Bitcoin Forum

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

It is only a reason to hype the market. Legal tender in El Salvador won't change the whole picture and global adoption of Bitcoin.

Additionally but more importantly, this positive news already was reflected on the price of Bitcoin.

"Buy the rumor, sell the news". It is not a new news and you can not expect too much from it.  ???

Lately, a lot of articles are pointing towards a rather high increase for bitcoin before end of year per se. Whatever effect, if any, El Salvador has on bitcoin price is not going to be seemingly easily attributable. From what I’ve been reading these days, their population is still much pretty lost on how to use bitcoin, and will likely take some time to assimilate and adopt.

I’d fear more a potential fiasco affecting price, than the implementation and roll-out of the Bitcoin Law having a positive turn in price in the short term. Bearing in mind that all the steps so far have had little to none effect on price that is directly attributable, a chunky roll-out shouldn’t drive the price to any noticeable peak.

The decision of the government of El Salvador to make Bitcoin a legal tender is still a polemic there. In fact, some time ago there was a demonstration about this.


This problem seems to be pointing to the human resources there, when I saw this news, it was said that the demonstrators said they didn't understand what Bitcoin was, where it came from and they didn't know whether it would benefit them or not.

In the text that I highlighted in black above, I conclude that it seems that the government of El Salvador does not have a good way of communicating with its people (like a dictator).

I agree with the demonstrators if there is no communication between the government and the people of El Salvador on this matter. People Should Be Educated First About What Bitcoin Is and Everything About Bitcoin.


Acceptance of Bitcoin as a Legal Tender in El Salvador may be good news for the Bitcoin community & Bitcoin Price (even though El Salvador lacks economic power), but it could be bad for the citizens of El Salvador.

Bitcoin is a completely new currency for the general public of El Salvador so there will be a lot of time needed during the transition of the financial system and mean of payment to bitcoin. I feel that some people still believe that bitcoin is not the means of payment they need because of its fluctuating value, we can know this from the protests that come from the community.

Everyone still need to know how they can use bitcoin as a means of payment and how they will secure their bitcoin balance. Failure is still possible because everyone can choose what they buy bitcoin for. We will find out what is the most dominant use of bitcoin that El Salvadorans prefer between using it as a currency or a trading asset very soon.

According to UCA pool, 32 percent of Salvadorans are agreed to adopt Bitcoin as legal tender in El Salvador. though the majority of them have disagreed, but they were not able to show any valid reason for their disagreement. The only thing they claimed is that they are not much aware of Digital currency. I think it is very positive that they have realized that they should have to learn first. So, the government should adopt Bitcoin as well as provide proper education to their people about technology.

IMO, 32% acceptance is very positive. not only El Salvador but also all other country's people are not much aware of Bitcoin, Cryptocurrency/Digital currency. If you run the same pool in Havana, Honduras, or any of the Mexican cities or any other nearest country then I'm damn sure the acceptance would be much lower than El Salvador. The government should acquaint its people with modern technology.

the adoption will really take time and every change in the government whether it is bitcoin or not, the government always have their nemesis. but am betting most of those who are not pro-bitcoin don't have any experience yet dealing with crypto. because if they have, they will understand its benefits and may change their stance on this situation. in time, they will discover its advantages when everybody around them have tried using crypto in their transactions.

Eventually they'll just have to accept that it's co-existing with their cash.

What I see on this news, despite being already known, probably look at that positivity that there's the fact a country has adopted it as a legal tender.

We all want that and not all countries can do that.

It is the first in history indeed. El Salvador took a really brave step while the other countries were bewaring of Bitcoin about making it legal tender. This will be a very important example for rest of the countries. However, I don't know if this action can have a positive effect on the price. If El Salvador was a more powerful country then I would make sure of it. But they are an underdeveloped country so it may not effect the market even a little.

El Salvador is a small country, they have no political agenda against crypto as do big powers.
Its interesting always to see how Central American countryes launch cryptos and/or accept them :) Veery nice, im glad.

We can dearly hope that the next president dont decide to "backward" the "law" and become BTC illegal...

I have to google to find where this country is located. Nonetheless, news coming from this country is all about BTC El Salvador becomes a crypto laboratory with bitcoin gamble (https://www.ft.com/content/56588fee-dca8-450d-a848-80d29f02f45e). I do agree that such small economic powers wont be able to influence BTC and crypto market, until we see something positive from countries like USA, China etc.

