El Salvador has just bought it’s first 200 coins - page 3.

conected

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Quote from: zanezane on September 08, 2021, 04:08:25 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.

Nope, every time is the best time to buy bitcoin, I mean they can't do a waiting game, it's already expensive to buy one so risking it to go up again would be the wrong thing to do. Better to get in when you have nothing rather than waiting when you have nothing. I say that their decision to buy now is a good decision plus it's probably a long-term investment so it's not a problem that they're buying right now.

- Understood, you mean that early possession of bitcoin at this price, the price that people think is high will sometimes be the bottom price in the future, besides, El Salvador is in need of some bitcoins to arrange bidding activities as well as to organize the legitimacy of bitcoin, 200 bitcoin is almost a necessary cost to store and spend, cannot use cash when they have configured bitcoin as a main circulation currency in this strategy. The source of bitcoin is quite urgent for them, maybe they will continue to buy no matter what bitcoin price, hopefully this propaganda is supported by multinational corporations as well as other countries

dkbit98

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After yesterday dip president Bukele decided to purchase more Bitcoins and El Salvador now owns total of 550 Bitcoins, but they have plans to purchase more in future.
He did announce before that big FUD is coming and maybe this dip was combination of leverage liquidations on exchanges and IMF ordering their puppets to try and crash the price.
Maybe we need to start thinking about opening El Salvador local section in bitcointalk forum soon

oHnK

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Quote from: Pulsar77 on September 07, 2021, 04:57:25 PM

But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.

The El Savador government is very clear that it will not distribute BTC evenly because of the 6.5 million population and with the number of coins that have been purchased indicated that only the conditions of certain communities will get it. Like subsidized assistance for very poor people in the country. The criteria that will be used will definitely not be much different from the program that focuses on other poor people. That's what I captured from the Action of the El Savador government.

bryant.coleman

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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.

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.

zanezane

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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.

Nope, every time is the best time to buy bitcoin, I mean they can't do a waiting game, it's already expensive to buy one so risking it to go up again would be the wrong thing to do. Better to get in when you have nothing rather than waiting when you have nothing. I say that their decision to buy now is a good decision plus it's probably a long-term investment so it's not a problem that they're buying right now.

bakasabo

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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.

KaliLinux

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Quote from: Koro-Sensei on September 07, 2021, 01:04:44 PM

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.

Very bullish news but the market says otherwise. The market hit 52K then drop fro 46K in just an hour. This big step for El Salvador will not just improve their country but could potentially change it for a better. I could see that many investor would take advantage with this and possibly foreign investors would come. It will change your country forever and potentially change lives as well. A big step for Cryptocurrency era indeed.

Yeah, I believe we can guess why that is. I know that there have been some organizations that have been against this move about El Salvador making Bitcoin a legal tender and might want to see that fail, so no surprise that of all days, this drastic dip happened on El Salvador's Bitcoins Day. However, I believe that the President also took advantage of that too Grin

by posting on Twitter that the nation bought the dip in bitcoin as the cryptocurrency plunged. I believe that Bitcoin adoption is here to stay In El Salvador regardless of all the hassle the country might face in the process and no doubt that is a very courageous move by President.

alpamar99

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you could say el salvador is one of the most aggressive countries in adopting bitcoin, and a few days ago their president announced that he had bought another 350 bitcoins and this is certainly very fantastic.
To date, there are two legal tenders in El Salvador, namely the US dollar and bitcoin. Bukele announced that his country would use bitcoin as legal tender in June 2021.

The law that stipulates bitcoin as legal tender stipulates that all economic agents must accept cryptocurrencies as a means of payment.

I think this is what is called a true adoption of bitcoin

xypos

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Excellent news.

I think that this will be a growing trend going into the future. Governments will eventually find a use for decentralized cryptocurrencies and will be forced to adopt them whether they like it or not.

