Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 77. (Read 43241 times)

Ok... I don't really disagree with anything that you said, and thanks for the clarification because I had not realized that you were coming at the topic from that angle.

I do believe that El Salvador gets a bit of a bad rap in terms of the supposed "imposition" of legal tender on "the people".. .. yet at the same time, I doubt that it is a BIG deal to argue about in terms of some of the various differences of opinion regarding what role "the govt" might play in terms of creating structures and the extent to which those structures are voluntary or sufficiently "free of impositions." 

We agree with the punchline that there are likely going to be a variety of approaches, and likely we are going to agree that the approaches are not even locked-in because there are likely ongoing trade-offs along the way and even adaptations (and learning) to local conditions that sometimes might end up contributing to differing approaches that might be forced to evolve, and sometimes we might not agree with some of the approaches, or we might find that some approaches are more friendly towards "freedom" - however, we personally define such.

Well, no. What I'm alluding is a different kind of bitcoin adoption. El Salvador made bitcoin a legal tender and this imposes increased obligations, bitcoin operations become mandatory in the country. It is a fast way, but risks are higher as well.

Brazil chose another way of bitcoin adoption, they allowed it's wide usage. So you can choose yourself if you are interested in accepting it as a payment and if you are interested in paying with it. It is a slow way. But I believe people will find advantages of using bitcoin and will start doing so anyway. And I prefer the situation when they do so because they understand that it is better and choose bitcoin because know its benefits. Maybe I'm too romantic but I like the idea that people will find out benefits of bitcoin and it will conquer the financial world not fast but thoroughly. And main thing is not to interfere with it. Governments which allow using bitcoin are on the right side, IMO of any kind, like El Salvador or like Brazil.

I agree that the idea of delving specifically into what Indonesia might be doing is somewhat off topic for this thread, but I doubt that we are so limited as to restrict ourselves from engaging in some comparisons/contrasts regarding how El Salvador may have been influencing other countries.. or the extent to which some countries might be modeling on El Salvador or learning from El Salvador... so far I have not participated in any of the Indonesian related threads that you are saying exist out there.. so maybe I just need to venture out in other parts of the forum by use of the search function a wee bit or maybe I will see those threads plastered all over the forum's main pages (since you did not provide any links)?   

A little off topic but indeed this is even trending on social media for my country (Indonesia).
He is one of the governors for West Java which is indeed for now he is also one of the tech-savvy governors in Indonesia and indeed for his focus this time is to discuss the dynamics of bitcoin in West Java which is the region he leads.

On the other hand, this is actually also discussed in several other topics discussed like regulation, investment, economy, ecology, energy, literacy, mining, innovation, journalism, and issues in community circles such as ordinal protocols, halving, etc.
This is off topic from Elsavador, I apologize, but as an Indonesian, especially a West Java citizen, I am quite proud of this

I agree with you jokers10 that it is not going to be the same in any other country, even though there could be a lot of similarities, yet I would hardly suggest that any kind of meaningful solution would necessarily need to involve more of a shitcoin angle, as some other countries seem to be more "receptive" to shitcoins within their approach.. which seems to be the Brazilian comparison that you are alluding to.

So for sure, there could be a lot modeling that might take place in regards to what El Salvador did, but then at the same time hoping to learn from any kinds of mistakes that El Salvador made along the way.. and of course, if there are some pieces of information that show that certain international institutions (such as banking and governments.. such as IMF, WB and USA) have been hostile to the El Salvador actions, it would be more difficult for future countries to plead ignorance in regards to the hostility, but they could still take a somewhat aggressive stance in terms of asserting that they are a sovereign nation and they have rights to assert their sovereignty - in spite of the various warnings that have been issued by various PTB institutions subsequent to seeing various ways that El Salvador had chosen to thumb its nose at various PTB institutions... so in that sense, the level of backlash could end up playing out differently with other countries .. since El Salvador had even given a playbook for the powers that be to attempt to prepare themselves for any other countries that might want to try to go down that path..

