Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 8. (Read 40371 times)

That's why its good that they try to grab those opportunities presented in their tables and now they are earning good benefits on their adaption made. If they stick with their old financial plans and let their country stuck on westerns mentality then their country would provably prison relying on other countries currency. Now that they adapt bitcoin then it open doors of opportunity and it made their country became more progressive.

They had been denounce by IMF but El Salvador government didn't budge to follow what that organization like to happen. And since they are doing fine then  this show that a country will declared bitcoin as legal tender could also succeed the same as El Salvador since for sure that they could also find good opportunities to help their people. Right now we see good growth of acceptance and I think this number would grow more especially if there's more good development will happen with bitcoin.

There is a proverbs that say, opportunity come but once, meaning you don't have to play with any opportunity that will come your way, because any opportunity that comes your way have positive side and negative side which you need to establish the positive to be happy in the future. For example BTC, I can still remember some years ago when a group of people came out to alert our government that BTC and crypto is a scam and there is no way it can deal with transaction delay in the country, but today what they thought is impossible in BTC has turned to possible global.

Many government are advising their youths to have knowledge of BTC and crypto, because they discovered favourable things that will create bright future for those that will take advantage of BTC and crypto in their countries.

Salvadorans May Like Bukele But They Aren’t Using Bitcoin, Survey Finds
A new University report shows that not many people are using the orange coin to buy things in El Salvador.


Salvadorans may like President Nayib Bukele for cleaning up the country’s once disastrous security situation. But at least one policy isn’t sticking: Bitcoin.

That’s according to a new survey from the San Salvador University Francisco Gavidia, which found only 7.5% of people interviewed said they use cryptocurrency to make transactions, while 92% admitted they didn’t.

El Salvador made Bitcoin legal tender in the country in 2021, the idea of its millennial leader—and prolific tweeter—Bukele. Businesses are legally obligated to accept the cryptocurrency if they have the technological means to do so.

President Bukele has also gone on Bitcoin-buying sprees but has been criticized by U.S. politicians and the likes of the International Monetary Fund for doing so.

The survey from Francisco Gavidia University added that only 1.3% of people said they thought Bitcoin should be the country’s main bet in the future.

President Bukele has tried to woo foreign investment with his bet on Bitcoin, promising visas and even a volcano-powered Bitcoin City.

Some 58% of those surveyed said they thought the country was headed in the right direction and were overwhelmingly supportive of President Bukele. The survey spoke to 1,224 Salvadorans aged 18 and on everything from the economy to security.

In an August interview with TIME, President Bukele said fewer Salvadorans were using the cryptocurrency than expected. “Bitcoin hasn’t had the widespread adoption we hoped for,” he said.

Source Link: https://decrypt.co/286463/salvadorans-like-bukele-but-arent-using-bitcoin-survey-says

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From this post we can learn the people of El Salvador country who have benefited from using Bitcoin and are successful, but still those who are cursing this Bitcoin are mainly terrorists of El Salvador country. Because the relatives of the terrorists who arrested and imprisoned the terrorists who pacified the current country of El Salvador are the ones who are currently hindering the use of Bitcoin. 
So 58% of the people in Salvador support the use of Bitcoin, but the biggest positive is that it has the most support from young people. El Salvador is now a quiet favorite country and is making huge strides in Bitcoin usage.

What the fuck is crypto?  You did not use the word bitcoin at any point in your post.  Do you believe that bitcoin and crypto are the same thing? 

hint hint.. they are not and crypto is a vague, ambiguous and misleading term, so your choice to use such word is either based on your failing/refusing to understand what bitcoin is or you are trying to mislead us.. or perhaps you are just trying to sound smart, but you don't sound smart when you use such vague, ambiguous and misleading terms rather than figuring out to learn how to use the word bitcoin if you happen to know what bitcoin is and what El Salvador has done, is doing and plans to do in regards to bitcoin... sure they may also be doing stuff related to shitcoins and related to technology that goes beyond bitcoin, yet your failure/refusal to present your ideas in any kind of better way by using the word bitcoin is surely problematic, even if you had not intended such.

