Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 59. (Read 40928 times)

But what should you do other than implementing of lighting network in order to move the whole country on bitcoin ecosystem? Traditional bitcoin transactions aren't fast, mempool gets clogged very often and sometimes fees are getting tremendously high. I don't think anyone will find it normal to pay $10 in fees for $5 taxi ride. In taxi, supermarkets and stores you need instant payments, LN gives that possibility.
What El Salvador wants and says is easier said than done, it's not that simple to massively accept bitcoin payments in real life.

2 years ago Salvador & Bitcoin Mining



Now Salvador's president Nayib Bukele investing more than $1 billion into bitcoin mining.

Source: https://twitter.com/pete_rizzo_/status/1666771111286120449?s=19

the problem with el salvador in 2021. is when they legalised bitcoin.. they consulted with an idiot who was not promoting bitcoin but promoting another network pretending it was bitcoin..
yep the owner of "strike" was promoting that el salvador should not use bitcoin network but instead his software gateway into LN.
and so el salvador did trial this, to use LN as the payment routing. promising citizens bitcoin but giving them LN msats..
within 3 months el salvador experienced the flaws of LN in regards to liquidity issues of payment amount limits(it didnt 100% process payments successes above $100).. also when trying to close channels to get thier "free $30" of value. they hit the other LN problem of the channel owners not wanting to close the channels of the customers.

thus el salvadorians gave up using the chivo wallet that was using LN as the payment rail..

el salavador by january 2022 swapped out the LN function and instead relied on a CEX as a bank manager of custodian value. but it was too late the citizens already had a bad experience and so the damage was done

all because el salvador was told LN was bitcoin. even though the 2 networks are very very different

There is a big difference between Bitcoin and shitcoin and shouldn't be used interchangeably and both terms should be clearly differentiated, but many members have misunderstood this fact and ended up. Making that mistakes each time their make comments, and also shutcoinairs have constantly and consciously used the term crypto to mean and promote the coins in the same category as bitcoin which is something we constantly discredit in our various discussions as related to Bitcoin or the entire cryptocurrency.

But when it comes to El Salvador's Bitcoin adoption, the discussion there is no way we gonna accept the term crypto to be used in our discussions since El Salvador was specific in their approach to the adoption of Bitcoin and no other coin so shitcoinair can gain any place in this discussion and we must consciously and our words while having this discussion.

We are visiting Complejo Educativo Teotepeque. This upcoming friday, we are going to teach the  #ABC of #Bitcoin    and talk about  opportunities for the future’
Dm us and join us 🙏🚀🎉🇸🇻
@Bitcoinbeach @Btcforevery1



https://twitter.com/romanmartinezc/status/1666493050950934542?t=95V9BDfHiGiw4JW5MvJzrA&s=19

The word crypto is a vague word that can be misused by many shitcoin promoters. They hid under the word crypto to promote their scam projects while telling unsuspecting clients that their coin and bitcoin are in the same category. So many people in my country assume that there are no differences between Bitcoin and other coins because they have been deceived that all of them are the same. This is why I always support it when people argue that the name of the coins should be mentioned because hiding under the term crypto can be abused and misused.


Central African Republic couldn't withstand the pressures from some anti-Bitcoin forces so they had to throw in the towel. It will take bravery and willpower to pursue a policy that is designed to break the hold of some economic imperialist because these forces will do everything possible to frustrate this positive move. These power will use every weapon at their disposal such as threats like sanctions, restrictions to access loans and even canceling of grants or aids.

It is natural that most of the people will oppose you when you take any religious initiative. They will not only oppose your opinion but will do whatever is necessary to prevent your action from being implemented. This is also the case with Nayib Bukele. Before accepting Bitcoin as their country's currency, many people opposed this decision but President Nayib Bukele did not stop, he remained steadfast in his decision and accepted Bitcoin as their country's currency. He did not stop at recognizing Bitcoin as the currency of his country, he is slowly implementing all the steps related to Bitcoin. Those who opposed his implementation of this move are now praising his work.