So it's tomorrow? Well good for them. At least they are trying something new that no other country has ever tried. Other countries can watch and learn from them. I wonder how they are going to deal with the volatility though. Will merchants instantly convert bitcoins to fiat? Or they will just hold their bitcoins? I have also heard that about two third of the population are against making bitcoin a legal tender. I wonder how things will go.

Yes it's encouraging! Bitcoin has been made legal by only a handful of countries till date so whenever any such news comes in, it reassures your faith in bitcoin. But don't expect a lot of impact in the market. I don't think the current surge in price is anyway linked to this news. El-Salvador is a small country with a population of roughly 6.4 million people. So a lot of unknowns are there.

Today marks the day when bitcoin will become the official currency of El-Salvador and people will start using it from now onwards. So wait and watch the reaction of the commoners.

This news has already made a positive impact on the market some months ago so definitely, it will not make any noise this time. But i am very optimistic that this will be the start for other neighboring countries to start also using bitcoin as a local currency. Let's see how will this come out.

Although its not El Salvador who started to legalize bitcoin but its the first country i guess to start using bitcoin as a legal tender. But i'm not expecting everything will come out smoothly. Of course there might be problems that will arise in its first months but i know it will also be resolve in time since the people are still adjusting to its new adopted currency.

Yeah, the news of retirees who feels their pension is unsafe in Bitcoin, but I don't think that demonstration will make any difference the government has already made the policy to adopt Bitcoin.

https://twitter.com/DocumentingBTC/status/1434980052983324676
El Salvador has just bought it’s first 200 coins. Well now it's official!

this is expected to happen mainly because from what I see the majority of the people do not want bitcoin, it is enough that some politician takes advantage of this situation to be elected as president and the first step he will take will be to order parliament to revoke this decision

---

I keep asking myself: if most people are not in favor of this decision, why are they going ahead with it?

The US Dollar Is Still Valid There, Bitcoin Is Only Optional, If Retirees Want To Receive In Bitcoin, It's Up To Them. The problem is that there is no clear communication between the government and the citizens of El Salvador, as if there is a policy that comes from one party, the government should first introduce what Bitcoin is, so that citizens are educated.

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Hurray!!! This is positive news and at a time when the market is already in a good position, I wonder how much of an impact it may have. We already saw it reach 52K and right now making another attempt.

In good timing for this legal tender on Bitcoin... We shall see how the rest of the world reacts to this news and what it will mean for the world of crypto

While I'm not sure how much but El Salvador news did help the last market sprint. It was one of the bullish news that rode bitcoin to the all time high price around $63K. Like you said, it's good news even though it might have little to no effect on the market at this point. But there's a lot to expect from this as plenty of El Salvador citizens would start using bitcoin, making payments and transacting among other peers.

No.

Bitcoin all-time-high was on April 14, 2021.

El Salvador news (https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight) about bitcoin legal tender was in June after bitcoin all-time-high

Institutional whales like Michael Saylor and whales like Elon Musk were responsible for the price pump at the time before Elon Musk make the stupid statement that resulted to price drop.

No you're wrong IMO, Bitcoin price market doesn't work like that, sometimes a news is still bought several days or even weeks after it came out. Moreover this news was still hypothetical as long as it was just a law that could have been cancelled and we are yet to see how salvadorian authorities will apply it.

It was a good news by then but for now, i think there is no more effect on the market anymore. But if there will be a new country who will start to adopt bitcoin and use it again as a legal tender, then definitely it will cause another huge pump on the market and may even cause to hit its new ATH earlier as what we expected.

Perhaps not all people living in El Salvador are excited to use bitcoin as a legal tender maybe because there is no clear education about bitcoin that should be initiated by the government and so retirees have made a protest. But i know as much as the leader of the country knows best for its governance, then hopefully he will be able to produce a mass education for all so that all the citizens will be able to understand what they need to know about bitcoin.

this is very interesting news or a very good topic to discuss regarding the month of September as the day when bitcoin can be legally accepted as a transaction tool, so with this in effect it will be very good especially for bitcoin prices which have started to decline since the last few years , we really hope this is not just a mere discourse

Whatever others would say, I think this step by a sovereign country will go down history books as the first ever bold decision by a free country to fully embrace Bitcoin. This is by far the largest step made in the history of Bitcoin's adoption. Whether El Salvador is powerful or weak, rich or poor, large or small, etc does not matter. Whether the price would follow or not does not even matter. What matters is that here is a nation faced with an option to stick to the old corrupt way of doing things or to accept a neutral and uncontrollable technology into the system. Despite challenges and warnings and other bullying tactics from powerful bodies, El Salvador prevailed. I hope this will sustain though.

