Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 98. (Read 38876 times)

I had a lot of expectations from El Salvador adopting bitcoin as a legal tender. But the current downward movements are giving me chills as to how the country would be dealing with the turmoil. They didn’t even get time to prepare themselves for the downfall.

There is always going to be some temptations to get tempted into shitcoins or to get confused about what the difference between bitcoins and shitcoins, and it seems that El Salvador has not yet deviated down that path.

We cannot presume that the Central Africa Republic (CAR) is going to be the same.  So CAR is not even close to being equals to El Salvador (yet).. so we should not want to confuse the situation into some false equivalencies. .and even with any additional country that follows something similar to El Salvador, we are likely going to try to figure out if they are deviating into shitcoins or not.. and it that deviation into shitcoins might cause unnecessary risk to themselves or their citizens.. Here's a post that I wrote in fillippone's CAR thread responding to such monitoring of CAR's potential deviation into shitcoins... and/or getting advice/counsel from shitcoiners.  

For sure, at this time, the El Salvador citizens have rights/freedom/abilities to get into shitcoins, and so it is good that El Salvador as a country is not so far getting lured into that nonsense (or even appearing to promote or embrace shitcoins) which shitcoins seem to be at best of of questionable integrity and some of the various scammy activities around such shitcoins may well be found to be illegal in some jurisdiction. 

It is possible that there could be some shitcoins and projects in the seemingly shitcoin space that survive through the various flushings/purgenings of them in the coming years, but still sticking to bitcoin first seems the better way forward for countries (and institutions and individuals too), and if some value does happen to emerge from the ashes of the 10s of thousands of scam coins/projects (ethereum is central to a lot of the flowing and facilitating of scams if no one had noticed), then that possible value/utility/practicalness might be possible to consider at a later date if one or more of the seeming shitcoins might be deemed not to be worthless and/or even close to comparable to bitcoin or maybe complementing bitcoin in some kind of reasonable/practical/useful way.

According to El Salvador’s Central Bank’s website, remittances to El Salvador using Digital crypto wallets (which I presume means to a Chivo Wallet recipient address) is as follows:


The figure will logically not account for recipient addresses outside of the Chivo system, but we have to hypothesize that the majority will be using Chivo, making the above a reasonable representation of remittances volumes in crypto over there.

2022 so far aggregates to an equivalent of almost 52 M $, though the figure is still around small and represents around 1.6% of all remittances received by the country in aggregate. Still a seemingly shy figure thus so far.

See: https://www-criptonoticias-com.translate.goog/comunidad/el-salvador-recibio-2600-bitcoins-remesas-ultimo-semestre/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Cryptocurrency adoption is still a sketchy movement among countries presently El Salvador took the bull by the horn by making Bitcoin a legs tender in the country amidst global Bitcoin critics, and the central Africa republic also made similar Bitcoin adoption which has given room to other altcoins to want to compete with Bitcoin in terms of market penetration but even at that altcoins has no balance network to wits and the forces of the market making the garbage shit.

We.can see how El Salvador made more purchases of Bitcoin during the last week and that shows to a great extent how bullish the government is on Bitcoin.

Correctly. even if in the past el salvador was a country that was not paid much attention to by other countries around the world. but now we know that el salvador has been in the limelight both by bitcoin watchers and by other countries that used to not pay much attention to el salvador and now they continue to.

even though at this bitcoin price many anti bitcoins will use it to corner el salvador with loose and negative news. But actually those anti bitcoins are only harming themselves and wasting their time. because after all now people have started to be smart in reading the news. so that when there is more FUD news, it makes more bitcoin holders. even the improvement is accelerating. maybe the whales were unloading but the little holders kept popping up. and a time when this winter for bitcoin is over it will come. that is when El Salvador will be lauded and the countries that were originally only paying attention will start to act and follow the steps that have been taken by el salvador. because the seasons will always change and market conditions are always changing. even if we use logic, then if we are in winter now then we don't have to worry about winter coming back after winter. because we know what will come after winter is spring or summer. And after the decline is flat or up. Even recently we also saw el salvador add bitcoin even though it wasn't much, which was only 80 but it was a sign that el salvador was still able to buy bitcoin. which also means they have even more spare funds to spend in bitcoins. I'm enjoying bitcoin winter this time. Because I'm sure after dark there will be light. after night must come day.

