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Title: Buying/Selling & Using Bitcoin in El Salvador. Post by: GreenInk on March 10, 2024, 12:22:10 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador?
Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Clark Anderson on March 10, 2024, 02:02:27 AM Ofcourse there has been some rumors about Btc being used and accepted for day to day regular transactions in El salvador and Some persons have reportedly said to have successfully done buying and selling transactions using Btc at the ATMs, boutiques, Bars, restaurants, shops name them...But we cannot ignore the fact that the implementation of Btc as means for daily transactions might not be seamless for everyone, like it can't be really accessible to everyone especially persons who have no idea how Btc works and how to manage a wallet and all other things about Bitcoin,this is one of the many factors that may influence the practicality of using Bitcoin in daily transactions....
While my opinion here is based on facts and research,It is advisable to gather recent informations yourself from reliable and direct sources especially individuals with real life experiences. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: pinggoki on March 10, 2024, 03:00:28 AM That question can only answered by the people of El Salvador, that's the only valid answer to this question anyway. Other people that's living outside the country like me isn't going to be able to answer that, maybe those that have visited the country might be able to tell you but others would either lie or speculate about the situation, it's going to be difficult to do so OP since there's not a lot of members here that are willing to reveal that they're from El Salvador or maybe there's no people in this forum that's from El Salvador, it's a small country after all.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: 2Pizza410000BTC on March 10, 2024, 03:10:11 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? I'm not a resident of El Salvador so I can't answer this properly but if there are users from El Salvador who answer this question, they can. I am a Bangladeshi resident Bitcoin is not valid in my country I have to proceed using Bitcoin secretly as Bitcoin is not valid from my country. I can't buy and sell bitcoins from restaurants, ATM, money counters etc. from my country because bitcoins are not legalized in my country which is why not all things are transacted in my country. Bitcoin can be bought and sold by countering ATM restaurant money from countries whose governments have accepted Bitcoin through legal tender.Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: acroman08 on March 10, 2024, 04:20:20 AM I don't know if we have an active member who is from El Salvador or visited El Salvador when they made Bitcoin a legal tender, perhaps try going through this tread El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (https://bitcointalk.org/index.php?topic=5342087.0), you might find someone there talking about their experience using Bitcoin in El Salvador.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Patikno on March 10, 2024, 04:28:59 AM It costs a lot of accommodation to go and experience it directly, instead of having to go there, I would rather use the money to accumulate more Bitcoins.
News and reality sometimes don't match, but in the case of El Salvador making Bitcoin legal tender, that's not bullshit. I didn't experience it directly, but we can see it from video evidence from uploaders on YouTube. - Trying to buy food with Bitcoin in El Salvador (https://www.youtube.com/watch?v=2Zv9BYkt9QA) - Using BITCOIN in EL SALVADOR | First Impressions (https://www.youtube.com/watch?v=hsuwxrB6c-M) - The TRUTH about BITCOIN in EL SALVADOR (Bitcoin Beach Tour) (https://www.youtube.com/watch?v=-guph3C44bc) Even though the country has officially made Bitcoin legal tender, quite a few El Salvadorans are not happy and prefer not to implement Bitcoin in their businesses. You can see that from a short interview in The Infuriating Reality of Using Bitcoin in El Salvador (https://www.youtube.com/watch?v=7HIbRlhJfSw) by Bloomberg Quicktake. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: reagansimms on March 10, 2024, 05:26:22 AM This question can only be answered by the people of El Salvador, they can directly experience the sensation of making transactions using Bitcoin after it has been made a legal means of payment. Our space is still very limited because the country where I live has not yet recognized Bitcoin as legal tender.
