Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 60. (Read 38876 times)

Latin American Development Bank known as CAF. The organization has already made significant contributions to the development of El Salvador. They promised to increase their credit facilities. They feel that the country can make a better position in the next one year. The agency has so far approved credit facilities of about 375 million dollars in various parts of the country. There will be criticism but those who want to make their dreams come true will get success. It is a common characteristic of the people of the world that those who criticize today will praise tomorrow if you get the success. From now El Salvador will see the implementation of every step of development.

El Salvador is in a far superior situation than numerous other financially strong countries, which are encountering inflation.Germany (7.4%) and America (5%) are the two.Month after month, expansion rises.El Salvador's leader could accomplish much better for his country on the off chance that he settled on a choice this significant.After El Salvador's regulation was perceived as lawful by him, most of examination and discussion in the whole world has been pushed in its favour.Bitcoin can now be utilized for regular El Salvadorian exchanges including purchasing labor and products, covering charges, and reimbursing obligations on account of its acknowledgment as legitimate money.

The El Salvadorian president is indeed a visionary leader. The decision by El Salvador to make Bitcoin a legal tender drew a lot of backlash and criticism but today, they are beginning to prove their critics wrong and the move is beginning to yield positive results. Prior to making bitcoin a legal tender the nation was plagued with a lot of economic difficulties. Today, it is a destination for tourists as tourism is up by 30%, drastic reduction in inflation and emigration rate, 10% increase in Gross Domestic Product (GDP), a great increase in number of foreign investors and many more.

The bitcoin story of El Salvador is just getting started, and it will be the talk of generations. In few years to come I won't be surprised if El Salvador becomes UAE of south america.

El Salvador took a number of Bitcoin-centric initiatives that they have already been able to successfully implement. And they are taking some new steps. They have new plans to build a new branch in Fold El Salvador, a bitcoin rewards company, they have already hired some experienced people.  Fold is the first US Bitcoin Rewards Visa David card maker company founded in 2020. The company has decided to open a new office in El Salvador to expand its global presence and if they are successful, they will try to expand their operations nationwide.

By entering in El Salvador, the company will try to capture the large market in Latin America, which is natural. Because everyone has a business goal of expanding their business. Converting to a Bitcoin banking system by offering Bitcoin services to some regions in Latin America who do not yet have a bank account. They also try to expand their global business from that place. But there is no doubt that they have a good plane. As part of this, Fold plans to launch a service with their team and locals in El Salvador. The company will now get the maximum benefit from the legalization of Bitcoin in the country of El Salvador and their business is going to expand massively which is definitely inspiring for Bitcoiners. The arrival of Fold is good news as many companies will now consider expanding their business in the country of El Salvador.

El Salvador, a small Latin American country, has already implemented many of the groundbreaking steps it has taken on Bitcoin, and some are on the way. Another important step taken is that the Bitcoin Rewards company Fold is going to open a local office in El Salvador and if their company's operations are successful, they will decide to continue their office operations globally. But they will first test drive it in Salvador.



The main objective of this company is to serve the citizens of El Salvador with the aim of reducing excessive Bitcoin transaction fees. But if their first foray is successful, they will work to reduce the impact of additional fees on Bitcoin transactions worldwide.

https://en.cryptonomist.ch/2023/05/16/bitcoin-fold-lands-el-salvador/

I saw in a news today that the Fold Bitcoin Rewards app in El Salvador announced the expansion to El Salvador, leading the Latin American operation. There are many other comments that Fold CEO Will Reeves expressed enthusiasm about the move in a press release shared with Bitcoin Magazine, stating, As a country that has embraced bitcoin and has been a pioneer in adopting new monetary technology, we believe that El Salvador is the perfect place for Fold to expand its presence in Latin America. Reeves sees El Salvador as an ideal location due to the country's positive stance on bitcoin and its efforts to build new capital markets.
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#Bitcoin  rewards company, Fold, is setting up offices in 🇸🇻 El Salvador with plans to expand across Latin America

Bukele's plan to turn his country into a technology hub is already paying off 🙌

https://twitter.com/BitcoinNewsCom/status/1658157137174966280?t=K7E5KSBBMfYYp4uwPu9q3A&s=19

Oscar Avalle is a representative of the Latin American Development Bank. He recently praised El Salvador for its upward trend in economic indicators by Fitch Ratings and S&P Global Ratings. He claimed that the country's financial risk has started to decrease steadily. The right policy and foresight of the country's government will help sustain the country's development. Óscar Avalle also said that in the future we will stand by this country. I will try to be their partner in development activities. He also mentions the real reflection of the society to stay ahead in the ratings.