This is a natural disasters which could be experienced by any country and we cannot compare that with the current status of the bitcoin over the region, why many people keep the complaints about bitcoin adoption in El-Savador remains unclear to me, does it take away an inch from them or does it hinders their progress in the economy following the adoption, if it were to be judged right, what impact has other countries derived from fiat against bitcoin for not taking in the adoption.


The people perish when they lack a visionary leader, Nayib Bukele is a man with vision and foresights and i got to confirm this on his last buy of bitcoin amidst the challenge in price at $19k. Non of his steps taken were for his own benefit but rather the people's.

At least, two countries had made bitcoin a legal tender, viz: El Salvador and Central Africa Republic. Also an economic zone, Prospera in an island of Honduras, Roatán made bitcoin a legal tender. Bitcoin is decentralized unlike altcoins with centralized authority that make altcoins to be centralized. Altcoins do not worth to be a legal tender, only bitcoin does. Most of the altcoins have no utility than buy and hold and see if the price will increase, but they are extremely volatile. There are over 20000 altcoins that are existing and any may become like Terra Luna, altcoins are risky. It will not be a surprise if no country adopt any altcoin as a legal tender.

If hurricane hit El Salvador, the economy may be affected, but not bitcoin, or maybe I do not understand what you mean.

Some humans are bitcoin critics, some are president Nayib Bukele critics. Those that believe in holding for long term will see how helpful what the president had seen about bitcoin that they are late to see.

Not only is the bitcoin market storm currently hitting El salvador but the country is now in a state of mourning after hurricane Bonnie hit the region   , I hope they will be well and continue to believe in president Nayib who wants to make a lot of big changes in the country by making it a country The first to adopt bitcoin, currently El Salvador has save as much as 2,381 BTC since President Nayib decision to adopt Bitcoin for the first time, although many oppose and regret Nayib's presidential decision because it is considered to cause their economic destruction, but President Nayib belief in bitcoin deserves our hats off.

It seems that El Salvador is not fucking around with altcoins (aka shitcoins), and so yeah whether we are talking about a country level or we are talking about a personal level, we cannot be making assumptions that it is good to be holding shitcoins, DCAing into shitcoins, or buying more of them on the dip.  BTC is a different story. Of course, there are ongoing macro-issues and there are also ongoing purging of some loose players in the BTC space (not only some of the various leverage players, but also even the miners who were also using leverage) and in the shitcoin space that will likely continue to have some negative pulling on the BTC price.. but even with that the investment thesis for bitcoin has not really been changed because of the ways that some players were overly leveraging with it and creating poinzi-like products on top of it.


I doubt  that you can presume that the BTC price is going to continue to go down.  The price could go either up or down or sideways.... It seems that sooner or later BTC price will start to continue up, but it could take a while to work out various matters of continuing to purge some of those players who were either betting better much on ONLY up - and also there had been some seemingly bad actors in the way that they had been using BTC that absolutely depended on the BTC  price to continue to go up for that profiteering to continue, and seems like a lot of those players are being purged too.. which causes downward pressures on BTC prices that are not necessarily going to last a long time, so how much more will be purged (and how long it will last - if it does) is still to be seen.

I have not had such an experience yet, this period will take place now. Because in the last bear market, I just didn't have the money to buy. some of the funds were in altcoins and I simply did not sell them, so it can be said that I became a holder forcibly, because I did not want to sell at low prices.

This time I will buy, but I already see that it is not so easy, because every time I think that the price may fall even lower. I'm waiting for the strait and will buy in parts. The fear that the price may not rise again will certainly be, but I would not want to miss this opportunity to buy at a low price, as I believe that in the future it will bring me a good profit. I will try not to buy for the full amount, I always try to leave a reserve in case of large straits.