However, Bitcoin is starting to be accepted only as a commodity asset, even though Bitcoin is not yet recognized as a legal means of payment, we can still use Bitcoin as a payment medium for buying and selling online transactions. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Troytech on March 10, 2024, 05:36:08 AM That question can only answered by the people of El Salvador, that's the only valid answer to this question anyway. Other people that's living outside the country like me isn't going to be able to answer that, maybe those that have visited the country might be able to tell you but others would either lie or speculate about the situation, it's going to be difficult to do so OP since there's not a lot of members here that are willing to reveal that they're from El Salvador or maybe there's no people in this forum that's from El Salvador, it's a small country after all. Yeah mate most replies would only be just mere facts or information read online or news from the TV, the only real way to know is eating of bears mouth 👄. But I don't think el salvador has well reached that level of using bitcoin as a daily means of transaction, beign in el salvador doesn’t change the fact that gas fees are high and network congestion would affect everyone using the blockchain, so I don't think it has gotten to the point of : I want to get a coffee ☕ 😩 Send bitcoin to my wallet address🤑 Here is your coffee ☕ Hey the charge is too high 🤯 Not my fault its our president 🤷♂️ What? He wants to accumulate as much UTXO as possible 😄😄😄 Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: hd49728 on March 10, 2024, 07:54:16 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? They made Bitcoin Legal Tender in the last bull run that is 3 years ago. It was Legal tender in that nation on June 9 2021.Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador In that nation, people can use Bitcoin on-chain and on Lightning Network too but local citizens in some interviews said that they were not happy to receive bitcoins as payment from customers for their business. Because they will lose extra money for on-chain transactions later to cash out and a bigger risk is losing their business budget in fiat value when Bitcoin drops more and more. It was serious problems for El Salvadorians in last bear market but perhaps now they are more happy if they held their bitcoins through 2 years of bear market and saw a new all time high days ago. You can follow discussions about it there El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (https://bitcointalk.org/index.php?topic=5342087.0). People in that thread will give you most updates about things happening in El Salvador. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Popkon6 on March 10, 2024, 10:58:52 AM We won’t sell’: Bitcoin holdings of El Salvador up 50%, president reveals
The president of El Salvador has said he has no plans to sell the country’s vast bitcoin holdings, despite seeing a profit of over 50 per cent. The Central American country became the first in the world to adopt bitcoin as an official currency in 2021, while also investing state funds into the asset. A crypto market downturn in 2022 saw El Salvador facing heavy losses, however a strong recovery means bitcoin is now approaching an all-time high. The cryptocurrency reached above $65,000 (£51,000) on Monday, less than $4,000 away from its record price from November 2021. Source link: https://www.independent.co.uk/tech/bitcoin-el-salvador-holdings-value-b2506424.html Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Husires on March 10, 2024, 12:05:25 PM The fact that bitcoin is Legal tender is forced all companies to accept them to settle payments, they may argue that they do not have devices to accept bitcoin, but in theory,there must be places that accepts bitcoin in any city you visit in El Salvador at the least hotels and destinations that tourists visit.
Hotels may sell bitcoin for dollars and rarely keep them. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: GreenInk on March 10, 2024, 01:41:02 PM I didnt expect everybody to use, but as its legal it at-least lets business owners accept payment, which is the beginning to implementation.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: btc78 on March 10, 2024, 01:48:43 PM I’m not from El Salvador myself however I have seen some reviews from tourists aiming to see how bitcoin was like in the country.
Basically, there are still a lot of places that do not accept bitcoin but it already has more places that accept bitcoin than in any other countries. It also works properly and quickly at that which blows my mind. It seems to be a very convenient way to pay or send money in the country even with small stalls or stores. I would love to travel and see it for myself as well or maybe even better, bitcoin gets adapted here in my country. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: DdmrDdmr on March 10, 2024, 02:38:38 PM Sometimes we take things for granted, and I recently encountered one of those situations whilst reading an article on El Salvador. I assumed, without giving it too much prior thought, that people in El Salvador could use bitcoin in a hassleless manner over there, until I read that their Legislative Assembly has just agreed to eliminate KYC for TXs that involve less than 25K $.
