Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 9. (Read 38852 times)

Well, from CCC to CAA1, there are more than two ladders, Mr. Presidente😉

Let’s not forget when Fitch and Moody’s downgraded El Salvador to a CCC credit rating and all prepaid news outlets were saying that:  “El Salvador was expected to default as Bitcoin plummets.” 
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And so, President Bukele proved them wrong!

I think the country of El Salvador has made the most progress in a very short time, because the institutions and countries that own the most bitcoins are very old. You will notice that El Salvador started depositing Bitcoins in 2021, until now they are depositing Bitcoins continuously (DCA method clause) that's why they are known as one of the developing countries nowadays. And from present time to future will reach more growth peak because their plan is that they will continue to accumulate bitcoins and that is for a long time.

Yes, the graphics are amazing, because it only took two and a half years for El Salvador to become the 15th largest bitcoin holder in the world. In the not too distant future, the planning carried out consistently by President Nayib Bukele will now be very big. So with this evidence, you could say that Bukele is not a president who is just making nonsense, but he is really proving and realizing his plan to buy 1 bitcoin per day very consistently.

Additionally why India, Japan and France are not in the top 15 of the current list of bitcoin holdings. I think this is because there is no definite accumulation of bitcoin from these countries. In contrast to El Salvador, which clearly buys bitcoin every day and there has been planning from the start to buy bitcoin. Therefore, El Salvador currently has quite a lot of bitcoin and is ranked 15th on the list of largest bitcoin holdings.

Meanwhile, in a country like India, it is true that this country has shocked the world with its citizens who own a lot of bitcoin. For example, like last year

Source: https://pintu.co.id/news/46622-5-negara-pemegang-bitcoin-terbanyak

This figure does not mean that India has that much bitcoin, but the data shows how many of its citizens have bitcoin, that is the number (85.5 million citizens). Because until now I have not heard or read any news that says that India will start buying bitcoin. This is why India is not in the category of largest bitcoin holders, because India does not buy bitcoin like El Salvador. However, in the category of countries that have the most Bitcoin users, perhaps India will be in the top 5 in the world. So the reason Japan and France are not in the top 15 most Bitcoin owners is because they are the same as India.

A very telling chart since only five countries are ahead of El Salvador on the number of coins being held, however with its friendly policies, it is clear more coins will eventually reach its coffers and it could improve its ranking.

Still, I am surprised there are some big countries missing from the chart, like France, Japan or India, this shows that El Salvador is really ahead of the curve here, and this is good news for us as well, since the moment those countries decide they do not want to be left behind and begin to buy some bitcoin, then this will bring an increase on the price of bitcoin.

Do you think other countries might follow suit in bolstering their Bitcoin holdings?

The potential adoption of Bitcoin as legal tender in El Salvador marks a significant milestone for the cryptocurrency industry. If the bill passes, it could pave the way for broader acceptance and integration of Bitcoin into global economies. This move not only signifies progress in the digital currency realm but also has implications for social and human development worldwide. It will be interesting to observe how this decision influences other countries and shapes the future of finance on a global scale.

I also read this. They already have support with the Bitcoin legalization program. One of them is with thermal energy that is used for mining power. They allocated 1.5 MW devoted to cryptocurrency mining of the 102 megawatts (MW) generated by the state-owned power plant. This means that El Salvador is really serious about Bitcoin. According to the news I read, currently the El Salvador government has collected 5,750 Bitcoins.

About ATM crypto, I read on https://coinatmradar.com/countries/ the number of ATMs installed is about 215 ATMs. I've been monitoring this in recent months, as I've created growth data in local discussions. Only the United States is developing rapidly for now and a few years ago.

Source: https://coinatmradar.com/countries/

The use of Bitcoin ATM has been for some time a quite aspect of concentration, whereas in El-Salvador, things have not remain the same over there with the use of bitcoin ATM, we may just have to understand this that even if there have been failure in some aspect for the use of bitcoin ATM, El-Salvador is ready to fixed that up and make bitcoin adoption an affordable investment for everyone use in the country with the help of their president, Nayib Bukele.


It is important that we know this concerning El-Salvador bitcoin investment that they will always continue to buy and hold because they are the role model for others and are setting the pace for others to invest and follow suite, this is one of their strongest secret because they have always been investing and continuing in buying the dip and holding, you can imagine if the market should sure from now to anything close to $100,000 or more, this means they have already been profitable about the one they have just invested in addition to the previous investments as well.

