El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 89.

jokers10

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Quote from: Doan9269 on February 02, 2023, 10:21:07 AM

Quote from: jokers10 on February 02, 2023, 08:23:44 AM

When bitcoin is an official currency in a country it is good to hold enough bitcoins not as investment but as fuel for economy as you may need some money any time. And earning on outer investment is not so progressive for country, it is much better to develop an own economy. And if plans with volcano power plant will come true and other expectations with El Salvador's economy development will take shape it would be much better then just to sell their bitcoins on the top.

El-Savador as at now is already paying part of its debts and looking for more opportunities through the volcanic bond at hand, there's already positive indications for bitcoin price since the beginning of this year as it has always been surging high and one of the reasons to this may be because we are heading closer to bitcoin having, there are some other major events along which can be considered to have contributed to the rise, El-Savador is taking every single opportunities to make the best out of it bitcoin adoption and that's why you could experience some of its decisions to be outstanding and unique, now that it's determined to give a new look the operations of its economy will also add more savour to the nearest future result we shall behold from El-Savador's bitcoin adoption, the bullrun in other hand is warming up gradually as bitcoin is already giving a smiling price for the bull to soon begin.

Repaying debt is good but if you don't develop your economy you'll get into debt again and again. If we talk about volcano power generation it is prospective not just because you can mine bitcoins with it; it is expensive to create a plant of such type but it gives a very cheap and green power which will work for economy of El Salvador for tens of years. They can mine bitcoins with the generated power or get some another power depended industry, doesn't matter, main thing that it is not just investing, it is a point from which economy can grow. The same point is a financial system El Salvador got when adopted bitcoin, because bitcoin itself is a financial system. Bitcoin is good not just because it is bitcoin, but because of opportunities it gives.

Doan9269

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Quote from: jokers10 on February 02, 2023, 08:23:44 AM

Quote from: Wiwo on February 01, 2023, 02:11:47 PM

Probably when Bitcoin reach 200k El Salvador will be able to pay off all their debt using their profits from their bitcoin holding and the country buy position were all below 60k price if I am not mistaking.
...

When bitcoin is an official currency in a country it is good to hold enough bitcoins not as investment but as fuel for economy as you may need some money any time. And earning on outer investment is not so progressive for country, it is much better to develop an own economy. And if plans with volcano power plant will come true and other expectations with El Salvador's economy development will take shape it would be much better then just to sell their bitcoins on the top.

El-Savador as at now is already paying part of its debts and looking for more opportunities through the volcanic bond at hand, there's already positive indications for bitcoin price since the beginning of this year as it has always been surging high and one of the reasons to this may be because we are heading closer to bitcoin having, there are some other major events along which can be considered to have contributed to the rise, El-Savador is taking every single opportunities to make the best out of it bitcoin adoption and that's why you could experience some of its decisions to be outstanding and unique, now that it's determined to give a new look the operations of its economy will also add more savour to the nearest future result we shall behold from El-Savador's bitcoin adoption, the bullrun in other hand is warming up gradually as bitcoin is already giving a smiling price for the bull to soon begin.

Oneandpure

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Quote from: Wiwo on February 01, 2023, 02:11:47 PM

Probably when Bitcoin reach 200k El Salvador will be able to pay off all their debt using their profits from their bitcoin holding and the country buy position were all below 60k price if I am not mistaking.
*Secondely according to statistical record a handful full of El Salvadorian are still using the government approved chivo wallet most especially government agencies and civil worker within the government may make up for this number of chivo wallet users.
*El Salvador does not prohibits the use of self custody wallets by citizens so the rate of bitcoin adoption and usage in El Salvador should not be limited to only chivo wallets users alone.
*In general, bitcoin usage and adoption in El Salvador have increase generally compared to the earlier stage when the only thing El Salvadorians we're interested in is the $30 airdrop from the government deposit into Chivo wallets.

High speculation about Bitcoin will reach above $200,000 and El Savador losing opportunity for paying off all their debt because waiting longer time need to pay higher loan interest. I don't blame with Bitcoin potential one day later break out to higher price, but above $200,000 seems unacceptable reason with Bitcoin current price right now under $24,000.