What I’d not considered before (and I presume most here didn’t know either), is that the current value for requiring KYC is set at 200 $, a relative low value despite the cost of living being way cheaper than in other richer countries (i.e good enough to buy weekly groceries, though perhaps not to buy a decent TV set). Not sure how enforced it is, but that’s what the article states in terms of KYC threshold. See (GT from Spanish): https://es-beincrypto-com.translate.goog/salvador-acuerda-no-aplicar-kyc-transacciones-btc-menores-25000/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: sokani on March 10, 2024, 03:04:55 PM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? Making Bitcoin a Legal tender in El Salvador means it's a recognized currency by law and you can get to spend it anywhere in the country. There are about 215 Bitcoin ATM machines in El Salvador: https://www.google.com/amp/s/decrypt.co/204933/lightning-network-hits-bitcoin-atms-in-el-salvador%3famp=1 news & reality are mostly different things. I've come across some contradictory information about the acceptance of Bitcoin in the country. I'd have loved to get a first hand account from an El Salvadorian or someone who resides in the country but I'm yet to see anyone from there in the forum. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Fiatless on March 10, 2024, 03:25:27 PM I didnt expect everybody to use, but as its legal it at-least lets business owners accept payment, which is beginning to implementation. As a legal tender businesses and other institutions are mandated to accept Bitcoin as a means of payment. I am not from El Salvador but from what I read the use of Bitcoin in the nation was very high when it was first introduced because of the airdropped $30 in their wallets. However, the usage dropped significantly. However, the use has increased because the nation has become a tourist attraction for cryptocurrency users. There are no known statistics regarding the use of Bitcoin, however, businesses are mandated by law to accept it. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: aylabadia05 on March 10, 2024, 04:20:07 PM Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? I have no experience using Bitcoin there, but I always try to find information about Bitcoin there via the X platform and existing news media platforms.news & reality are mostly different things. Using Bitcoin in several places such as restaurants, ATMs and in shopping centers from news that I found can be done. The truth can be answered by those who have traveled there. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: AbuBhakar on March 10, 2024, 04:26:23 PM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. Bitcoin is already legal tender which means vendor should at least accept Bitcoin payment because that’s their law. This kind of verification is useless since it’s a law already and media won’t cover it on a daily basis. But here you can see the post of a guy paying Bitcoin to MC Donalds in San Benito San Salvador. https://www.reddit.com/r/Bitcoin/comments/14wsw6d/paying_with_bitcoin_in_el_salvador/ Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Uhwuchukwu53 on March 10, 2024, 05:43:29 PM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. Well your news I think you should have added your news source for more clarity, I don't stay there but I don't think if it's functioning as fast as fiat over there but your news for me would have give more details of approval because some time can be verbal declaration of passing it through bill. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Zanab247 on March 13, 2024, 08:30:56 PM If the government of El Salvador can make BTC legal tender in their countries, show that people living in that particular country can buy goods and services and use BTC to buy without any argument of the payment because, their government have declared it in the public and it has attracted many foreigners into the country.
I'm not from El Salvador country, but I know that they are the first country to make BTC legal tender to help their citizens to grow their businesses through involving BTC as a payment in their business which you can also confirm this legal tender from El Salvador bitcoiners in this forum. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: AprilioMP on March 13, 2024, 08:56:10 PM I didnt expect everybody to use, but as its legal it at-least lets business owners accept payment, which is the beginning to implementation. Other countries outside El Salvador also accept Bitcoin payments for their business. So El Salvador, which has legal tender status, I know for sure has a Bitcoin ATM even though I come from Indonesia, even though I found it from several article sources. If in business accepting Bitcoin as a means of payment makes things easier, why don't they do it without experiencing difficulties. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Potato Chips on March 13, 2024, 11:56:56 PM This may be anecdotal but, couple of months ago, someone posted about their El salvador trip in r/bitcoin, see: https://www.reddit.com/r/Bitcoin/comments/17otops/just_got_back_from_el_salvador_thoughts_on_bitcoin/
With most folks being unbanked and cash being the the most common payment method, tbh, I would not expect most merchants are accepting bitcoin since it's not easy to come from those so have your fiat ready at all times and plan a nice itenerary surrounding bitcoin accepted shops. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: yhiaali3 on March 14, 2024, 12:12:58 AM A good and curious question. Yes, certainly in theory, Bitcoin has been officially accepted in El Salvador and citizens can buy anything even from grocery stores with Bitcoin, but in practice on the ground, has this really happened? We need someone living in El Salvador to tell us the facts.
