Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 6. (Read 38852 times)

Thank you for this post, this thread has 2747 posts, up to the post mentioned above, and 584 users have passed by, who have given their opinion on the subject but they forgot one of the most "irreverent" days of bitcoin, in fact I would say that it is the maximum official reverence of bitcoin so far, and it practically went unnoticed, even spammers ignored it, by the way it is not that I forgot and I am here on September 8th, I have a topic dedicated to this date in my local language.

On the other hand, there are not many different data that can be given, both in the positive and negative line (side where the data borders more in reality).

But as it is a birthday, let's surround this day with a positive fact, among the 1000 that exist, I repeat, anyway,


^{Source:https://www.france24.com/en/live-news/20240907-how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin}

Happy Bitcoin Legal Tender Day 🙌

On September, 7th 2021, 🇸🇻 El Salvador became the first country to officially adopt Bitcoin. here

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El Salvador is the first country in the world to accept Bitcoin in 2021, allowing Bitcoin to become legal tender. And since then its Salvador has stood head and shoulders above the rest of the world in Bitcoin adoption, and has gained one of the world's reputations for being the only Bitcoin adopter. And gained even more reputation because he taught Bitcoin using various techniques to educate the people of his country from students to young and old people about Bitcoin. And has been successful in many ways, I can say the president of El Salvador, Nayib Bukele, is a successful entrepreneur and his contribution to bitcoin holdings is the most.

Correct they are not wealthy yet. They are under category lower middle income country which means they are not rich yet. Maybe they are gaining something from bitcoin but they didn't see yet the full effect if we talk about their profitability with bitcoin, since for sure it will take a long time before they gain especially on investment they have done with bitcoin and for sure in future it will good result for their country.

People can see it here on where El Salvador earn their wealth https://www.britannica.com/place/El-Salvador/Economy

For sure they didn't came to the level where they are gaining a lot of money from bitcoin since they are just newly adapted this coin and maybe they only get small result for now. But for the fact that their country is gaining attention and tourism with that they already get the benefits that they want.

El Salvador is not yet a rich country. The country has successfully bought some amounts of Bitcoin and they are still acquiring more. Since they see Bitcoin as a long-term investment and the price of Bitcoin is predicted to keep increasing, there is a high tendency that the Bitcoin will contribute to the economic development of the country.

However, the wealth of El Salvador is not solely dependent on Bitcoin investment, the government needs to put in place viable economic policies that will attract foreign investment and create jobs. The government have been able to maximize the opportunity that making Bitcoin a legal tender provides which includes improvement in tourism but the government needs to improve other sectors of the economy to make the country wealthy.

And now thanks to the continued adoption of Bitcoin in the country of El Salvador, the country has become wealthy despite its small size. I am also truly amazed at the determination of the citizens there and also by the government there who continue to prove what they have said before to be a sweet reality. I have found El Salvador to be an amazing country because they have been able to rise to become wealthy through Bitcoin adoption and also continue to provide Bitcoin education in every school so that children of a suitable age can learn it properly.

Of course as an individual you have the right and the power to do whatever you like, but if you really think through the matter, you are not likely to do yourself any favors to use selling as a strategy to accumulate more bitcoin, and your speculation that you are more flexible and able to do it (as compared to a country) does not even mean that trying to sell in order to buy back cheaper is the right idea or the right way to approach an asset like bitcoin, even though it looks so damned tempting to sell and to buy back cheaper, there are so many ways that you can end up screwing up your own financial solvency and also your psychological well-being.

Ongoingly buying bitcoin as aggressively as you are able to do without screwing up your finances and while trying to maintain solid back up funds, no matter what the price, is likely amongst the best, if not the best practices to continue to assure that you are building your bitcoin stack and keeping a building mindset... You can also try to figure out various ways to increase your income and to decrease your expenses in order that you will have more discretionary income to work with and to ongoingly buy bitcoin with some reasonable portion of your discretionary income that you believe is plausible and prudent.

