El Salvador has just bought it’s first 200 coins

BITCOIN4X

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Quote from: Sithara007 on November 02, 2021, 12:12:12 PM

Everything worked out so well for them. The first purchase was made when the exchange rates were below $45K. And now the rates have increased by more than 40% in less than two months. My only concern is regarding the future of the coins, if a regime change occurs. If the opposition comes to power in El Salvador, are they going to dump these coins? Anyway, I just hope that they will not behave like Tesla. They have received $1.5 billion in unrealized and realized profit from the BTC investment made less than a year back. But then they were responsible for some of the biggest corrections.

If the adoption of bitcoin as a means of payment as well as an investment asset for the people of El Salvador brings many benefit to both the country and its people, then I think whoever the leader is in the future, this will continue. El Salvador has not evaluated the use of bitcoin in his country whether it is beneficial or detrimental, right? So we just have to wait and see what their decision on bitcoin is after the evaluation is complete.

Don't be too scared because bitcoin will never depend on a country. China, which was previously known as a big FUD for the crypto industry, is now starting to be quieter. So take advantage of this opportunity before the dump market come in the future.

chrisculanag

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Because of they are knowing the potential of holding Bitcoin , that's why they accept and promoting in his country. 200 Bitcoin is very big amount and can make a big profit just holding and or trading. This news means that every countries are step in to accept cryptocurrencies in their country. For many years come , i believe that another countries go forword to accept cryptocurrencies.

Sithara007

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Everything worked out so well for them. The first purchase was made when the exchange rates were below $45K. And now the rates have increased by more than 40% in less than two months. My only concern is regarding the future of the coins, if a regime change occurs. If the opposition comes to power in El Salvador, are they going to dump these coins? Anyway, I just hope that they will not behave like Tesla. They have received $1.5 billion in unrealized and realized profit from the BTC investment made less than a year back. But then they were responsible for some of the biggest corrections.

Snappycoco

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Everything starts from small things, maybe many people can and it is easy to buy 200 btc in 1 transaction but we deserve the appreciation of El Salvador which is a developing country and dares to take the step of investing in bitcoin, I am sure this will get full support from its citizens so that it will improve the economic well-being of the country of El Salvador.

Of course they will. There are lots of advantage of having BTC as legal tender aside from fiats. Aside from being faster than fiat transactions, it is also secured. As a country, they need lots of BTC in circulation and as latest datas shown, they hold 700BTC. According to pres. Bukele, his government saved millions of dollars because of BTC than printing fiats and thats very good specially that they don't have their own country's currency.

Rufsilf

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Quote from: Sithara007 on October 21, 2021, 09:59:38 PM

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

Ofcourse, there will be always a media who will always put a bad image on every president especially Bukele who have made a huge move and bought 200 BTC in one clean sweep. Even though Bukele has a pure intentions to their country and its countrymen to lift them from poverty and make El Salvador a great country, there will still always a harsh comment about it, always questioning every move their government made, and it's not new in our time.

But it's too soon to say that they'll reap good fruits on this huge move they make, maybe we can know in a few years to come if there will be a positive changes.

Abiky

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Quote from: Sithara007 on October 21, 2021, 09:59:38 PM

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

They were lucky to adopt Bitcoin at such an early time. There's a long road ahead for crypto/Blockchain tech to become mainstream. Once the vast majority of people worldwide use Bitcoin, prices will never be the same as they are right now. El Salvador will only become richer over time as Bitcoin reaches new All-time-highs. I have a feeling other countries will follow its footsteps, as they don't want to miss an opportunity for profit. Inflation will ultimately "kill" Fiat, leaving us with no other choice but to rely on scarce assets like Bitcoin and Gold. With El Salvador's initial investment of 200 Bitcoin, I wonder what its next move will be? Just my thoughts Grin

Sithara007

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Quote from: tippytoes on October 22, 2021, 07:00:05 PM

Quote from: Sithara007 on October 21, 2021, 09:59:38 PM

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

They will always find resistance or hesitations from media or public. But if they know their goals here, they can move forward without any permission from anyone. And they can always prove that no matter what they can create a somewhat legacy that will benefit its people. They will be a good example with regards to adoption in crypto if they are successful with this venture.

