Bitcoin Forum

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. :)

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.

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.  :D

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?

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.

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 (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".

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.

Possibilities is always there mate , but the problem is that we also Knew how the government and economy of El Salvador stands now.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 :)

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.

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.

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...

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.

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”.

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.

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.

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. .

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.

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 :D.
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.

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,

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.

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.

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.

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.

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.

Not only El Salvador but i think Japan too is making bitcoin a legal tender too. Bitcoin is widely accepted as a currency in Japan. Hopefully, El Salvador will be considered a home for bitcoin since there are a lot of bitcoin users who are planning to migrate in El Salvador wherein they can make use of bitcoin freely whether to purchase goods or services or just keep it as a good source of investment. And what is making it a good news is the expectations that more countries will follow El Salvador's bitcoin path.

I hope so too, and El Salvador may not be the only country making bitcoin legal tender this year and a bill proposed in Paraguay this week would make Paraguay the second country to accept bitcoin as a legal Payment, and be able to accept tuition payments with bitcoin.
and Tanzanian President Suluhu Hassan told the country's chief financial officer to set up cryptocurrency, and for now there will definitely be pros and cons to accepting bitcoin as a legal payment in every country, and as time goes on we don't know the progress.

It is obvious that we feel excitement since the country of El Salvador accepted bitcoin as a legal tender.
We have also noticed that other countries in Latin America have shown interest in following in his footsteps. But I think it will be something as spontaneous as what is happening with business owners and industries such as a Spanish Brewery called Cerex: 🇪🇸

The way I understood it, things don't officially change until September, I believe.  That's when everyone would be compelled to accept BTC.

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In Japan, anyone is free to choose whether they accept BTC as payment or not.  In El Salvador, the law will effectively mandate that you must accept BTC if you have the means to.  Also, any resident of El Salvador will be able to pay their taxes in BTC, which I'm not sure you can do in Japan.

If the implementation in El Salvador will show positive feedback from its citizens, I believe, other nearby countries will really follow their footsteps.
But it is too early to identify El Salvador as the "Home of Bitcoin", because we need also to clarify what entails to be recognized as such.
And it is good for the btc market if other countries will follow thru. That means more adoption and so it will influence the price of btc in the market.
In the next coming years, let's hope that there will be more countries that will openly accept crypto.

Well to say that El Salvador is better than nothing is quite pejorative in case there were some special requirements of rank to be the first country to adopt bitcoin, come on! that according to the use of bitcoin in what it represents as a revolutionary idea, there is no better candidate than El Salvador, in fact it happened thanks to the revolutionary idea of a new leader with vision.

And in general, politicians who stop being political and want to have revolutionary thoughts and ideas are left alone, it is really not that easy for any country to make the decision of El Salvador, in that sense that 20 more countries like El Salvador adopt bitcoin, the Status Quo of the country that does it doesn't really matter.

it is only natural to give a title to an institution especially a country that has made a good contribution to bitcoin so that it is given an unwritten title and becomes the talk of the crypto community as a "bitcoin house" which is appropriate and is no problem.

the contribution made by the state of elsavador is very commendable not only as a term but can indeed be used as a good example for other countries. because of this good example, if it transmits to other countries, then the crypto community is clearly lucky because the price of bitcoin will be able to increase amid prices that are indeed being corrected

Why do you think El Salvador will abandon its decision and what is the dangerous side you are talking about, if they allow a pseudo transparency currency, the government could monitor every transaction made and most probably they will be providing their centralized wallet and why you think that US and UK cannot survive without Bitcoin. I just want to know your thoughts behind this statement.

Once El Salvador's involvement on bitcoin's become successful, considering that they are the first country that officially regulated the use of bitcoin and other crypto, there's a high chance that it will be declared as the first home of bitcoin. Actually, it is still too early to tell since El Salvador just recently gave life to their plan. Those other countries haven't tried doing the same thing yet because they are well aware of the risk they will meet once they commit on it. They are playing safe and now that El Salvador made a move, they can use it as a guinea pig to see if it is really effective on improving a country's economy.