Probably, you should not even give very much thought in regards to the extent to which your BTC holdings might be in profits or in loss, as long as you are ongoingly, consistently and persistently accumulating bitcoin and building your stack size, you are likely going to have a lot more options 10 or more years down the road based on your ability to stay focused on accumulating bitcoin through buying rather than fucking around with trading that may or may not end up paying off.  Yeah, what I am saying might not make sense to you and you might really believe that you can figure out the various price moves, and hopefully you do not get too financially and psychologically stressed over your desire to gamble rather than to really invest..

Now if you have some kind of an irresistible urge to gamble (trade) with some portion of your bitcoin holdings, then maybe if you at least keep it to less than 10% of your bitcoin holdings (without cheating by continuing to draw from your bitcoin holdings when you are losing), then sure, there may be some benefit for you to learn about trading while limiting the amount of your trades and mostly remaining focused on just accumulating bitcoin.

Again, do what you like, and no one is going to rescue you if you lose either way, you are responsible for your own BTC accumulation and/or wealth building strategies...and your abilities to attempt to stay focused  on what might be more productive ways in reaching your goals.. and remember that frequently the psychology of trading (gambling) is very difficult to break from since gamblers/traders frequently think that they are smarter than everyone else and they can have many trades that are paying off way greater than the BTC buyer holder (accumulators through buying), and then one trade can end up wiping out all profits and even putting the trader/gambler at a way worse position as compared to the one who had been focusing on accumulating bitcoin on various ways of buying techniques, earning more money and/or cutting expenses.  Yet, again, you are free to choose whichever strategy you wish, even the dumb ones that seem smart.

Governments and institutions do not tend to be as flexible as individuals in regards to either trading or even changing around their strategies, yet ongoing buying  and holding still may well be amongst the best (if not the best) of strategies to both assure ongoing growth of the bitcoin, but to provide more long term options, especially if there are abilities to consider 10 years or more down the road and governments frequently have those kinds of inabilities to plan out long term and to execute fiscal policies consistent with longer time-lines.

From your explanation, it is clear that selling at $100k might not be a smart business move since Bitcoin prices will keep increasing in the near future. Secondly, the government of El Salvador sees Bitcoin as a long-term investment, so selling after one circle might not be in their near interest. Since the country can keep accumulating without having any negative financial consequences, it will be better to keep accumulating using DCA.

I have not accumulated much but I have been doing my best to keep some part of my weekly income in Bitcoin. Accumulating has not been easy but I see Bitcoin as an important investment. I thought I could accumulate more by selling at a high price and buying the deep through lump sum during the bear market. It might not be the best decision, but  I have to take some risks that can lead to accumulating more coins. It might have some effects since keeping money in fiat is not advisable, but it is a risk I want to take. However, I now know that relating my plans to El Salvador's policy on Bitcoin was not the right move. Thank you for the heads up.

Yes.  It would be the smartest business move to continue to hold bitcoin and to continue to accumulate bitcoin, even once bitcoin prices hit $100k and thereafter.  I imagine El Salvador's average cost per BTC is somewhere in the ballpark between $30k and $40k, so it seems a bit ridiculous to consider accumulating bitcoin for around 3 years to be sufficient to be starting to sell.. including for a measly 3x profits in dollars..

Why should anyone, whether an government, institution or individual consider spending a bunch of time accumulating bitcoin in order to transition into worthless dollars or whatever you are suggesting that they should spend their bitcoin and invest into something else?  Why? 

Bitcoin happens to be amongst the best, if not the best asset of all time, so why would anyone, whether government, institution or individual sell the best of assets? 

It sounds to me that you (Fiatless) do not understand what is bitcoin.  You may well be the one who needs to learn about what is bitcoin before spouting out some nonsense about supposed better business to sell bitcoin for worthless dollars or whatever you are suggesting that they do with the dollar proceeds that they would get if they were to end up selling too much too soon (at around $100k as you seem to be suggesting).

You have been registered on the forum for less time than El Salvador has been in bitcoin, so less than 2 years, and so if we might presume that you got into bitcoin at a time around your registration on the forum, then hopefully, you are not managing your own bitcoin accumulation journey in as bad of a way as you are suggesting that El Salvador should manage its bitcoin accumulation journey.

