Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 92. (Read 38876 times)

El Salvador’s ‘My First Bitcoin’: How to teach a nation about crypto

If successful, the “Mi Primer Bitcoin” program, which recently rolled out in El Salvador, could be coming soon to a school near you.

The grassroots Mi Primer Bitcoin, meaning “My First Bitcoin,” program has picked up steam in El Salvador. The first cohort of Bitcoiner-come-students began studies in May. Founded by John Dennehy, an American activist and journalist, the program also has the support of the Salvadoran government.

https://cointelegraph.com/news/el-salvador-s-my-first-bitcoin-how-to-teach-a-nation-about-crypto

We can't see more countries taking a bold decision same as El Salvador President Nayib Bukele took. He had the courage, just because he believes in digital growth through technology. Even now if you make a polling, we can understand governments against bitcoin stating silly reasons.

Countries fear lack of control over the decentralised money Which is true, but they never fear about the diminishing value of traditional money with time.

Governments were used to it, and they never look for a solution to end this.

This is such a pleasant news to come by…hopefully other countries also accept this as a medium of exchange in transactions, a lot of countries are afraid that their currency value might diminish if they allow bitcoin as their legal tender. I hope majority of them re-consider this kind of mentality of theirs as this would give bitcoin another means of nationwide exploration. I seriously look forward to seeing such acceptance in the market sector.

It can be seen that Nayib Bukele had a great vision for bitcoin. El Salvador accept bitcoin as legal tender and invest in bitcoin not only the profit it will bring them but also bigger benefits and now it is really working when their tourism industry is restored and the biggest helper is none other than bitcoin.

Nayib Bukele is right about what he is doing with bitcoin in his country and I hope this creates a viral effect to other countries. Think of a scenario where bitcoin becomes legal tender in most countries.

This is a positive thing happening with El Salvador. As the president mentioned Bitcoin and Surf is the major reason. When someone think about vacation and if he/she is a cryptocurrency user, then surely they'll intend why not try El Salvador. This mentality is with me, and the same might be there with other crypto users. Such mentality have arisen out of the government's adoption. So, what President have mentioned in the tweet is true and it is a positive thing for now.

News: President Nayib Bukele announced on twitter, El Salvador is one of the few countries that is recovering the tourism industry to pre-pandemic levels and that is international tourism and the reason behind that is #Bitcoin.

https://twitter.com/nayibbukele/status/1555962079957245952

Despite the continued bear market, El Salvador's tourism industry has grown by 82% compared to 2019. They are earning $99 million from tourism in 2022 and will continue to grow through the end of the year.
Read more: https://cointelegraph.com/news/tourists-flock-to-el-salvador-despite-bitcoin-bear-market

Not afraid, but rather wanting to understand Bitcoin and Blockchain in more depth. Because developed countries must always consider new things that they want to be adopted more fully and maturely because they (developed countries) also don't want to experience any problems just because they adopt new things like Bitcoin. So it is only natural that currently not many developed countries have adopted Bitcoin as a whole as did El Salvador and the Central African Republic.

I am not sure if I agree .. but let's say that the some one threw a bucket of water on him, or that he fell into a swimming pool, jacuzzi or hot tub?  or maybe he is more vulnerable to get struck by lightning?  Are those the kinds of risks that you believe that he is taking by wearing that contraption?

Could be done but it is way too exaggerated or coming into a point that someone had put up his life at risk just to have that kind of publicity? We do know that being positive towards bitcoin and mining isnt really

that bad but we shouldnt really come into this kind of certain extent where we do make ourselves dumb which we could really find out other ways or alternatives on doing this without putting harm into ourselves.

Just let recognition and awareness do spread out gradually and normally which it is really impossible for these things or ideas not to scatter around at least.

hahahaha

I agree with the lack of necessity of the whole matter in terms of lugging around a miner in the form of a backpack, but I doubt that it would be as risky as you are making it out to be - even though surely you may well be correct that he has to be more careful in terms of walking up and down stairs or maybe going hiking close to cliffs, but at the same time, people take various kinds of risks all of the time - especially when they are engaged in a kind of publicity campaign to attempt to make some points that might related to portability of bitcoin mining.

If we try to relate some of these ideas back to El Salvador, then I do agree with the ideas that there are going to be some things that might be more easily accomplished in the seemingly safe space of El Salvador (at least what appears to be bitcoin friendliness of the government), so in that regard, various kinds of experiments can be carried out in the open in ways that may well be less achievable or practical in other locations.  At the same time, having the government as a less (or not) hostile party does not take away possible other attack vectors - so surely it would be different to be walking within a convention center at a bitcoin-focused event versus walking in some poor barrio that is rife with gang activities (even if El Salvador wants to portray that they are trying to get some of the gang related attacks (and presumptively economic attacks towards its citizens) into a better safety/security/confidence position). 

Hope the electricity generated to power the miner can not electrocute him? It does not look right to me, there is a lot of free space he can put that miner. To let people know more about bitcoin, he can have a bitcoin t-shirt and other things that bitcoin is written, not to be risking his life. What if something accidental happens that can make him to suddenly fall and cause the electricity to pass into his body, is that not death or won't him be hospitalized? Not advisable.

Well you might be right or wrong but either of the ways i think this looks more of a work settings, an environment that enables the free showcase of bitcoin technologies, fine and good El-Savador can have this done but it doesn't make much impressive thoughts if moving around the city everywhere is the intention its made for considering it's risk also, but since it's a mobile device then a think it's designed to cover a little distance or move within a particular work settings or environment.

