El Salvador has just bought it’s first 200 coins - page 2.

wxa7115

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Quote from: raji1995naya on September 12, 2021, 03:46:18 PM

With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

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.

LUCKMCFLY

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Quote from: raidarksword on September 12, 2021, 08:06:24 AM

El Salvador doing a great move on buying huge amount of bitcoins and that's the first time of mass adoption and there is not stopping on that one. I bet more countries will follow the act of El Salvador and hopefully pursuing it as legal tender as well. With all these news on going this is a very bullish news indeed, more adoption the better for bitcoin.

El Salvador is indeed getting the attention of many people, since El Salvador legalized Bitcoin as a legal tender. Now El Salvador has decided to buy
Bitcoin in large quantity, and this is very good news, because this would at least attract the attention of other countries. Hopefully with what El Salvador
has done it can convince other countries to do the same. As more and more countries are legalizing Bitcoin as a legal tender, the Bitcoin adoption
process is also getting faster.

Not only is it attracting the attention of many countries, governments, banks in general, it must also be taken into account that the demand for BTC has been increasing, if the people of El Salvador are trading more and more with BTC, the trading volume increases, whether by selling or buying, the volume increases and this is a good index in general for the market, because it no longer depends only on institutions, whales, even the emotions that fundamentals can cause worldwide, but on the daily economy that moves a country, if only in this way much more volume is produced, with only the induction to another country will create that the BTC grows in price and in value every day.

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Quote from: KaliLinux on September 07, 2021, 02:42:14 AM

Quote

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
...
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms

"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."

I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.

It's a pretty smart move from El Salvador. This large investment will help protect the country against the negative effects of inflation. After all, Bitcoin is poised to become valuable over time. Declaring Bitcoin as legal tender will only boost the cryptocurrency's adoption in the mainstream world. It should only be a matter of time before other countries follow, leaving Fiat behind in the dust. I believe El Salvador is on a path towards true financial freedom. Its economy will flourish like never before thanks to the government's recent move. Who knows how everything will look like in the country decades from now? Just my thoughts Grin

Vishnu.Reang

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Quote from: raji1995naya on September 12, 2021, 03:46:18 PM

With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

It will be interesting to see which country will be next, since the implementation has been completed without any major issue in El Salvador (there was a minor technical snag though, and it was resolved in a matter of couple of hours). Before the implementation, there were some well publicized protests, mainly sponsored by the opposition. But looks as if they are silent now. Even the senior citizens have now realized that there is no compulsion in using Bitcoin, and they can save a lot in the form of fees and other charges.

raji1995naya

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With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

bryant.coleman

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Quote from: perfect999 on September 12, 2021, 02:02:45 PM

The other time I saw a news about some retirees who were protesting against the decision of the president of El Salvador. I guess they don’t have a clue about what cryptocurrency and blockchain is all about. But, with time they will get to understand it,and also get to know that the president is doing his best to make the best decision for the country. With a decision like this there’s sure going to be a lot of development coming their way soon.

It is now part of history that El Salvador is the first country that accepted Bitcoin as a legal tender, and that’s going to make the cryptocurrency community to stand strong with El Salvador.

It was a protest sponsored by the left-wing losers. The real pensioners are no longer protesting. They know that Bitcoin is not mandatory. And millions of Salvadorans are living outside the country and they will be able to save huge amounts if they use Bitcoin. Currently it costs around 6% of the total amount, to send remittance payments to El Salvador. So Western Union and Moneygram will take a cut of $60 for every $1,000 sent. With Bitcoin, this fees will be reduced to 1/100th. I read a news article, where they claimed that the move from El Salvador will cause a loss of $1 billion every year to money transfer businesses like WU.

perfect999

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Quote from: KaliLinux on September 07, 2021, 02:42:14 AM

I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.

The other time I saw a news about some retirees who were protesting against the decision of the president of El Salvador. I guess they don’t have a clue about what cryptocurrency and blockchain is all about. But, with time they will get to understand it,and also get to know that the president is doing his best to make the best decision for the country. With a decision like this there’s sure going to be a lot of development coming their way soon.

It is now part of history that El Salvador is the first country that accepted Bitcoin as a legal tender, and that’s going to make the cryptocurrency community to stand strong with El Salvador.

zeuner

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Quote from: mk4 on September 07, 2021, 05:41:34 AM

A significant number of El Salvadorians have been using bitcoin(through Lightning, hence little to no fees) for a while now. The legalization is just going to give adoption a boost, not necessarily the start of it.

