Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 63. (Read 38876 times)

Every thought of Naib Bukele made El Salvador very popular. El Salvador has now become very popular in the world. I respect everything he does. He will transform his country into Bitcoin City, I know his move will be successful. The way the government of El Salvador begins to think about its country, Naik Bukele, will see a time when El Salvador becomes the most developed country in the world. But that day is not far away and I hope to see it soon. Of course, to implement all these tasks, the hero Bukele has to live long. I always wish him to live long.

They in El Salvador have already made bitcoin a full-fledged currency. To make it convenient to use for those who are not well versed in the topic, they created Chivo Wallet. Why would they take a step back and start using some centralized digital fiat instead of bitcoin?! If they wanted to continue using fiat, they could start issuing their colons again. They chose bitcoin, it's much more progressive.

They cannot go that far, or else they would risk ruining their economy, there isn't any country without a fiat currency, and even though i don't think any country is going to do that, but it surely cannot be a 'poor' country like El Salvador. The only thing i am sure of about El Salvador is that BTC is a legal tender in the country and it has helped to attract BTC tourists and enthusiasts, as for their BTC buys, i am not too sure about that because we can only rely on Tweets of their president on it.
The most important thing about El Salvador and BTC is that they made BTC a legal tender in their country, so no time is ever too late for other countries to make BTC a legal tender too. I think too many of you are concerned about only Nayib's Tweets of BTC's he said the country bought, and i also see people calculating the profit they can make in the future, i feel you guys are deviating, the most important point is that they made BTC a legal tender and that's what we hope other nations do.

To help you shed more light to it, I've also received a feed on this and you can see from below the likely possibilities that's coming forth.

It could be recalled that El-Savador had begun the work in building a bitcoin city sometimes last year and they have presented us the plan they have in place in showing the way they expect it to appear, but since then, less emphasis had been made towards this project as it seems to has paused a little from progressing but it's actually taking a longer while to adequately plan and prepare for the bitcoin city in other to behold the real picture of the porported plan.

Now El-Savador is back and fully on track to continue in it bid towards building a bitcoin city and lay a continuation to the first plan earlier shown as the proposed scope towards the bitcoin city, we are more likely to be hearing further development henceforth concerning this project as the phase stand the opening of a new continuation in marking it first attempt this year to move forward the project as it had been made public.

If we discuss the widespread use of the dollar in the territory of El Salvador, then it is likely that such cash payments will continue for a long time. 
Now Naib Bukele, buying 1 bitcoin every day (or once a week, I don't remember exactly what he tweeted about this?) is just slowly replenishing the stocks of "digital gold" for his country.  In the future, I do not rule out the possibility that, based on such a "digital gold reserve", the Central Bank of El Salvador will be able to issue, or rather emission, its own CBDCs backed by bitcoin.  And it will be real digital money because there is a "gold reserve". 

Maybe in the plans of the Government of El Salvador there is such a scenario for the development of the country's financial system?
This, in my opinion, will allow Bukele to get rid of the dollar to a much greater extent.

El Salvador is a really interesting country. They are going to build Bitcoin City. Naib Bukhel is an extraordinary person, he is truly a great person.

https://twitter.com/BitcoinMagazine/status/1651675639869583360?t=e1K4fIDjPd8Co9lvw8NxJA&s=19

Although this is still a preliminary stage of training, which, however, will become full-time from the beginning of July and will include programming, among other things. I think graduates will be in demand in El Salvador for more intensive implementation of bitcoin technologies, given that the best students are studying, it looks promising.

This will not necessarily be the case, when El Salvador succeeds with bitcoin, the price of bitcoin will be much higher than it is now, and this may stop other countries as they say that it is too late.

Bukele is moving in the right direction, if he maintains this impulse he will succeed. Should the dollar be abolished as a means of payment? People should be left with a choice, and if bitcoin has significant advantages over fiat currencies, then people themselves will make the obvious choice.

El Salvador's success will largely depend on Nayib Bukele's ability to steer the country in the right direction. So far, he's been doing quite well by adopting a deflationary cryptocurrency such as Bitcoin to help boost the nation's economy. But if he's replaced by another contender, then everything achieved so far would be nothing but lost. It's only been around 2 years since BTC was made legal tender in the country. Let's see what will happen in the long run.

Maybe El Salvador will go as far as "ditching" the US Dollar completely and rely only on BTC as its national currency in the future? Exciting times await for El Salvador as BTC is set to reach a new ATH soon. If it turns out to be a huge success, other Latin-American countries will copy El Salvador's footsteps. The future is widely unpredictable, so expect the unexpected. Just my opinion

Indeed, all the positive things that happened in El Salvador were bound to happen, because the country of El Salvador dared to adopt bitcoin, it must have taken into account all the positive and negative things that would happen. Initially, the pros and cons will definitely occur, but that does not mean that such debates will end in the failure of bitcoin adoption. Even some time ago I saw a post on a website, and the contents of the post contained a miss univers originating from El Salvador wearing national clothes patterned or in the form of bitcoins. Miss Univers, who is from El Salvador, is named Alejandra Guajardo, she said the reason why she was wearing a bitcoin-themed costume, and she said.
Source: https://wolipop.detik.com/foto-entertainment/d-6514026/7-potret-miss-el-salvador-viral-wear-kostum-bitcoin-di-miss-universe-2022/5

It is true what Miss Universal El Salvador said. That the country of El Salvador will become a testimony to the transformation of the money system, which one day will become an important example for many other countries.

I also think that a huge positive effect of such a bold move by President Naib Bukele as the legalization of payments BTC throughout the country is the fact that he himself and some of his government members really felt some financial freedom within their country.  