Salvadoran Bitcoin Technology Company K1 Grows with Foreign Investment
 The firm, which produces and exports basic Bitcoin ATMs where anyone can top up electronic wallets using the Lightning Network, including the Chivo wallet, received an infusion of capital from foreign investors a few months ago, allowing it to expand its operations. The process of searching for investors ended in November 2023 with the signing of two financial agreements, one for $150K with an American investment fund and another agreement for $110K with a South American investor. Thanks to the acquisition of these funds, K1 was able to expand its team this year and begin work on new ATMs with the goal of releasing about 200 ATMs by the end of 2024 and thus.  Currently, only 70 such ATMs are in operation.

 According to the company's CEO Edgar Borja, since last year its technology has been present in the USA, Japan, Mexico, Colombia, Ecuador, as well as in European countries such as Austria, France, Italy and Switzerland, but most of them are in the USA and in El Salvador.

 He pointed out that although they have a few clients in the territory, the largest orders come from outside the country and they are preparing for this.

 The firm's current products: K1 Mini, which allows you to load wallets with coins only, are priced at $1,200, and K1 Plus, which allows you to load coins and bills, is $1,850.

 “One of the greatest innovations in our technology is that we can now support coins and banknotes from different countries.  Previously we were limited to the currencies of six countries, but since last month we can already accept Guatemalan quetzales, for example,” added the CEO.

At the ATM, you can insert coins and notes of different denominations and different currencies, which are converted into bitcoins and added to your wallet.

 Borja assured that although they strive to serve large markets and compete abroad with their product, but their main goal is to facilitate the adoption of Bitcoin by Salvadorans by offering a space where they can save in small quantities, and thus strengthen the vision of the President  Nayib Bukele, which should cover the entire unbanked population.

 “We are already contributing to financial inclusion.  For example, in a community in a remote area of ​​the country, families who previously had to take a bus and travel an hour and a half to pay for their services.  They now buy Bitcoin from our ATMs, then open apps like Bitrefill and pay from there.  They actually already have netbanking.  There are many other places in El Salvador that are not as developed, but they can use Bitcoin in this way,” he noted.

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El Salvador's president Nayeb Bukele announced that he will buy a bitcoin a day, continuing the trend and the president also bought a bitcoin yesterday. El Salvador's total bitcoins hit a new record of 5752.756 bitcoins. El Salvador Bitcoin holder CleanSpark(5739BTC) is behind, Bitcoin Holding reports.

El Salvador has been buying bitcoins for a long time, so far they hold a large amount of bitcoins, and if they hold more in the future, they will surely reap the maximum benefits. El Salvador is usually one of the largest companies and countries with the highest bitcoin holdings. El Salvador currently benefits from their bitcoins from every bitcoin they have ever collected in the past.

Thus if Naib Bukele collects Bitcoin in the future days then he can definitely participate inside the top countries. The more bitcoins you can collect, the more benefits you will get, the better the sign of them collecting these bitcoins.

El Salvador has mined 474 bitcoins

El Salvador has mined about 474 bitcoins worth $29 million over the past three years using volcano-fueled geothermal energy. It was powered by a small amount of geothermal energy produced by the country's dominant Tekapa volcano, which was identified as a green way to accumulate the well-known cryptocurrency.

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You may notice how El Salvador ranks within the top countries holding bitcoins. Among the countries and companies ranked 15th is El Salvador, a country that has gained a place in the top rankings in just a short time due to constant purchases of Bitcoins. And will be able to go to a higher level in the future, because Nayeb Buckele is ready to hold more bitcoins.

Setting up bitcoin mining in El Salvador is indeed a very good plan. But for now, the El Salvador government must first focus on Bitcoin adoption among its citizens. Because as far as I know, the adoption progress there has not yet reached 30%, as revealed by a survey from one of the universities.

So far the government in El Salvador has done the right thing in educating the public about Bitcoin. But the problem is, the majority of people in El Salvador who receive education about Bitcoin are students. Meanwhile, we certainly know that a student is definitely not financially stable and of course there are still many who still rely on money from their parents. So the possibility that they can buy bitcoin at this time is definitely not big. Maybe in the next 2-5 years, the number of bitcoin investors in El Salvador is likely to increase. Because students are currently receiving education and receiving guidance about bitcoin, it is certain that in the next few years many will have income or work. And it's likely that many of these students are buying bitcoin.