To me it sounds like you lack focus, and really someone like you (and yeah including governments, institutions and other individuals) should spend a whole cycle, at least, accumulating bitcoin before even entertaining ideas of selling any (except spend and replace), and maybe after one or two cycles of being in bitcoin, you might come to understand and appreciate the power of accumulating BTC and holding through such process.

In other words, $100k is likely nothing too meaningful in terms of price thresholds, and likely many folks (especially newbies) should continue to accumulate BTC through such BTC price levels, and there are going to continue to be more and more newbies coming into bitcoin, and sure even when El Salvador gets through a whole cycle, which would be mid to late 2025, they still might not be in a position to be selling any of their bitcoin... even though surely there are more and more options regarding how to deal and manage your bitcoin in the even that at some point they might start to feel that they are transitioning out of their BTC accumulation stages.


No.


Now you are presuming that selling BTC is for the purpose of buying back lower... so that you are presuming either $100k-ish to be some kind of a top and/or that you might be able to figure out at what price points to buy back.
Trading does not tend to work out very well, even with traders who are fairly good at it.


Presumptively you are doing what you recommend, and so hopefully you have already accumulated enough BTC to authorize yourself to be selling at such price points, and another thing hopefully you do not end up selling too much too soon and become a bitter disgruntled no coiner or low coiner as we have seen a lot of those over the years who think that they are smarter than everyone else and so they sell hoping to buy back lower and lose their BTC accumulation focus.  If you are in the process of accumulating BTC, then the best way to accumulate bitcoin is by engaging in various forms of buying including DCA, buying the dip and lump sum. 

For a variety of reasons selling does not tend to be a good BTC accumulating technique because it gets you out of the buying mindset and practice.  Now if you have accumulated enough or more than enough BTC, then you have more options, but you still would not sell to be able to buy back cheaper, but instead in the case of overaccumulation you would sell based on having more than enough and you would ONLY sell from that portion of your BTC stash that you consider to be more than enough.  Which portion of El Salvador's nearly 6,000 BTC stash would you consider to be "more than enough?"  How much are they authorized to sell?  And would they continue to buy BTC as they are selling?  You, Fiatless, don't seem to be much of a businessman, especially when it comes to having any clue how to deal with pristine assets, including your supposed recommendation that selling is a good way to deal with a pristine asset like bitcoin. 

With Bitcoin price hitting $63,000 today and the prospect of the going higher, I am keen to know the next move of El Salvador if the price gets to $100k. The government of the country has said they don't have any intention of selling, but is that a smart business move? Wouldn't it be more profitable for them to sell part of the hodlings when the price reaches $100k and make gains from it? The money realized from the sales can be used to increase the number of coins they would buy per day during the bear market. Many of us want it see El Salvador succeed and making the right business decisions will make this happen.

This is getting more exciting, and we are seeing it happening in other to help make a conservation of resources through bitcoin investment in El-Salvador, am more delighted in seeing that they work as accordingly to what they have said in making bitcoin investment every day, it is very important to know that this was not only said by spoken words, but the appearance still remain as what manifest in every of their actions towards bitcoin investment, in due time, they world will soon realize the impact of their decision and many will have to blame themselves for not starting early as they have done.

The 🇸🇻 Salvadoran government has been buying 1 #Bitcoin per day since March 16, accumulating 160 BTC (💵 $10.31M).
Source Link
They now hold 5,850 BTC ($355.83M) with an average cost of $44,835 and a profit of $93.45M 👀🙌

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El Salvador is the most attractive to Bitcoin because they are constantly buying Bitcoins. Because since 2021, they have started buying bitcoin from the price of 69 thousand dollar bitcoin, and have been steadfast in buying bitcoin until now. They ended up buying $60k worth of bitcoins, and their average bitcoin purchase came to $44,835. But this is the biggest proof of the benefits of investing in bitcoins following the DCA method. Because if you follow the method regularly then surely you will be impressed by the success of the country of El Salvador.

