Will El Salvador become the "Home of Bitcoin"?

tiCeR

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Quote from: hichamito37 on July 18, 2021, 11:07:29 PM

The El Salvador government has created a great opportunity to make bitcoin a legal tender and use it as fiat in the country.This will be the premise for other countries to consider and accept bitcoin. make bitcoin more popular globally. But not because of that, El Salvador became the "homet of bitcoin". Bitcoin is decentralized, and Satoshi created bitcoin to want bitcoin to become a global currency.

But El Salvador would then be at the whims of global policy makers and markets. Yes one country has to make the first step, but what happens if they collect their whole taxes in Bitcoin for one year and then Bitcoin drops by 30%? It is possible that El Salvador once to speculate with Bitcoin, but it could go wrong as well.

Abiky

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Quote from: Wind_FURY on July 14, 2021, 03:45:52 AM

I believe everyone should also start researching on what Singapore, or Switzerland might be planning for Bitcoin and cryptocurrencies. Both of these countries are banking industry giants because of clean governance, and a network formed with other countries through Free Trade Agreements, which opens the opportunity for foreign investments.

Bitcoin is the next evolution of money. I believe the same trade agreements will be developed and implemented in both of these countries, and I believe they will be the leaders in the cryptocurrency industry. El Salvador as a country will never prosper because the government is corrupt.

El Salvador is a small country whose population consists mostly of poor people. Being a third-world country, I don't think it'll have much of an impact over Bitcoin's demand on the market. We should be able to see more countries join the game as Bitcoin becomes more popular over time. The more countries adopt Bitcoin as legal tender, the higher the price (and demand) will be.

Whenever El Salvador will become the "Home of Bitcoin" or not, will greatly depend on how many companies move their operations there. The China ban will force miners and companies to look for other countries with a friendly regulatory stance towards Bitcoin. As far as I know, El Salvador is not the only country that has signaled its support for Bitcoin. Japan is another country that has shown its willingness to embrace crypto/Blockchain tech for its own benefit. No matter which country adopts Bitcoin, all that matters is decentralization. As long as Bitcoin is able to remain as is, nothing else matters. Just my opinion

amihada

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don't be happy, it's true that elsavador country has legalized bitcoin but how long have they legalized bitcoin?
they quickly came to the conclusion that legalizing bitcoin in their country did not rule out the future of bitcoin in their country by quickly banning bitcoin.

Scarlett7777

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Quote from: Abiky on July 02, 2021, 09:05:05 PM

El Salvador is now the first country in the world to embrace Bitcoin as legal tender. This is good news for Bitcoin and cryptocurrency in general, because it increases mainstream adoption and demand like skyrocket. China's recent crackdown on Bitcoin, could force miners to move to other countries with a friendly stance towards it. El Salvador could see an increase in miner's interest as China and other restrictive countries lose luster in the world of crypto. Of course, the impact won't be that much because El Salvador is a third-world country. Yet, it's something better than nothing.

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why? Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell? Why do you think developed countries haven't done such a move yet? Your input will be greatly appreciated. Thanks.

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The El Salvador government has created a great opportunity to make bitcoin a legal tender and use it as fiat in the country.This will be the premise for other countries to consider and accept bitcoin. make bitcoin more popular globally. But not because of that, El Salvador became the "homet of bitcoin". Bitcoin is decentralized, and Satoshi created bitcoin to want bitcoin to become a global currency.

hardiksoni966

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Bitcoin may be dropping right now, but the interest in the coin has risen significantly in El Salvador since the President declared it legal tender. But will this lead to people heading over to live in the country? It certainly seems as though this is one of the aims of the move.

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Quote from: NeverSop on July 18, 2021, 09:57:28 PM

In my opinion, El salvado should not be called the "hometown" of bitcoin. bitcoin was not born with anything to do with El Salvado But the way they are friendly, trying to legally bid for bitcoin, it serves as a strong message of what they are "participating" in support to. confirm the effectiveness of bitcoin. That also makes a lot of sense. We shouldn't literally compare the matter too much, just support them to great success with bitcoin.