It seems to me, or rather, I am sure that such a young and very active president of this country is a model for other countries in this region, and indeed for many countries around the world.  I also think that such a step as the adoption of bitcoin as a means of payment showed the whole world that El Salvador is a country of young, active and active people, unlike countries like Great Britain or Norway, where everything is completely dreary and everything has somehow grown old .  

For some reason, I imagine Salvadorans as such constantly laughing and having fun young students and students who are used to paying for coffee at Starbucks using LN on their Chivo wallet.  
It seems that it is Bukele who paves the right path to the future for them and all of us.  Or in any case, he found an interesting and promising way for the development of his country.  
I wonder if any of the residents of El Salvador, students or just people who know bitcoin read this topic?  It will be great!  if such people write something here so that we all would have reliable and up-to-date information from El Salvador.

At a Glance CUBO+ Course for Salvador

Course titled: Bitcoin &LN (Lightening Network)
First phase: Preparatory Phase
Student: 54 brilliants students
Course begin: 24 April 2023
Course end: End of June 2023
Lecturer first: Saifedean Ammous^Bio

---

https://cryptonews.com/news/el-salvador-begins-bitcoin-lightning-dev-courses-who-are-rockstar-teachers.htm

This was also caused by the confidence of the government of El Salvador in Bitcoin so that it wanted to make adoption steps with more positive goals for the economic and tourism sectors. Nayib Bukele is a very successful and successful leader in carrying out Bitcoin adoption in El Salvador so that the country of El Salvador began to get more attention from other countries about this adoption.

And also Nayib Bukele has succeeded in cleaning up people who like to make noise and disturb the peace of the environment within the country, so that El Salvador has now become a truly safe country to be visited by many people or by many tourists.

Forgive me for making this seem ambiguous
I actually did make a thread about this, on the local forum but it was a different language so I didn't include it in the previous discussion. And let me insert that here even though it's a bit contradictory because like before it's a bit out of the original discussion even though it could be related. If you are interested, please visit even though the discussion is still not too crowded https://bitcointalksearch.org/topic/m.62129492

But indeed as you said, this will be one of the forms of the beginning where bitcoin seems to be seen in other countries and especially maybe my country Indonesia which does seem to be currently increasingly welcoming to bitcoin even with our regional officials who are there the hope is clear that there will be something new to make bitcoin even more seen.


Process is everything and we are all aware that for now El Savador can be said to be in the early stages of that.

At the moment if you look at the existing conditions even though there are already many who recognize this but not a few in their countries are also still not sure and it can be said that their criticism is still the same by saying this is a waste of time for the government there.
On the other hand, it's not a big deal really because back to the original focus, this is just the first step for El Savador and of course as long as they can do well during this development period, it will be great for them.

This is a good and commendable step, however the steps requires creating mass awareness across the country on how to use Bitcoin so as to avoid the unexpected. The president actually understood what it means to be free from others dictation which is borne out of different reasons. This step will foster adoption by other countries as it will serve as reference to a successful adoption of bitcoins by the government of EL SALVADOR and it's resultant effect on their economy and life of the citizens which I believe will be positive base on the functionality of Bitcoins

With every thing is having own positive and negatives, but adoption of Bitcoin is surely going to have big positive impact on few countries which were struggling badly in last few years because now they can do many things which can control corruption and also having financial movements as well because now blockchain and bitcoin are having their own ways for the bringing better results and things could be surely changed with this fu**ed system which is creating black mailing for few countries which want to live with their own values, but few big organizations are trying to bring them into their own stream which is never been ideal situation and many financial institutes are also having trouble with this technology and things which are bringing favourable results for consumers and countries.

The mass adoption of Bitcoin in El Salvador has had a significant positive impact on various sectors of the country. Indeed, we agree that some things are not as expected, but nothing is perfect, everything needs a process and in that process El Salvador has proven that the adoption of Bitcoin is not as bad as they imagined, and in fact it has a positive impact on El Salvador's economic development and tourism.

It looks like that you don't understand the meaning of a legal tender term. It is good that El Salvador's government doesn't do at the moment strictly what a legal tender means. But they'll have to because they did it for that. Giving a time to business for adapt is wise. Moreover, as we know Chivo Wallet gives an opportunity of instant conversion of BTC to USD and backward without any fees so if some entrepreneurs prefers to collect dollars it will not be too hurting for them, another wise decision of gov. So, I'm not against what the gov of El Salvador does, I just like another way more. And like delfastTions said, it will take much time before we'll see which way is better. I hope both will be successful.

The IRS has made an odd change to its policy regarding the treatment of Bitcoin:


In short, it says, "We recognize that Bitcoin is legal tender in some countries, so it is a real currency and not a virtual currency, but we don't like that, so we are going to ignore the law."

Of course, the path from the invention of Satoshi and buying pizza for 10,000 BTC to being recognized as the state currency (even if only in one country so far) is a long way. 
If you and I, even without any reliable information, just think about the decision of Nayib Bukele to make BTC legal tender in his country, then we will understand that this is a very logical decision.  There is no national currency in El Salvador.  There is only $ in circulation.  It is clear that if El Salvador would issue its own national currency, it would immediately undergo hyperinflation, as happens in such cases in almost all small countries. 
And the independence of the whole country from the dollar, at least partially, would be desirable for a responsible president of such a country.  This is the right position and the responsible government of any country, which should control the financial turnover in the country.  His choice fell on BTC, which is now able to provide even micropayments with the help of LN, for a hamburger or for a cup of coffee.  A bold decision, but I believe it is correct, it is a much more competent decision, even taking into account the unstable exchange rate BTC, because the inflation of his own currency would still be much more catastrophic, an order of magnitude more! 
So Bukele and the Parliament of El Salvador made a very competent and modern decision based on the interests of maintaining the country's sovereignty.