El Savador have unique way when first time adopting Bitcoin as legal currency transaction by giving free airdrop for all their people trough Chivo wallet and each user will receive $30, I think another countries can adopt with this unique way when trying make Bitcoin as legal payment method in their country.

jokers10

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Quote from: Wiwo on February 01, 2023, 02:11:47 PM

Probably when Bitcoin reach 200k El Salvador will be able to pay off all their debt using their profits from their bitcoin holding and the country buy position were all below 60k price if I am not mistaking.
...

When bitcoin is an official currency in a country it is good to hold enough bitcoins not as investment but as fuel for economy as you may need some money any time. And earning on outer investment is not so progressive for country, it is much better to develop an own economy. And if plans with volcano power plant will come true and other expectations with El Salvador's economy development will take shape it would be much better then just to sell their bitcoins on the top.

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Quote from: karabiber on February 01, 2023, 01:58:23 PM

I congratulate Nayib Bukele's revolutionary decisions. El Salvador says it will become one of the richest countries in the world with its Bitcoin policy. They can make it happen in the next bull run. International organizations, especially the IMF, argued that Salvador's Bitcoin opening would have a disruptive effect on the country's economy. Because the IMF is against the change of order.

El Salvador citizens stop using their Bitcoin wallet called Chivo in Bitcoin declines but President Nayib Bukele does not give up his belief in Bitcoin and makes a commitment to receive 1 BTC every day. We will hear more about El Salvador and the President in the future.

Probably when Bitcoin reach 200k El Salvador will be able to pay off all their debt using their profits from their bitcoin holding and the country buy position were all below 60k price if I am not mistaking.
*Secondely according to statistical record a handful full of El Salvadorian are still using the government approved chivo wallet most especially government agencies and civil worker within the government may make up for this number of chivo wallet users.
*El Salvador does not prohibits the use of self custody wallets by citizens so the rate of bitcoin adoption and usage in El Salvador should not be limited to only chivo wallets users alone.
*In general, bitcoin usage and adoption in El Salvador have increase generally compared to the earlier stage when the only thing El Salvadorians we're interested in is the $30 airdrop from the government deposit into Chivo wallets.

karabiber

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I congratulate Nayib Bukele's revolutionary decisions. El Salvador says it will become one of the richest countries in the world with its Bitcoin policy. They can make it happen in the next bull run. International organizations, especially the IMF, argued that Salvador's Bitcoin opening would have a disruptive effect on the country's economy. Because the IMF is against the change of order.

El Salvador citizens stop using their Bitcoin wallet called Chivo in Bitcoin declines but President Nayib Bukele does not give up his belief in Bitcoin and makes a commitment to receive 1 BTC every day. We will hear more about El Salvador and the President in the future.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Just a few pointers I saw today in an article, stating that the problems with the Chivo wallet and the bitcoin ATMs seem to persist. The article below referenced though, lacks any kind of quantification, and whilst the article’s heading clearly points in one direction, we can’t really infer whether the problems depicted within are generalized or delimited to a small set of cases.

Perhaps a couple of insights that the article provides are (again, not quantified):

- There seems to be a fair share of commerce sites that still do not accept bitcoin, or have determined not to do so (regardless of the fact that they are compelled to do so). This, however, could be rather more meaningful in some Departments (territorial organizations) over others.

- Apparently, it seems easy to come across bitcoin ATMs that don’t have any cash to dispense upon trying to perform a sale. People have learnt a workaround that involves converting to fiat in the Chivo app and routing that off to their bank account in order to use a regular ATM, though that defeats one of the great arguments in favour ot bitcoin over there (a significant segment of the population does not have a bank account).