China once to be the Most mining country that produced Bitcoin but at any chance they are not being named as "Bitcoin Home"
and there are none who had that Title though some tries to name Singapore as Bitcoin Safe haven.

I think lets see in the future once we find where the Miners transferred their Mining operations since China had already having a Banning issues.

Quote from: lalabotax on July 18, 2021, 06:59:10 PM

Quote from: ropyu1978 on July 13, 2021, 06:36:43 AM

to make it el salvador as the home of bitcoin, I don't think it's time yet, considering they're a small country, haven't been able to do much

Do you underestimate El Salvador? I cannot believe that you say El Salvador cannot do much to Bitcoin. For me, El Salvador just did a big thing for Bitcoin, even it will be recorded forever in history. How can you think it is not a big thing? Although El Salvador is a small country, doesn't mean they cannot do much for the existence or adoption of Bitcoin in the world. El Salvador is a country, they have the power to make Bitcoin growing significantly. Moreover, if the reputation of Bitcoin is going to be better day after day.

I think it is not about how Big or Small the country is but it is about their Economy on how they can handle this kind of adoption .

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Quote from: lalabotax on July 18, 2021, 06:59:10 PM

Quote from: ropyu1978 on July 13, 2021, 06:36:43 AM

to make it el salvador as the home of bitcoin, I don't think it's time yet, considering they're a small country, haven't been able to do much

Do you underestimate El Salvador? I cannot believe that you say El Salvador cannot do much to Bitcoin. For me, El Salvador just did a big thing for Bitcoin, even it will be recorded forever in history. How can you think it is not a big thing? Although El Salvador is a small country, doesn't mean they cannot do much for the existence or adoption of Bitcoin in the world. El Salvador is a country, they have the power to make Bitcoin growing significantly. Moreover, if the reputation of Bitcoin is going to be better day after day.

Not because they are the first country to approve Bitcoin as legal tender meaning they are doing Big for the crypto and for their own economy .

Not because of them being recorded as first bitcoin country it will stand to favor them Highly.

El salvador is one of the troubled country so they are not expected to be working high that fast.

NeverSop

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In my opinion, El salvado should not be called the "hometown" of bitcoin. bitcoin was not born with anything to do with El Salvado But the way they are friendly, trying to legally bid for bitcoin, it serves as a strong message of what they are "participating" in support to. confirm the effectiveness of bitcoin. That also makes a lot of sense. We shouldn't literally compare the matter too much, just support them to great success with bitcoin.

BuNga_cute

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Quote from: cotton ball on July 13, 2021, 06:25:50 AM

Quote from: cheezcarls on July 03, 2021, 06:09:22 AM

In my opinion, the real home of Bitcoin is from Satoshi himself. Wherever hole he was during the time he created Bitcoin, that is the “real home”. El Salvador was just making Bitcoin a legal tender, and doesn’t mean that it’s gonna be the “home of Bitcoin”.

I agree with your opinion mate, if we say el salvador is the home of bitcoin, maybe if satoshi heard about this post I'm sure he would not accept it, because el salvador has only known bitcoin in these 2 years, while bitcoin has been playing for more than 10 years , so no one will accept a small country, and new to bitcoin, making it a home for bitcoin..