There is huge potential for these cryptocurrencies to serve as reserve assets that are much better than something like gold or silver. El Salvador is the leader in this space regardless of what the World Bank suggests

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Quote from: peter0425 on September 07, 2021, 11:25:35 PM

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.

this amount is not enough if they are going to give all their people
30$ each to spend and try bitcoin.

i think they need more than 900 million dollars worth of bitcoin estimated to be 18,000 Bitcoin must be prepared for this event?
How lucky people in El Salvador as their government is welcoming bitcoin with open arms when we in our different countries loves to have like this.

I think it is a stimulus from the Salvadoran government to accelerate the introduction of bitcoin to its citizens. Even though it spent a lot of money at the beginning, I think it should be done, because the people of course try to access the gifts given in the end, hopefully they will get used to using them, because I'm sure not all residents will easily access them.

peter0425

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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.

this amount is not enough if they are going to give all their people
30$ each to spend and try bitcoin.

i think they need more than 900 million dollars worth of bitcoin estimated to be 18,000 Bitcoin must be prepared for this event?
How lucky people in El Salvador as their government is welcoming bitcoin with open arms when we in our different countries loves to have like this.

Sithara007

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Quote from: Pulsar77 on September 07, 2021, 04:57:25 PM

Will 200 BTC be really enough for distributing $30 worth Bitcoins among all their citizens? Let's say that Bitcoin price is fixed at $50k. In this case, 200 BTC equal to $10m. According to the 2019 data, El Salvador's population is around 6.5 million. Let's say that they will all accept this offer and want to take the $30 worth Bitcoin. In that case, the amount needed will be around $190m. I know that the price will change all the time and most probably not all of the people would lean towards this offer. But this is a really interesting point for me. But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.

There are many things that need to be considered. First of all, the $30 airdrop is only available for those who download the wallet app and do the KYC (which includes facial recognition as well). El Salvador has a population of 6.5 million, but I don't expect a lot many to go for this. And secondly, from what I heard it is the wallet company which is providing the airdrop. The El Salvador government is not spending any of their funds. The purchases made by the government of El Salvador will go towards the Forex reserves.

AndySt

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Quote from: el kaka22 on September 07, 2021, 02:23:01 PM

This will be example to all other smaller nations, they could gather as much bitcoin as they can with the money they have, and eventually they will be leveraged against USD. Think about a nation that is very poor but having a better economical potential in the future than USA? Can you imagine El Salvador ever having a better economy then USA? Of course not, but this crypto deal could make it possible or at least close the gap, overall the difference will always be big, but per capital could get better for sure.
El Salvador doesn't have the cost of living USA has, it is cheaper, plus they do not have the same population number neither, combine those two facts together and they need a lot less money to be a rich nation whereas USA would need 100x more money just to pay the bills.

No one in El Salvador is going to bet only on bitcoin and abandon the US dollar, so talking about the use of bitcoin against the US dollar by a small country is not only useless, but also looks a bit like disinformation. Exactly the same things can be said about some segments of the population who, without fully understanding the essence of the issue, protested against bitcoin. Bitcoin and its entire infrastructure, despite its history of appearance, in its current state is completely unsuitable for adoption by any country as the only state currency. However, now, using the example of El Salvador, we will be able to observe some individual aspects and consequences of such a hypothetical adoption and what pitfalls may be present in this case.

ultrloa

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Quote from: Hydrogen on September 07, 2021, 07:24:52 PM

El Salvador's bitcoin adoption. Could open the door to broader support for internet infrastructure and mobile based payment systems. Both of which would be economy and job creation boosters. It could also encourage digital nomads and crypto whales to reside in the country. Bringing with them considerable capital and investment inside of el salvador's borders.

Yes that's why by now many countries are looking at them monitoring how they are doing well with bitcoin so maybe in next few years this could open up new doors for certain countries to adopt bitcoin on their system since this really a great breakthrought to them since this could make the life of people easy since its digital and potential to earn more since the possibilities to earn huge is a bonus. Maybe other will say that volatility is dangerous for citizens but for sure they will used for it and they will enjoy the benefit of bitcoin on each movement of it.