See (Google Translated):
https://www-criptonoticias-com.translate.goog/comunidad/atiendan-fallas-chivo-wallet-grito-no-cesa-el-salvador/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Side note (interesting lateral read – biggest jail in latam):
https://www-pacozea-com.translate.goog/el-salvador-inaugura-la-carcel-mas-grande-de-latinoamerica-para-40-mil-pandilleros/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

jokers10

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Quote from: Sayeds56 on January 31, 2023, 06:14:23 AM

President Bukele's decision to adopt Bitcoin as legal tender in El Salvador, was a historical and bold decision, but it faced criticism due to the potential volatility of the cryptocurrency market, which significantly decreased value of their investment in 2022 in terms of fiat currency . However, as the market improved, the Salvadoran government's investment saw an increase. The President's tweet in Korean suggests he may be reaching out to a wider audience to promote the use of Bitcoin in El Salvador.More countries are likely to adopt Bitcoin in future.

Bitcoin adoption and being first is an advantage that they should use, so it would be right if they'll try to advertise that as wide as possible. We can see even in this forum that there are many people who start taking an interest to if there is a way of visiting El Salvador as a tourist, if there are good conditions for making business in there, etc. So it can bring more investments in the country and it is expected that government will try to use an opportunity. Hope they'll succeed.

Wind_FURY

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Currently, there are many of the "elites" in the legacy financial industry that views Chad Bukele and Chad Saylor, and disregard most of what they are preaching/teaching/saying/showing the public. BUT within 10 years, I believe that everyone will remember the two of them from the bear market of 2021 - 2023, and perceive that, as it happened, THEY might not be sufficiently bullish.

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Sayeds56

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President Bukele's decision to adopt Bitcoin as legal tender in El Salvador, was a historical and bold decision, but it faced criticism due to the potential volatility of the cryptocurrency market, which significantly decreased value of their investment in 2022 in terms of fiat currency . However, as the market improved, the Salvadoran government's investment saw an increase. The President's tweet in Korean suggests he may be reaching out to a wider audience to promote the use of Bitcoin in El Salvador.More countries are likely to adopt Bitcoin in future.

LDL

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EI Salvador, the first country in the world to recognize Bitcoin as legal tender, the President of EI Salvador faced various criticisms after announcing Bitcoin as legal tender.The Salvadoran government suffered a loss of over 60% of its investment at a time when the Bitcoin market was in dire straits. However, as the market went up, President Nayib Bukele tweeted in Korean Language which is presented to you.

Tweet screenshot:

Nayib Bukele tweet(Quote Tweet):https://twitter.com/nayibbukele/status/1619856330742984704?s=19

Sayeds56

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Quote from: Aanuoluwatofunmi on January 27, 2023, 12:38:48 PM

Quote from: bbigtart on January 27, 2023, 11:08:57 AM

Quote from: DdmrDdmr on January 26, 2023, 03:06:29 PM

Just a quick note to indicate that the Bitcoin City project has recently won the 2023 LOOP architectural design award, under the landscape category.

What remains is obviously the most difficult part of the quest: turning the fancy images and models into something concrete (no pun intended), starting with the Bitcoin bonds to kick the infrastructure off, and then determining how to gradually finance and build all the rest of the city. I’d be happy if we see anything similar to the designs in real live in the span of a decade.

Note:
My knowledge of architecture is essentially null, and though I’ve read that the LOOP awards aim at being prestigious, I’m not really sure to what degree they are. Ideally, they’re not something like those awards given in the car industry, where every brand seems to have a best car of the year in one category or another, one competition or another.

See:
https://www.loopdesignawards.com/
https://www.loopdesignawards.com/project/bitcoin-city/

Wow, that looks like an interesting city to visit! I applaud El Salvador's efforts. With the adoption of the US dollar in 2001, El Salvador lost control of monetary policy. Their move to Bitcoin, however, made them somewhat independent from dollar inflation. In 5 years we'll know if it was a smart move or not, but Bitcoin's track record has been pretty good since its invention.