Congratulations to Bitcoin, a great step.

In fact, I am curious how certain countries and organizations that oppose Bitcoin or promote Bitcoin as a scam will face the fact that the countries with which they have diplomatic relations have established it as legal tender.

Why always being negative? El Salvador may not be a superpower like China or the United States. But at least they are a sovereign nation with United Nations membership. And this is perhaps the most important milestone so far in the history of Bitcoin. This is what we all want. Bitcoin needs to be recognized as the legal tender across the globe. It may take one or two decades, but eventually our dreams will be realized. El Salvador is the first, and I am 100% sure that they will not be the last. From what I heard, Malta and Panama may be the next in line. I have also heard rumors about some of the other countries such as Paraguay, Nicaragua, Argentina and Venezuela, but don't want to post anything here until I get confirmation from reliable sources.

Yeah and right now as I type it's still 52.1k and in my location on localbitcoins actually the trading is really good. You can buy it at still 51.5k but if you sell it you can do it for 52.5 (when you convert). It's very rare that both selling and buying is cheaper or better than the regular rate worldwide but usually when this happens, this means that the traders are just so confident they are happy to get volumes going.

El Salvador are definitely not the first country to legalize Bitcoin as a legal tender, I think Japan passed a law in April 2017 that recognized Bitcoin as legal tender in that country. (Things might have chanced since then)  ::)

I think the older generation of El Salvador are kicking against this move, because they do not understand the technology and they are resistant to change. (I think the younger generation must step up to educate them)  ;)

It is still positive news and something that can help those citizens against the damage of inflation.  ;)

Correct, Bitcoin wont be mandatory, people who fear it can continue using their FIAT.

This is a great day and will be remembered as the day Bitcoin was made legal tender
(or something like that) similar to Bitcoin Pizza Day??

Anyway, yes its going to take time for widespread adoption in El Salvador, there
are of course the skeptics but as they hear and experience from their fellow citizens how
easy it is to use and that they actually have control of their finances the skepticism will wane.

at least, what the government of El Salvador is doing can be material for consideration and evaluation for countries that are still unsure about the adoption of bitcoin and crypto as legal tender in their country.
most countries are screaming about taxes and money laundering which crypto and bitcoin are so vulnerable to. and we can see how a country that rises with bitcoin and crypto will overcome it all.

Meaning this is what the good news is all about?

this thread explains what is the entry of this first official day

Buying $30 in Bitcoin on Tuesday! For El Salvador and for Bitcoin (https://bitcointalk.org/index.php?topic=5358598.0)

others says that there is no effect on the crypto market what El salvador declares bitcoin making legal tender but what i believe is this final news about the formality of the bitcoin usage as legal tender makes the market bullying again today.

The inauguration of bitcoin as a legal tender in the country of el savador which was held today will certainly be positive news to help encourage bitcoin price movements, because with bitcoin officially becoming a means of payment, this crypto asset can be used for various purposes in the country and for all parties they must accept bitcoin as a payment method for goods and services.

Yet, on the off chance that there will be another country who will begin to take on bitcoin and use it again as a lawful delicate, then, at that point certainly it will cause one more colossal siphon available and may even reason to hit its new ..It was an uplifting news by then, at that point however for the present, I think there is no more impact available any longer. ATH before as what we anticipated.
 :-[

https://twitter.com/michael_saylor/status/1434850362943438852?
"On September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet 🐝 I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader
@nayibbukele. Will you join us?"


https://www.reddit.com/r/Bitcoin/comments/phgtq2/so_we_all_buying_30_worth_of_bitcoin_on_tuesday/
So… We all buying $30 worth of Bitcoin on Tuesday?

El Salvador on Tuesday becomes the first country in the world to accept Bitcoin as legal tender, despite widespread domestic scepticism and international warnings of risks for consumers.
In June, El Salvador's parliament approved a law to allow the crypto money to be accepted as tender for all goods and services in the small Central American nation, along with the US dollar.
This Bitcoin is a currency that does not exist, a currency that will not benefit the poor but the rich,” said sceptic Jose Santos Melara, who took part in a protest by several hundred people in the capital San Salvador last week.