Implementation on the ground is somewhat difficult, because El Salvador is a small and poor country and does not have the appropriate infrastructure to use Bitcoin perfectly. There is also a problem with Bitcoin itself, as it is not yet suitable for small and quick daily transactions. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: FinePoine0 on March 14, 2024, 09:33:33 AM Bitcoin in El Salvador is a buy only idea, because since 2021 they have started holding bitcoins and until today their bitcoin holdings have a profit of 50% to 60% above every bitcoin. Therefore, the government of El Salvador, Naib Bukele, said that he will not make a decision to sell the accumulated bitcoins now. He has thought about holding for a long time and I like his thinking. The more bitcoins you accumulate, the more benefits you stand to earn. At present, the government of El Salvador sees the decision to hold Bitcoin as the most important.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: leonair on March 15, 2024, 10:52:48 PM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? Bitcoin is legal in El Salvador and Bitcoin is treated like FIAT money, so using ATMs or other services is normal there. However, those who want to fake Tax and try to fake TAX may try to keep themselves hidden by using decentralized wallets, but it is doubtful whether it is possible to keep their Bitcoin transactions hidden there. Because before keeping the bitcoins in non-custodial wallet, they have to buy bitcoins through a banking sector and from then on they will fall on the trucking list. so it is better there to use bitcoin openly without trying make them hidden Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Maus0728 on March 15, 2024, 11:02:39 PM The fact that bitcoin is Legal tender is forced all companies to accept them to settle payments, they may argue that they do not have devices to accept bitcoin, but in theory,there must be places that accepts bitcoin in any city you visit in El Salvador at the least hotels and destinations that tourists visit. That should be the way I think, if you want to adopt bitcoin as a legal tender, you don't just say that it's a legal tender and go your own merry way because people need conditioning and there's times that they don't work the way that we want them to work. I think El Salvador putting some pressure into adoption of bitcoin in the country is a good thing because that way, people would know and when people know, they'll get curious and with more curious people, you'll probably going to see more people that will try and invest in bitcoin, of course that is if they did their research.Hotels may sell bitcoin for dollars and rarely keep them. They're a business and they need to pay the upkeep costs for maintaining the hotel and wouldn't this be better for the market, bitcoin being constantly moved around?Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Princess Leah on March 15, 2024, 11:55:05 PM But honestly, it's going to be a very interesting experience to see how people use Bitcoin as their day-to-day legal tender for transactions, businesses, and investments in El Salvador. However, there are practical considerations to address. For instance, how will marketers accurately evaluate the cost of their products for buyers using Bitcoin? Similarly, how will buyers stay informed about the current prices and determine when it's advantageous to use Bitcoin or not? Given the volatile nature of the Bitcoin market, there may be misunderstandings between buyers and sellers. Just like you said, the best people that could give suitable answers to your questions are the El Salvadorians presently staying there. But I believe that for them to decide on making BTC as one of their legal tender or mode of transaction, they must have weighed the the benefits and loss it could yield to their economy hence they took the steps, but even though their might not be much El Salvadorians here in the forum to reveal that, you could also DYOR to get the answers to your questions.Unfortunately, I cannot provide firsthand information on how the people of El Salvador are using Bitcoin since I am not physically there. That is why, like others in this thread have suggested, it would be great to hear from citizens in El Salvador about their experiences with using Bitcoin as legal tender. Are they using cryptocurrency through stable coins for transactions, or are they using Bitcoin directly? From the perspective of traders and investors, how do they come to an agreement on the value of the investment? Understanding the potential return on investment (ROI) and other factors is crucial when dealing with the volatility of the Bitcoin market. Without a clear understanding of market trends, it's challenging to predict profitability when investing in Bitcoin. Asides accepting bitcoin as a legal tender, I think they also use the USD and with that there's a possibility that they could be carrying our transactions and other financial activities with the BTC and with dollar rate to come in agreement between customers and traders. However in a case where bitcoin is used directly then I think they might be using the current bitcoin price at the given time of purchasing good and service, although I doubt that and believe it's the latter since USDT is a stable coin. