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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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Quote from: raji1995naya on September 12, 2021, 02:46:18 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.

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Quote from: raidarksword on September 12, 2021, 07:06:24 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, 01:42:14 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

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Quote from: raji1995naya on September 12, 2021, 02:46:18 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.

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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.

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Quote from: perfect999 on September 12, 2021, 01:02:45 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.

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Quote from: KaliLinux on September 07, 2021, 01:42:14 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.

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Quote from: mk4 on September 07, 2021, 04:41:34 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.

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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.

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Quote from: bryant.coleman on September 09, 2021, 06:05:29 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.

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Quote from: jakdanyel on September 09, 2021, 06:41:09 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, 05:25:47 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.

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

Quote from: bakasabo on September 08, 2021, 02:48:04 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.

CryptopreneurBrainboss

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Quote from: dothebeats on September 08, 2021, 02:04:43 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, 02:10:24 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.

SquallLeonhart

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Quote from: bakasabo on September 08, 2021, 02:48:04 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.

conected

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Quote from: zanezane on September 08, 2021, 03:08:25 AM

Quote from: bakasabo on September 08, 2021, 02:48:04 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, 03:57:25 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, 02:48:04 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, 02:48:04 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, 12:04:44 PM

Quote from: KaliLinux on September 07, 2021, 01:42:14 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

awik p

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Quote from: peter0425 on September 07, 2021, 10:25:35 PM

Quote from: KaliLinux on September 07, 2021, 01:42:14 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, 01:42:14 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, 03:57:25 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, 01:23:01 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.

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Quote from: Hydrogen on September 07, 2021, 06:24:52 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, 05:00:41 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, 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.

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.

wheelz1200

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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.

Pulsar77

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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.

wxa7115

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Quote from: KaliLinux on September 07, 2021, 01:42:14 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.

This is a huge step in the right direction for El Salvador, I do not know if it is the first country to actually buy bitcoin officially, but it think it is, and this could be the beginning of other countries doing the same as there is no way they are not going to be part of the market that has the biggest potential growth around the world.

However the purchase is small but that is fine, as long as they keep doing this then they may end up becoming one of the richest countries around the world as there is no doubt in my mind the price of bitcoin will keep increasing.

bryant.coleman

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Quote from: bL4nkcode on September 07, 2021, 01:41:09 PM

Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.

Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too

There was no particular reason for the price drop today. Some of the whales decided to teach Nayib Bukele a lesson, and they spent a few hundred million USD in manipulating the markets. And trust me, this dip is not going to last for long. Within the next 2-3 days, prices will be back to 50K+ levels. And I didn't heard of any big negative reaction from El Salvador. For the Bitcoin enthusiasts, today was another normal day. And according to Bukele, El Salvador purchased a total of 550 BTC today. That is worth $25 million as per the current exchange rates.

bL4nkcode

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Limited in number. Limitless in potential.

Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.

Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too

milewilda

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Quote from: TheCoinGrabber on September 07, 2021, 12:56:25 PM

Quote from: tippytoes on September 07, 2021, 12:49:33 PM

Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?

That is a possibility. They could just be stashing up quietly. Considering El Salvador is far from being a rich country, this publicity could at least encourage other countries along that economic level to start stockpiling themselves. "If they can, why can't we?"

Yes,we dont know behind the curtains because if we do consider out on how much that 200 coin is on the current price then its almost a million dollars but it had mentioned out that this isnt really
a rich country then the said act is considerable and a good move.This do really shows that they are indeed serious in regards to this one and for sure there would be some possible follow up
purchases of coins in near future and they might have just done some initial accumulate and the rest action will really be next in line.

el kaka22

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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.

blckhawk

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Not a lot of bitcoins compared to whales but definitely a lot for a small country to have. Now imagine if they were to hodl that amount and wait for it to go up in prices say around 1 million USD per bitcoin, I am pretty sure that we will be seeing a lot of happy people in El Salvador when that finally happens. And it's a win-win situation for us because if they sell, it's not going to affect bitcoin market too much and if they hodl and the prices go up, they will be on the news again and will probably influence other countries to get in even though it's a bit late for them.