I think that one of the confirmations that an Indonesian official (Governor) is going to be speaking at the Bitcoin Magazine conference in Miami in May.. so it will be interesting to see if there might be any announcements related to some of the bitcoin-related efforts that are being made in other countries (and of course, there had been a recent announcement of a bitcoin conference in Indonesia in October of this year, too).. and of course, there will be some representation of El Salvador at that conference too  (at least Max and Stacy Herbert, but there may be others representing El Salvador at that conference too?)...

https://decrypt.co/125739/give-bitcoin-poor-economist-nayib-bukele

I read quite interesting news about El Savador the other day because even though they are one of the countries that can be said to be quite good in terms of bitcoin development for their country, there are still those who consider this a failure.
UCA El Salvador University professor Rafael Lemus said President Nayib Bukele's Bitcoin purchase did not produce benefits for the country and should be put to better use.
But apart from this, it is quite natural because even though it is El Savador but of course when it comes to cons there must be. On the other hand this is also possible because if you look at some of the news reports about remittances in Bitcoin and other cryptocurrencies sent to El Salvador fell 17.8 percent during the first two months of 2023 compared to 2022.

On the one hand, this, of course, will simplify payment transactions for citizens, but, on the other hand, why is such a centralized solution fundamentally better than Chivo Wallet, which, as far as I understand, already allows you to pay instantly? In any case, this is no longer bitcoin, but a kind of analogue of a centralized bank, in which users actually operate not with bitcoins, but with some kind of centralized bank tokens that are formally tied to bitcoin. Which, in my opinion, is not the same thing. It would be nice not to lose what makes bitcoin the bitcoin in the pursuit of convenience.

It is impossible to copy the way of El Salvador, everything is changing in time. What is possible for the first is hardly achievable for next ones. And in another hand what is hard for the first can be very easy for those who will walk by his steps. All is yet on an early stage and there are examples of other ways of adopting bitcoin like in Brazil, and we haven't seen which way will become more productive. It is not mandatory to do strictly the same as El Salvador, there could be different ways of bitcoin adoption, and IMO main thing is that legislation should be permissive and other things will go by their way.

At least, El Salvador is off to a good start. Latin-American countries should copy its model for true financial prosperity. I believe the Government of El Salvador will provide the necessary tools and education to spur adoption of Bitcoin among its citizens. Good things take time before they produce promising results.

If BTC goes to the moon as predicted, El Salvador would be on a "winning streak". Maybe it will turn into a developed country in the future? As long as Nayib Bukele is in power, anything's possible. Just my thoughts

https://twitter.com/BitcoinMagazine/status/1648750754205663232?s=19

El Salvador will go down in history as the first country in the world to declare Bitcoin legal tender. President Nayib Bukele declared Bitcoin legal tender for the country on September 25, 2021. Since then the government and people of the country started using Bitcoin in their daily activities as well as important official functions of their lives.
Nayib Bukele, the popular president of Salvador, is doing various important development works, including tax exemption, to declare Bitcoin as a national asset.

Next Monday, the president is going to implement his educational plan with the most talented students of the university to provide higher education at the university level for application in the field of Bitcoin education. He will launch this program with the university's most brilliant students to build bitcoin Lightening network developers. But we are certainly hopeful that Salvadoran President Nayib Bukele will implement this plan.

Fact is the issue of blockchain transactions fees and who bears them is one of the major limitations to Bitcoin retail adoption and this should be properly settled before making a Bitcoin transaction even though the fees are mostly in a small fraction of the network is not congessted and the sender should bear the fees in most cases.

Layer2 network is the best option unless for its technicality that pauses a contrain on its adoption, but if retailers could get a bitcoin payment systems that allow zero fees on bitcoin cards and uses point of sale machine to collect payment it could solve a lot of those fees problem, what I have been suggesting in some of my online articles as regards to El Salvador bitcoin adoption and it resultant hesitant by retail users is that the government should come up with a national development e.g A bitcoin ATM card that will allow the holder to withdraw at zero fees from merchants.

Or when making payments to retail shops that have a mini Bitcoin point-of-sale machine to collect a payment, this way the government will go a long way to ease the suffering of its citizens when making payments with Bitcoin and also increase the level of retail adoption.

80 Bitcoin service providers are already registered by El Salvador’s Central Bank. Of these, 58 are exchanges, and two more companies are developing ATM networks, so there is an expectation that the number of BTMs in El Salvador will increase from the current value of 212 (6th place).