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Promocodeudo on March 16, 2024, 07:37:48 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. OP, when this particular of El Salvador making Bitcoin a legal tender in their country broke out many Bitcoin enthusiasts was very happy because such move will be a good foundation for more acceptance of Bitcoin in both other countries and institutions but what I don't know is if they have being using it as a means of payment of good and services rendered to persons in the country. OP asked good question, this question is just like a survey and I believe that any forum user with such information will tell us here. Even as we don't know if this legal tender and the acceptance has been approved accurately we should also know that there will be some limitation currently for the users because the transaction fees. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: blckhawk on March 16, 2024, 09:26:47 AM I don't know if we have an active member who is from El Salvador or visited El Salvador when they made Bitcoin a legal tender, perhaps try going through this tread El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (https://bitcointalk.org/index.php?topic=5342087.0), you might find someone there talking about their experience using Bitcoin in El Salvador. If there's one member, they would've talked about it a long time ago even during the process of the legalization of bitcoin in the country but there seems to be no indication of any of that and there's like 6.3 million people in the country and in a global scale especially in a forum like this that's part obscure but famous among the bitcoin circle, I think that they're a little too less to be stumbling upon this even if they know about bitcoin, some have probably known about bitcoin not in a traditional way which is searching through their browsers on the Internet, with how it became a legal tender, I do think that they've learned it by how the people are using it.Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: terrific on March 16, 2024, 09:52:22 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? I have watched some videos that you can use it to pay services despite that many citizens still not aware of what btc is.Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. The one that I have seen is able to purchase from the locals and pay it with btc and get to pay the bills. Just like us, they're normally using it with anything that we can purchase with it despite not being there physically. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Marvell1 on March 16, 2024, 10:01:35 AM I know about the news and it being made legal tender, but has anybody first hand experience of using btc in el salvador? I have watched some videos that you can use it to pay services despite that many citizens still not aware of what btc is.Can you simply go to a money counter, atm, restaurant, and buy/sell/use btc? news & reality are mostly different things. The one that I have seen is able to purchase from the locals and pay it with btc and get to pay the bills. Just like us, they're normally using it with anything that we can purchase with it despite not being there physically. Can you give us videos you've seen about El Salvador? El Salvador has accepted bitcoin as legal tender, meaning it is the currency used in that country. But what people wonder is will more people use bitcoin as their everyday payment currency? And will all stores, restaurants...accept bitcoin or are there still many stores not ready for it? There was no one here who lived in El Salvador or had been there to tell us. But I remember, many people declared that they were fed up with their country banning bitcoin and they wanted to move to a country where bitcoin was legal. After over a year, I still haven't seen anyone update that they've been to El Salvador or any other country where bitcoin is legal. Perhaps only those people can tell us the answer. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: kryptqnick on March 16, 2024, 12:12:01 PM It costs a lot of accommodation to go and experience it directly, instead of having to go there, I would rather use the money to accumulate more Bitcoins. Thank you for this! The videos are very practical because they show real experience of a person, and it's very convenient that the videos are in English. It seems that it really works, there's infrastructure for it available. But you need some sort of wallet that allows fast transactions (an official custodial wallet by El Salvador, or a lightning wallet that one of the vloggers used in the videos). There's also a detailed Bitcoin ATM experience in the second video, which some people might find interesting as well. Interesting that the guy in the first video tried a couple of places, but their Bitcoin QR codes didn't work for him. So it's not all that smooth and simple.News and reality sometimes don't match, but in the case of El Salvador making Bitcoin legal tender, that's not bullshit. I didn't experience it directly, but we can see it from video evidence from uploaders on YouTube. - Trying to buy food with Bitcoin in El Salvador (https://www.youtube.com/watch?v=2Zv9BYkt9QA) - Using BITCOIN in EL SALVADOR | First Impressions (https://www.youtube.com/watch?v=hsuwxrB6c-M) - The TRUTH about BITCOIN in EL SALVADOR (Bitcoin Beach Tour) (https://www.youtube.com/watch?v=-guph3C44bc) Even though the country has officially made Bitcoin legal tender, quite a few El Salvadorans are not happy and prefer not to implement Bitcoin in their businesses. You can see that from a short interview in The Infuriating Reality of Using Bitcoin in El Salvador (https://www.youtube.com/watch?v=7HIbRlhJfSw) by Bloomberg Quicktake. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Patikno on March 18, 2024, 05:32:11 PM It costs a lot of accommodation to go and experience it directly, instead of having to go there, I would rather use the money to accumulate more Bitcoins. Thank you for this! The videos are very practical because they show real experience of a person, and it's very convenient that the videos are in English. It seems that it really works, there's infrastructure for it available. But you need some sort of wallet that allows fast transactions (an official custodial wallet by El Salvador, or a lightning wallet that one of the vloggers used in the videos). There's also a detailed Bitcoin ATM experience in the second video, which some people might find interesting as well. Interesting that the guy in the first video tried a couple of places, but their Bitcoin QR codes didn't work for him. So it's not all that smooth and simple.News and reality sometimes don't match, but in the case of El Salvador making Bitcoin legal tender, that's not bullshit. I didn't experience it directly, but we can see it from video evidence from uploaders on YouTube. - Trying to buy food with Bitcoin in El Salvador (https://www.youtube.com/watch?v=2Zv9BYkt9QA) - Using BITCOIN in EL SALVADOR | First Impressions (https://www.youtube.com/watch?v=hsuwxrB6c-M) - The TRUTH about BITCOIN in EL SALVADOR (Bitcoin Beach Tour) (https://www.youtube.com/watch?v=-guph3C44bc) Even though the country has officially made Bitcoin legal tender, quite a few El Salvadorans are not happy and prefer not to implement Bitcoin in their businesses. You can see that from a short interview in The Infuriating Reality of Using Bitcoin in El Salvador (https://www.youtube.com/watch?v=7HIbRlhJfSw) by Bloomberg Quicktake. That's all I got about transactions using Bitcoin in El Salvador, not everything went smoothly because the average conventional shop doesn't really support Bitcoin. Only modern shops will run smoothly, such as buying coffee at Starbucks with Bitcoin as in the second video. Unfortunately we don't have users from this country to provide a more real experience regarding the conditions there. Do you know the latest news about El Salvador? it was about the president who would buy 1 Bitcoin every day (https://news.bitcoin.com/el-salvador-will-keep-buying-1-bitcoin-daily-until-btc-becomes-unaffordable-with-fiat-currencies-says-president-bukele/). Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Zanab247 on March 21, 2024, 02:55:33 PM Quote from: FinePoine0 Bitcoin in El Salvador is a buy only idea, because since 2021 they have started holding bitcoins and until today their bitcoin holdings have a profit of 50% to 60% above every bitcoin. Therefore, the government of El Salvador, Naib Bukele, said that he will not make a decision to sell the accumulated bitcoins now. He has thought about holding for a long time and I like his thinking. The more bitcoins you accumulate, the more benefits you stand to earn. At present, the government of El Salvador sees the decision to hold Bitcoin as the most important. El Salvador country was the first country that make BTC legal tender and it has make bitcoiners to use their BTC positive to build up a good business that will make them to introduce BTC as a payment to attract more customers in the country. The best step a government will take is to buy a huge amount of BTC and hodl for long which is what El Salvador government did in the past to enable to developed some of the things in the country that is attracting foreigner to come into the country to establish business. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: adpinbr on March 22, 2024, 06:33:01 AM Yes, Bitcoin has been accepted as a day to day transaction in El Salvador yes people are using it and it working perfectly because of how easy and simple it is, one thing about bitcoin is that nobody monitors your transactions and you are the only one that is in charge of your account which is know as your (bitcoin wallet) their is this joy you get when you understand that the government has nothing to do with your daily transactions that is when you understand bitcoin and using a decentralized wallet to do your personal transactions, nobody watches you.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Bonny070 on March 22, 2024, 10:06:52 AM although they are rumours that el Salvador citizen buy and sell in there country, if el Salvador lagalis bitcoin that's a welcoming in there country. i know many countries had about bitcoin, but el Salvador introduced uses of bitcoin for buy and selling is good. my country we acknowledge bitcoin, but the government of the day have not legalis it in my Nigeria.i hope my Nigeria will do the same as el Salvador. I'm looking forward to see the same thing in my country Nigeria.