Bitcoin is not going to light up only El-Savador but every country that deemed feet to adopt it a a legal tender, the volcanic bond is one of the indications we can see to the possibilities on this, El-Savador has been making tremendous effort ever to bring the volcanic bond a reality and also along so many benefits the people already were enjoying through bitcoin, for the fact that it was able to clear some part of its debt and had a reduced crime rate is enough indication that El-Savador is moving forward already while the government is tirelessly providing every aids needed to get people aware of bitcoin abd be taught, two years achievements looks great just like how 14 years is with bitcoin.

It is true that adoption of Bitcoin in El-Salvador as legal tender has shown positive result in reducing crime rate and debt. Government's efforts in educating the people about Bitcoin and successful launch of volcanic bond are noteworthy and worth & should be admired. These advancement reflect the bright future of Bitcoin as legal tender, not only for El-Salvador, but also in other countries that adopt it as a legal tender.

jokers10

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Quote from: DdmrDdmr on January 28, 2023, 11:12:01 AM

Back in the day, I tried to summarize most of what was then revealed in this post. I’m sure that whipping through the complete thread may throw in some further information, but I believe there is no in-depth source to-date that depicts the construction plan in details:

i.e. phases, total budget broken down by stages and sources of income, private/public sector, energy pulled from the volcano vs elsewhere, incentive plans to build/live/work there (other than an exemption from multiple taxes, which could be a biggy, but maybe not enough per se), and so forth.

Thanks! Well, if so I guess developer's expectations of this city is in initiatives of future inhabitants. They suppose that attractive tax system and good financial system will make main part. It might work. Most confusing is that if you have no concrete plans on city economy then how do you plan it's structure? Different builfings are needed for tourism, financial organizations or industry...

Hope they will clarify their vision on how the business development in the city would be organized.

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Quote from: Maxre on January 28, 2023, 01:45:01 PM

Quote from: verita1 on June 05, 2021, 04:11:54 PM

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

Quote

"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers
https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."
https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

I have also heard that Singapore and also other countries that have made crypto legal and there are many countries that want to legalize crypto. Because they have to do to it and there just no other choice regarding this and also we should be thankful to Tesla and Elon Musk to accept dogecoin and also crypto and that's just good for crypto.

Fuck shitcoins... they do not necessarily help, even if they are something that cannot be stamped out, but to be proclaiming that they are a good thing seems to be crazy-talk.. like do you even know the difference between bitcoin and shitcoins? What is your percentage of bitcoin compared to shitcoins? On a personal level you better be well below 10%, otherwise you are wasting time, energy and money.. . minimize your gambling.. and just say no to it. Have you heard of "just say no?" Well, if not.. apply that to your thinking about shitcoins, and perhaps.. if you learn about bitcoin first, then the just saying no will become easier.. perhaps? perhaps? not everyone can figure it out, but if you at least learn what the fuck is bitcoin, then maybe you will not be so easily lured into having to tell us about how you love shitcoins.

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Quote from: verita1 on June 05, 2021, 04:11:54 PM

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

Quote

"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

I have also heard that Singapore and also other countries that have made crypto legal and there are many countries that want to legalize crypto. Because they have to do to it and there just no other choice regarding this and also we should be thankful to Tesla and Elon Musk to accept dogecoin and also crypto and that's just good for crypto.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Quote from: jokers10 on January 28, 2023, 08:24:32 AM

<...>

Back in the day, I tried to summarize most of what was then revealed in this post. I’m sure that whipping through the complete thread may throw in some further information, but I believe there is no in-depth source to-date that depicts the construction plan in details:

i.e. phases, total budget broken down by stages and sources of income, private/public sector, energy pulled from the volcano vs elsewhere, incentive plans to build/live/work there (other than an exemption from multiple taxes, which could be a biggy, but maybe not enough per se), and so forth.

jokers10

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Quote from: DdmrDdmr on January 26, 2023, 03:06:29 PM

Just a quick note to indicate that the Bitcoin City project has recently won the 2023 LOOP architectural design award, under the landscape category.
...