I don't know exactly when you make your post but what I'm trying to tell you that the price of Bitcoin is getting down it was 20,000 last week but the current price of Bitcoin is 19,000 which approximately is going down again and is going to meet up the target of 2017 faget so I believe that Bitcoin price going up will not be something of this particular time.

Guys, let’s be honest.  Bitcoin is a blessing for El Salvador. They were completely dependent on the usd before this, with no real way to shape any monetary policy themselves and being one of the poorest countries in the world. With 8% yearly inflation(or more) going forward and rising costs and energy prices, it would have hit them really hard, with no real escape or ways to handle this. They now have an ace in their hand, they wouldn’t have otherwise. No matter what happens to the usd, they won’t be solely dependent on it, because of Bitcoin.

There’s no way someone could argue that just being dependent on the usd is better than being dependent on the usd and having Bitcoin in the back of their hands. Even if Bitcoin is still volatile, there would be no way in heaven that El Salvador could’ve potentially created a better currency themselves, when looking for an usd alternative.

They didn’t even gamble into Bitcoin, the amount they’re holding is really low and not a big risk for them. The knowledge and experience + recognition they’re gaining now will help them way more in the future, than if they have some temporary unrealized losses that they already accounted for beforehand. They’re focusing on building something, i wouldn’t be too concerned of taking a little risk now, i would be more concerned if they didn’t. The difference before the introduction of Bitcoin and now is already night and day.

True, as long as the volume of bitcoin they own does not change of course we can't say if salvador suffers a loss, maybe the current president of Nayib thinks that he prioritizes saving bitcoins rather than buying bonds or other assets which may decrease in volume and value if he keeps for long time, but however, if the bitcoin price goes up again even though it doesn't touch ATH, of course President Nayib will give a sweet smile to his people because their country income has also increased, with the number of bitcoins they own now and also buy at varying prices, and if bitcoin goes up by around 60% just, Of course that Salvador can get a sizeable profit from all the risks they are taking right now .

FTFY

I agree with you as amended above - even though I added a bit to the statement

El-Salvador has made great attempts to utilize the value of bitcoin, though bitcoin value is low right now, but its inherent value will remain unaffected. Once this spree of market fall end,  we will see that bitcoin will rise high and El Salvador will surely reap the benefits. In fact El Salvador is the prime global ambassador for bitcoin

Bitcoin does not need to make all time high for both Bukele and El Salvador to profit from bitcoin, and likely both Bukele and El Salvador continues to profit because of their having had gotten involved in bitcoin, even if you are trying to spin the situation as if it were perilous merely based on bitcoin's currently low price.

That's the tactic of physicology thinking when they want to buy they think more in a further direction even though so far the price of bitcoin has decreased greatly but to fall even deeper I don't think it's possible it will end up under $20k and won't be possible to bounce below  price $10 thousand.

Whats been experienced as loss on Bitcoin investment is not even 0.5% of their budget. This is what the finance minister mentioned.


Maybe for this reason they've got a wider plan of holding to experience the ATH than selling in between. Participation into trading activities could help increase the holding, maybe the government have got special teams doing it and the same is being used for specific purposes of building schools and developing infrastructure.

I think need transparency about how many bitcoin have been invested by El Salvador President Nayib Bukele to make public know about how many their assets have been invest in bitcoin, but less strategy because he keep become long term holding with bitcoin although how optimist with bitcoin will reach higher price, not good chance keep hold and El Savador not getting profit in short term. Maybe if try selling bitcoin trough still higher price above $40,000 right now they can invested much money again in bitcoin, but not good ideas what did by El Salvador President Nayib Bukele keep hold for long term and waiting until make new all time high again.

2381 BTC is the total that El Salvador has bought since it announced its investment in Bitcoin, according to data compiled by Bitcoin Magazine.
Along with creating a domino effect for Bitcoin mass adoption globally, El Salvador is leading the way in the race to accumulate Bitcoin.
Nayib Bukele is the man with the hardest diamond hand in the world.
 




And here are the details of El Salvador's Bitcoin purchases from 2021 to the present.
By adding more 80 BTC at $19K, now they #Hodl ~2381 BTC at an average price of ~$45,000 per Bitcoin.


Good Luck

Duke