Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 75. (Read 38982 times)

One of my greatest worries about the El Salvador Bitcoin adoption project is the fact that the government may change and Bukele leave how is the Bitcoin project going to be, what of the successor does not have the same positive vibe to bitcoin same way Bukele does.
-And what of the subsequent government give in to pressure re re by following the international monetary funds warning and the other anto bitcoin International financial institution?
-i think Bukele have a lot to do within the limited time he have in this present tenure, to make Bitcoin attain a legal status that will make it hard for anyone to delist or marginalize it in the future.
There have already been several attempts within and outside El Salvador to sabotage the government efforts in making El Salvador economically buoyant a f the Bitcoin project sponsored by the Presiden of the country.

One of my greatest worries about the El Salvador Bitcoin adoption project is the fact that the government may change and Bukele leave how is the Bitcoin project going to be, what of the successor does not have the same positive vibe to bitcoin same way Bukele does.
-And what of the subsequent government give in to pressure re re by following the international monetary funds warning and the other anto bitcoin International financial institution?
-i think Bukele have a lot to do within the limited time he have in this present tenure, to make Bitcoin attain a legal status that will make it hard for anyone to delist or marginalize it in the future.
There have already been several attempts within and outside El Salvador to sabotage the government efforts in making El Salvador economically buoyant a f the Bitcoin project sponsored by the Presiden of the country.

The next person will also continue what Bukele has done if the next leader has felt such a good impact on his country through Bitcoin. And the next leader will not forget Bitcoin just like that when he sees better developments in his country after adopting Bitcoin.

So I don't think this will change in the next leader because the people of El Salvador have also agreed to this. After all, the residents there can also be used by trading via Bitcoin to circulate their capital and make a profit and that can be an additional job for the residents there.

EI Salvador not only ended up recognizing Bitcoin as legal tender but also played a strategic role in how to introduce Bitcoin to the world. EI Salvador's people did not accept Bitcoin easily at first, but now people are holding various colorful events around Bitcoin. Last year at the 71st Miss Universe National Custome Show 2022, a beautiful young woman named Alejandra Guajardo made the event more interesting by wearing a dress with bitcoins and informed the people of Salvador about the importance of bitcoins.

Photo source : Miss Bitcoin Universe 2022

It all depends on the benefits Bitcoin is able to provide to the country. If the new leader deems Bitcoin to be a good asset for the future of the country, then he/she will leave everything as is. Otherwise, you can say goodbye to the Bitcoin experiment for good. Last time I've checked, Bukele had a high approval rating even though many people in El Salvador were not happy with BTC as legal tender. It's likely President Bukele will stay in power for some time, so don't expect the government to abandon BTC anytime soon.

I'm certain the move will attract a lot of tourists into the country, meaning more tax revenue in the long term. Adoption is low, but rising at a slow and steady phase. Who knows if El Salvador hits the "jackpot" within the next bull market? Just my thoughts

The next person will also continue what Bukele has done if the next leader has felt such a good impact on his country through Bitcoin. And the next leader will not forget Bitcoin just like that when he sees better developments in his country after adopting Bitcoin.

So I don't think this will change in the next leader because the people of El Salvador have also agreed to this. After all, the residents there can also be used by trading via Bitcoin to circulate their capital and make a profit and that can be an additional job for the residents there.

EI Salvador not only ended up recognizing Bitcoin as legal tender but also played a strategic role in how to introduce Bitcoin to the world. EI Salvador's people did not accept Bitcoin easily at first, but now people are holding various colorful events around Bitcoin. Last year at the 71st Miss Universe National Custome Show 2022, a beautiful young woman named Alejandra Guajardo made the event more interesting by wearing a dress with bitcoins and informed the people of Salvador about the importance of bitcoins.

Photo source : Miss Bitcoin Universe 2022

It seems the hope is that Bukele can hold on and/or that any successor would be strong enough and/or able enough to continue to carry on the kinds of work of self-sovereignty and financial independence and the various ways that Bukele seems to be working that angle.. and it does not seem that Bukele is going to rug pull the El Salvadorean people or to run away with the BTC.. even though there are frequently going to be concerned about these kinds of matters including how much disclosures are being made regarding El Salvador's bitcoin stash.

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United State and Canada seems not have regulated with Bitcoin transaction and I don't sure they have many BTM than El Savador have got regulated with Bitcoin
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The IMF, Word bank and other wester powers have been developing systems over more than 50 years in which they manipulate the fuck out of leaders in such ways to incentivize them to act against the interest of their people and their country, and frequently it has been way easier to just go along and get along with the west and the various financial manipulation tools that they use and also the various bullying tools.. so it is not easy for any leader to NOT give into the pressures and to take the easier road to just accept the various kinds of outside money that tends to disallow them autonomy over the governance of their own country... and surely, historically and even into the present, the western powers/institutions will play hard ball including various kinds of disinformation campaigns, too with various leaders who stand up to them or try to exercise sovereignty and/or financial independence.

It seems the hope is that Bukele can hold on and/or that any successor would be strong enough and/or able enough to continue to carry on the kinds of work of self-sovereignty and financial independence and the various ways that Bukele seems to be working that angle.. and it does not seem that Bukele is going to rug pull the El Salvadorean people or to run away with the BTC.. even though there are frequently going to be concerns about these kinds of matters including how much disclosures are being made regarding El Salvador's bitcoin stash.