It is not resistance or hesitation. What I can see is pure hatred from the media. Either they are doing it on their own, or they are propagating this hatred in return for favors from fiat sources. Ideally the media needs to be biased, because they can influence the decisions of hundreds of millions of people. But here they are painting a very biased picture about cryptocurrency, whatever their motives maybe. And in turn, this is detrimental to ordinary people, who miss out on the big profits that can come from crypto.

G-Money7777

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Lucky SOB's!

tippytoes

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Quote from: Sithara007 on October 21, 2021, 09:59:38 PM

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

They will always find resistance or hesitations from media or public. But if they know their goals here, they can move forward without any permission from anyone. And they can always prove that no matter what they can create a somewhat legacy that will benefit its people. They will be a good example with regards to adoption in crypto if they are successful with this venture.

Sithara007

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As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

Abiky

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Quote from: MNbag on October 04, 2021, 12:04:10 PM

I wonder how many people in this thread are from El Salvador?

It seems a bit disingenuous to say that the situation in the country will be better when you live about 1000 miles away from the damn place.

Reminds me of the white saviour trope where a special thing or person will solve all the problems like magic.

El Salvador is not an example people should hold up for Bitcoin: at most, it is merely an experiment conducted by a bunch of autocrats who want to appear "hip and cool" to the Western hemisphere in order to drum up some dollars.

Whatever the government's intentions may be, it seems that it's little experiment is working out. There's hype all around the world because of El Salvador's decision to adopt Bitcoin as legal tender. The government has even invested its own money into Bitcoin itself, tempting other countries (especially Latin-American countries) to do the same. If El Salvador's move triggers other countries to adopt Bitcoin as legal tender, then the cryptocurrency would've finally reached mainstream adoption. We're going to have to see what happens in a few years from now after El Salvador's recent move. No matter if the "experiment" becomes a success or a failure, Bitcoin won't be going anywhere thanks to its decentralized and censorship-resistant design. Just my thoughts Grin

turneps

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El Salvador President Nayib Bukele announced on Twitter that his government bought the first 200 BTC first.
One day, and urged people to buy a small amount of Bitcoin to support El Salvador's plan, which would make crypto-currency legal tender in the Central American country, into effect.
The government of El Salvador is also working on building infrastructure to support the new Bitcoin Law, including the creation of a $150 million bitcoin trust fund to facilitate the exchange between bitcoin and bitcoin. domestic US dollars.

MNbag

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I wonder how many people in this thread are from El Salvador?

It seems a bit disingenuous to say that the situation in the country will be better when you live about 1000 miles away from the damn place.

Reminds me of the white saviour trope where a special thing or person will solve all the problems like magic.

El Salvador is not an example people should hold up for Bitcoin: at most, it is merely an experiment conducted by a bunch of autocrats who want to appear "hip and cool" to the Western hemisphere in order to drum up some dollars.

Abiky

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Quote from: wxa7115 on September 17, 2021, 04:19:53 PM

There are other countries especially in Latin America that are thinking about doing something similar, however I think that we should not expect this to happen immediately, if I were the leader of those countries I will take my time and instead take a look at what happens at El Salvador, if everything goes right there then it makes sense to take the same path that they did.

However if something goes wrong then you are going to have the time to try to figure out why that was the case and try to find a way to solve it, however one thing I'm completely sure is that there is no turning back, countries are going to begin to adopt bitcoin and maybe other cryptocurrencies as it seems that another economic crisis is coming very soon.

It's a bold move from El Salvador. I'm guessing other third-world countries will do the same as inflation slowly kills the economy. Imagine how rich these countries would become in the future as Bitcoin reaches new All-time-highs. Putting their trust in Bitcoin would be like putting their trust on Gold as a store of value.

Now it would be up to the people to get accustomed in the new digital economy. It's up to the government to expand Internet access for everyone within the country in order to help move the Bitcoin economy. If all goes well, El Salvador might become a prosperous economy with a deep impact that would encourage even developed countries to join the game. We'll see how everything will play out after a couple of years from now. Just my thoughts Grin

Issa56

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Waw that's really massive and I believe that will really pump bitcoin price and I think it will be better if other countries also accept bitcoin as legal tender I believe that will be really fantastic. Bitcoin now is what countries should start accepting they should reject bitcon atleast it will boost each countries economy.

wxa7115

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I am struggling with the source of information on the adoption of bitcoin/cryptocurrency in Salvador, some news tend to the success while others to the failure. Salvador adoption had led to some countries move to adopting it, i hope the ETF is successful by November then bitcoin can go crazy again.