Everything needs a process and proof with real work. Yes. This extraordinary journey serves as a compelling example for countries around the world, illustrating the potential of digital currencies to revolutionize economies and redefine societal norms.

El Salvador's transformation from a Bitcoin skeptic to the world's first Bitcoin City is a testament to the power of visionary leadership and a strategic approach to change. It can be seen that the president's unwavering dedication to educating, empowering, and incentivizing the population has succeeded in destroying the original reservation, allowing Bitcoin to take center stage in El Salvador's economic landscape.

When the president of El Salvador first discussed Bitcoin legal tender, over 80% of the people of El Salvador opposed the president. But later when the President of Salvador started to take various important steps on Bitcoin, the people slowly started trusting Bitcoin and now 80% of people in Salvador accept Bitcoin as a legalized currency. And the world called El Salvador the world's first Bitcoin City.

FUN FACT: Miss El Salvador wore a #Bitcoin outfit to Miss Universe 2023 🇸🇻



https://twitter.com/BitcoinMagazine/status/1666466125389897730?t=8MedLP0LjPFAyI65yC13Vw&s=19

El Salvador has shown real work by demonstrating the innovative policies adopted by the government and their efforts to encourage the adoption of blockchain technology with a focus on bitcoin. I think what @JayJuanGee outlined earlier makes a lot of sense, meaning In this way, we can see a clearer picture of the steps being taken in El Salvador and their impact on the acceptance and use of bitcoin as legal tender.

Unfortunately the way of the world Bitcoin adoption is not going to be easy. The Central African Republic first made Bitcoin a legal tender and then revoke recognition in a year. And that's one of the reasons why we are so interested in the success of El Salvador on its Bitcoin way. If they will steadily and sequentially show positive results of Bitcoin adoption then some other countries will become more bitcoin friendly to get their parts of a Bitcoin pie. Majority of us are nor Salvadorians but we sincerely happy for them when we see any good news from their country these days.

The situation is the same in my nation. Bitcoin is not recognized as legal tender, few people believe in it, and those who do adopt it do so discreetly. They are unable to use bitcoin openly due to the law prohibiting it, even when conducting transactions. When paying for bitcoin purchases, you do not need to disclose to your bank that the payment is related to bitcoin or cryptocurrency. if you do, the bank will freeze all of your funds, the government will get involved, and the offender will be penalized.

Police officers even go so far as to inspect people's phones, usually those of young people, to check for cryptocurrency-related apps like Binance, Trust Wallet, KuCoin, etc. Anyone caught with such apps will face punishment. Being a bitcoiner in my country comes with a significant amount of risk, but we do it out of love for Bitcoin and with the hopes that one day it will be legal in my country, like it is in places like El Salvador.

What El Salvador did was not only praised, but other countries should have followed in his footsteps. I believe the people of El Salvador from now to ten years from now. The people of El Salvador will thank the president for having a visionary understanding of adopting bitcoin. Impressively enough and bold enough to do it.

In addition, this with bitcoin mining shows the growing potential of energy sources to fuel the future of bitcoin and El Salvador is also paving the way to create a greener future for bitcoin.

Every step El Salvador has made towards Bitcoin is commendable. The recently announced establishment of a Bitcoin mining industry in El Salvador is a another groundbreaking step. I found their power generation system very profitable. They want to generate energy in two way. They plan to collect 169 MW from photovoltatic solar energy and 72 MW wind energy and total 241 MW. The deal will pave the way for their ambition to establish one of the world's largest Bitcoin mining firms. There is no doubt that El Salvador is going to be a major Bitcoin mining country in the future.

Fuck crypto.

Bukele and El Salvador passed laws specifically to become the first country to add bitcoin as legal tender as a nation-wide policy - and thereafter some of the El Salvador laws have been added to facilitate such bitcoin promotion (and including themselves as working to be a tech-innovative/friendly place).. not aimed to purposefully be "crypto-friendly" - even if some of the technology friendly (wanting to facilitate innovation) laws/policies of El Salvador might end up having such effects to be shitcoin friendly too because many shitcoins tend to create all kinds of muddiness in terms of how much they latch onto bitcoin - also known as affinity scamming.. and I am not referring to tether as a shitcoin, since tether is a bit of a different kind of way of being able to get in and out of dollars and into bitcoin or however some of the various ways that might be accomplished to facilitate rails between bitcoin and dollars and other fiat currencies.