While I am more sided with the "it's still to early to tell," I am still a bit leaned on agreeing that El Salvador will be the home of bitcoin this is because it was the first to openly announce its great support for Bitcoin and altcoins maybe in the future. Which means that El Salvador will be the very first country becoming an official go-to place for crypto businessmen or fleeing crypto enthusiasts. This will go down in history and will be a huge advantage even when other countries decide to follow the steps of El Salvador.

Probably they will become the home of bitcoin since they're the only one who accept bitcoin as legal tender, and once other countries implement such way as well because of el savador views,  then they all need to give credit and accept the fact that el savador is not just the home of bitcoin wherein the paradise of crypto currency, because you know there's alot of crypto in the market that has a good technology like bitcoin, so in the future i know when el salvador  become successful surely they will add another crypto as a legal tender as well.

Not El Salvador or any country will become home of bitcoin, because bitcoin is not depended to any government or country actually that's what decentralization means. In the other hand, El Salvador doesn't have the enough power and enough potential for it. Many miners from China and other other countries are moving to another countries but I guess El Salvador will not be a destination for the miners. However, since the government shows positive signals to bitcoin and bitcoin miners, there will be a better situation for miners comparing to the similar countries.

I agree with those who say it's hard to happen. El Salvador isn't an independent country. It fully relies in foreigner income to maintain themselves. As we can see they use dollar and don't have a national income, more than 20% of the country's income come from other countries and more recently they made a partnership with China, receiving investements from the asian country.
A country so dependent on others can't become bitcoin's home, because bitcoin demands independency and autonomy (and a plentiful source of energy as well, what I think El Salvador doesn't have).

Actually, after seeing the partnership between El Salvador and China something started smelling really bad. I don't know how bitcoin would fit on that situation. A bitcoin friendly country involved with a country which banned bitcoin. ???

I agree that no single country will be the home of Bitcoin, because Bitcoin cannot be controlled by anyone. That's why Bitcoin is getting support
so quickly, imagine Bitcoin is only 11 years old but its development is very fast. This is because decentralization is needed by a lot of people,
because Bitcoin can provide what fiat cannot. This is what makes Bitcoin increasingly popular today, El Salvador is indeed very open to Bitcoin,
so it can be the right destination for big miners. Hopefully what El Salvador is doing can be followed by many countries, so that Bitcoin can grow
even more.

El Salvador adopt bitcoin as a legal tender because they dont have their own currency but it doesnt mean it will become the home of bitcoin. Its just that you can freely use bitcoin there whatever transactions you made as long as the recipient is willing to accept it and thats the advantage if you live in that country and you're a crypto enthusiast. We know some countries are still not open to adopt bitcoin because it is decentralized which cant be controlled. They rather create their own crypto that can be controlled than to adopt btc, thats what I think.

El Salvador wont be the Home of Bitcoin. It is just a small country. It's not like America, Japan and Singapore etc. The economic foundation is not strong either. It should be that the government has given more consideration to the economic benefits that crypto investors will bring to this country. It is difficult for us to judge whether this is a long-term implementation policy or it will change in next five  or seven years.

Your post is really funny. Here you are comparing El Salvador with Singapore and claiming that the former is a small country. For your information, the resident population of El Salvador is double that of Singapore and even the diaspora population is equal to the total population of the latter country. But I agree that in terms of economical strength, Singapore may be ahead. But that doesn't mean that the situation will remain just like that for the next few decades. The president (Nayib Bukele) has implemented a string of popular reforms. Crime rate has decreased and the economy is surging. And on top of that, they are the first country to officially recognize Bitcoin as the legal tender, and this will guarantee their future economic growth.

We never knew mate , Because they are the experimental country that goes adopting Bitcoin as their Legal tender so this is very early to tell if they will become the home of bitcoin or not.

we have to observe and look the long term effect and besides the adoption just happened weeks ago .

Lets wait and see for at least year or so before finally tell that they are the Home or not.

this is a very good step, because el salvador has legalized bitcoin, and already plans to make bitcoin a legal currency, but if you make el salvador the home of bitcoin, i don't think it's time yet, because considering el salvador is a small country, el salvador definitely can't do much, because it will definitely get pressure from developed countries,,,

will el salvador be the home of bitcoin, i think it is still too early to say el salvador is the house of bitcoin, even though el salvador has legalized bitcoin, i think there is still a lot of work to be done by el salvador, to deal with any pressure that comes from other parties ,

if el salvador makes bitcoin the home, i am very sure that developed countries will definitely criticize el salvador, i think el salvador is also not ready to accept criticism from developed countries, because small countries certainly do not have enough mentality and experience or strength to face or reply to criticism made by developed countries, but the step of el salvador who dared to legalize bitcoin, we need to appreciate..