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Distinctin on March 22, 2024, 02:19:31 PM That question can only answered by the people of El Salvador, that's the only valid answer to this question anyway. Other people that's living outside the country like me isn't going to be able to answer that, maybe those that have visited the country might be able to tell you but others would either lie or speculate about the situation, it's going to be difficult to do so OP since there's not a lot of members here that are willing to reveal that they're from El Salvador or maybe there's no people in this forum that's from El Salvador, it's a small country after all. Absolutely. Only the residents of El Salvador can answer that and can even add more information on how they are able to utilize bitcoin at their convenience. But the fact that bitcoin has already been considered as a legal tender in El Salvador, then I’m sure that they are already using it as a payment currency on their everyday living, even though USD is their official currency. However, it’s still different when someone from El Salvador will answer that question, at least we can be sure that he’s stating based on his personal experience, and not just from his own researches.Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Blitzboy on March 22, 2024, 02:28:22 PM That question can only answered by the people of El Salvador, that's the only valid answer to this question anyway. Other people that's living outside the country like me isn't going to be able to answer that, maybe those that have visited the country might be able to tell you but others would either lie or speculate about the situation, it's going to be difficult to do so OP since there's not a lot of members here that are willing to reveal that they're from El Salvador or maybe there's no people in this forum that's from El Salvador, it's a small country after all. But honestly, it's going to be a very interesting experience to see how people use Bitcoin as their day-to-day legal tender for transactions, businesses, and investments in El Salvador. However, there are practical considerations to address. For instance, how will marketers accurately evaluate the cost of their products for buyers using Bitcoin? Similarly, how will buyers stay informed about the current prices and determine when it's advantageous to use Bitcoin or not? Given the volatile nature of the Bitcoin market, there may be misunderstandings between buyers and sellers. Unfortunately, I cannot provide firsthand information on how the people of El Salvador are using Bitcoin since I am not physically there. That is why, like others in this thread have suggested, it would be great to hear from citizens in El Salvador about their experiences with using Bitcoin as legal tender. Are they using cryptocurrency through stable coins for transactions, or are they using Bitcoin directly? From the perspective of traders and investors, how do they come to an agreement on the value of the investment? Understanding the potential return on investment (ROI) and other factors is crucial when dealing with the volatility of the Bitcoin market. Without a clear understanding of market trends, it's challenging to predict profitability when investing in Bitcoin. Bitcoin or stablecoins provide our El Salvadoran friends options and stability. Direct Bitcoin transactions offer freedom, whereas stablecoins provide stability. A roller coaster and a picturesque train journey are both thrilling, but the experience is very different. Investors and traders, listen: Negotiation and information are key to value agreement. The market's volatility presents an opportunity. Do your research, recognize the hazards, and start. Remember, no risk, no reward. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: The Cryptovator on March 22, 2024, 08:17:55 PM It must be accepted everywhere when it's legal tender. Legal tender means you are obliged to accept something when a second party offers it, For example, your fiat is legal tender, wherever you offer to exchange something, they are obliged to accept your fiat. El Salvador accepts Bitcoin as legal tender, and they have to accept it everywhere besides their native currency's. I haven't visited El Salvador, but these are the basic rules of legal tender. You may search on Google for how legal tender works. Also, you may find some other data on how El Salvador Bitcoin payments work.
Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Russlenat on March 22, 2024, 09:34:51 PM A good and curious question. Yes, certainly in theory, Bitcoin has been officially accepted in El Salvador and citizens can buy anything even from grocery stores with Bitcoin, but in practice on the ground, has this really happened? We need someone living in El Salvador to tell us the facts. I believe implementing bitcoin would not be easy especially if it’s a small country and the people are still naive about the current innovation and technology like bitcoin. The struggle is actually real in the beginning. But Bukele made it despite of the strikes at first, and now the people are slowly enjoying the advantages of bitcoin. But if ask if they are actually using it on a daily basis, then only a responsible citizen of El Salvador can prove that, since all we have right now are just speculations coming from the news that concern El Salvador.Implementation on the ground is somewhat difficult, because El Salvador is a small and poor country and does not have the appropriate infrastructure to use Bitcoin perfectly. There is also a problem with Bitcoin itself, as it is not yet suitable for small and quick daily transactions. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: someone703 on March 22, 2024, 09:45:05 PM The fluctuating price of Bitcoin makes it difficult for businesses to accurately price goods and services. Imagine a store constantly adjusting prices based on the latest Bitcoin exchange rate – a logistical nightmare. Similarly, for consumers, staying informed about Bitcoin's value to determine the best time to use it is a complex task.