Will there be government-ran Lightning nodes? Might be good to build upon what is already there.

raidarksword

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El Salvador doing a great move on buying huge amount of bitcoins and that's the first time of mass adoption and there is not stopping on that one. I bet more countries will follow the act of El Salvador and hopefully pursuing it as legal tender as well. With all these news on going this is a very bullish news indeed, more adoption the better for bitcoin.

RealMalatesta

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Quote from: bryant.coleman on September 09, 2021, 07:05:29 AM

Nayib Bukele had stated that El Salvador would require around $225 million worth of BTC, if the government wants to airdrop $30 to each of the adults. I think they have purchased $25 million worth of coins so far, so that is only around 1/9th of the required amount. And reports indicate that despite some well publicized protests sponsored by the opposition, the implementation has been very smooth. Locals in San Salvador are reporting that a lot of people are paying with the Chivo wallet for their coffee and fast-food. Actually I was worried that there will be some technical snags or other issue which will then be weaponized by the media, but nothing of that sort has happened yet.

The math is nearly correct, since they have a bit under 6.5 million people, and a bit over 550 bitcoins already, that means it is closer to 1/8 or 1/7 depending on the latest situation. Of course, there is still a long way to go, but a poor nation nearly ready to airdrop $30 to everyone in their country without even printing money? That is definitely unheard of. I mean think about it, if they could keep doing that forever then they could find the solution to keep the public rich while not printing money and making it worthless.

Look at USD, the government printed trillions upon trillions and they are more in debt right now than any time in history, and they still do print money. This is obvious that El Salvador has done something marvelous, and the transition being quick is also amazing as well, it is definitely going to be a great example to all other nations.

Kong Hey Pakboy

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Quote from: jakdanyel on September 09, 2021, 07:41:09 AM

200 Bitcoins will not be enough for their whole population which is around 6.5 million now. But I suppose that their goal is not like that. They just want to incentivize people by distributing $30 worth Bitcoin among approximately 333k people considering the current Bitcoin price. Let's see if that will work. El Salvador must convince its people to use only Bitcoin in different ways not to let this effort be in vain at the end.

It's probably for the government only. And if it's not, then they can just buy again if the need comes to be. I think that when there's a big pump in prices and people starts making profit out of it, I think that it's enough for the people of El Salvador to accept bitcoin, let's just wait for some time.

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200 Bitcoins will not be enough for their whole population which is around 6.5 million now. But I suppose that their goal is not like that. They just want to incentivize people by distributing $30 worth Bitcoin among approximately 333k people considering the current Bitcoin price. Let's see if that will work. El Salvador must convince its people to use only Bitcoin in different ways not to let this effort be in vain at the end.

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Quote from: bakasabo on September 09, 2021, 06:25:47 AM

You did not get my idea, because my English is far from being perfect. Sorry.

I was trying to say, that the amount El Salvador has bought was too small for such country. If I'm not mistaken, they promised to distribute an equivalent of $30 in BTC is not enough to distribute promised amount to 6.5 millions citizens. By mentioning trading volume I wanted to show that while whole country or nation makes a purchase, regular traders buys similar amount in just 15min. In other words, regular traders only on Binance have identical buying power as a whole country.

People mention that total amount bought is 500 BTC. First batch has bought with the price $50k, second @ $45-47k probably. They did not give time for market to recover from recent drop.

OK.. got it now.

Nayib Bukele had stated that El Salvador would require around $225 million worth of BTC, if the government wants to airdrop $30 to each of the adults. I think they have purchased $25 million worth of coins so far, so that is only around 1/9th of the required amount. And reports indicate that despite some well publicized protests sponsored by the opposition, the implementation has been very smooth. Locals in San Salvador are reporting that a lot of people are paying with the Chivo wallet for their coffee and fast-food. Actually I was worried that there will be some technical snags or other issue which will then be weaponized by the media, but nothing of that sort has happened yet.

bakasabo

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Quote from: bryant.coleman on September 08, 2021, 09:27:14 AM

Quote from: bakasabo on September 08, 2021, 03:48:04 AM

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

LOL.. first you say that this was not the right time to purchase BTC. And then you say that the volume was not enough. Both the statements contradict each other. If the timing is not right, then it makes sense to purchase smaller amounts. El Salvador doesn't want to follow the model set by Tesla ($1.5 billion purchase in a few days). They want to purchase BTC at regular intervals, in small quantities. And this reduces the risk of incurring a loss, in case the exchange rates nosedive at some point in the future.

