Topic: El salvadore and btc (Read 220 times)
Such huge decisions, like making Bitcoin legal, are not taken in vague ways. With deep analysis and considering the pros and cons of making it legal, the decision is taken. I don’t find it a mistake to choose Bitcoin instead of any stablecoin.
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
This applies to all cryptocurrencies that have a limited number of supply in the market. The problem is, if you exchange it for stable coins, the value may be less volatile but the amount of users accepting such may be relatively difficult to asses.
Again, this is a decision on the part of the Government of El Salvador in which they assessed its respective pros and cons. By making BTC as a form of legal tender, not only did this opened an opportunity for users to use as payment but it also gave the 'go-signal' for other countries to follow their example.
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Yes it can be perfect store value.
Yes you can use it as payment method but its not perfect for this.
Btc in maximum scenario could be suitable only for those who do understood about btc good and regulary dealing with btc even using it as payement option.
If we talk about adoption and easy use case then im afraid usdt and other stablecoins do it better in this comparsion.
Finally some very pro member should add her/his point of view.
I see no problem if there could be another stable coin that you believe that will portray the part of being a payment method other than bitcoin. They're actually a lot that claims to be a good payment method.
i think currently btc doesn't support usdt why are they mentioned with backup?
I think they made things like that because btc is indeed inflation resistant and it is even very difficult for them to experience inflation because of their limited supply.
on the other hand regarding payments it is an alternative that is run so actually I think it's pretty good because we have options for payments. Regardless of whether they want to pay via bitcoin or fiat, it's actually a choice that comes back to the owner.
I think they made things like that because btc is indeed inflation resistant and it is even very difficult for them to experience inflation because of their limited supply.
on the other hand regarding payments it is an alternative that is run so actually I think it's pretty good because we have options for payments. Regardless of whether they want to pay via bitcoin or fiat, it's actually a choice that comes back to the owner.
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Your statements are so wrong in so many ways. I do think you have to understand the fact that:
1. Stable coins are nothing but an asset backed by another asset which does mean that they might as well just use the original asset for payments etc. Why do they need stable coins ??
2. Bitcoins is suitable for payments undoubtedly, it entirely depends upon the country and the company ofc, there might be companies looking forward to invest in Bitcoin for long term and therefore, using Bitcoins as a source of payment would make it all easier for them to open seperate funds.
We leave lightning network and for sure there are significant improvements that would be made in the future certainly.
3. It's a means of exchange, it's amazing how handy it can be in international payments or the payments that might require a lot of third party, slowing down the whole system, overall bitcoins is a boon for the economy, If used correctly undoubtedly.
Banana republic.
You wanna hear what I say about Russia, China and United States?
You wanna hear what I say about Russia, China and United States?
And here comes another one who is unhappy with bitcoin, bitcoin is not the only one, if anyone sees that bitcoin does not give them any benefit, that person can use something else, in people who use bitcoin as a means of payment even though they pay high fees, this is because they like it and believe in bitcoin. just as there are other people who use USDT and altcoins to make payments and transfers, there is nothing wrong with that. use what you like. about El salvador, the president made their choice and from what I see he got it right
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
If you say stable coin, that is just like a usd or a local currency. I mean what's the difference?
If you say Btc is never and will never be suitable for payments then why some of the people who owns Bitcoin have bought something from using it. Let alone, why there merchants and other service providers are willing to accept Bitcoin?
If there's anything suitable for payments based on your perception, it's not the stable coins, use your local currency instead.
...the more companies and even countries that legalize bitcoin the better the future of bitcoin will be.
Even if I know it's somewhat unlikely, but I also do want many other governments to be Bitcoin-friendly and prolly make it a legal tender in their country, but mind you that Bitcoins long term development isn't tied to that, if governments still do not want to see the benefits of the Bitcoin network and adopt it, the network will definitely continue to grow, till it gets to mass adoption, that's because Bitcoin has a use case, it's not like most other crypto that lacks a use case and are being controlled by a group of people, Bitcoin isn't that way, there are many reasons why people would want to use Bitcoin, and as such it's almost impossible that the demand will drop considerably, Bitcoin is going to reach mass adoption with or without most governments. 
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Why stable coins? Btc is not and never will be suitable for payments.
They already had their fiat which is a stable currency and also can use as an electronic payment, what is the purpose of using USDT? Besides, this centralized stable coin isn't trusted and I tend to agree with the comment above said, so I don't think they deserve to use it as a payment system aside from Bitcoin which truly gives decentralization.
For sure El Salvador knows this experiment they had, though is a little bit risky but to accept and make Bitcoin as a legal tender will surely give benefit to them someday and for sure many countries will do the same as what they did right now. IMO, their governments invested in Bitcoin to boost their economy someday and I think they already understand it.
How do you believe that El Salvador's government isn't aware of Bitcoin technologies and doesn't know which is the best for their economy? The cryptocurrency industry isn't evaluated based on the stable coin, mostly evaluated based on Bitcoin and other established coins. El Salvador adopting Bitcoin means they don't want to miss the decentralized cryptocurrency train. Is a stable coin is decentralized? Most stable coin minting whenever they want. It's not a decentralized cryptocurrency at all. It's just a built-in blockchain, not a true decentralization. The stable coin wouldn't help you to make you wealthy. There are too many technical differences between Bitcoin and stable coin.