Hopefully at minimum you might consider re-writing and/or editing your post by include the word bitcoin in your discussion to the extent that you might have wanted to talk about bitcoin and to the extent that you actually have some ideas what bitcoin is as compared to crypto.

Experience matters a lot but it is only when you are ready to adopt the knowledge that is only when you can get experience but it is when you know what you are doing that is when you will know the steps to follow, without information everyone will be lost, that is how important it is when it comes to crypto, the two season in the crypto world is very important to people and their is always a benefit when you are participating. the bear market you can buy using the DCA method and during bull you can strategically sell to make profit this things will only been done when there is an understanding.

Developed countries are already thinking of even putting a lot of initiative when it comes to crypto el salvdor have surprised people with how they have been making their intention known and acting on it, should be an example for other countries to follow, aside making it a legal tender they also invested and the outcome have been very brilliant because it was not working for them they would have stopped by now. the backing alone is amazing only few countries are given the backing for them to do this is enough for every other country to emulate them.

This news is old and it is news from November 2022, El Salvador country to accept bitcoin in 2021.  And they started using bitcoin as their main currency and around half a hundred people in the total population of the country are using this bitcoin. Just this short success has taken the country of El Salvador a long way, and raised their country's name among the whole world just by accepting this Bitcoin.
They continue to hold their holdings until now the country of El Salvador has the total bitcoin holdings (estimated at 5900 plus). The main reason for their success is to follow the DCA method, because Nayib Bukele started holding regular bitcoins due to which small amount of money has become a huge treasure of bitcoin holdings in the country of El Salvador.

::/ There are several post before that I would surely mention/quote, anyway/::whoever the glove fits//:: While it is true that El Salvador is changing, a large part of it has to do with management in matters of security primarily, consequently tourism rates have changed radically, El Salvador is a small country not only territorially, but in its GDP, so achieving what this president did is admirable, bitcoin was (is) a flag of "cleanliness" to talk about something other than the negative aspects related to security, in a country that was number 1 in per capita violence.

So, yes! Bitcoin is still an ideological banner, but we have to be honest and understand that Bitcoin must begin to walk more through the social and ideological push of Salvadorans, and that has not yet arrived.

Experience is what everyone needs to stay strong enough in the space, because it's never consider an easy run, imagine during the bear and bull seasons. The future of bitcoin is here, there have been incredibly good stats of crypto in this particular country. They're fully in and educated towards the space and basically knows what's coming their way. El Salvador accepts bitcoin and they're now consider to be one of the country with amazing tech features. They're gradually growing in all rounds, despite the legal authorization given to bitcoin by the government, there are quite existence of new projects and we know it's been open and run up for development.

When the price of Bitcoin was $16k, the President of El Salvador, Nayib Bukele, announced that his country would start buying 1 BTC per day. They implement this move and from then on regularly buy one bitcoin per day.
Over time the price of bitcoins has increased as well as their invested bitcoins.

Bitcoin is now almost $67.5k, up over 320%.

BitcoinMagazine

This announcement was made on May 10, 2023, when President Nayib Bukele was celebrating a year without homicide. This year's data has not been announced but my guess is that might not be different from last year because the same policy is still in place.


The goodnews is that some politicians in the region are now adopting the same approach to combat crime. Honduras, President Xiomara Castro suspended some constitutional guarantees and dramatically increased the role of the military in public security. In Ecuador, President Daniel Noboa announced that the country will construct two maximum prisons and the same company that built the El Salvador mega-prison will handle the construction.