Well, looks good, but if we talk about a future city the first thing I want to know is its economy: what are the industry plans on this city? I tried to search but found only two main ideas: first is that financial side of a future city's economy would be based on bitcoin (good, but it is not all economy of a city, I guess), the second is volcano power generating industry (if it will be main economy base of a city... it will be a rather small town). Maybe there could be plans for tourism what could be reasonable for El Salvador, but I didn't see statements about that (maybe I was not attentive enough). If there's more info about a project it would be interesting to learn more.

cabron

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Their economy seems to have improved though which they have cleared debt to IMF as said by Reuters. Such as a small amount but this is a small country too. IMF had been calling Bukele to reject Bitcoin but yes they are moving forward and what is good for El Salvador I think is good for the Bitcoin market as well.

Although it could be something to be done by Bukele because he is running for 2nd term. A good way to make it, he will get re-elected.

Quote

El Salvador cleared a $600 million bond payment hurdle this week but lingering concerns over its financing sources and fiscal policy will be in focus as the country prepares for an annual visit from the International Monetary Fund.
https://www.reuters.com/world/americas/imf-visit-focus-after-el-salvador-bond-payment-2023-01-25/

Aanuoluwatofunmi

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Quote from: bbigtart on January 27, 2023, 11:08:57 AM

Quote from: DdmrDdmr on January 26, 2023, 03:06:29 PM

Just a quick note to indicate that the Bitcoin City project has recently won the 2023 LOOP architectural design award, under the landscape category.

What remains is obviously the most difficult part of the quest: turning the fancy images and models into something concrete (no pun intended), starting with the Bitcoin bonds to kick the infrastructure off, and then determining how to gradually finance and build all the rest of the city. I’d be happy if we see anything similar to the designs in real live in the span of a decade.

Note:
My knowledge of architecture is essentially null, and though I’ve read that the LOOP awards aim at being prestigious, I’m not really sure to what degree they are. Ideally, they’re not something like those awards given in the car industry, where every brand seems to have a best car of the year in one category or another, one competition or another.

See:
https://www.loopdesignawards.com/
https://www.loopdesignawards.com/project/bitcoin-city/

Wow, that looks like an interesting city to visit! I applaud El Salvador's efforts. With the adoption of the US dollar in 2001, El Salvador lost control of monetary policy. Their move to Bitcoin, however, made them somewhat independent from dollar inflation. In 5 years we'll know if it was a smart move or not, but Bitcoin's track record has been pretty good since its invention.

Bitcoin is not going to light up only El-Savador but every country that deemed feet to adopt it a a legal tender, the volcanic bond is one of the indications we can see to the possibilities on this, El-Savador has been making tremendous effort ever to bring the volcanic bond a reality and also along so many benefits the people already were enjoying through bitcoin, for the fact that it was able to clear some part of its debt and had a reduced crime rate is enough indication that El-Savador is moving forward already while the government is tirelessly providing every aids needed to get people aware of bitcoin abd be taught, two years achievements looks great just like how 14 years is with bitcoin.

bbigtart

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Quote from: DdmrDdmr on January 26, 2023, 03:06:29 PM

Just a quick note to indicate that the Bitcoin City project has recently won the 2023 LOOP architectural design award, under the landscape category.

What remains is obviously the most difficult part of the quest: turning the fancy images and models into something concrete (no pun intended), starting with the Bitcoin bonds to kick the infrastructure off, and then determining how to gradually finance and build all the rest of the city. I’d be happy if we see anything similar to the designs in real live in the span of a decade.

Note:
My knowledge of architecture is essentially null, and though I’ve read that the LOOP awards aim at being prestigious, I’m not really sure to what degree they are. Ideally, they’re not something like those awards given in the car industry, where every brand seems to have a best car of the year in one category or another, one competition or another.

See:
https://www.loopdesignawards.com/
https://www.loopdesignawards.com/project/bitcoin-city/

Wow, that looks like an interesting city to visit! I applaud El Salvador's efforts. With the adoption of the US dollar in 2001, El Salvador lost control of monetary policy. Their move to Bitcoin, however, made them somewhat independent from dollar inflation. In 5 years we'll know if it was a smart move or not, but Bitcoin's track record has been pretty good since its invention.

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 89. (Read 43229 times)