You did not get my idea, because my English is far from being perfect. Sorry.

I was trying to say, that the amount El Salvador has bought was too small for such country. If I'm not mistaken, they promised to distribute an equivalent of $30 in BTC is not enough to distribute promised amount to 6.5 millions citizens. By mentioning trading volume I wanted to show that while whole country or nation makes a purchase, regular traders buys similar amount in just 15min. In other words, regular traders only on Binance have identical buying power as a whole country.

People mention that total amount bought is 500 BTC. First batch has bought with the price $50k, second @ $45-47k probably. They did not give time for market to recover from recent drop.

tulpash

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After Bitcoin dropped to $43,000, the president of El Salvador continued to buy 150 Bitcoins. I admire this president and this country. Because:
The first country to swing Bitcoin to the top after buying and the President to buy at the bottom of the most skillful Bitcoin ever known. Grin

He deserves 100 points right now if he uses a Bitcointalk account.

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Quote from: dothebeats on September 08, 2021, 03:04:43 PM

Hats off to their administration for not really giving an f about the crash and still believes that bitcoin is something that they should focus on if they want to help their people.

That's what you get when you give the youths with vision an opportunity to lead, they make investment decision that the country will stand to gain from in many years to come. I'm sure he must have done some consultation and they result cane up position and beside he isn't taking a risk here, the future is cryptocurency and Bitcoin will be forever the front headline so they best and country can do for their citizens is to invest and educated them in Bitcoin.

Many years from now, we'll look back and applaud this decision made by the El Salvador government today, who knows before the other country catch up, it might be too late. The buying is just normal for any believer in the movement. Any opportunity the market present to get some discount coins shouldn't be missed as such opportunities might never present themselves again.

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Quote from: Gyfts on September 08, 2021, 03:10:24 PM

Their GDP is around 27 billion USD so this is actually a big first step, even if the amount isn't too large. Yeah, for a country, 200 BTC is nothing. Point is the government is pro-BTC and isn't trying to phase out crypto in order to artificially prop up their own currency. They aren't trying to implement harsh taxes on crypto industries either. It's a small investment and it's a gesture. Nothing wrong with that.

The amount may not be huge (in terms of value in USD), but it sends a very strong message. In recent times, a number of countries have been reducing the share of US Dollar in their forex reserves. China and Russia have been replacing the US Treasury Bonds with gold and other currencies such as Euro. And in case of El Salvador, they are replacing USD with Bitcoin. Now I am not sure whether the Americans will be very happy with this. They have overthrown regimes in Latin America for far less serious reasons.

Gyfts

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Their GDP is around 27 billion USD so this is actually a big first step, even if the amount isn't too large. Yeah, for a country, 200 BTC is nothing. Point is the government is pro-BTC and isn't trying to phase out crypto in order to artificially prop up their own currency. They aren't trying to implement harsh taxes on crypto industries either. It's a small investment and it's a gesture. Nothing wrong with that.

dothebeats

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It’s amazing that El Salvador still continued on buying more bitcoins during the dip that occurred. It’s as if they are just your normal traders trying to get more for their stash and not caring about the future of their economy should their investment failed. At this rate, there will be a lot of bad actors and entities with malicious intent that will try to manipulate the price of bitcoin to make a statement, and perhaps a warning to others, that bitcoin is still not good as an investment but El Salvador will just continue to shrug it off.

Hats off to their administration for not really giving an f about the crash and still believes that bitcoin is something that they should focus on if they want to help their people.

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Quote from: bakasabo on September 08, 2021, 03:48:04 AM

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

Trading volume and ownership are very different things. There are 200 bitcoin trading volume every minute in the entire world (not just binance but all of them), does that mean that getting 200 bitcoins is easy. Now they hold more than 550 bitcoins, tell me how many people in the world have more than 550? There aren't that many people, it may look like it is a lot but compared to rest of the world the amount is very small.

So, El Salvador suddenly turned into a nation that holds more them millions upon millions of people. Plus, they are not just buying now and stopping, they will keep on increasing that over and over again and eventually have tens of thousands of bitcoin, which could be the key for El Salvador to be the richest in their entire history thanks to bitcoin.

Topic: El Salvador has just bought it’s first 200 coins - page 2. (Read 555 times)