It just takes time for them to become more familiar with Bitcoin and its use in their transactions. I'm sure that with massive education and easier access to exchanges, it will definitely encourage people to be able to transact using Bitcoin. And especially young El Salvadorans who can develop applications to facilitate the adoption of Bitcoin, such as exchanges and purchases in one application that are easy and fast, that will definitely be needed to boost this Bitcoin adoption.

In fact, this is just a rather bottleneck in terms of the spread of bitcoin as a means of payment. If not for Chivo Wallet and LN, this would not be so easy to do in El Salvador. The speed and cost of a typical transaction on the bitcoin blockchain makes it impossible to make numerous small payments profitable without the help of second layer projects. Developers are gradually solving this problem, but for now, Chivo Wallet and LN are what help El Salvador to actively implement bitcoin everywhere.

Bitcoin is gradually gaining traction in El Salvador and this is one of the ways Bitcoin has served as the best alternative to the fiat currency, seeing that El Salvador citizens can now board taxis and make a payment with Bitcoin and also buy gas with Bitcoin is quite an exciting development for El Salvadorians who have initially been sceptical about Bitcoin usage. But this gradual adoption of Bitcoin for payment for essential services such as transportation is quite an awesome move that will spreadbitcoin knowledge quicker than expected and of the major problem Bitcoin usage for transport will solve is the issue of failed transactions which is popular with bank apps and cards payment.

But with Bitcoin, the driver can request for just the transaction harsh txd only from the customer and once he confirmed that the transaction has at least received 1 confirmation, he can move on even though the payment has not arrived in the wallet he will certain to get his payment as soon as the transaction reaches the require confirmation on.

The government of El Salvador has undoubtedly impressed everyone with its Bitcoin usage plan. In El Salvador, Bitcoin transactions have been introduced not only for gas bills, taxi fares, electricity bills, product purchases, etc. And the good news is that in all transactions tax free bitcoin transactions no tax to pay this activity is undoubtedly commendable. However, this Middle Eastern country of America has come a long way in terms of Bitcoin transactions and investments. They use bitcoins are spreading widely around the world and in EL Salvador there used to be a lot of extortion and terrorism.Nayib Bukele after the introduction of cryptocurrencies in EL Salvador suppressed them and led their country to progress. and the government of EL Salvador has passed the approval of Bitcoin transactions in almost all areas and in their economic aspect they are making great strides and have already started to improve a lot.

El Salvador went a step further in Bitcoin transactions.  Undoubtedly, this is a very good news. El Salvador taxi bills, gas bills, and filling station bills all have Bitcoin attached.  Their activities are really admirable. Step by step they are increasing the transaction volume of Bitcoin. El Salvador's initiative will be of great inspiration to countries that are planning to use Bitcoin as a medium of exchange.  

At some point, it will be seen that every product in El Salvador is using Bitcoin as a means of alternative transaction.

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The country of El Salvador is paying taxi fares with Bitcoin. El Salvador is truly a wonderful country.


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They are paying with bitcoins to buy gas. Gradually they will use Bitcoin for everything.
By seeing the activities of this country, the countries around them will be attracted to Bitcoin. At some point everyone around the world will be attracted to Bitcoin.

Of course, the president of El Salvador will not sell bitcoins that easily, they must have bigger goals in the future. Because the president, Nayib Bukele, must have thought very long about planning the adoption of bitcoin. And the goals that have been set by the president of el Salvador, will surely shock the world. Currently, one of the impacts that occurs when adopting bitcoin is on the tourism sector.
Just three months after El Salvador adopted bitcoin, it has had a good effect. what else now.
Sumber: https://pintu.co.id/news/25806-dampak-positif-bitcoin-untuk-el-salvador

Such an achievement is an extraordinary achievement, it can increase the tourism path by up to 95%. Because for some countries it is not easy to increase tourism routes like that. And it's all thanks in part to the adoption of bitcoin that took place in el Salvador.

It is very important for heads of state to keep up with Bitcoin these days. Because now is the time for presidents to read books to stay in touch with Bitcoin trends and the rapidly evolving industry. Nayib-Bukele El Salvador This is the most important time to collect this bitcoin book and reach people to educate people.