El Salvador must be admitted to have the courage to legalize Bitcoin as a legal tender, but that does not mean El Salvador can be called
the home of Bitcoin. I don't underestimate El Salvador, I'm sure if the government of El Salvador does a lot of improvement in their country,
but it is very difficult for the state of El Salvador to exert great influence. Moreover, as you said El Salvador has not long known Bitcoin,
they are still inexperienced with Bitcoin, the government of El Salvador still has a lot to learn about the crypto world. But what El Salvador is
doing must have prompted other countries to think about accepting Bitcoin as well, but maybe other countries are still monitoring the development of
the El Salvador economy after accepting Bitcoin as a legal tender.

lalabotax

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Quote from: ropyu1978 on July 13, 2021, 06:36:43 AM

to make it el salvador as the home of bitcoin, I don't think it's time yet, considering they're a small country, haven't been able to do much

Do you underestimate El Salvador? I cannot believe that you say El Salvador cannot do much to Bitcoin. For me, El Salvador just did a big thing for Bitcoin, even it will be recorded forever in history. How can you think it is not a big thing? Although El Salvador is a small country, doesn't mean they cannot do much for the existence or adoption of Bitcoin in the world. El Salvador is a country, they have the power to make Bitcoin growing significantly. Moreover, if the reputation of Bitcoin is going to be better day after day.

tiCeR

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Quote from: Wind_FURY on July 14, 2021, 03:45:52 AM

I believe everyone should also start researching on what Singapore, or Switzerland might be planning for Bitcoin and cryptocurrencies. Both of these countries are banking industry giants because of clean governance, and a network formed with other countries through Free Trade Agreements, which opens the opportunity for foreign investments.

Bitcoin is the next evolution of money. I believe the same trade agreements will be developed and implemented in both of these countries, and I believe they will be the leaders in the cryptocurrency industry. El Salvador as a country will never prosper because the government is corrupt.

It obviously is an evolution of money, but there is a good chance governments won't like this version. Same issue with the US, we will see how they are going to be dealing with Bitcoin once it grows even further. For now the USD is considered a global reserve currency, which makes it very comfortable for the US to just print money and buy stuff. That's what's happening all the time. But what is going to happen when Bitcoin becomes a real alternative, like so big that the US sees the urge to act against it? They won't embrace it forever I think. For now Bitcoin is still too small to threaten the reserve currency status of the USD. They could apply all kinds of shenanigans without even forbidding Bitcoin and still make it impractical to hold or use it.

Wind_FURY

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I believe everyone should also start researching on what Singapore, or Switzerland might be planning for Bitcoin and cryptocurrencies. Both of these countries are banking industry giants because of clean governance, and a network formed with other countries through Free Trade Agreements, which opens the opportunity for foreign investments.

Bitcoin is the next evolution of money. I believe the same trade agreements will be developed and implemented in both of these countries, and I believe they will be the leaders in the cryptocurrency industry. El Salvador as a country will never prosper because the government is corrupt.

ropyu1978

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the government of el salvador has legalized bitcoin, and has made bitcoin a legal currency, we need to support the el salvador government, because when other countries reject bitcoin, el salvador actually comes and graciously accepts bitcoin, but for us to make it el salvador as the home of bitcoin, I don't think it's time yet, considering they're a small country, haven't been able to do much, let satoshi be the home for bitcoin..

cotton ball

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Quote from: cheezcarls on July 03, 2021, 06:09:22 AM

In my opinion, the real home of Bitcoin is from Satoshi himself. Wherever hole he was during the time he created Bitcoin, that is the “real home”. El Salvador was just making Bitcoin a legal tender, and doesn’t mean that it’s gonna be the “home of Bitcoin”.

I agree with your opinion mate, if we say el salvador is the home of bitcoin, maybe if satoshi heard about this post I'm sure he would not accept it, because el salvador has only known bitcoin in these 2 years, while bitcoin has been playing for more than 10 years , so no one will accept a small country, and new to bitcoin, making it a home for bitcoin..

