Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 81. (Read 43241 times)

As I understand it, El Salvador's goal is to attract business and labor to their country. This can be achieved by offering financial incentives to businesses, allowing them to pay competitive salaries to a highly educated workforce. From a business perspective, this makes a lot of sense, given the potential tax advantages to be gained by operating in El Salvador.

If one makes an important point here, even though there are concerns and unanswered questions surrounding El Salvador's decision to make Bitcoin legal tender, this remains a pioneering step that puts the country on the map as a player in the world of blockchain technology. It remains to be seen whether or not this will be a success, but one thing is certain the potential advantages and disadvantages of this decision will be discussed and debated for a long time to come.

I think initiatives like these are highly interesting There are also some big names and companies involved when it comes to teaching and funding. But I have a split opinion on that. We don't know whether there are certain conditions tied to those fellowships, but when El Salvador launches the initiative to educate high profile blockchain infrastructure developers, what is the chance that they go abroad rather than stay in El Salvador? Or does it even matter if they go abroad, since there is still some promotional effect when they talk about their education and where they received it?

I am not fully aware of the exact plan that El Salvador has. As far as I understand they intend to attract business and workforce to El Salvador. I get the business point of view for potential tax advantages. So the strategy could be that they attract businesses through financial incentives and in turn these businesses would then be able to pay competitive salaries to the guys who are now getting education on the highest level. Does that make sense? Any opinions on that?

You know how the mainstream media hates Bitcoin. Even most of the world's governments hate it (even though they allow Bitcoin to be bought and sold for taxation purposes). It really doesn't matter what these entities think about Bitcoin, as long as the cryptocurrency does the job it's supposed to (which is to bring financial freedom). El Salvador's government was wise enough to adopt BTC as legal tender at a time where there's uncertainty in the global economy.

Fiat currencies are failing, while Bitcoin is still going strong. I have a feeling El Salvador will become a rich country within the not-so-distant future if it "sticks" to the plan of buying and holding BTC. Who knows if early Bitcoin adopters will be the ones laughing at the end as banks collapse for good? Just my thoughts

By what statistic or data do you come to this conclusion that Nayib Bukele was the first to lunch bitcoin transaction in El Salvador, I don't think this is right unless you have more informations and evidence to support this claim because I am sure Bitcoin have gain a lot of traction in El Salvador before Nayib Bukele presidency, if you talk of his role in bitcoin adoption in El Salvador I agree with that fact because he is the first president to make that move of making bitcoin legal tender, and the development of the chivo wallets, but if you said Neyib Bukele was the first to make a transaction on the government own wallet, you may be right.

Lately there has been limited verified news from El Salvador and I don't think anything is wrong with that so we should avoid making comments that have no substantial information here in the thread so as not to delay us from the original topic, I am sure what you call the introduction of the bitcoin transport system is not real because I discovered from the post in the link you shared, and it looks as if the bus was just travelling through El Salvador.

And you can see that from your above-quoted image that just a single bus with Bitcoin designs and Bitcoin logos without any passengers in the bus.

Satoshi Subway Station


source

First Chivo was developed with Algorand infrastructure, I recommend you give this thread a read

https://bitcointalksearch.org/topic/m.58956953

To continue, I remind you that every Salvadoran is forced to do the kyc to use the Chivo wallet, therefore it is automatically associated with an ID that keeps track of every movement of that wallet. Among other things, it has been ascertained that the bitcoins are transacted from the Chivo wallets and then subsequently credited to one's own, provided that one can speak of "holding" because in reality the private keys are not provided.

Instead as you say, it is true that other wallets could be used such as electrum but unfortunately there is a lack of education especially in a country like El Salvador where the majority is made up of illiterates, and which Bukele knew very well how to maneuver with the initial 20 dollar drop .

Nayib Bukele was the first to launch Bitcoin transactions in his country El Salvador. We are constantly getting updated Bitcoin news from EL Salvadar. The most popular updated news at the moment is the launch of the first Bitcoin transport bus in El Salvadr. Here people will be able to transport buses with bitcoins. A very nice system has been introduced by El Salvador. Which will play an important role in the convenience of people.


https://twitter.com/corybates1895/status/1645179261744037888?t=GfPsMlyIYC8aN0USVovQlw&s=19

I don't think there's an iota of member posts in this thread whose posts deviate from the topic the OP made. instead I feel that the many posts in this thread provide a very complex understanding of this bitcoin adoption. Don't get me wrong, because I'm sure the forum members who have contributed their opinions in this thread are all happy and interested in bitcoin legal tender.

and I think all the posts in this thread are discussions about bitcoin legal tender. this thread would not exist if bitcoins were not legal in el Salvador, so it is clear, the posts in this thread are about legal tender bitcoins, but discussed in full and in detail from various sources, from various opinions, and from various aspects.

Yes, you are nit-picking, and likely you are wrong too in your attempt at making a narrow perspective regarding what this thread is about since we have been talking about the essence of the subject matter that was presented in OP and also the various perspectives that forum members have on the topic, with 65 pages of thread so far...

...and surely bitcoin has already become legal tender in El Salvador, so it is not a "what if"situation, but it is a situation in which something had already happened (Such as El Salvador making bitcoin legal tender) and various reactions and perspectives on the topic, and surely we are witnessing a variety of ways in which the El Salvador's increasing adoption of bitcoin - including that it has proclaimed bitcoin as legal tender are playing out, including various reactions and ongoing developments and even whether or not El Salvador may well have any impacts on various bitcoin network effects through its outwardly friendly approach to bitcoin.

☀️ #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.