Topic: Will El Salvador become the "Home of Bitcoin"? - page 6. (Read 970 times)
No, it's not gonna do that. El Salvador is not so big and powerful to make such a big influence. But they did a good job and started a process of adoption. I think we'll have another country or even countries this year who's gonna make same move.
No country in the world can be "home of Bitcoin",because Bitcoin is designed to be a truly global currency.
Thinking that the Chinese crypto miners will move to El Salvador is simply naive.
El Salvador doesn't have the resources and can't produce lots of cheap electricity.Also the weather in El Salvador is very hot and the mining facilities need lots of cooling.
Nobody knows whether or not other countries will join El Salvador and accept Bitcoin as a legal tender.
Bitcoin adoption in El Salvador doesn't have any significant impact over the global Bitcoin adoption.
Thinking that the Chinese crypto miners will move to El Salvador is simply naive.
El Salvador doesn't have the resources and can't produce lots of cheap electricity.Also the weather in El Salvador is very hot and the mining facilities need lots of cooling.
Nobody knows whether or not other countries will join El Salvador and accept Bitcoin as a legal tender.
Bitcoin adoption in El Salvador doesn't have any significant impact over the global Bitcoin adoption.
I don't think so, they might be making bitcoin a legal tender but they aren't a big country or even have a big city like say Shenzen in China, Tokyo in Japan or Seoul in South Korea. What bitcoin needs to find it's home is to flourish on mega cities like the three that I have mentioned and not just mega city but they also have to be highly technology dependent or technological hub.
What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why?
It was a really bold move from El Salvador and has gotten lots of crypto enthusiasts talking about how much it could affect the growth of Bitcoin and the country as well.About becoming the 'home of Bitcoin', I do not think such a country would actually exists. Bitcoin exists everywhere with no bias as the network is universal, anyone, from anywhere, can use it the way they please.
Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell?
Possibly this move would spark a wave of legal adoption of Bitcoin as a currency. Every new epoch in Bitcoin's history, started with a seemingly small move which laid the foundation for further growth.Why do you think developed countries haven't done such a move yet?
Developed countries are more concerned with the strength of their national currency and its usage in foreign trades, adopting Bitcoin would likely weaken that position, making it more difficult for them to make such a move. 
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.
there are even one of the worst in Law Enforcement and the security also.
with this Miners and Bitcoin traders will be having second thoughts on this matter so becoming the "Home Of Bitcoin" can be there but not this soon.
There are no crypto gains taxes, so at the very minimum if things remain as they are El Salvador will become yet another crypto safe haven country.
I was wondering if the electricity cost in El Salvador would actually catch an interest from the Bitcoin miners. Until I found this https://www.google.com/amp/s/www.independent.co.uk/life-style/gadgets-and-tech/el-salvador-bitcoin-mining-volcano-b1863065.html%3famp
This could be a revolutionary move from the country like El Salvador if they could really provide a clean and renewable energy source. This won't just attract Bitcoin miners, but could attract even more investors as it will counter the FUD about how Bitcoin mining consumes too much energy.
Let's give it a few years for this country to develop to be considered as a "Home of Bitcoin".
This could be a revolutionary move from the country like El Salvador if they could really provide a clean and renewable energy source. This won't just attract Bitcoin miners, but could attract even more investors as it will counter the FUD about how Bitcoin mining consumes too much energy.
Let's give it a few years for this country to develop to be considered as a "Home of Bitcoin".
Well Japan has made Bitcoin as legal tender as well, and there are a lot of stores that are accepting it but still far from the bitcoin adoption that we wanted to see. The difference is that El Salvador is a developing country, so there's a lot of things that can really happen to Bitcoin in that country. Maybe we can see a full blown used, people just spending it there like local currency. So it might be be home of Bitcoin in the next 2-5 years and hopefully many countries around it will follow too.
Though it is not a country with the "classic" life and being third world does not mean it has no potential. Consider El Salvador as an empty box where you can put endless things and craft it the way you want. If crypto miners starts establishing farms in the El Salvador then it could bring business to the construction companies, IT sectors, Internet providers, the people working in this sector can get employment.
On the far side it can also drive skilled population to the area.
Who knows this may become another level of colonisation per se.
I mean this is out of the box thinking. If dessert was upgraded into high standing sky scrapper then why not a third world country into advance crypto farming base?
On the far side it can also drive skilled population to the area.
Who knows this may become another level of colonisation per se.
I mean this is out of the box thinking. If dessert was upgraded into high standing sky scrapper then why not a third world country into advance crypto farming base?
First of all, El Salvador will not become the home of Bitcoin. El Salvador is not a world power and cannot play a leading role in the international mainstream. Second, as the first country to use Bitcoin as legal tender, El Salvador is not mandatory to use Bitcoin. The transaction is optional with the U.S. dollar, which greatly reduces the use of Bitcoin in El Salvador. In the future, it is unlikely that other countries will use Bitcoin as legal currency. Currency is the lifeblood of the country's economy, and the country should not easily hand over control to virtual currencies.This is my personal opinion.
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.
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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