Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 69. (Read 38876 times)

☀️ #Bitcoin Bus traveling through El Salvador! 🇸🇻


https://twitter.com/BitcoinMagazine/status/1645140100110757888?t=8beyiV1_Cyd-t1_YW7Mf8w&s=19

I agree with everything you said here, but I have been following this thread for a long time and I feel that the discussion all too often deviates from the original subject, which is Bitcoin as legal tender in a sovereign state. I have often read explicitly or between the lines that this thread discusses more about El Salvador being an investor in Bitcoin than an economy being operated with Bitcoin as one legal tender.

I think that most of those who post here are not really interested in the deep implications that the term legal tender is holding. But that would actually be the much more interesting discussion. What does it mean if Bitcoin becomes legal tender? It is not only the obvious answer like "you can pay your debt with it" or "settle your tax with it" or "merchants have to accept it as a form of payment". All these obvious answers entail a plethora of implications from the perspective of both the national and international political and social economy.

But in order for people discuss deep implications, they would have to put a lot of effort into educating themselves first with lots of terms in their isolated form and the interdependencies between them.

Again, legal tender is a topic that gets me excited, but this topic has come off track before it really even got started. Or perhaps I am nit-picking and I take OP's headline too seriously.

Based on the opinion polls done by different organisations with the sample around 1500 people on different timeline through this year, it had favoured Nayib Bukele to be the next President. We don't know how the outcome could change in real-time polling. For now his popularity haven't declined. Chivo wallet is developed by the government and for better understanding this could've been suggested by the government. This doesn't mean people couldn't use any other wallets. It depends upon the knowledge the people have over cryptocurrency. The wallet can't be directly connected to the development stagnation or keeping track of users transaction.

Bukele's government is undoubtedly made up of lies and false hopes, because it initially played with the drop on the Chivo wallet to bring people closer to Bitcoin and knew that having a poor nation they would.  Now Chivo has become a centralized weapon of power that holds Bitcoin and tracks every transaction, so it will be easier to know how much money enters El Salvador from people who migrated elsewhere but who support their families.  It's a long and winding conversation, but Bukele found a way that is as anonymous-oriented as Bitcoin is to make it transparent to itself.  So when you think Bukele is doing well know that you are wrong.

What you say in this case is true because of course there are still many things they have to do even though they are quite positive right now. On the other hand, we also cannot forget the government that contributed to this and one point that I highlighted about bitcoin which is indeed one of the elements of that is also true, but when talking about this, of course bitcoin has contributed quite a lot so far.
I've said this before in the same thread here.

In the end, the impact is still quite large and it is a fact that bitcoin's contribution is felt even though there are indeed several other factors that support it.

The systematic way we can say to the current government of El Salvador under the leadership of Nayyib Bukele in promoting Bitcoin as a good breakthrough towards future economic changes on the adoption of Bitcoin.

I also think that what the government of El Salvador is doing regarding Bitcoin is like building an initial foundation, because if the foundation that is being built is totally successful, then Nayyib Bukele can sit smiling happily watching his country's economic progress when there are no more chances to be elected as president .

I agree that it's too early to evaluate the success or failure of El Salvador because they are long-term investors. But claiming that Bitcoin is not impacting the country's economy positively is misleading because the tourism, ICT, and financial sectors of the economy have experienced massive improvements in investment. Bitcoin made El Salvador popular and attracted many investors to the country. Bitcoin adoption will increase as the economy of El Salvador becomes more prosperous which will make more people buy, use, or hodl. Don't also forget that if the price of bitcoin keeps increasing the country will be making more gains that can be used for infrastructural development and job creation.

I would say that there is still a lot of work ahead. So far, El Salvador's results are good, but they are due to the comprehensive work of the government's financial department. And bitcoin in this work is only one of the components, and the number of Salvadorans using bitcoin suggests that, so far, bitcoin is not as rooted in the country as one might want. I like the success of the El Salvadoran government in introducing bitcoin, but I am afraid to overestimate them. It's too early to calm down.

In this case, when he does decide to adopt bitcoin, of course there will be a lot of eyes highlighting the steps taken by Bukele. as @Cryptmuster said as long as the majority of the population supports this I think they already know the consequences when they will always be hated, especially for countries that really don't want El Salvador's policies.
But the important point is as long as they are comfortable and some profit they have got from the adoption of bitcoin that they do I feel they are enough for it regardless of being hated or not it won't matter to them because most importantly with the risky decision they took in the beginning now has produced good results for them.

This statement alone proves that things are slowly getting better for them.

tread history

El Salvador's trade volume as of 2020 is $4.47 billion. Bitcoin trading volume in 2021 was $7.26 billion. Bitcoin was declared legal in El Salvador after nearly doubling trading volume. And nowadays more investment and trading role is more among entrepreneurs because tax is totally free nowadays. That's why El Salvador is called the city of dreams for Bitcoin.