TheCoinGrabber

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Quote from: tippytoes on September 07, 2021, 12:49:33 PM

Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?

That is a possibility. They could just be stashing up quietly. Considering El Salvador is far from being a rich country, this publicity could at least encourage other countries along that economic level to start stockpiling themselves. "If they can, why can't we?"

tippytoes

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Quote from: Reid on September 07, 2021, 06:46:15 AM

That's good news.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.

Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?

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They've bought more and the most recent is 150 bitcoins.
Source: https://twitter.com/nayibbukele/status/1435260422110732300

The total bitcoins that they've got now is 550 BTC
Source: https://twitter.com/nayibbukele/status/1435263064933285898

I guess that there will be more bitcoins that they're about to buy soon. As they've bought, the market dropped and that's usual after bitcoin goes $52k.

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Quote from: KaliLinux on September 07, 2021, 01:42:14 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.

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Quote from: KaliLinux on September 07, 2021, 01:42:14 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.

Right now, if Satoshi (Assuming he's just a single individual) was invited to give a talk in El Salvador his first line will probably begin with this quote by Napoleon Hill “Whatever Your Mind Can Conceive and Believe, It Can Achieve.” Over 10 years ago no one would have ever believed that someday we’d hear a great news such as this. Whether it turns out to be a huge success or disaster the fact is that history has already been made. Bitcoin in El Salvador is a litmus test for other nations harboring such lofty intentions.

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I wonder if it's necessary for the government to purchase the bitcoins, assuming the government is the one purchasing them. Are the people suppose to purchase bitcoins through governments or can they also purchase some other places?
Just hope things are done right so people don't get their rights taken away in the future . It's important that they are able to control their coins and can easily move to another app just incase they need to. It should be freeer than fiat.

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Quote from: iv4n on September 07, 2021, 03:37:14 AM

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.

Quote

The country depends heavily on money which citizens based abroad, often in the US, send home and these remittances to El Salvador were worth almost $6bn in 2019, amounting to 16% of El Salvador's gross domestic product.

The country moved to using the US dollar as legal tender as a result of these remittances, and the move to Bitcoin is based on an expectation that more Salvadorans will begin sending money home using the cryptocurrency.

What do you think, will some people start using crypto for sending money to their family or dollars?! Fees will have an important role when making a decision... And not just fees, the process can be easier with crypto, and people like it when it's easier and cheaper!

Time will tell, but I think El Salvador made a good move here!

Just wondering also how they can deal up when transaction fees surge up because this could be the pain of their ass also considering each transaction might cost more bucks but I believe they can find ways towards that issue.

But any from that well crypto will be the biggest happening on their country and thanks to their government for showing the support for bitcoin since for sure they will earn something from it in future especially when bitcoin reach up to $100k or more.

Once El Salvador became the first successful country to adopt bitcoin for sure many countries will consider to make it as their legal tender.

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Quote from: bryant.coleman on September 07, 2021, 07:01:22 AM

I want to remind everyone that El Salvador is not the first country to have Bitcoin in it's reserves. That distinction goes to Bulgaria. They have around $3 billion worth of Bitcoin in their reserves.

Yeah but this is completely different to what El Salvador is trying to achieve. Those reserves are probably will be used to provide liquidity because they have officially accepted bitcoin as legal tender. If this somehow works out at the best scenario for the country then some other countries will start to consider accepting bitcoin as well

Quote from: iv4n on September 07, 2021, 05:45:41 AM

it will be even more interesting if they legalize some other coins in the future!

Probably not for a while. Accepting bitcoin is already a major breakthrough that they have done so if everything works fine with bitcoin then I dont think there is any reason to start adopting other coins as their legal tender

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I want to remind everyone that El Salvador is not the first country to have Bitcoin in it's reserves. That distinction goes to Bulgaria. They have around $3 billion worth of Bitcoin in their reserves. But the fun fact is that Bulgarian government never purchased these coins. They seized them from a criminal enterprise. The seizure was made in 2017, and since then the exchange rates went up by around 50x. On the other hand, the US authorities auctioned off most of the coins they seized in 2014 and 2015, for three digit prices.

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That's good news.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.