The country of El Salvador was not crowded with tourists in the past as it is today. More and more businesses are attracting more people just because of the increasing use of Bitcoin. But mostly due to the decrease in the level of terrorism, the number of Bitcoin usage has increased more, because nowadays the country is full of peaceful people. For this, the government of El Salvador should give the most thanks to Nayib Bukele, who is still teaching bitcoin to a wide range of students and adults, men and women, and children in various educational institutions.  So that later future generations get a wide experience about Bitcoin.

Bitcoin Surfing Tourists Are Flocking to El Salvador—What’s the Big Deal?
Murders have dropped massively in the Central American country, attracting lots of tourism. Thank its Bitcoin-loving president for the turnaround.



Tourists are flocking to El Salvador in record numbers, according to the country’s tourism minister.

The announcement comes as the Central American country ramps up its PR campaign to show the world that it is no longer a tiny backwater plagued by hyper violent street gangs—but rather a Bitcoin and surf paradise.

Source link:
https://decrypt.co/139944/bitcoin-surfing-tourists-are-flocking-to-el-salvador-whats-the-big-deal

On Thursday, President Nayib Bukele, the country’s social media savvy, millennial leader, posted a cinematic video on Twitter announcing that El Salvador had just gone 365 days without a single homicide.

Talking about opportunities, it is good to always explore the bounties of opportunities that usually comes with new projects in the financial sector especially as far as the Bitcoin and other cryptocurrencies are concerned. They have opened an entirely different way of doing things in the decentralized manner. What people used to see as impossible is now possible as you can now make cross-border transactions without the fear of the government's interference or better still the banks headache.

I use this scenario to remember how we used to find it difficult to send or receive funds from our family and friends in the Diaspora before the introduction of the Western Union and Money Gram which were also hectic in their ways. Now, everything is absolutely seamless, fast and simple to use courtesy of this new innovation. What I have to say at this juncture is that the El Salvador Government had seen these bounties of opportunities through their lens of wisdom and decided to tap from it

And here goes the myth about crypto enthusiasts actually verifying and not blindly trusting a source and having an understanding of the basic economy! News flash about what you consider to be a great deal and showing economic growth and prosperity:

Lesson number one:

The spike is in negative value territory, which means people are selling bonds worth $1 for 85 cents!

Lesson number two:

So Bukele is asking for a loan from JPM, yeah the guy who said the country will not run a deficit again and is of course not taking a loan from the IMF is seeking a pay 9.5% to get a loan to buyback his debt to issue more debt. How can a mortal comprehend the greatness of such a financial guru! /s

Lesson number three

Another great move, issuing 10 years of debt at 7.6%, debt in USD while US bonds are at 4.5% and declining, because yeah, that's how you get out of debt, by claiming you pay your loans while in reality, you take more expensive loans every month to cover the previous holes you have made in your budget!

El Salvador’s Bonds Spike Despite Bitcoin Criticism
The Central American country has been slammed for its unorthodox ways—but foreign investors are bullish, it seems.

Institutions and politicians have frequently slammed maverick Bitcoin booster Nayib Bukele, president of El Salvador, for his handling of his country’s finances.

But things may be paying off for the eccentric leader of the tiny Central American nation: the country’s bonds are booming.

Bloomberg data shows that the bonds rallied after the country asked holders of nine, dollar-denominated transactions to tender their notes. Simply put, the government put an offer to buy them back from investors for cash—one way countries can restructure debt.

El Salvador said in a Friday statement that it would issue new notes as “part of a refinancing transaction to realize savings and promote certain conservation and sustainability efforts.”

Source Link: https://decrypt.co/284994/el-salvador-bonds-spike-bitcoin


This is how the government of El Salvador can move its country forward, and make Bitcoin even more prosperous.
 Because he has a good understanding of Bitcoin and is most optimistic about how Bitcoin will move his country forward in the future.

Finally, some very positive information has started to appear about the development of scientific and technological progress in El Salvador in recent years.

Here is one such example.