I agree because the country is not fit for it right now maybe in the next years because we have seen how world power changes overtime. However, when we speak as of this moment, even though the whole country will use bitcoins as their means of payment, they only called some country who allowed to use bitcoins. Unlike when we have some major countries that will have some advance technologies and some huge industries in it and they decided to give it a try like what the El Salvador did, then we can say it is the Home of Bitcoin since the trade and popularity will matter when that happened.

There should have been big tech companies that support BTC in the city to make the city home of BTC. There are cities like Miami or Wyoming that's been a leader of finance which I guess could be a home of Bitcoin. Senator Cynthia Lummis had been supporting Bitcoin all the way and she is very open to making Wyoming the center of cryptocurrency like Bitcoin. I think there are better candidate which already have a good marketplace and crowd for adoption.

El Salvador could be one, that's why Bukele promoted their country which attracts BTC companies to have a permanent residence with just 3BTC.

The home of bitcoin is this earth, looking at it on the positive side, I think we're going to move towards a consensus through some means.
Maybe a future with modern technology will flourish, and I believe blockchain is as important to life as bitcoin in the future.

That's truly an innovative approach from El Salvador. I'm amazed by how a third-world country like El Salvador decided to "step up" and do the right thing for its economy. By adopting Bitcoin as legal tender, the negative effects of Fiat's inflation will have no impact on the country's economy. Using volcanoes as an energy source for Bitcoin miners is a pretty smart move. This could lower electricity costs as we speak, attracting miners from other countries in return. I'd imagine miners flocking from China to El Salvador, making the latter the new "Home of Bitcoin". Who knows what will happen 5 to 10 years from now? Just my thoughts ;D

The surprising thing is that this came out of nowhere, I mean if someone had asked me a few months ago which will be the first country to adopt bitcoin as a legal tender I would have never thought of El Salvador as being on the top 5 and yet here we are, this shows their leaders are actually looking at the future and they are doing what is best to their people, if they can match this with friendly regulation to crypto related businesses then we could see a massive amount of money moving to the country.

It would be incredibly hard to convince these people to go to El Salvador no matter how green or cheap the energy is. El Salvador is still not the most politically stable countries. Miners are mostly thinking long term and will not want to set up shop in a country that still doesnt entirely have its shit together.

I would love to see miners go to El Salvador, as long as it works for THEM!

We hope so too, although currently receiving some rejection from various countries in the world, it will become the home of bitcoin in the country of el salvador, thus the pessimism of investors can be less treated by what is done by the el salvador country how to adopt bitcoin as currency money that is legal in their country, and we hope this will actually happen

EI Salvador governments and central bank already created a better opportunities for Bitcoin users. They already set up serval bitcoin mining and ATMs in his country. Early September they functionally will start Bitcoin uses.

The fact that the president is making so much effort into making bitcoin the number one payment method in the country, and moving it to the digital age is an inspiration, sure El salvador is not one of the biggest countries that are powerful, and to be honest i didn't even know it existed up until now, and to see how people all over the world are talking about it, puts it under the spotlight and makes people want o know more about, will it become the bitcoin capital the answer is no ,because bitcoin is decentralized and can't be confined to one place, but it gives motivation and inspiration to other small and big countries to follow its steps.

It is difficult for any country to escape the law of the jungle. El Salvador is just a small country and cannot represent the mainstream of the world. It is more like the first person to eat crabs. It has indeed successfully attracted the attention of the world. If there is no Bitcoin, I don’t know. The existence of this country may be due to my ignorance. Bitcoin is distributed, decentralized and has no center. Perhaps El Saldova wants to use Bitcoin to develop the local economy and attract more miners to use their clean energy.