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Quote from: mk4 on September 07, 2021, 04:41:34 AM

Do a bit of research. 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.

Well, probably all this started before, this is just legalization of what many are doing there! So I agree this will be a boost and can turn to something big now when people can use Bitcoins freely, to spend it, invest in different things... El Salvadorians started something with this, and we will see what will happen.

Definitely, it will be interesting to follow El Salvador and how the situation will develop there... And if something positive comes out from all this, it will be even more interesting if they legalize some other coins in the future!

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Quote from: Spack17 on September 07, 2021, 05:14:54 AM

This is a really good action to take considering speeding up the adoption process. People have already been familiar with cryptocurrencies. They just might not be fully ready for using Bitcoin only from now on. But I believe in El Salvador government to continue to take the necessary steps to make people get accustomed to using only Bitcoin in their daily lives. I hope that this process goes on positively and we see some other underdeveloped countries making a similar move for Bitcoin also.

That's the only way, I don't think that the government is going to retract what they've passed already and it's going to be a waste of time doing another hearing about this thing trying to reverse everything. Plus it's not like it's super interfering with their economy.

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Quote from: KaliLinux on September 07, 2021, 01:42:14 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.

I have huge respect based on what he has done so far ^{[with an exception for the Chivo app (he "might" have an ulterior motive)]}, but he should really focus now on educating those that have no idea about what BTCitcoin is ^{[according to a recent survey, 2/3rd of them are against its usage and that mainly has to do with the fact that there's limited knowledge among the elderly population]}.

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

The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund will be used to facilitate conversions from BTC to United States dollars in the lead-up to the new law being implemented. At current prices, the BTC purchase was worth just over $10.36 million.

I believe that means they'll be using the remaining $140^ishM to purchase "only" BTCitcoins ^{[that's a lot of BTCitcoins]}.

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Quote

The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund will be used to facilitate conversions from BTC to United States dollars in the lead-up to the new law being implemented. At current prices, the BTC purchase was worth just over $10.36 million.

They are buying those bitcoins in order to be able to facilitate those transactions, remember they've bought those ATMs, they want to provide the population with an easy way of changing BTC<>$ so they need a liquidity fund, and to be honest, I'm actually surprised in a good way that this fund was created, to me it's way better news than just buying a few coins and sending them to a cold wallet, it's a sign they are actually thinking on the next moves, not rushing things as they've done before. Poeple not being able to instantly transact from BTC to USD or the other way despite the promises would have been a blow nobody would have wanted.

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This is a really good action to take considering speeding up the adoption process. People have already been familiar with cryptocurrencies. They just might not be fully ready for using Bitcoin only from now on. But I believe in El Salvador government to continue to take the necessary steps to make people get accustomed to using only Bitcoin in their daily lives. I hope that this process goes on positively and we see some other underdeveloped countries making a similar move for Bitcoin also.

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Quote from: iv4n on September 07, 2021, 03:37:14 AM

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.

Quote

The country depends heavily on money which citizens based abroad, often in the US, send home and these remittances to El Salvador were worth almost $6bn in 2019, amounting to 16% of El Salvador's gross domestic product.

The country moved to using the US dollar as legal tender as a result of these remittances, and the move to Bitcoin is based on an expectation that more Salvadorans will begin sending money home using the cryptocurrency.

What do you think, will some people start using crypto for sending money to their family or dollars?! Fees will have an important role when making a decision... And not just fees, the process can be easier with crypto, and people like it when it's easier and cheaper!

Time will tell, but I think El Salvador made a good move here!

Do a bit of research. 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.

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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.

Quote

The country depends heavily on money which citizens based abroad, often in the US, send home and these remittances to El Salvador were worth almost $6bn in 2019, amounting to 16% of El Salvador's gross domestic product.

The country moved to using the US dollar as legal tender as a result of these remittances, and the move to Bitcoin is based on an expectation that more Salvadorans will begin sending money home using the cryptocurrency.

What do you think, will some people start using crypto for sending money to their family or dollars?! Fees will have an important role when making a decision... And not just fees, the process can be easier with crypto, and people like it when it's easier and cheaper!

Time will tell, but I think El Salvador made a good move here!

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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.

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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.

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