It is too soon to know if this is going to be a success or not, we must give it at least a year, so those that are claiming that it is a success or a failure are just jumping to conclusions too quickly as there are no real arguments in favor or against it at the moment.

However while it is too soon to give a definitive answer there have been reports of half a million people downloading the wallet, and while it is true that the majority probably did so to receive the free 30 dollars in bitcoin it will be important to monitor if this number keeps increasing and if people begin to use bitcoin on their everyday lives and as a remittance service.

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Quote from: Vishnu.Reang on September 19, 2021, 07:13:12 AM

Right now the people are polarized in to two camps and I am not sure which one is having a higher level of support.

I would conclude from all that has been seen that bitcoin supporters have an incomparably greater advantage if we take into account the following data.

Quote from: Vishnu.Reang on September 19, 2021, 07:13:12 AM

The vast majority are using Bitcoin for the first time and it will take at least a few weeks for them to get adjusted. As time progresses, I expect the youth and the middle-aged individuals to prefer BTC more, while I don't foresee any major change in the attitude of the pensioners.

The young president has made a courageous decision, and I believe that young people support him in what he does - retired people have a hard time learning new skills anyway - nothing has changed for them, except that some may regret that their country does not have its own national currency which is nevertheless a matter of national pride and a symbol of sovereignty.

Vishnu.Reang

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I am struggling with the source of information on the adoption of bitcoin/cryptocurrency in Salvador, some news tend to the success while others to the failure. Salvador adoption had led to some countries move to adopting it, i hope the ETF is successful by November then bitcoin can go crazy again.

It has been just 12 days, since Bitcoin became the legal tender in El Salvador. To get a definite picture, you need to wait for at least a couple of months. Right now the people are polarized in to two camps and I am not sure which one is having a higher level of support. The vast majority are using Bitcoin for the first time and it will take at least a few weeks for them to get adjusted. As time progresses, I expect the youth and the middle-aged individuals to prefer BTC more, while I don't foresee any major change in the attitude of the pensioners.

sana54210

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Quote from: Timelord2067 on September 18, 2021, 01:45:23 AM

At a guess, people would pay their rates, taxes and any associated fees the government sets for the public. These fees might probably be a week's ages (or higher) requiring a person to make a one off purchase of bitcoin to enable them to make the transaction.

As others then go onto say Lightning Network transaction fees are enabling entry level users to make micro payments (i.e. McDonald's/Burger King etc as we reported in another thread) for small value transactions.

The Federal Government might be stockpiling it's initial purchase to both instill confidence in the citizenry and also as a replacement to a more traditional store of wealth e.g. Gold in Fort Knox.

There are also other places that does it off-chain as well. Think of it like having a paypal, all of the money is there anyway, and then you work your life regularly, and then instead of people paying you fiat to your bank account, they pay you bitcoin to your wallet, and it is in their wallet as well, and the nation as a whole just moves money from one wallet to another on that app.

This way the app doesn't actually do crypto transactions, it just moves money from one account to another account for a very small fee. Sure the first entry is the big one but companies of that nation probably doesn't care about the small entry fee when they have so many workers, or the shop owners do not care about the first entry neither considering they will make that back if they are good at their business. Long story short instead of just bitcoin wallet to bitcoin wallet transaction fee, it is account to account in some app.

Timelord2067

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Quote from: ILuckyGuyI on September 07, 2021, 02:33:54 AM

It is a really huge amount of purchase which is worth around $10m for now. This is a good preparation before making Bitcoin their legal tender. The most important thing is what will happen later. Because I still don't know how many El Salvador people are likely to use Bitcoin in their daily lives. And I wonder what El Salvador's strategy will be from now on to convince people to use Bitcoin. I hope that they become successful after this move.

At a guess, people would pay their rates, taxes and any associated fees the government sets for the public. These fees might probably be a week's ages (or higher) requiring a person to make a one off purchase of bitcoin to enable them to make the transaction.

As others then go onto say Lightning Network transaction fees are enabling entry level users to make micro payments (i.e. McDonald's/Burger King etc as we reported in another thread) for small value transactions.

The Federal Government might be stockpiling it's initial purchase to both instill confidence in the citizenry and also as a replacement to a more traditional store of wealth e.g. Gold in Fort Knox.

Topic: El Salvador has just bought it’s first 200 coins (Read 611 times)