If officially happened, today. The first ever country considers Bitcoin as legal tender (https://twitter.com/CoinDesk/status/1435121589641785346)

Coindesk article (https://www.coindesk.com/policy/2021/09/07/bitcoin-now-legal-tender-in-el-salvador-marking-world-first/). I read a news that El Salvador bought and hold 400 Bitcoin. It's a beginning, the first nation accepts Bitcoin and the first nation holds Bitcoin.

400 Bitcoin (tweet from President of El Salvador) (https://twitter.com/CiaraHuobi/status/1435121489464811525)

El Salvador becomes very controversial because of this Bitcoin adoption and making it as legal tender , but with this strategy to give everyone amounting 30$ worth of bitcoin each , means they are really in business.
they are shooting 2 birds in one shot .
Giving people support in this pandemic and also letting them experience the advantage of using bitcoin comparing to their fiat.

As far as I can see on the banners they hold, it says something about Bitcoin being corrupt or going to be used for money laundering (let someone correct me if I'm wrong). I also believe that a good part of the people who protest are very low or perhaps without any education, and that they are very easy to manipulate - and those who manipulate them come from the ranks of the political opposition.

It is very difficult to explain anything technically advanced to such people, especially if it is in someone's interest that they have just such an opinion. I wonder how much money comes into the pockets of opposition politicians from the IMF, the World Bank, and similar institutions who find it hard to accept that one country has made such a move.

it is right that a single bitcoin now has this price 78900$ on their app? or it's just some error during video recording?

https://i.ibb.co/r0HtrrR/Schermata-2021-09-07-alle-12-18-12.png (https://ibb.co/GpRJSS4)

Is anyone from El Salvador to confirm that? I hope it’s just some error.

Plus someone is trying to crash the market on this historic day for Bitcoin. Is this coincidence? Or does someone, some anti-Bitcoin entity, cannot accept the fact that Bitcoin has left their shitcoins behind.

Wrong , El Salvador is gathering scenery for the whole crypto world specially in bitcoin era as they are the first to accept bitcoin as legal tender.

this may not be in news everywhere but at least this is inc rypto news worldwide.

this adoption will always be on their name and country and that what made them popular in crypto world.

The image is displayed in the video corresponding to Tutorial number 5 in Bukele’s twitter account (https://twitter.com/i/status/1435095506322169858 - converting BTC to USD or vice-versa), and the counter value used for bitcoin on that image is as displayed in the image.

Nevertheless, if we look at Tutorial number 4 (https://twitter.com/nayibbukele/status/1435092947045953539 – sending and receiving payments), halfway through it displays and image where 30$ are 0,00091 BTC, making 1 BTC therefore 32.967$ (give or take, due to decimal conversions).

Additionally, Images captured from Huawei app site’s Chivo Wallet download display a 46K$ countervalue (see https://bitcointalk.org/index.php?topic=5358665.msg57880244#msg57880244).

I figure all these videos and images were taken at different points in time, and some (if not all) using made-up data.

It is really good news for crypto enthusiasts. Hopefully El Savador will influence other countries too. I never thought that a country is going to have bitcoin atms anytime soon. They have already installed 200 atms for bitcoin conversion which is appreciable.

The picture shows that something new will not be easily accepted in a place without taking a lot of time to learn, accept, and use it in everyday life. I assume that most of the people there are not familiar with bitcoin enough so that there is an attempt at manipulation involving politician who are opposition the government's idea to use these people as a tool to strike back against a government that is not in accordance with their wishes and groups. That reaction or protest probably won't influence the government's decision to move forward with adopting bitcoin as a means of payment.

People's ignorance of technology can be used by a group of people for their own interests to launch resistance against the government by indoctrinating their minds with the negative side of bitcoin. When these people realize how good bitcoin is as a “positive side of bitcoin” currency, they will gladly accept it.

So far I'm only concerned with how the government can optimize this adoption that will suit all age groups. A person aged 50 years and over with a history of low education and lagging behind in technology will find it difficult to understand this well.

