourists has visited El Salvador so far this year 2023 against the 725,000 tourists that visited in the last four months of 2022, and the country is expected to receive 2.9 million tourists before the year comes to an end.
Source: https://forbescentroamerica.com/2023/05/04/mas-de-1-millon-de-turistas-llegaron-a-el-salvador-en-lo-que-va-de-2023

Video link: https://twitter.com/romanmartinezc/status/1655697848028020736?t=tk4fcU8nlpRqz3xUvMbVqQ&s=19

It first started in El Salvador when a group entered Bitcoin education at a small school institution. The team works based on discussions on how to educate people about Bitcoin and use Bitcoin as a tool to fulfill dreams. And succeeds in working. This video shows a small amount of teaching.
This education was introduced last week, I was surprised how well the government of the country introduced the system to teach them about Bitcoin. And in these few days the number of students has increased and success in the work can teach more in future (Bitcoin Teaching Team). Such education system should be introduced in every country.

El-Savador is rather doing well with bitcoin as it receives more applaud on how it handles it credit and bitcoin adoption, this is coming from from JP Morgan, El-Savador receives credit as it settles it creditors while maintaining bitcoin investments.

JP Morgan made a statement concerning El-Savador bond that they are of investment grades, which indicates suitability for any category of investors to fit in by an average El-Savadoran, and the traditional institutions (government/IMF) are giving complement on this entire experience with bitcoin adoption in El-Savador and it's ability to deal down it's credit well to a reasonable extent from it creditors, maybe the season of it attacks and insults are getting over gradually with the public as bitcoin remains unstoppable and decentralized.

We constantly hear new news about El Salvador, especially since the announcement of Bitcoin legalization on September 25, 2021, Salvadoran President Nayib Bukele is always trying to advance his country in various sectors. In addition to legalizing Bitcoin, de-taxing Bitcoin, including Bitcoin in the education sector, bonding on Bitcoin, and tax-exempting all forms of technology have already been implemented in groundbreaking ways.



https://twitter.com/nayibbukele/status/1656023895571406850?s=19

Salvador already upgraded CCC+  from CC
Salvador already upgraded B+ from B-

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News cover:
https://www.latinfinance.com/daily-briefs/2023/5/8/fitch-upgrades-el-salvador-after-local-debt-swap
https://tradingeconomics.com/el-salvador/rating

The country of El Salvador will be remembered in history. They are the first countries in the world to legalize Bitcoin. Bitcoin has been made the official currency of their country. Businesses are starting to use Bitcoin. School students are also being taught about Bitcoin this step is amazing. To learn about Bitcoin, have to learn. Knowing about Bitcoin alone becomes very complicated.

Given El Salvador's interest in Bitcoin, I think many other countries around the world will be interested in Bitcoin. Bitcoin will gradually become legal in more countries. The media is aware that Bitcoin is being discussed in many countries.