Therefore, the steps that the El Salvador government must take at this time, do not just focus on the younger generation being given guidance regarding Bitcoin. However, people who are adults or already have jobs must be given guidance about Bitcoin. Maybe if implement this method, the Bitcoin adoption rate in El Salvador will likely increase slightly. Because when people who already have income in El Salvador are interested in Bitcoin, they definitely already have the capital to buy it.

El Salvador now has its own @mempool space where anyone can check their bitcoin treasury holdings.

mempool

I guess many researchers has said this some years to alert El Salvador government about the progress that will enter the land of El Salvador, if they can be able to establish a BTC mining in the country and it will going to change their economy for good in the future, which is what Rochard Pierre just review to the government of El Salvador.

  This advise will draw the attention of El Salvador government to encourage their citizens to invest more money in BTC and hodl for a long term to fulfill what pierre Rochard is saying, and many countries will like to follow the advise too, so that their citizens will be part of the progress like El Salvador citizens.

There are some people who will have the opportunity, but they will not use it well to invest in BTC, which we have such people everywhere, but based on the information the Pierre Rochard has made to encourage the government of El Salvador for doing the right thing and to improve in some areas in the land of El Salvador, I guess majority of El Salvador citizen will start using their opportunity well to invest in BTC and hodl for long term.

Pierre Rochard, Vice President of Research at Riot Platforms, one of the most famous Bitcoin mining companies in the world, based in Texas, said on Saturday 04.05.24, that Bitcoin mining will lead to economic development in El Salvador.

 In a keynote lecture he gave at Don Bosco University to students of CUBO+, a program of the National Bitcoin Office (ONBTC) supported by Plan B Network and Fulgur Ventures that allows Salvadorans to learn about digital currency alongside international experts, Rochard explained that there are several benefits to  countries associated with mining, this is the process in which the most bitcoins are generated.  Students also learned how Bitcoin mining works throughout the value chain and internal processes of the network.

 Rochard also suggested that Salvadoran citizens accumulate bitcoins themselves, as this will allow them to grow in the long term.  Unlike savings with fiat currencies such as the dollar, which suffer from inflation and continually lose their value because of it, Bitcoin assures you that what you buy now will remain the same tomorrow and ten years from now.

 “You have a leader who leads by example by accumulating Bitcoin for the people of El Salvador, but we also have to take responsibility into our own hands and say that in addition to what the government is accumulating for me, I also want to accumulate.  And why?  Because the more long-term savings you have, the more options you will have.  There are a lot of opportunities coming our way all the time, but we don’t always have the capital to do it.”

WHAT IS LAVA POOL?

Volcano Energy and Luxor Technology have joined forces to create the first Bitcoin mining pool in El Salvador. It will harness El Salvador’s renewable energy.

As part of this decentralization process, Lava Pool aims to assist small miners with a special fee to contribute and grow with their inputs.

Lava Pool brings the best fee for small miners!

At Lava Pool, we truly believe in the power of decentralization. The more distributed our Bitcoin hashrate, the stronger and more resilient our network becomes. It’s the PLEB miners who play a significant role in decentralizing the Bitcoin network. That’s why, to you, the heroes of the Bitcoin mining community, we want to show our appreciation.
Source Link: https://volcano.energy/en/lava-pool/
As part of our mission, the first 50 miners to register with us and complete the PLEB client onboarding process will enjoy a SPECIAL DISCOUNT on pool fees. Don’t miss this opportunity!

El Salvador launches its first Bitcoin mining pool, Lava Pool
Oct 4, 2023 | Lava Pool, News

Volcano Energy, a company that combines private and public capital, will manage it in conjunction with Luxor Technology.

Regardless of any investigation, this is an absolute debacle for both El Salvador and for Bitcoin.

This underscores how not decentralized Bitcoin is for its actual users.

The Chivo Wallet VPN data breach has really compromised the privacy and security of its users in El Salvador. The El Salvador's government should do all they can to reassure people who's data has been compromised because this is a breach of trust. The government should issue an official statement and also take immediate actions to address the issue.
Thorough investigation should also be conducted too on the hack and also put in more efforts to make sure that such incident doesn't happen again.