Basically, the development of a country requires the right steps as well as the collective efforts of the people of that country. Today this country has gradually started to reach a higher peak of development. Financially they are becoming strong. Proper use of time and appropriate policies are playing an important role for the development of the country. It is now clear that the economy of their country is developing day by day after they legalized Bitcoin. Every move they make around Bitcoin is now leading to success. Various benefits have already been provided for Bitcoin in that country. Bitcoin enthusiasts flock there from different parts of the world. In terms of economic development, El Salvador is going to be an example for the world in the near future.

Also chivo wallet is not related to any form of CBDC fiat digital currency wallet, chivo wallet is a bitcoin crypto wallet that is an online wallet but they have every tendencies to send their assets to a decentralized non custodial wallet for more safety, and through this end, you can also make use of the lightning network features to use your personal wallet to perform such functions than relying on the custodial chivo wallet.

Chivo Wallet is custodial, so it seems to me that many issues of moving assets inside the wallet can be solved right inside it. And yes, a direct exchange between BTC and dollars is possible directly inside the wallet. It is clear that LN is not the solution to all questions in general. I believe that in this particular case, LN coupled with Chivo Wallet probably made short-term fee increases relatively harmless for El Salvador. At least during this time we have not seen any news to the contrary.

I’m not familiar on how Chivo wallet works but how can they deposit LBTC in there without the use of the Bitcoin on-chain? Does the wallet support fiat deposit that can be convert directly to LBTC?

Also how would the merchant will cashout their LBTC to fiat? Assuming this scalability issue will be in long term in the future? At some point, people can’t use LN solely without using the Bitcoin on-chain.

Even though your comment covered a wide range of subjects, terms and related economic discussions which also fall between this topic in some ways,  we can't can relate this comment to the current discussion here in this thread which borders around El Salvador Bitcoin adoption,  so I may be right to say that this comment is out of context since it doesn't contain the basic terms and words that relates to this discussion topic.

So mate this is an off-topic-comment.

After the pandemic affected everything, every country that did not have its manufacturing or development set up is now struggling. Economically independent countries in Europe and the known superpower, like the US, are struggling. The problem was never the pandemic. The problem is the ongoing war between US proxies and Russia.

We are back to that era of the Cold War, and this war will continue for several years. This war will destroy many big economic giants.

Who will benefit? None! That is true, and my statement might become an NFT! The upcoming recession might exceed our expectations. Stay healthy, stay close to your family, and be practical rather than emotional fools."

The corrected statement should have proper punctuation, spelling, capitalization, and grammar.

El Salvador and Argentina are two Latin American countries, but the President of El Salvador, Nayib Bukele, has achieved economic prosperity in his country through the implementation of his decisions. His country has taken several groundbreaking steps to improve the economic situation since declaring Bitcoin as legal tender.
EL Salvador inflation rate 5.4% but in accordance with tradingeconomic.com El Salvador targeted inflation rate 4.31 till end quarter of 2023.
Experts believe that Salvador's inflation rate will drop to 2% by 2024 due to the popularity of the Salvadoran president and his enthusiasm to take the country to the brink of development.



https://tradingeconomics.com/el-salvador/inflation-cpi

I have watched this video many times because this bitcoin education is a great opportunity for the people of El Salvador. Bitcoin Teaching Team 120 adults and young people have taught students and they are working successfully. El Salvador will go further and gain priority as a country with a reputation around the world. If the bitcoin education team works like this, it will help 70% to 80% of people move to bitcoin within a year.

🇸🇻 El Salvador
Bitcoin: Legal Tender
Inflation rate: 5.4%
IMF: Hates ‘em
Presidential Approval: Bukele 91%
https://twitter.com/BitcoinNewsCom/status/1657510580108787717?t=z5HeqFMP9KYBCiyXTPGOmQ&s=19

WATCH: 120 young adults graduate from their #Bitcoin education program in 🇸🇻 El Salvador 🙌
https://twitter.com/BitcoinNewsCom/status/1657480363424219137?t=z5HeqFMP9KYBCiyXTPGOmQ&s=19

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.