Bukele chose a difficult path, it seems that the population supports him in this, this is the most important thing. And there will always be more skeptics than people who understand the benefits of choosing this direction. There are already positive changes, it is very difficult to deny it, the reduction of crime and the development of tourism are very right directions, now they are working on taxation for the business. They need to stick to their plans, no matter what anyone says, for El Salvador it can become a gold mine.

Yes thank you. In this news, my attention was more drawn to the data on the improvement of the economic situation of El Salvador, on their success in the financial and tax spheres, and so on. This shows that there are enough experienced and smart people in the leadership of the country to be expected to be able to cope with the development of the bitcoin industry. The pessimism of the media in this regard just seems completely unexpected and unjustified, if based on their own analytics.

Things like that are commonplace, because all of that is a form of media imagery, so that more people are interested and ask questions.
don't get carried away by negative news, because everyone has a different mindset. there will always be a handful of people who hate bitcoin, even though bitcoin has a positive impact, there will definitely still be haters, because it is a natural system implemented by the almighty for this world, so that this world is stable and developing.

El Salvador is in the world's spotlight after adopting bitcoin as legal tender in the country. many media reported on it, many responses and many reactions were conveyed by these media. but most importantly, we as readers, don't focus too much on the author's personal opinion. the most important just read the main news (news content).

Based on the statistics available on the Crime rate statistics-El Salvador it is clear that the crime rate have increased during the year 2015 and from there it had decreased gradually. Many people using crime as a source of income is happening around, but the number have decreased. In the past when it is discussed about El Salvador people used to talk about the gangster culture and now this has changed. When it comes to El Salvador, everyone talk about tourism and bitcoin which too indicate the growth and the decline in the gangs that involve into criminal activities.

Prison never eliminate crime, and that reminds me about Lucky Dube song "I am a Prisoner", because of the crime rate in South Africa, the government promised not to build schools but only prisons yet the crime rate increasing day and night. What am I trying to say is that prisons never stop crime either it increases crime, because if the El Salvador government does not address poverty, hunger, unemployment there must be crimes in the country. Because many bad boys uses crime to survive and many of them even prefer to stay in the prison than the society because in the prison foods are provided, house are provided and they even make money in the prison than out . Crime is not hard to eliminate in the country if only the government fullfil all his promises then the rate of crime will drastically reduce.

The Financial Times published an article where it said that El Salvador has good economic indicators, it is successfully paying off obligations on bonds, but still the newspaper is trying to put it in a negative light because of bitcoins. This is despite the fact that they themselves note that the negative forecasts that predicted El Salvador's decline and default have not come true, and its credit ratings have grown. It seems that they will persist in their bitcoin hate to the last, no matter how well El Salvador develops.

I'm going to look into taking a trip to El Salvador this year, i would like to see how modernize the major city is new, and gauge whether the bitcoin city will be a vacation attraction or a place to possibly relocate.

Yes, it's how economy works: in one hand you cut taxes for some prospective branch and get less money to a country budget, but in another hand you get new companies which need some service, some goods, some employees, etc. And companies providing that pay taxes and start working better because of new clients. People who got a better job can afford more and but in the local shops which pay taxes, etc. When some work abroad and send money to families they pay fees to a cash transfer company, when they start using bitcoin instead of that and pay less fees they can spend more money (saved on fees) inside the country. If only one saves it gives a little impact, but when many save their money, get new jobs, get new clients, then economy grows better and there will be more taxes from some other sources than directly from technological companies.

of course nayib bukele planned all of this very carefully, by building the world's first bitcoin city, making el Salvador a special attraction. especially for bitcoiners, if the project is finished it is possible that many people will come there when the bitcoin city is finished.

a few months ago the bitcoin city design that will be made in el Salvador has also received an award by LOOP design awards in the field of architecture and interior design
reading source: https://blockchainmedia.id/design-kota-bitcoin-el-salvador-diganjar-penghargaan/

with this award it will certainly add to the interest and curiosity of the bitcoin city, hopefully everything goes for its development.
and hopefully bitcoin will continue to grow and become a digital asset/money that has a positive impact on this world.

According to this @Bitcoinbeach account on Twitter, El Salvador's Chivo wallet has been blocking transactions that are being received from Wasabi. I am not quite certain if this should be considered bowing to US pressure, however. It appears that they are being too quick on their assumption.



Breaking ⁦@chivowallet is flagging & freezing wallets who receive transactions from ⁦@wasabiwallet - apparently they are bowing to US pressure to thwart privacy-We talk about this & ⁦@beefbackbetter⁩’s quest 4 better beef in #ElSalvador

Source https://mobile.twitter.com/Bitcoinbeach/status/1642878147472527362



This is an interview on youtube where they talk and speculate about Chivo's decision. I will watch this
later and report.

https://m.youtube.com/watch?v=Ck_g1kWKAwc