Hydrogen

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El Salvador's bitcoin adoption. Could open the door to broader support for internet infrastructure and mobile based payment systems. Both of which would be economy and job creation boosters. It could also encourage digital nomads and crypto whales to reside in the country. Bringing with them considerable capital and investment inside of el salvador's borders.

Could be a very good win/win scenario for el salvador. But I think people might already see how circumstances are becoming strange with some demographics there pushing an anti bitcoin stance. Is it normal for people to care that much about bitcoin or crypto adoption, that they would march through the streets carrying "anti bitcoin" signs and banners? I don't think its normal at all for people to be that much against something that has so little affect or bearing on their own lives.

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Quote from: The Sceptical Chymist on September 07, 2021, 06:00:41 PM

Yikes. Any time a government starts offering its citizens a state-issued bitcoin wallet, they should run, run, run away from it as far as they can get and never look back. If those ATMs they're supposedly installing all around the country allow withdrawals to private wallets, they should opt for that instead.

The ATMs that El Salvador will be using is Athena Bitcoin's ATM so it will support any other private wallets as well. As for the Chivo's wallet, I think its pretty handy to save some fees assuming that someone needs to send in bulk transaction regularly to other users that use Chivo as well. Yeah you can do that in your own private wallet but at some point, the fees could be pretty expensive.

Totally not a fan of this type of wallet but I think its a good baby step for bitcoin. We want it to be perfect where everyone have their own private wallet and stuff but I'd say its a pretty good start

Oceat

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It seems like a good news yet the market recently just dumped by whales and it's a real manipulations to the market.

I wonder what would happen to this country if there's a bear run? I don't think they will have to dump it back again after seeing X price of BTC getting low on value compared to what price they bought it. Well, it seems that their government is quite interested in trading the market that they recently bought the dips.

This might bring the price back to $50k sooner or later.

verita1

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The President of El Salvador Nayib Bukele bought the dips. Now his government is holding 550 bitcoin.

https://cointelegraph.com/news/el-salvador-buys-the-dip-as-bitcoin-price-flash-crashes-to-42-9k

Even Chivo Wallet users have some problems but it is not an impediment to be prepared for this new awakening that the Salvadoran nation has.
Take a look at the businesses that are sharing their "We accept bitcoin." 👇

https://twitter.com/chivowallet?s=09

It's so exciting, bitcoin has conquered its first nation.

The Sceptical Chymist

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Quote from: ILuckyGuyI on September 07, 2021, 03:33:54 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.

For an entire country?? That's a drop in the bucket even for a tiny country, which El Salvador isn't (though it isn't exactly huge). They have a population of over 6 million people, so you do the math as to how much bitcoin that is to spread around and then maybe rethink your comment. Now, if they go ahead with the $150 million purchase mentioned in the article, that'll be somewhat significant.

I mean I'm all for El Salvador moving in this direction, but the government making a purchase of 200BTC just seems odd to me. It kind of makes me wonder how those coins are going to get distributed and how much corruption there is in the El Salvadorian government, if you know what I mean.

And this:

Quote

The country is also building infrastructure to support a state-issued Bitcoin wallet, dubbed Chivo. The Chivo wallet will have its own ATM that allows citizens to withdraw cash 24 hours a day without paying commissions.

Yikes. Any time a government starts offering its citizens a state-issued bitcoin wallet, they should run, run, run away from it as far as they can get and never look back. If those ATMs they're supposedly installing all around the country allow withdrawals to private wallets, they should opt for that instead.

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Honestly pretty ground breaking if you think about it. Even 5 years ago to think that a nation would have bitcoin on their books most would call you crazy. I wonder if that is going to open the eyes of some other nations possibly looking to dip their toes in the water. Could be good and could be bad. They can spike or tank a market because they are playing with house money.

Topic: El Salvador has just bought it’s first 200 coins - page 3. (Read 555 times)