Topic: Will El Salvador become the "Home of Bitcoin"? - page 5. (Read 970 times)

Well with the rate at which they are going and the level of which they are including the use of btc to be legally used for transaction I would say definitely yes, El Salvador is making name and putting itself on the spotlight for the rest of the world to see,  one step at a time, the most important thing is recognising btc importance and willing to adopt it for better, secure and faster transaction, this single act can draw the attention of btc lovers who only want to spend btc freely to that country, am soon great economic changes will start happening in El Salvador.

I think no. El Salvador may even abandon its bitcoin decision after a while. Because it has a very dangerous side. Countries like America, England cannot survive if they do not support bitcoin.

I do not know if this will happen but there is one thing I know, El Salvador is actually trying to achieve this, the president of this country is leaving no stone unturned and is doing everything they can to achieve this, it seems he understands the end game, the days of the US dollar as the hegemonic currency of the world are coming to an end and something else will have to take its place, and it seems he thinks bitcoin could be the currency that does and he wants to get in as soon as possible.

Being the first country to accept Bitcoin as a legal currency, this put El Salvador on the light compared to other countries. This may be the primary reason why it can be called “Home of Bitcoin”, but as soon as other countries follow its footstep, which is still in question of happening, the title would most likely be fought for and certain criteria will be set forth.

yes bitcoin is made comfortable in the country of el savador, so it is fair to say that this country is the home of bitcoin, because the government really provides a great opportunity for bitcoin to be used the same as its currency. Of course this is obviously good news at least that many other countries will probably give recognition although not as freely as with el savador but this is a step forward.

Of course, if for the US it is clear that it will not provide the same freedom as El Salvador, you are right, because you collide with their US$ which is still very much needed. but the US has no prohibition and there are many places that can accept bitcoin so actually that is also recognition but maybe the portion is different, as well as other countries.

When EL Salvador voiced their country to legalize bitcoin as a legal payment, it could be said for now it could be a "Bitcoin house" but if more and more countries legalize it will definitely change the criteria that will be taken to become a comfortable home for bitcoin,

It might be for now because there might be another country who will do the same thing that El Salvador did . Ohhh wait, what does "Home of Bitcoin" even mean .
Now regarding Bitcoin as a legal tender in the future. With this move by El Salvador, it might create a domino effect towards other 3rd world countries as well. Bitcoin might be used as a legal tender in the future aside from the usual fiat currency that we are using.

Now with China banning crypto mining, they might as well migrate and move to El Salvador. If they really want to mine there for sure there will be some who will do this.

although this is too early to tell, I believe El Salvador will be the 'home of Bitcoin'

El Salvador was the first country in the world to officially announce to the world accepting Bitcoin as a legal tender, so El Salvador deserves to be called the 'home of Bitcoin'. Judging from the consistent attitude aimed by the current president of ES I believe Bitcoin will be accepted there forever, under his leadership.

el salvador will indeed be the home of bitcoin, but to say that other countries will follow el salvador's steps, it is very unlikely, because developed countries like America do not want to take risks, because their usd currency is still very valuable, and is still needed by other countries. .

El Salvador is using Bitcoin hoping that Bitcoin will do something for them. As a community, it would be stupid for us to pin hopes and expectation on them to do something for Bitcoin. The only interesting thing is that Jack Mallers and his team get to provide an LN wallet and access to Bitcoin to 6 Million people. If the infrastructure works well enough, that'd be a win.

Already they have had problems with wallet functioning and ATMs. This isn't something wrong with bitcoin of course, its just the glitches that come with any sort of infrastructure development. Every day on Twitter, we get to watch videos of adoption in small restaurants and people acknowledging that Bitcoin gives them a way to save.

The best outcome would be if more companies go and set shop there. It is easy to say so when its already someone else doing it, or some passionate kid who couldn't stop himself from crying on-stage while expressing his dreams about helping the people. For example, Almost everyone of us "hopes" that someone will go and set shop there. Yet, only a miniscule percentage would actually dare to do so themselves. It is time for basic economics to work. If favorable legislation and tax regime would make it profitable to run Bitcoin/ crypto businesses from El Salvador, we'll see a rush of companies and improvement in livelihoods of people there. That is the best we can hope for.

Other countries are very cautious in following the government of El Salvador because they are also avoiding sanctions which the IMF will impose on them that they already raised issues because of it. The world bank also refuses to help the country with this BTC transition.  If the El Salvador government is able to push through despite all the struggle, I think it will be a glorious achievement for them and the crypto community.

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”.

It could be as El Salvador use bitcoin for legal tender and it could attract the other country will use bitcoin legally. Other countries will adopt bitcoin as a legal tender in the future and that will only a matter of time to see bitcoin will become legal in many countries. It is too early to know what other countries will do related to El Salvador and we should give them time to decide. The developed countries will follow El Salvador's moves, but maybe the pandemic will still be their priority to solve.

Chinese miners move to El Salvador? Well I’m not sure we’re going to watch those scenes unless they’re offered an extremely low price for electricity, but despite their president’s announcements about volcanic energy, I’m not sure they can provide enough energy for such demanding operations without jeopardizing national electricity supply.


You ask almost identical questions as in your previous topic :


The answer is still the same - do you think that any country in the Western world or maybe Japan will give up its national currency or declare Bitcoin a legal tender? I think it’s time to stop asking the same questions you’ve already gotten answers to, it really doesn’t make sense...

El Salvador is the first country in the world to legalize the digital currency bitcoin the decision was taken by the country's congress despite warnings from the international monetary fund it will bring financial inclusion investment tourism innovation and economic prosperity to our country buckley said in a tweet shortly before the congressional vote which is controlled by his party and allies. He added that the use of bitcoin which would be alchemical would not pose a risk to users as a legal tender it will go into law within 90 days.

But we may consider Miners transferring their operation in El Salvador and also big traders do the same.

since the Bitcoin is now functioning as fiat in that country , i believe that Migration will come soon to that country.

No because there is not such thing as "Home of Bitcoin" in a decentralized currency. It is global and without any home or you could say the whole world is the "Home of Bitcoin".
What El Salvador did is only going to put them ahead of everyone else in the world in bitcoin adoption timeline.

Japan accepted bitcoin as a legal way of payment not a legal tender. There is a small difference that someone explained to me recently but I still can't explain it myself

That's if the people even adopt it or even like the idea of using it then there's a chance that they won't be entitled to the title of "Home of Bitcoin", they have to prove themselves first before anything else, remember that most countries still have some poverty in them and not everyone will be able to fully grasp the usage of the 30$ bitcoin.

If El Salvador becomes successful on using Bitcoin as legal tender, then yes it can become "the home of Bitcoin". It is planning to buy 140 million-dollar worth Bitcoin and to distribute $30 for each El Salvador citizen. This can help people start using Bitcoin definitely.

But El Salvador uses the U.S Dollar as its FIAT currency, therefore it has no control
over it, they would have more of an infleuence on Bitcoin if they continue "supporting"
its adoption from useage to mining than they have on the U.S Dollar.


I agree, this is something I have been thinking but never got the chance to articulate
it here on the forum. El Salvador has been a third world country forever, The new
president Bukele has done something radical, what is the alternative? continue with
the $ in the face of rising inflation and a weakening currency taking the country
from poor to poorer? This is the chance to lift the country higher if it is handled correctly.