The government of el savador officially accepts and invests bitcoin, this is a good thing for the development of bitcoin in the future, the more companies and even countries that legalize bitcoin the better the future of bitcoin will be.
clearly because cause and effect has occurred, with the occurrence of elsavador's acknowledgment to accept bitcoin as an investment and certify bitcoin as a legal currency in their country, will have a broad impact on the development of bitcoin.more and more countries will also have the same mindset as elsavador because they have already proven to benefit from bitcoin's rise. not to mention from institutions that see everything goes as expected, where profits are always shared which is directly related to bitcoin. this will make them more trust in bitcoin.
The government will have an already working policy to see to the development of a centralized stable coin that will represent they local currency on the blockchain.
El Salvador president stated something about that in it opening speech during the flag off of bitcoin as legal currency.
El Salvador president stated something about that in it opening speech during the flag off of bitcoin as legal currency.
Tether is being called as a huge scam which will bust some day soon but BTC is a very different thing. Just because USDT is pegged to 1 USD per coin doesn't mean banks will start accepting it as a payment method and announce it as legal tender. There are various procedures which such stablecoins need to pass to become a country's own digital coin. Bitcoin can be called Gold but it's even better TBH and El Salvador knew what they did and they're also buying more and more BTC to boost the adoption there. I can understand why you said that BTC can't be accepted as a way to store money, but that's what BTC was made for and it's not inflating anything but increasing the value of El Salvador itself.
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Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
I would like you to read the whitepaper once again and see what Satoshi says when he introduced BTCitcoin, even if you read the headline you will know that he created a peer to peer electronic cash system and not some bullshit hoarding asset used for mere speculation. USDT you mentioned is fishy as hell which is not even transparent and if you trust those centralized coins, good luck to you. Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Usdt are backed now with...
Eth solana tron those are gold( digital gold) so value of usdt is safe.
The traditional point of view is there with that answer, even though it is mentioning cryptocurrencies, and that is what is known as a paradigm shift, we are getting used to thinking about having bitcoin in the traditional line of thought.
It seems that there is no escape from these comparisons, having to get involved in the traditional comparisons, e.g the mentioning the digital gold should only be an explanation for comparison in the reference, but is not the absolute with the bitcoin.
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
They already have the USD, so why would they need USDT? They have a stable fiat (as stable as it gets, anyway), so what's the point of introducing a stable coin? Clearly, that's not what they were going for. They decided to go for Bitcoin because it raises attention and makes them crypto-friendly. That means (potentially) businesses moving there, and this means new jobs and revenue. Stablecoins would never do that. Also, it seems that they managed to adopt the Lightning network and show that it's a viable solution to use Bitcoin as payment. It's a risky experiment, but it might just bring the boost they so desperately need. Btc is not and never will be suitable for payments.
Neither will be eth/ tron ltc.. they are just digital gold reserveres once the banks start more usdt adoption then surely they will need digital gold such us btc they will need it most.
Btc are just digital gold (and its backing up usdt) you cant just mint usdt...it will inflate like a current fiat money.
For paymemts always good stablecoins.
Instead of btc they would just started using stablecoins.
Btc is not and never will be suitable for payments.
Bitcoin can have multiple use cases (using second layer and sidechains) and it's not a one trick pony.Btc is not and never will be suitable for payments.
Stable coins like USDT and all others are not really decentralized and they can be frozen by central authority, and it's question if they are backed by any fiat money in banks.
There is nothing really stable with stable coins or fiat currencies especially if they are not backed by anything, except maybe with military power and atomic bombs.
Ask citizens of Venezuela, Zimbabwe, Yugoslavia and all other countries that had hyperinflation in history how ''good'' and stable their fiat currency was, and if they were happy when all their saving was gone along with their buying power.
The government of el savador officially accepts and invests bitcoin, this is a good thing for the development of bitcoin in the future, the more companies and even countries that legalize bitcoin the better the future of bitcoin will be.
Instead of btc they would just started using stablecoins.
So far nobody (not just El Salvador) has been interested in shitcoins apart from pump and dumpers, that includes stablecoins. Countries like El Salvador have only adopted bitcoin as legal tender and nothing else. This is unlikely to change.
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Btc is not and never will be suitable for payments.
Bitcoin is, has been and will continue to be suitable for payments.Quote
Neither will be eth/ tron ltc.. they are just digital gold reserveres
The shitcoins you named are neither currencies nor "gold reservers" they are more like what penny stocks are, some short term trading tools that gamblers choose to make more profit on the amount of bitcoin they have.Quote
once the banks start more usdt adoption
Banksters may some day try to create a cryptocurrency of their own but they will never adopt USDT since they have no control over this centralized shitcoin, the company that runs bitfinex does.Quote
Btc are just digital gold (and its backing up usdt)
Bitcoin is a currency and it has nothing to do with USDT.Quote
you cant just mint usdt...it will inflate like a current fiat money.
YOU can't but the company that has full control over USDT can and has been minting however much they wanted to.Quote
For paymemts always good stablecoins.
No they are not. For payments either bitcoin is good if you want decentralized currency or if you want centralized currency you use banks or something like PayPal.Paypal is last thing i would use ever if ever.
People are now with use to with USDT that cant think that we would not have a usdt its cheap and fast in most cases not erc20 ones but over all its good.
Also the binance busd is good one
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