Yeah, El Salvador hard made an official announcement In the purchase of 400 Bitcoin that will be sent to their citizen's wallets as an airdrop, and from today Bitcoin will be spent in the country as a legal tender alongside the US dollars. Let wait and see what the outcome of the El Salvador decision will be.

yeah, they bought 400 BTC up to this point, but they actually have a fund, $150M for buying BTC for their treasury, so we should expect somewhere about 3000 BTC in their treasury (not bad)
crypto community reactions are really positive, but there are protest among Salvador inhabitants regarding BTC adoption, hopefully that will change during the adoption process

nevertheless, Panama is next in line, with already preparing law for BTC and ETH as legal tenders in the country
with all said, is this just a beginning?

The decision from the country is really appreciable, because it is quite hard to make people get fixed to it. Another thing is the opposition from its own citizens. Its a big obstacle and it isn't an easy thing to take such strong decision, because if something happens unexpected the government is responsible to give answer to its people. When the grown countries fear of adopting bitcoin, the decision from El Salvador will keep its economy get boosted.

First of all, what is the government’s plan to deal with the volatile nature of bitcoin now that it has been made a legal tender? For instance, if today, the price of an apple or a hotdog is 1 BTC what happens in two days if there's a market crash? On the other hand, their banking sector would have a lot of new challenges to deal with it. In the long run, there would be a lesson to learn.

probably an error. in localbitcoins its 53k for the sellers from el salvador. i could be wrong because demand is very different locally. in nigeria sometimes the price is just climbing very high than what we see on the exchanges.

78k is too good but this is a good omen. congrats to el salvadorians.

A country that accepts and buys Bitcoin also means that in the future there may be more countries that will do the same. El Salvador is a small country, they don't have enough influence like the US or China over Bitcoin. Bitcoin's price drop today is the worst but that's okay, it will continue to move up in the following months.

That’s why Chivo Wallet allows people to convert BTC to USD at no cost. It’s the people’s prerogative to hold their funds in USD or BTC. Logically, holding on BTC will be riskier due to volatility, but the risk could lean either way. If a person is happy to just use USD, or doesn’t want to be subject to BTC volatility, he can just sell it.

This above is how the theory goes ... There are aspects to unveil yet such as whether the conversion rate BTC/USD is market value (and not overcharged), how often it is updated, whether people can/will be able to make automatic conversions (as opposed to manual ones), and so forth.

See (in Spanish, Bukele’s answer when asked on the matter, exemplified through a hypothetical fruit seller): https://www.laprensagrafica.com/elsalvador/Bukele-Si-hay-una-senora-que-vende-fruta-en-el-mercado-esta-obligada-a-recibir-el-pago-en-bitcoin-20210609-0076.html

Thanks for this clarification man , you always gives complete and detailed answers as i keep looking from those answers above why does the price in that wallet almost double the price of actual bitcoin-USD value.

at least now it is clear that only display image and not literally the real value in El Salvador .

This is an excellent step for everyone. They may not have the power like the significant countries that run the world, but it's a start. I think making it legal and somehow making noise in the world is going to attract some people. I did see a post about it from Bloomberg business on Instagram.

https://i.imgur.com/JAPgMOa.png

It's incredible seeing 21k likes on this. Maybe they are already involved in the crypto space or exploring now.

It is not that there is no impact, but the impact is not as great as that of China and the United States.
El Salvador's announcement of Bitcoin as legal tender is good news for Bitcoin. Prices have also risen accordingly. Let more people understand Bitcoin.

This will be an unforgettable day. Just when this news came out, the whole world was helping El Salvador get low-stakes Bitcoin. It seemed like a joke, but Bitcoin fell by $10,000, making The human heart jumps. My personal feeling is that during this period, the Bitcoin market is too active, not a rational increase. This phenomenon is like eating too fast, and there is flatulence in the stomach. Bitcoin's fall is like a fart.Although it is very comfortable, it also brings out a little shit.

7 september 2021 bitcoin became the first legal payment in history, I think if el salvador takes that step, I am very sure that many of their people will protest, because there are some of their people who don't understand bitcoin, don't use bitcoin as a legal means of payment, sometimes they don't even understand bitcoin to adopt bitcoin, preferably before the government makes bitcoin a legal payment, the government should approach their people first, educate them about bitcoin,

That's right. This is important milestone in the history of bitcoin. But not everyone is interested in bitcoin becoming legal tender in El Salvador. A recent survey found that 7/10 Salvadorans want Bitcoin laws to be abolished and 9 out of 10 respondents do not have a clear understanding of what bitcoin is.

