Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 73. (Read 43241 times)

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.

I think everyone knew the recent drama on Bitcoin regarding high transaction fees. Bitcoin as legal is tender is the most affected services in time like this since high transaction fee is a disadvantage for a small to medium transaction.

Assuming that most of the country applied same law like this that will boost the transaction volume to an insane level, Is there any solution on scalability issue without the use of sidechain? Or sidechain is inevitable to cater this kind of heavy transaction. I’m thinking that Bitcoin scalability issue should be solve now before the real mass adoption happened. This might be one of El Salvador consider on implementing Bitcoin as legal tender.

Indeed, El Salvador became the first country in the world to make Bitcoin legal tender. This historic decision was announced by President Nauib Bukel at the Bitcoin 2021 Conference held in Miami, Florida.
El Salvador's decision to recognize Bitcoin as legal tender could have major implications for the global economy and the crypto community. This could lead other countries to follow the example of El Salvador and start accepting Bitcoin as their official currency, which could lead to further adoption of cryptocurrencies and increase their value.

BTC is already a success, but if you are talking about BTC's success in El Salvador, surely things are going according to plan for the country, if their BTC idea wasn't working or if it was a failure, they would have gone back on it, but El Salvador has continued to pursue their BTC goals, even though institutions like the IMF wanted to discourage them from it because they are selfish and do not like decentralization.
Development does not come too fast, and do not think that El Salvador is going to become a rich and developed country only because they made BTC a legal tender, surely they can earn from their 'BTC investment' and from BTC tourists, but there are many other aspects of governance which are more important and will enable them to have a better economy and life.

Slowly but surely, it doesn't feel like the development of bitcoin adoption in the country of El Salvador has gone so far. Now bitcoin in El Salvador seems to be very popular with the people. Initially, there were pros and cons among the people of El Salvador, now there is no more news that reviews this matter. Slowly the negative viewpoint about bitcoin has begun to disappear in El Salvador, it is the fruit of the hard work of Nayib Bukele and other governments who have always remained patient in implementing bitcoin in the country of El Salvador. Even from now on it is very likely that the country of El Salvador will slowly become a country that will be followed in the footsteps of other countries regarding the adoption of this bitcoin.
So in essence, the adoption of bitcoin that occurred in El Salvador, which was previously underestimated by many, now that negative view has slowly turned into something positive and maybe it will continue to bear good fruit for the country of El Salvador.

In recent times politics has not really followed any principles. America has now intervened in various countries and has seen extremely negative effects on them. Especially the influence of the current government on their economy. Economic power is variable. But the good news is that Bitcoin will succeed in this transition.

All the personalities who have been negative about El Salvador's Bitcoin adoption will at some point support it. One should remember that success can never be brought by anyone. He has to achieve. The right policy of Nayib Bukele will play a vital role in making the country reach the pinnacle of development in the coming days.

They are visionaries, kudos to a leader and country that believe in the future promise of Bitcoin rather than the noise associated with it which sparked opposition. Frankly, there are both ups and downs aspect to El Salvador legalizing Bitcoin but this does still not translate to forcing it on people except for the huge amount owned by the country. This might have caused protest and panic when the coin was falling, but I bet with everyone that it's one of the ways to enrich the country in the future.

A lot of benefits are now associated with it in terms of taxation and others and might amass wealth for the citizens if they could follow the footsteps of the country's leader in this long-term vision and benefits.

You're right and this does not only applies to JP Morgan, we have them in the likes of Michael Saylor among others whose stance cannot be accurately predicted with bitcoin even with what they say often, they are such a complacence actors in this for long ad this makes another good criteria to judge on El-Savador as a country that loops on no man idea but rather head straight i getting it's target and objectives being fulfilled through it decisions, the first actors and players in this begins with the IMF, as a matter of fact everyone has their own right to decide on what they want, we cannot be moved by all these political, government and individuals propaganda on what they say about bitcoin or El-Savador, because everyone will only contribute base on the aspects of their own personal interest, that's why I will always respect El-Savador in every of it steps and decision made towards bitcoin and disregard any third parties opinions.

I would like to point out the fact that in recent times, almost nowhere in the media has there been a sharp criticism of the decision of President Naiba Bukele and the Government of El Salvador to legalize bitcoin as legal tender.  It seems that the critics of this decision on the partial de-dollarization of the country have nothing to say.  Especially after the increase in the country's credit rating.  Obviously, the US authorities cannot like the de-dollarization of any country, even one as small as El Salvador.  However, they are silent.  There is no serious, and in fact well-paid criticism of the implementation of bitcoin payments in El Salvador.  This means that there are no necessary arguments for serious criticism.  And secondly, the political leadership of the USA does not give the command to organize informational persecution of El Salvador's decision.  And why is this happening?  Maybe the US authorities have temporarily left El Salvador alone, and are focused on their problems with aged presidents and elections and on the confrontation with China.  It turns out they are now not up to such a small country as El Salvador. 
And it's great when American rulers do not brazenly interfere in the affairs of another sovereign country. 
From this, there are only pluses for the population.

JP Morgan is a flip-flopper, so I would not expect any kind of discontinuation of the attacks on bitcoin and various bitcoin-related infrastructure that is being built, even though surely it can feel a lot better to experience positive rather than negative statements about bitcoin - even though it is best for all of us to remain skeptical when we see some of these BIGGER players sometimes seeming to want to play both sides of the fence.

While the critics are still not moving on with this declaration and law made by El Salvador making bitcoin as a legal tender.

Here goes the results that they're not seeing because they've been stuck that it's not a good idea for a country to adopt it as it is. Well done to El Salvador and all of those people that are working hard.

It may not be the peak of the numbers shown for the tourists but it's just building up and in the future, we'll see for sure more of them.

Wow. Sooner or later even the fud-fud against el-salvador will turn into praise. Because after all, a lot of fud leads to El Salvador. it turns out that the response from El Salvador is the level of progress they show which proves that the steps they are taking in policy in that country are steps that are full of calculations and not random. included in the legality of bitcoin payments there which was considered a step that was considered too bold by other countries but El Salvador went ahead and carried on with great conviction. And now when bitcoin is starting to end its bearish market and turning towards a bull market, the praises are starting to come back to El Salvador. I love every policy signed by Nayib Bukele. He really has worked hard to bring positive changes to the country. In fact, I think the level of violence there has started to decrease from year to year since the reign of Nayib Bukele. And now maybe investors in the field of technology innovation will begin to approach El Salvador and make the country the center of attention for new investors. And that is a positive signal for the country's economy.