Dhoe

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Quote from: Mr.sprin on July 10, 2021, 02:45:34 AM

El Salvador is indeed the first country in the world to accept bitcoin as a legal tender but that doesn't mean El Salvador is the home of bitcoin, maybe later there will be another country that legalizes bitcoin. Is that country also called a home for bitcoin?

it's true as you say, we shouldn't say el salvador is the home of bitcoin, maybe later other countries will legalize bitcoin, actually bitcoin doesn't have to have a house, because all of us in this forum, can be a home for bitcoin,

perfect999

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Quote from: Abiky on July 02, 2021, 09:05:05 PM

El Salvador is now the first country in the world to embrace Bitcoin as legal tender. This is good news for Bitcoin and cryptocurrency in general, because it increases mainstream adoption and demand like skyrocket. China's recent crackdown on Bitcoin, could force miners to move to other countries with a friendly stance towards it. El Salvador could see an increase in miner's interest as China and other restrictive countries lose luster in the world of crypto. Of course, the impact won't be that much because El Salvador is a third-world country. Yet, it's something better than nothing.

Probably cryptocurrency businesses might be moving their companies to over there because Bitcoin was declared a legal tender. I think before any company decides to move to that place, they will have to be considering a lot of things and whether the environment and relocation to that place is going to favor them. So it’s not going to be that easy. Maybe they can just decide to open another office in that location, if they want to.

Anyways, it’s a good thing that El Salvador declared Bitcoin a legal tender. The reason why it’s not a big news in the cryptocurrency space is because it’s just a small country. But I believe this might inspire other countries that wants to do the same to go ahead with it.

bitterguy28

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Quote from: Slash61 on July 12, 2021, 08:54:57 AM

Quote from: awik p on July 12, 2021, 07:42:57 AM

Of course, the policies of the government are based on the needs of the majority of the population, and I think the pros and cons there are still there, but it seems that all the people there must comply with government regulations. and I think there will be many advantages which will become a reference for bitcoiners to stop by, so that the prosperity of the country will increase

because it is a regulation from the government of course all the people must follow the regulation.
although later some agree or not, when the regulations are made non-binding forcibly, I don't think it will be a problem. even most think it is the best chosen by the government.

Yeah and it will be the process in the future if the people really loves this regulation or not but for now things must be followed and they will make some actions of hates when this does not help their economy for this.

Wind_FURY

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Quote from: awik p on July 12, 2021, 07:42:57 AM

Quote from: Wind_FURY on July 12, 2021, 02:57:04 AM

Quote

77% of the population do not consider it to be good decision to make bitcoin a legal tender there.

That’s not good. Plus there’s Article 7 in El Salvador’s Bitcoin Law that states, “ Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service”.

I believe El Salvador should never force their citizens like that. Support it, and make it Legal Tender, but force it? No, that’s not what it’s supposed to be. Bitcoin should be used according to its own good, not because citizens were forced to use it.

Of course, the policies of the government are based on the needs of the majority of the population, and I think the pros and cons there are still there, but it seems that all the people there must comply with government regulations. and I think there will be many advantages which will become a reference for bitcoiners to stop by, so that the prosperity of the country will increase

The prosperity of a country is not assured just by forcing a country to use a technology that their people are currently NOT comfortable of adopting yet. Encourage the use of Bitcoin through giving tax breaks, but the El Salvadorian government should never force anyone to use it.

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Quote from: Slash61 on July 12, 2021, 08:54:57 AM

Quote from: awik p on July 12, 2021, 07:42:57 AM

Of course, the policies of the government are based on the needs of the majority of the population, and I think the pros and cons there are still there, but it seems that all the people there must comply with government regulations. and I think there will be many advantages which will become a reference for bitcoiners to stop by, so that the prosperity of the country will increase

because it is a regulation from the government of course all the people must follow the regulation.
although later some agree or not, when the regulations are made non-binding forcibly, I don't think it will be a problem. even most think it is the best chosen by the government.

Surveying is not exactly the same thing as voting or bitocracy. The government still relies on many other factors before integrating and issuing a regulation. Regulation is an essential tool to govern the country, its citizens. It depends on the position of each country, even China, North Korea, they are very resolute and almost imposing.

Quote

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"?

Although El Salvado has succeeded in legal tendering and legitimizing bitcoin into their economy and regulation, they are still a small country, their appeal is still modest but anyway I agree with the name of the homeland after what they have done.

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