Commented here yesterday as price was $52k.

And then around the time I was going to bed I managed to catch a glimpse on google of below 45k. Something of a recovery is showing up now but so what happened then? Everyone went out to buy $30 and price crashed?

Which just goes to show, either people overhype the retail power, or retail is powerless against big sells.

Yes, it is a good news that El Salvador accept Bitcoin as a legal tender, but the price of bitcoin later plummeted from over $52500 to $43000 yesterday which still makes my point valid.

No matter how we see it, we can't deny the fact that this kind of adoption has a huge positive impact on the status and price of Bitcoin. It might be hard or impossible for some countries like the US and China but I'm sure that if this adoption would run better, more countries would follow the same step.

here are already some protest against bitcoin becoming legal tender

seems like some faction don't like this idea though there is a chance that this is come kind of politically motivated.
but how do they know if they don't give a chance using right?

eventually they will understand , but for now all they need to do is start accepting the fact that this is already a Law and they have nothing to do with it.

The protests against El Salvador’s Bitcoin Legal Tender Law, not against Bitcoin, might also be supported and funded by the opposition of the government, who are politicians themselves whose agenda should always go against the current leadership.

It is chaotic political situation in El Salvador.

Yesterday, the first ever time in history of Bitcoin and the world, there is a first ever nation that bought a dip. What is the nation? El Salvador.

150 Bitcoin was bought in a dip by El Salvador (https://twitter.com/nayibbukele/status/1435260422110732300). It looks great action from them but I don't know how the El Salvador government can quickly decide and take action to use their national budget to buy Bitcoin.

How did it happen?

Even though El Salvador is considered a small country, they still have an impact as we see investors joining the hype of buying bitcoin. This will be a step-up process of understanding the result of using bitcoin as a legal tender; we can see possibilities and learn on how to make a better approach of implementation in the future.

I figure it comes from the allocated 150M $ bitcoin trust (https://cointelegraph.com/news/legislative-assembly-of-el-salvador-approves-150m-bitcoin-trust) that their Legislative Assembly[/url] passed on not long ago. I don’t think that these purchases (550 BTCs so far) are to HODL, but rather to provide for the 30$ equivalent in bitcoin airdrops.

550 BTCs would currently cover rougly for 852K airdrops ((550*46500)/30), which is still very short if all their population were to make the claim. 6,4 Million people, and say at least 65% over 18 (I believe they are required to have a DUI ID, which is for 18+), would lead to a potential pool of airdrop claims from around 4M people (not likely though in practice).

Alas! Bitcoin has been officially accepted as legal tender now in El Salvador. They managed to push through with their initial plan which is to implement it by now and that means success on their end. However, you must know that El Salvador isn't really a well-developed and powerful country unlike that of the US and China which means it will not really have an effect on the market trend. Unlike when such a brave move comes from the developed countries, you will see a positive correlation in an instant and vice-versa. Although this is still a good thing to celebrate - bitcoin is being slowly adopted by the countries which means we're taking a positive path right there. Hopefully, there would be more countries to follow such initiatives made.

I think that the news itself is what drives the price and no the actual act of adopting it, a lot of people at this point have invested in bitcoun and held it in the hopes that by the 7th of September the price will reach high prices because of the news of adoptation, and as soon as the price hit 50k they all started selling and that is why the price right now is going down.

It is too early to celebrate. People are already complaining about this free money: https://twitter.com/Paolo202019/status/1435364198003924996 or https://twitter.com/Paolo202019/status/1435355876865495048. I have found this in just a second. If I google more, I'm sure there would be more examples.

This adoption might have a negative impact, as "people were promised that they will receive 30 USD worth equivalent, but with each day their holdings becomes smaller".

This remind me situation, when countries that joined EU changed their local currency to Euro. If the exchange rate of their local currency was greater than 1. (like Maltese Lira had exchange rate of 2.32 MTL per 1 EUR). People were worried, that their salary of 1000 MTL would turn into 1000 EUR, instead of 2320 EUR, while prices remained the same. This is perhaps identical to what Salvadorians feel about Bitcoin. Maybe they are afraid that their salary in USD will turn into Satoshi with 1:1 exchange rate.