The next person will also continue what Bukele has done if the next leader has felt such a good impact on his country through Bitcoin. And the next leader will not forget Bitcoin just like that when he sees better developments in his country after adopting Bitcoin.

So I don't think this will change in the next leader because the people of El Salvador have also agreed to this. After all, the residents there can also be used by trading via Bitcoin to circulate their capital and make a profit and that can be an additional job for the residents there.

The next person will also continue what Bukele has done if the next leader has felt such a good impact on his country through Bitcoin. And the next leader will not forget Bitcoin just like that when he sees better developments in his country after adopting Bitcoin.

So I don't think this will change in the next leader because the people of El Salvador have also agreed to this. After all, the residents there can also be used by trading via Bitcoin to circulate their capital and make a profit and that can be an additional job for the residents there.

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However, as a result, only 1.6% of these transfers are made through digital wallets. A Deutsche Bank study found that people prefer to exchange bitcoins for dollars, which is not so easy to do. They often turn to unofficial money changers who set their own fees.

The IMF and World Bank can be a real pain in the a** for small countries. Bukele and his administration have made a bold move in legalizing Bitcoin and it's had positive effects on the country's development. As for the next leader, who knows what will happen. But, at least the foundation has been laid and it's up to the next guy to build on it or not. And you're right, let's call it what it is - Bitcoin. No need for all this "cryptocurrency" nonsense.

Presidents of poor nations sell their people down the river thousands of times over the past 50 years or even longer that the IMF and the world bank systems have been increasingly incentivizing them to do so.

When a president does not want to sell his people down the river (which seems to be the case with Bukele) then he is attacked by the IMF and world bank because there are preferences that he falls in line so that other countries do not follow his lead.  It's a kind of fucked up system that has oppressed countries and their people, so there are not really goals to empower people in small countries.. and the same dynamics happens within western countries too.. that's part of the explanation why the whole monetary system is so fucked up in terms of the way that incentives are fucked up by the money in such a way to control the people and create chaos and too many issues to discuss... but it is not correct to suggest that a new leader would just follow the great things that Bukele and his administration have worked to build (in connection with bitcoin as one of the money options) so far in the past year and a half or so.


Yeah.. fuck shitcoins... and fuck the vague use of that term "cryptocurrency"  Are you talking about bitcoin or what?  If so, use the proper word.  Bitcoin not vagueass references to "cryptocurrencies" whatever that is?

El Salvador seems to understand that bitcoin is the deal.. and they don't give any shits about crypto.. and I believe in the latest legislation they defined all crypto.. shitcoins as securities.. .. so yeah, if countries do not know the difference between bitcoin and shitcoins  and they are talking about crypto, then they seem to not know what the fuck is bitcoin.

One of the important aspects of Bukele and his administrations's approach, so far, is that they have not gotten drug down the shitcoin track and they seem to understand to differentiate shitcoins.. and even to label them as different things (securities).

So yeah.. cryptocurrencies are a problem.. if you don't know what the fuck is bitcoin and you are not able to describe El Salvador's efforts in terms of bitcoin... or at least try in order that we might attempt to know what you are talking about.. because there are other countries that are distracted and dabbling in shitcoins and it does not help for anyone to be suggesting that El Salvador, Bukele or his administration is "crypto" friendly, because he  is not  crypto friendly.  He is bitcoin friendly.. and bitcoin as an option... yeah there are other things going on in El Salvador too... that work on various financialization projects.. so sometimes there might be various ways that the dollar or some stable coins or some various shitcoins might come into the picture in regards to how projects might be structured or financed or to figure out how there might be balancing in terms of who is funding/supporting what and perhaps how funds are held, too.... and if there might be some ambiguity that El Salvador might be deviating from their bitcoin-focus in some kinds of ways, then we likely need to figure out how to talk about them in terms of bitcoin, rather than just throwing out vague terms and vaguely trying to imply the El Salvador is crypto friendly.. when it is not... at least not so far, as far as I can tell.. and if you believe that they are crypto friendly or there is some reason to talk about "crypto" as if it had any meaning, then let me know. Fuck that stupid vague term, when the use of it fails to have a context to describe what you are talking about.

Prices began to be duplicated in bitcoin from time to time, and the government launched a virtual wallet, Chivo, which allowed for commission-free transactions. In January, Bukele reported that 60% of the four million population had used the mobile app, and more residents had Chivo than regular bank accounts.

However, a report by the US Bureau of Economic Research shows that of those who installed the app, 80% stopped using it as soon as they spent the $30 bonus. And most of those who continue to use Chivo pay with dollars. At the same time, less than 65% of the country is covered by mobile internet.

One of the hopes pinned on bitcoin was to save hundreds of millions of dollars in money transfer fees. The money sent home by migrant workers accounts for more than 20% of El Salvador's GDP. For some households, this is the main source of income. Conventional services charge a 10% commission, and people are sometimes forced to wait for days to make a transfer.

However, as a result, only 1.6% of these transfers are made through digital wallets. A Deutsche Bank study found that people prefer to exchange bitcoins for dollars, which is not so easy to do. They often turn to unofficial money changers who set their own fees.

Prices began to be duplicated in bitcoin from time to time, and the government launched a virtual wallet, Chivo, which allowed for commission-free transactions. In January, Bukele reported that 60% of the four million population had used the mobile app, and more residents had Chivo than regular bank accounts.