In 2019, El Salvador had only 25 fintech companies, a small ecosystem with slow growth; Four years later, in 2023, that number reached 185 fintech startups present in the country. Significant growth has arisen within the framework of the implementation of two innovative and unique financial laws in the world: the Bitcoin Law and the Law on the Issuance of Digital Assets.

 For Eric Chacon, president of the Fintech Association of El Salvador (Asafintech), these “regulations have created a scenario to attract investors” that has allowed the country to position itself as one of the fastest growing in the region.

“These two Laws alone have led to the creation of almost 200 fintech startups, which has put us in an interesting position in the region. I think the regulation issue is key, and we are going to discuss it at the fintech forum this Thursday. Certainly, regulation in El Salvador, thanks to these government initiatives, has led to the rapid growth of our ecosystem,” he noted.

Banking has been around for about 200 years, and in El Salvador it only covers 36% of the population. Banks have not been able to reach the middle and bottom of the consumer and business pyramid, and it has been a slow evolution. This is where fintech startups thrive, because technology helps reach a lot more people because of the cost barrier, since it is very expensive to provide financial services to a large number of people.  “Technology helps create these large-scale services, and you can enter these markets that are unserved or underserved,” he also said.

While El Salvador’s ecosystem is made up mainly of cryptocurrency and blockchain companies (there are 91 of them), startups created by national talent in other aspects, such as digital payments (36), also stand out. The latter has companies like n1co, which in less than two months has reached 200,000 users on its new financial app that allows access to a digital and physical Visa card to make payments at any business worldwide, and has managed to process more than $600 million in transactions with its POS.

El Salvador business has started. Coffee Roastery from US used Bitcoin to buy coffee from El Salvador. And the coffee is one and half ton. The trading process was smooth and there was no middle man or third party and it was a direct trade with the United States and El Salvador government. They paid $39.59 as Bitcoin to get the coffee. Salvadoran Embassy was involved to fast track the trade. And according to the news they have done such transaction in the year 2022 before.
Compass Coffee has been involved in Bitcoin activities and was in Bitcoin conference 2024 and also in most times addressing issues on the Bitcoin community.
https://www.google.com/amp/s/bitcoinblog.de/2024/09/24/international-coffee-trade-first-time-paid-with-bitcoin/%3famp=1

Besides adopting Bitcoin as a legal tender, President Nayib Bukele has been an economically sound leader. When he became president in 2019 the budget deficit was $1.2 billion but it has reduced to $338 million in the 2024 budget. I don't doubt his ability to achieve this feat because he has shown from records that it is possible. The country needs to invest in infrastructure because that is what will attract investors, so I wonder how it will be funded.


https://www.bnnbloomberg.ca/investing/2024/09/16/el-salvador-bonds-soar-after-bukele-signals-zero-deficit/   

The announcement that the 2025 budget wouldn’t be funded by issuing new debt caused El Salvador bonds to soar. The yield for the bond dropped over 40 basis points to 10.7%. According to Bloomberg country’s dollar bonds which due in 2035 experience a massive rise of 2.2 cents on the dollar, reaching their highest level since 2021.

I don't think the IMF would agree with his vision completely - and as long as they are negotiating with them, they are far from being able to say that they have gotten out of the problem.

El Salvador was the first country in the world to recognize Bitcoin as a legal tender. Following the adoption of Bitcoin as legal tender, the President of El Salvador Nayib Bukele claimed that it would improve the economy and simplify the banking system in his country. We found that in 2022, one year after Salvadorans adopted Bitcoin as legal tender, Salvadorans had more Lightning accounts than bank accounts. Nayib Bukele contribution to El Salvador's economic self-sufficiency after adopting Bitcoin as legal tender is immense. His country is gradually becoming the world's largest bitcoin holder through his important steps. It was his breakthrough move to buy one bitcoin per day.
 
https://x.com/BTC_Archive/status/1835627373586202940?t=64prWqfJkyByh4eC0sOCnw&s=19