Although things may change at some point, the current stand is that salaries and pensions are to be paid in USD.

Back in mid June 2021, the Minister of Labour hinted that bitcoin was being considered for salary payments (https://cointelegraph.com/news/el-salvador-reportedly-weighing-paying-employees-in-bitcoin). Nevertheless, the standing Law of Monetary Integration prevails, and has not been altered nor replaced or amended by the recent Bitcoin Law, thus salaries are still mandated to be paid in USD and not in bitcoins. The latter was reaffirmed yesterday by Javier Argueta, a legal advisor to the presidency (see https://twitter.com/dialogo21/status/1435237512532971532).

The amount of 550 bitcoins is a bit in my opinion. If we remember Microstrategy, Tesla, and one more Square Inc. That is a list of companies that own Bitcoin, but I don't know if they have sold it or not. The comparison is very far from El Salvador. I'm quite happy with this news, but it doesn't seem to have any effect on the Bitcoin price. This moment does not seem to strengthen the bull market. In contrast to the real situation, bitcoin actually fell sharply in the $42K-$43K area. But I think we have to see how El Salvador works with Bitcoin, if they succeed I think they will be an example for other countries.

Pensioners staged a protest some time ago against integrating bitcoin into the country payment system and, from the interview, some of them were concerned about the volatility of bitcoin and how the unstable nature of bitcoin can affect their life savings negatively.

Yes! El Salvador makes history, having two legal tender coins.

Come on! It is not simply good news, if you see it like this you do not understand the historical and transcendental dimensions of what this means, as relevant as the first coin minted in history or the first legal tender, among many other comparisons.

Any economic or social side that is related to this historical moment is only news, the true history has been written El Salvador" the first country to use bitcoin as legal tender.

Absolutely, look at this "anti Bitcoin" protester:

https://images2.imgbox.com/13/8e/Z0xcLp5T_o.jpg

Venezuelans (world's worst fiat, lost 14 zeroes in the last 13 years) will immediately recognize this.

Source: https://www.youtube.com/watch?v=LAtK62OHBCk

Among other things, she says this against Bitcoin: "There is no price fixation".

I hope you can understand what this means politically...

They want a command economy, like the socialist bloc countries (aka 2nd world) of the past century. Think East Germany, Czechoslovakia etc...

They accuse Bukele of copying Hugo Chavez, and their own protesters wear the very symbol of Hugo Chavez...

Finally, we are seeing Bitcoin becoming the legal tender of a country for the first time in history. Even though cryptocurrencies are not for this, I'm happy about this very brave action that El Salvador has taken. All people now wonder what they will do in the long run with a volatile cryptocurrency. The citizens are going to be compelled to use only Bitcoin from now on. And places like restaurants and other shops aren't going to have another choice than accepting payments with Bitcoin also.

We may not yet see the impact of the first adoption of bitcoin as a legal tender in history of cryptocurrency today but this is so far the biggest milestone that cryptocurrency have gone so far. The thought that there is a certain country that pave the way to become a cryptocurrency legally used in their economy will be a beginning for a more milestone of bitcoin. El Salvador may not be one of the powerful country today but the good thing about it is that the government of this country were open to adopt for a new technology of finances then who would've thought this country will become in the following years.

Usually there is a lag in the market prices of Bitcoin and the important milestones. Remember what happened after the block reward halving? The halving happened in May 2020, but the rally occurred in October (and even then it was due to the trigger from PayPal). So I am not expecting another rally sometime soon. Maybe that will happen after a few months, by 2022. For me, it doesn't matter much. I am OK even if the rally occurs in 2023 or 2024. Because I can wait for a few years.

But why the "Alas!"? I mean, I myself have said before this El Salvador news is cool and nice, but I doubt it's the magic bullet everyone was hoping it'd be. I can't see why anyone in Bitcoin would think it's a bad thing. True, it's not as developed as US or any other 1st world country. I know as my original country is probably as bad or worse.

But it can't be bad at all to have the opportunity one day to pick it up in your own country, to buy it from ATMs all around, and to even have a small amount of BTC to start off with. $30 in many countries is a month's worth of salary!

But again, what has been the significance of the El Salvador acceptance of bitcoin have it really effect the price of Bitcoin and what publicity have help to promote the adoption of Bitcoin globally. El Salvador took a really significant step and with time the economy of the country will resize and make huge profits from their investment.