Had you considered using bitcoin in your discussion of this topic or not.. or do you really believe that your use of the term crypto provides any kind of a less than vague depiction of what is happening and being attempted in El Salvador in regards to bitcoin and/or its attempts at tech-friendliness?

Maybe you should ask Bukele directly. LOL There are no clear details regarding tax sharing, any rates in the facility are given. But actually as a crypto community I feel good about Bukele's plans. I don't understand about its realization, but this activity is certainly a form of support for El Salvador as a Crypto-friendly country.
Moreover, they cooperate with Tether with a value of US $ 1 billion for Volcano Energy. If this is realized, perhaps miners will start shifting to El Salvador. It looks like from that project they can generate 1.3 exahash per second (EH/s). At least this is great news for Crypto growth fundamentals. Source

hahahahaha,.,. it is not ONLY Ethereum that has the pink unicorns... you have some points there.. you party-pooping naysayer.  

For sure there is some value if we actually see the mining taking place and companies going to El Salvador to mine bitcoin (and yeah maybe it starts out with El Salvador subsidized entities to get it started), and so the extent to which they are actually able to mine or to attract outside investors or to even bring down their costs of energy (perhaps reducing some of their needs for imported energy) likely continues to need to be seen beyond mere theoretical assertions.

Of course, there is value in regulatory friendliness and regulatory clarity, and many folks might consider that recently some western countries are not expressing very much friendliness to bitcoin (even though there is rule of law and various abilities to challenge various negative actions towards bitcoin), but then there can be difficulties in terms of any company actually wanting to move to a place like El Salvador, if the regulatory friendliness of something like El Salvador still ONLY has less than a 2-year track record of having bitcoin as legal tender.. and then even merely having bitcoin as legal tender still does not even put to test some of the application of various legal certainties that companies frequently want to have especially if they would be injecting decent amounts of capital that they would not want to lose (and probably would want to be profitable .. .since public companies have to report back to their shareholders in terms of justifying the places that they are investing, and even private companies are still going to want to have decent levels of profitability, sustainability or even that future projections of those kinds of profitability/sustainability justifications to invest in any area (such as El Salvador) that historically they had not been investing into).

The ones that do know something might come as naysayers, but whatever, let's burn some pink unicorn dreams:

Starting with this:
https://www.vesselfinder.com/vessels/details/9236626

For the ones that only copy-paste Bukele's dreams and don't know or are unwilling to research stuff for just 1$ a post, that's an FSRU ship, as Salavdor imports LNG to keep its gas powerplants online, Salvador is not only an importer of gas but despite this, it still imports 25% of its electricity from its neighbors. The country has a 380 MW gas powerplant in construction to balance the load and reduce electricity imports and some of you still think it's the world's cheapest place to mine. Just lols!

Marathon was paying 2.5 cents per kwh in Montana, Riot has claimed in their financial fillings they have  2.96 cents/kwh for 2022, and some think that Salvador which is subsidizing energy and can only get as low as $0.1555 per kWh will compete with this.



Yeah, would be nice, but, it won't happen cause 99% of those that post this garbage here have no clue what they are talking about!
Let's give it a try:


Wow, sounds great!
Then can you tell us what kind of incentive miners on this forum have to move to Salvador and why the f word hasn't any of them moved there?
Can you share some of those cost benefits? Taxes, tariffs? Anything???

Miners from countries that have various restrictions on Bitcoin mining can choose El Salvador for Bitcoin mining. Because the government of this country is giving maximum facilities to Bitcoin. Any miner can easily run their own mining operations in El Salvador. As in other countries, the government had to pay taxes in different ways to do mining or they had to carry out mining operations with risks despite various restrictions, in El Salvador, miners can mine Bitcoin without any problems. This is great news for every bitcoin miner.