Source of screenshot: redit
I saw this picture of a mobile miner wearing this mini mining machine on his shoulder, I kind of thought where in the world this can be achieved without fear of being harassed by authorities, and the thought of El 🇸🇻 Salvador who happen to be the first country to make Bitcoin a legal tender. I guess El Salvadorans who can afford this mining equipment can wear it anywhere within the country this enhances productivity as there can easily move around with the device.
What do you guys think about this?

There is not much news about El Salvaldor after the price of Bitcoin fell. I don't understand what steps they're taking anymore. Even in digital media I didn't see much writing about El Salvaldor for the month of last July.
But I hope they are able to survive in the deteriorating global economic conditions. In addition, the FED, which continues to raise interest rates to prevent inflation, makes the price of bitcoin seem to be restrained because investors are still looking at economic conditions.

Indeed, the current situation may not be the best thing that elsavador can do by continuing to carry out its intention to continue to adopt bitcoin, because the actions taken certainly require large funds. we know the value of bitcoins that have been purchased has decreased very significantly and this clearly makes economic growth disrupted.

but it takes real courage from a leader to be able to carry out what has become their main goal for bitcoin. although it may make many countries that will lend their funds will certainly think, but they must provide an explanation that what is being done is something that is natural because of past experiences with bitcoin, which will repeat again and bitcoin will reach its peak in time. so elsavador will experience huge profits by staying invested in bitcoin.

I really appreciate the leader of elsavador with bold innovations with concrete actions to persist in adopting bitcoin, because bitcoin is the future and it will be the driver of the elsavador economy in time.

Yeah I think legalizing Bitcoin is different from adopting it as a legal tender. Legalizing it is that the government doesn't disrupt or sanction anybody from using Bitcoin. Hence people can freely use it as a currency or asset but it is not an official currency of the country. While Bitcoin as a legal tender makes it an official currency that is recognized as a means of payment. There are many countries that have legalized Bitcoin and two countries that have adopted it as a legal tender.

The reason why Central African Republic adopted Bitcoin is to encourage savings and offer a safe place to store and transfer money and the country wanted to establish a currency that could compete with or replace the colonial backed CFA franc.

El-Savador is not one of the countries but the first country to adopt bitcoin as a legal tender.


why should they? except for the beginners who were new to the whole system and packages that could favour their yielding of returns


this may not be achieved because of the volatility in it, the two must work in hand to give the expected result of profitability.


Pls can you list out of them because as for me i only know El-Savador, Central African Republic, and probably Panama altogether

Actually, there are several countries that have legalized bitcoin before, but unlike El Salvador, these countries only legalized it as an investment tool with the provisions were very strict, while El Salvador became a pioneer country by adopting bitcoin as a whole, not just investment tool but also El Salvador have adopt bitcoin from all aspects of the economy including finance, apart from El Salvador, on June 2022 ago, the Central African Republic has also officially adopted bitcoin as the official currency in the country, I think now country poor and developing countries who are more dominant in adopting bitcoin without me knowing what the reason is but for sure developed countries seem to be still afraid to adopt bitcoin at this time.

El Salvador is one of the first countries in the world to legalize Bitcoin as legal tender.If ideas like El Salvador were created in every country, Bitcoin would definitely be in a better position.But very soon it will be seen that Bitcoin will be legalized in better countries like EL Salvador.Again, there is little question about Bitcoin, but if there is a good position and the price is in a range, Bitcoin would have gone further.The way Bitcoin is being dumped leaves people in a very confusing state.Bitcoin and dumping should be prevented but people will trust it more.

Ok... Fair enough if you are wanting to merely refer to the size of the treasuries; however, I think that it remains a good practice to try to consider various countries for what they are doing, and even considering how verifiable some of the representations of facts happen to be.  Every country seems to have issues regarding both how transparent they are and also whether they are representing some of the purported facts accurately. 

Of course, there are also issues regarding context as well in terms of what might have moved them into their bitcoin accumulation strategies, and also down the road many of these countries are going to be facing potential transition of power issues to attempt to assure that country treasuries are not being raided - and it can be understandable why a country might not want to overly disclose some of its security measures - and frequently they can also create additional vulnerabilities when they might hold their coins with third-parties that might end up being influenced by foreign/international powers - which may not necessarily be for the good of the people - so transition of power and custody issues need to be taken with some grain of salt regarding whether proper balances are being taken with any of these countries who have their own contexts, country histories of corruption, and even disputations regarding legitimacy of power, which would also factor into the transition issues that could end up happen in the near future or might end up being delayed into the future.

I feel like I am rambling a bit, even though I am merely attempting to make the point that a variety of factors need to attempt to be appreciated about how various countries differ from one another, and each of us should be attempting to look at facts and minimize the amount that we end up coming off as if we are cheerleading for one country or another because even comparing bitcoin treasury sizes needs to be appreciated in the context of various other factors as well, such as GDP and maybe even considering some of the other kinds of reserves that a country might hold in foreign currencies, gold, and perhaps some other assets that the country might hold in terms of how self-sustaining the whole economy might be and including maybe considering kinds of production - exports/imports.


Another good set of points, who's holding the BTC, and from when was the data collected... and also if we recognize that a war or invasion contributes towards a lot of chaos in terms of personal and governmental finances/productivity, it also contributes towards a lot of chaos in terms of accurate information.