Topic: Will El Salvador become the "Home of Bitcoin"? - page 2. (Read 970 times)

Not surprised by the results. Here in India, if you take out a similar survey, then you will get almost identical results. The mainstream media here always paid cryptocurrency in a bad light, always linking it with criminals and drug trade. The younger generation (especially those in their 20s and 30s) is more receptive, since they are no longer dependent on the mainstream media to get the information. But the issue is that the decision makers (politicians, bureaucrats.etc) are almost entirely from the older age groups.

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.

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

Don't think so, there's not that much developed infrastructure there that are tech related or bitcoin supportive, they might be a hub for cryptocurrency but I don't think that it's going to be a home plus having a home for bitcoin isn't ideal because it implicitly implies that it's centralized and it favors a certain country, bitcoin is for everyone regardless of borders and race.

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.

Just to add some insights provided by a survey by Disruptiva on 1233 locals, concerning the Bitcoin Law:

The survey consists of over 30 questions, of which the following seem relevant to me:
-   77% of the population do not consider it to be good decision to make bitcoin a legal tender there.
-   64% are not willing to receive their salary in bitcoins.
-   Nearly half of them do not know anything about bitcoin. 48,2% declare knowing bitcoin somewhat, and 4,9% state they know a lot about it.
-   75% have got a smartphone to connect to the internet, but 23,5% have no means to connect.
-   67,14% of the respondents that were also merchants, declare that they are not willing to receive payments in bitcoin.
-   60,7% are not in possession of a bank account, and 67,5% do not have a bank card (credit/debit).
-   95% believe that the dollar gives them financial stability (vs 1% that believe bitcoin will).
-   Only 2,5% of the respondents have experience performing crypto TXs previously.
-   40% consider the Bitcoin Law favours large companies/businessmen.
-   25,6% believe bitcoin will improve the economy, but 43,6% believe it will make it worse.
-   The more the age, the less people know about bitcoin, and the less positive they are about it.

Quite a bit of pedagogy is still going to be required over the coming months, and at a fast rate too …

See (In Spanish):
https://www.disruptiva.media/los-salvadorenos-opinan-sobre-la-ley-de-bitcoin-aceptan-y-reciben/

Wasn't Puerto Rico also called the home of Bitcoin a while ago?

I think it is good to see these smaller states now make first moves towards full integration of Bitcoin. It's comparable to ships. If you have a small ship you can more quickly adapt to or even initiate change. There is less to lose for these states. I wouldn't say they are braver than other, stronger nations. The bigger nations just have trouble to transition. Making Bitcoin legal tender doesn't sound to me as if it were to have any severe impact, but we will see and it will be interesting to observe if it does have any impact on El Salvador at all.

That’s because El Salvador is currently welcoming it, what if it will spit it out next year?

Plus the point is not choosing between China and El Salvador, it’s to choose NOTHING between the two. They need Bitcoin, whether they want to actually use the technology, or want to merely profit from it by purchasing it then selling it later. Both options are A-OK, but Bitcoin doesn’t need a home, it will never need a home.

I believe the OP's "home" means the most friendly, safest country for Bitcoin and its holders
in world history, El Salvador has listed itself as "the first country in the world to recognize Bitcoin as a legal tender"

China is indeed an important place for Bitcoin, but after BTC miners were banned there, China was nothing

I agree that bitcoin doesn't need a free bitcoin house, no one can control it, including the one who created bitcoin, Satoshi Nakamoto, the country of El Salvador was indeed the first country to accept bitcoin but there is no guarantee that in the future the country of El Salvador will still accept bitcoin in their country.

Of the two, I would probably choose El Salvador more than China, remember how they cracked down on the miners in their country? That's not the characteristic of a country that we should call the home for bitcoin, it's quite the opposite because it's more a warzone for bitcoin or even cryptocurrencies in general. I think that if El Salvador delivers what they promised to do and did more than expected, probably some might consider giving that title.

Why should El Salvador be THE “Home of Bitcoin”. Did everyone already forget China? The El Salvadorian government can easily cast Bitcoin away too, just as simply as they welcomed it, and gave it a “home”. OP, Bitcoin doesn’t actually need a home.

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?

I personally think that the reason why El Salvador has set Bitcoin as legal tender is because it has lifted the shackles of great powers. He may be a "safe haven for cryptocurrency", but the area of El Salvador is not suitable for mining, but he was the first to say that Bitcoin is legal. Currency countries, this will make everyone think of El Salvador when they talk about Bitcoin, which also has many benefits for El Salvador.
In the future, other countries may also declare Bitcoin as legal tender, but these should only be small countries. Developed countries only allow Bitcoin to be used. They cannot control Bitcoin, nor can they stop Bitcoin. After all, currency is the lifeline of a country. If the country does not grasp the economic lifeline, resources will be difficult to coordinate, and the significance of the country's existence will be weakened.

maybe it's true as you say mate, because for now you can say el salvador is the home of bitcoin, considering that el salvador was the first country to legalize bitcoin, and accept bitcoin as a legal currency, maybe el salvador will receive a lot of pressure from other developed countries ,because it has legalized bitcoin,

The agitation of El Salvador of becoming the home of Bitcoin is a good example which other countries that had been again the existence of Bitcoin needed to embrace. Although this is a small country compared to others that have high population density showing the world of the need to adopt Bitcoin as a payment system. I believe that is just the start for other countries to look into the importance of adoption of Bitcoin which could have a good effects on the economy of a country as a good source of revenue.

If more countries adopt Bitcoin as a legal means of payment system, it will really help the cryptocurrency market in general increasing the market cap of Bitcoin. Adoption of Bitcoin can also increase the more participants in the market making it stronger and resistance to cheap manipulation.

Yeah, El Salvador is not somebody when it compared how China and the US influence the market but at least we are seeing them adopting the new system which can contribute small things at least. Because if this small country accepts and legalizes Bitcoin, that might possible the other small countries will look into it that way also.

But I think that people had already learned and ignored FUDs especially those coming from China. As we can see, the market never drops badly, Bitcoin still at a high price ranging from $32k -$36k for several weeks, that will something to tell that people already manage to stay calm despite those FUDs.

For now, we can consider El Salvador as the home of Bitcoin since this is the first country to allow the use of Bitcoin and encourages its citizens by giving free giveaways. We don't know if home change again once a powerful country allows its citizens to use Bitcoin openly like El Salvador. I think even it would be a potential home for Bitcoin if all the miners from China and other countries move to El Salvador. No doubt it will improve El Salvador's economy. To be honest I didn't even hear about El Salvador before they accept Bitcoin. So now think how many people like me weren't aware of El Salvador. To me, it's Bitcoin home till now, but it would change at any time like Bitcoin price.

In fact this is even bigger than just legalizing bitcoin, the fact that now bitcoin is a legal tender at El Salvador means that if someone wants to pay you with bitcoin you are forced by the law to accept it as a form of payment, this means the government is not only allowing bitcoin within its territory now the people have the obligation to accept it, this is a huge difference and the best part is that those transactions do not generate a taxable event as they do in many other countries.

This article states that merchants are not required to accept Bitcoin if they don't have the technical equipment to do that. To begin with, it was necessary to equip all sellers with bitcoin terminals before the law was passed. El Salvador decided to hype...