Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 62. (Read 43241 times)

A top student in last year, @gerardomoran414 has become an excellent teacher--in fact he now trains his own former teachers!
He is a living example of how #Bitcoin is transforming #ElSalvador for the better and how proof-of-work wins
https://twitter.com/jdennehy_writes/status/1677339836368269313?t=G4cRMLn_JeK2VOtgZd4pLg&s=19

Most countries are indeed carried away by mixing up things like relating bitcoin to CBDC there creating more shitcoi all in the name of creating a central bank-backed coin that will aid them more centralization but most of them failed to meet the demand of an alternative that bitcoin have provided us with.


Instead of concetrating on Bitcoin and how it network and mechanism works so as to align their country with it, most of thos countries have been distract from the original plan and now focusing on developing something that doesn't have the capacity to serve as a replacement to Bitcoin (CBDC).

At the individuals level,  altcoin/shitcoin have been a lot of distraction to many gullible investors who got confused between bitcoin or shitcoin and the inability to define both and differetiat them could lead into a lot of confusion and misunderstanding which can actually drive the individual away from the reality and potentials of Bitcoin.
Yes we have several countries who could overtake el Salvador spot in terms of taking advantage of Bitcoin as a technology and at the same time investment,  but the big question is.


Would those countries dump the CBDC to adopt bitcoin like El Salvador did?

Yes.. countries.. just like individuals.. can get distracted into shitcoins or thinking that they are going to be able to do better with some kind of a non-sense strategy that might be more "crypto-friendly" or hospital to a variety of coins (in order to diversify.. blah blah blah nonsense).  Those countries will likely punished if they are not able to sufficiently focus on bitcoin.. and bitcoin-related matters and to keep their eye on the prize.

So there could be some kind of a learning curve in terms of actually not allowing shitcoins or shit projects to distract you, but also to learn the various ways to employ strong-hand actions rather than caving into various pressures to NOT manage your bitcoins with sufficient and appropriate care.

There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.

Those who have been crushed by coins other than Bitcoin will surely return to Bitcoin once they know that the competition they created is futile. El Salvador is not only the first mover in terms of Bitcoin adoption, but El Salvador can also be used as the first example for other countries in terms of adopting Bitcoin and that has also been proven now. So it would be a waste if those who like coins other than Bitcoin create a competition that they will also lose in the end.

El Salvador has an insurmountable first mover advantage as #Bitcoin    Country

Few others will be able to compete and so will turn, in desperation, to the 25,000 altcoins but those will only leave ruin behind . . . as the Mayor of Miami discovered

Read: statescoop.com/crypto-bounce-…

https://twitter.com/stacyherbert/status/1677139267364048897?t=fq6Mwes34Lk6UT8JpbiPoA&s=19

Max Kaiser is having lunch with a prominent movie director at a restaurant in San Salvador.
It is very likely that the idea of making an interesting blockbuster movie on Vulcano is being taken.



See tweet: https://twitter.com/stacyherbert/status/1677038354708193283?s=19

You seem to be describing Bukele's approach to bitcoin as if it were an all or nothing strategy - like a last swing for the homerun - and that does not seem to be the case...  Sure, El Salvador has given a lot of emphasis to bitcoin, yet it did not get rid of the dollar - and it also did not get rid of it's own native currency, since that had already largely taken place 20 years previously.

We might be able to concede that Bukele was coming into a situation in which the country had been driven into some bad circumstances, infrastructurally and also what seems to have been the wide-spread crime issues (and even gangs shaking down businesses and contributing to lack of confidence for any business to want to invest into El Salvador), so there are ways in which it could be characterized that Bukele is working on ways to fix the infrastructure and to stop the getting poor more quickly aspects of the prior country situation... so in that regard, bootstrapping bitcoin is likely a good thing - but there is infrastructure building that seems to be happening too.. rather than merely blindly hoping/praying that bitcoin saves El Salvador from its previous situation.


This is a more fair characterization.


Yeah.. but that is not what seems to be happening.  We do not have exact transparency into El Salvador's ways of holding BTC, yet it seems that the amount of treasuries in bitcoin is pretty damned small, relatively speaking.

There are likely ways that we could attempt to measure the many ways that El Salvador is investing into bitcoin, but if we were ONLY to look at treasuries, bitcoin is a very small part - and maybe we do need to look at a variety of ways that El Salvador is investing into bitcoin - but even El Salvador's attempt to ween itself from various debts that it holds in order to create bitcoin related debt rather than relying on various outside dollar banks such as the IMF and the world bank, so there are ways that critics like to characterize El Salvador as if it were going all in bitcoin (which is not the case), even though it seems to be fair to say that El Salvador is surely aimed at engaging in policies and investments to attempt to take back aspects of its sovereignty (through ongoing bitcoin investments and emphasis)  to free itself from what it has identified as outside influences that have historically been sucking the sovereignty out of El Salvador and like countries.. and there is no reason to believe that the outside influences of those international banking institutions are striving  change their behaviors and to allow El Salvador to really exist as a sovereign.

So many countries, sovereign in name ONLY, and El Salvador is employing a bit of a dance in terms of it's saying that it is exercising its sovereignty when it is choosing bitcoin and developing around bitcoin as a parallel system.


So what?  The mere fact that bitcoin is volatile likely means that there are needs to manage position size rather than to refrain from taking a position in it.


You seem to NOT really understand what El Salvador is doing, and you seem to think that there is a need for El Salvador to fuck around with trying to time the BTC market with various short term happenings (that may or may not end up happening)..