El Salvador, the small Central American country known for being the first to recognize bitcoin as legal tender, has embarked on an ambitious initiative to train and certify civil servants in Bitcoin.
This bold move underscores the government’s commitment to integrating Bitcoin into the fabric of the nation’s economy and governance.

Source Link: https://x.com/BitcoinNewsCom/status/1826609144415011246?t=Fqvnir5b0eTUhoEtFR9aPg&s=09

The National Bitcoin Office (ONBTC) of El Salvador, operating under the Presidential Office, has launched a comprehensive Bitcoin certification program aimed at enhancing the skills of 80,000 public sector employees.
The program, known as “Certification in Public Administration 1,” is a 160-hour virtual course divided into multiple modules, with the goal of equipping civil servants with a deep understanding of Bitcoin, its legal framework, and its strategic management as legal tender.

At least, that’s true enough of legal tender. It’s said to be a generally accepted means of exchange which makes it mandatory to all citizens but, there is always a catch on payments and the means.

The absence of certain facilities to payment generally makes it impossible to use certain methods. Should a merchant not have the resource to work a Bitcoin payment, you don’t get to force it on them. All you could do is use an alternative means which is the fiat.

Critics may argue that central agencies are unable to oversee their financial system, but El Salvador is a prime example of where the central FED is attempting to integrate Bitcoin into its financial system. However, the need to integrate is irrelevant because both fiat and bitcoin can participate in their activities separately. They continue to increase their Bitcoin holdings which over time affects the growth of the overall economic system. In the past, people in every country were used to making everyday purchases with cash only, gradually introducing CBDCs system to increase the convenience in some area. We look forward to a time in the future where digital currency will continue to prevail in every sector through an integration with the traditional financial system. Like El Salvador.

Without coercion? This is a controversial point, because for example, if some seller sells his goods on the market, then it may be difficult for him to accept payments in bitcoin, or he simply does not want to do this, but if in El Salvador bitcoin is recognized as an official means of payment, then he is actually obliged to do this. I understand that in practice it will work so that the seller will simply answer that payment in this way is not available to him and that's it, he will not receive any punishment for this. But how does it work with stores or cafes, so also not everyone has the opportunity to pay with bitcoins, so the system is not debugged perfectly, bitcoin as an official means of payment, but I can't pay with it where it is convenient for me, I need to look for where I can do this...

El Salvador has launched a Bitcoin certification program to train 80,000 government employees in strategic management and public policy related to Bitcoin.

The initiative, led by the National Bitcoin Office, aims to enhance the nation's Bitcoin-driven economy and governance standards.



Source Cointelegraph.

Rules are binding, not coercive. Coercion will not produce the desired results. El Salvador is an exemplary government in terms of doing something long-term. With no element of coercion in implementing Bitcoin as legal tender, it will provide an opportunity for all groups to learn it even though the opposing parties will act in a counter-thinking manner. For you, a company or shopping store that attaches a sign accepting Bitcoin payments, does that surprise you? I don't think you will be surprised either.

That is true, because the authorities who lead the country of El Salvador do not at all burden their own citizens to use Bitcoin or not on something, but education about Bitcoin is still being given by school teachers there and also by the President of El Salvador himself. So it is certainly not so surprising when there are shops, companies or cafes in El Salvador that are willing to accept Bitcoin as payment because all the citizens there are already familiar with Bitcoin so they can accept it without any fear.

And yet those who were in that country and tried to pay with BTC came across many stores and restaurants that did not have the option of paying with the same - which means that the law exists, but that many do not follow it because no one punishes them for it.

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Of course, the law does not force citizens to pay with BTC, given that they have the option to pay with USD, which has been the official currency for over 20 years in that country. The law only says that BTC should have the same status as USD, which means that every citizen should have the option to pay for goods or services with the same.

I mean, if El Salvador were to make Bitcoin legal tender, surely businesses like Starbucks could enforce Bitcoin payments since Bitcoin is a currency. So it was no surprise to me when I saw a post stating that one of the companies accepts Bitcoin payments.
If I am not mistaken, El Salvador does not force its citizens to use Bitcoin as a means of payment, they are free to use it or not.