More so crypto friendly investors will prefer El Salvador as their new home, thus setting up businesses and offices related to crypto operations of course that will bring  more revenue to their government in form of tax, in addition if the country has a cheaper electricity this is another big opportunity for banned miners in China to move down to El Salvador to set up their minings equipment and continue their operations in not too distant future El Salvador will become a leading crypto business hub provided that their government gave all the necessary support for cryptocurrencies to thrive.

I am assuming here that the "Miners" that you are talking about are the ones from China, they will probably have a hard time getting out of the country because remember that they have social credit score there and these miners are likely have received a low end score meaning that flight might or migration will be a problem for them. But if that's not the case and they can mgirate, their equipments will be left behind or the transportation of the equipment will be expensive for them to do so.

I believe that El Salvador took this step in order to attract attention and tourists. Nevertheless, this move helped Bitcoin to stay on its feet. I suggest you read this article (https://cryptogeek.info/en/blog/el-salvador-bitcoin-law) on the pros and cons of the El Salvador Bitcoin law.

They'll be because they are the first to adopt and legalize bitcoin, I can only imagine how this country will improve as their move will result in better opportunities for investment and other online activities that would generate taxes for them.

El Salvador is a small country with a small population, so this is really helpful for them.

They are pro-crypto because their government supports crypto and that will fast track their economic growth.

They are the first to make Bitcoin as the legal tender, but Bitcoin was legalized in countries such as Japan many years ago. The move by El Salvador didn't had any impact in the market, as the FUD from China crashed the prices. Unless some of the big names move to El Salvador, or expand their business to include that country, I also don't expect any big impact. As far as the market is concerned, the size of the market in El Salvador is very small (at least when compared to the markets in countries such as US and China).

What does the home of Bitcoin mean when Bitcoin carries with it anonymity from the first block and Bitcoin is decentralized.
El Salvador was the first legal Bitcoin user, a country that views Bitcoin as a peer-to-peer currency. More countries will choose bitcoin alongside other currencies.

- The bitcoin standard of one small country cannot sway the views of other countries, bitcoin can clearly still only be legally wrapped in EI Salvador while we need are more public displays of ability in the international arena. The title with the noble name of bitcoin's home town is finally just a small piece of news, instead of seeking the legitimacy of a small country, I like the larger vision and perspectives of countries like China and the United States

My honest answer would be no, El Salvador would not be "home of Bitcoin" because El Salvador isn't an influential and powerful country to begin with. Frankly speaking, El Salvador's move to adopt bitcoin as a legal tender made mass adoption quicker. It made a positive impact to the bitcoin community since a lot of countries were slowly following their steps in risking in bitcoin. However, to be acknowledged and entitled as "home of Bitcoin" is just too heavy for their capabilities as a country. Not that I am belittling El Salvador, but we are aware that it is a third-world country - it has lesser to offer compared to the first-world countries that are soaring high. El Salvador made a power move, but it is not enough to be called such heavy title. Maybe we can acknowledge them as the one of the firsts countries who braved cryptocyrrency introduction and adoption in their country.

IMO, I think It depends on your definition of the word "home" Let's have a look at the situation recently El Salvador government was adopted Bitcoin as legal tender despite the warning of the International lending agencies like WorldBank, But besides that turn out of events we cannot say that El Salvador is a new home of Bitcoin because Bitcoin is a decentralized digital asset so technically Bitcoin are everywhere as long as there is an internet connection and people used or stored Bitcoins in their wallets Bitcoin exist, so Bitcoin home is not just in one place but almost in the entire planet.   

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...

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.

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.

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.

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.

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,

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.

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?

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.

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.

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.

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

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.

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.

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/

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.

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.

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.

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.

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.
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.

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.

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.

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.

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,

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..

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..

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.

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.

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.

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.

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.

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.

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 .

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.

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.

I really hope that apart from here, there can be an offline Bitcoin pilgrimage site, where there is the stone statue of Mr. Nakamoto we imagined, there is also an international exhibition hall, there is a blockchain museum, a Bitcoin hotel, and a Bitcoin airport. Bitcoin Restaurant, Bitcoin Bar, Bitcoin Bookstore, Bitcoin International Convention and Exhibition Center, Bitcoin Entrepreneurship Center, to create a Bitcoin kingdom. Bitcoin enthusiasts from all over the world can travel there, make friends, and start a business. What a wonderful place it is.

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.

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 :)

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.