Yeah, El Salvador likely screwed up a bit in its arrogance in the way that it was investing into bitcoin in the earlier days and suggesting that it was betting on bitcoin going to $100k in 2021 or whatever might have had been their way of framing their entrance into bitcoin, yet it seems that El Salvador had invested into bitcoin in such a way that it has been showing that it is into bitcoin in the long term rather than fucking around with various short term bitcoin happenings, and sure maybe an ETF will happen and maybe it will not, but who cares?  Bitcoin is going to survive in either case, and even likely be a good long term investment, whether or not various spot ETFs are approved in the USA (that will likely pump BTC bags in the short term).

I liken the country of El Salvador to a person whose only exit is to invest in Bitcoin and who dreams of becoming rich. El Salvador is a small country and its livelihoods are limited. It's a poor country. The country's economic wheels are working difficult as a result of natural disasters and crises. President Bukele is someone who makes sacrifices for his country and the revolution he made with Bitcoin is a proud situation for his country.

Making Bitcoin a Central Bank reserve carries some dangers. Namely Bitcoin is a volatile investment vehicle and has no stabilization. Therefore it is risky at this stage for Bitcoin to determine the fate of a country. I would consider it normal for Bukele to add Btc to its reserves in case of Bitcoin's Spot ETF approval but right now this is risky. President Bukele will write his name in history as a revolutionary in the following years.

It is a well known fact. The World Bank's publication about El Salvador says that "two-thirds of El Salvador’s adult population lacks access to basic financial services". El Salvador actively develops in the field of high technologies now thanks to its president, but it is still far from a fully developed country. And if to keep in mind that about a half of Salvadorians have a lack of Internet access those things like Chivo Wallet make citizens involvement in modern finance easier. If not bitcoin adoption they'd hardly get such a tool any soon.

Do you have a source link to this, I don't believe they have upto that percentage not making use of the bank, as far as i know in this regards, many of us into bitcoin would have one or two banks we make use of previously before bitcoin was introduced and after it was been introduced, we still maintain using them but not having our entire financial asset in them.


You don't need to make a repitition of this since you just see thesame image has already been talked about before yours is coming up, moreover there's nothing new in addition added to the news on this aspect, please let's try to get more engaging words with new ideas and avoid repitition of what gas already been discussed.

Students in El Salvador attend the country’s first #Bitcoin BTC development program

The future is bright for 🇸🇻


https://twitter.com/BitcoinMagazine/status/1676265047608393728?t=71pa2-_a9izNpFYSIb27jA&s=19

Empowering students with knowledge in cryptocurrency is key to preparing them for the future.  What is already being taught Bitcoin in El Salvador is truly incredible.
Students in El Salvador attend the country’s first Bitcoin    development program
The future is bright for 🇸🇻
Source

And the adoption has made so many of their local products became popular all over the world, because they made a good choice to allow foreigners to use Bitcoin as a legal tender in any kind of transaction they want to make within the country. With time Bitcoin ATM machine will be everywhere in the whole world, because those that tested the Bitcoin machine before gave a good comments that is making other countries to show more interest on it. I believe El Salvador government has done well for this freedom the citizens are experiencing from the country over some years now to use Bitcoin freely and also use it to improve financially in the country.

El Salvador will get a good return on its investment. It's an excellent move for a government to officially buy bitcoin. We are talking about the development of Bitcoin and its reaching people. Here we have a living example of El Salvador.

When another country announces that it has officially purchased Bitcoin, other countries will do the same, one after the other. This cannot be prevented. I don't know how long, but I think we'll see this thing I'm talking about.

It takes a lot of charisma and boldness for the president of a country to publicly endorse and speak up for the use of bitcoin as legal tender among his people. This demonstrates how passionate the president of El Salvador is about bitcoin.

Since 70% of the population of El Salvador doesn't have a bank account and is also poor, the president has seen and understood the value of bitcoin to the nation and its economy, and he considered making it legal tender. 

In the long run, this admirable act by the president of El Salvador will open the door for a financial breakthrough for the country's people. Congratulations to them

1. CUBO+ students and dev teams ...




2. Some of honourable teachers ( Adam Gibson, jimmy song)



3. 150 applications submitted but with online or face to face interview 21 students were selected. 21 students would have chance to become Lightening Network experts.






4. They have intense high level course in SAN SALVADOR. They already prepared a Bitcoin beach scheduled/Agenda.





5. At the ending of two weeks duration internship course some prestigious organization/companies support CUBO+ which have long impact on Salvadorians students.




Tweet: https://twitter.com/cuboplus/status/1675923585762729995?t=41HnM3rrXvj2rcjkKK4pZQ&s=19

+1 ,update.

It should be noted that it is not the first of its kind and for those who think that $0.5 is little, in any case it is the equivalent of buying a piece of candy: https://i.imgur.com/rGxepHx.jpg

It is not new news, by the way that this same company develops traditional ATMs.

and when viewed from the point of view of Financial Inclusion with the Adoption of Bitcoin there, it indirectly offers the benefits of financial inclusion for those who do not have a bank account or are underbanked and they can easily access financial services via Bitcoin without the need for a traditional bank account.

This is a great discovery for El Salvador. Locally they managed to build a great bitcoin ATM machine. Where they are claiming that they can trade and export bitcoins anywhere in the world through this bitcoin ATM machine. This discovery shows that El Salvador's entire mindset now revolves around Bitcoin only. They are planning one after the other with Bitcoin and are taking various steps to implement that plan including their recently invented ATM machine. El Salvador's first target was to encourage more tourists from their country to visit their country. They have been able to do this meaning that people in their countries are now more interested in traveling than ever before. I believe this country will plan more around Bitcoin. And they will turn their plans into reality.

🇸🇻 El Zonte, a small town in El Salvador, leads the way as a pioneer in embracing Bitcoin. From daily transactions to community initiatives, they showcase the power of Bitcoin adoption at the grassroots level.

Source.