The potential for misunderstandings between buyers and sellers is a valid concern. If prices aren't clearly communicated in both Bitcoin and a stable currency like USD, confusion and frustration are likely. The lack of firsthand experiences from El Salvadorians highlights the limitations of online discussions. Understanding how citizens are actually using Bitcoin – whether directly or through stablecoins – is crucial to evaluating the experiment's success. The focus on ROI calculations for investors is another important point. Bitcoin's volatility makes it challenging to predict profitability, especially for those unfamiliar with cryptocurrency markets. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Assface16678 on March 22, 2024, 11:16:35 PM A good and curious question. Yes, certainly in theory, Bitcoin has been officially accepted in El Salvador and citizens can buy anything even from grocery stores with Bitcoin, but in practice on the ground, has this really happened? We need someone living in El Salvador to tell us the facts. I believe implementing bitcoin would not be easy especially if it’s a small country and the people are still naive about the current innovation and technology like bitcoin. The struggle is actually real in the beginning. But Bukele made it despite of the strikes at first, and now the people are slowly enjoying the advantages of bitcoin. But if ask if they are actually using it on a daily basis, then only a responsible citizen of El Salvador can prove that, since all we have right now are just speculations coming from the news that concern El Salvador.Implementation on the ground is somewhat difficult, because El Salvador is a small and poor country and does not have the appropriate infrastructure to use Bitcoin perfectly. There is also a problem with Bitcoin itself, as it is not yet suitable for small and quick daily transactions. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: yhiaali3 on March 22, 2024, 11:28:14 PM Yeah, if it's a small country with few citizens but notice that they are still using their fiat, it's because they still can't fully let go of their fiat system. It's because it should not be replaced. Many bitcoin believers want to fully replace the fiat system and make bitcoin the only currency we will use, but the thing is, I don't think that is practical and should be done. I have been a bitcoin fan ever since, but I don't agree that bitcoin will replace all fiat or banking systems. What I want is that bitcoin will be legalised and will be regulated worldwide, but still, there's still a fiatsystems. What I want is that bitcoin will be legalized and will be regulated worldwide, but still, there's still a fiat system. Let's take, for example, El Salvador. The country is accepting and adopting bitcoin, but they are still using fiat because they are not yet ready for that. As far as I know, El Salvador does not have its own fiat, but rather uses the US dollar. This was before Bitcoin was officially adopted to become the main currency in El Salvador.I do not know if the fiat you saw is the US dollar, but in any case, given the difficulty of using Bitcoin for small, quick daily payments, there must be another currency besides Bitcoin in El Salvador, which is most likely the US dollar, because El Salvador does not have its own national fiat. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: freedomgo on March 22, 2024, 11:50:10 PM Yeah, if it's a small country with few citizens but notice that they are still using their fiat, it's because they still can't fully let go of their fiat system. It's because it should not be replaced. Many bitcoin believers want to fully replace the fiat system and make bitcoin the only currency we will use, but the thing is, I don't think that is practical and should be done. I have been a bitcoin fan ever since, but I don't agree that bitcoin will replace all fiat or banking systems. What I want is that bitcoin will be legalised and will be regulated worldwide, but still, there's still a fiatsystems. What I want is that bitcoin will be legalized and will be regulated worldwide, but still, there's still a fiat system. Let's take, for example, El Salvador. The country is accepting and adopting bitcoin, but they are still using fiat because they are not yet ready for that. As far as I know, El Salvador does not have its own fiat, but rather uses the US dollar. This was before Bitcoin was officially adopted to become the main currency in El Salvador.I do not know if the fiat you saw is the US dollar, but in any case, given the difficulty of using Bitcoin for small, quick daily payments, there must be another currency besides Bitcoin in El Salvador, which is most likely the US dollar, because El Salvador does not have its own national fiat. Title: Re: Buying/Selling & Using Bitcoin in El Salvador. Post by: Ultegra134 on March 22, 2024, 11:56:19 PM This may be anecdotal but, couple of months ago, someone posted about their El salvador trip in r/bitcoin, see: https://www.reddit.com/r/Bitcoin/comments/17otops/just_got_back_from_el_salvador_thoughts_on_bitcoin/ That's an interesting story, and El Salvador sounds like a great place to visit. I wouldn't mind a vacation there as well, if the flights weren't so expensive. Regarding Bitcoin adoption, it would be best to hear it directly from someone local, even though this story provides great feedback. Honestly, it's kind of expected that the adoption isn't that great; even after 3 years, it became legal tender. Most locals are unaware of how exactly it works, and it's completely understandable; perhaps the government hasn't assisted in that part as well to make it more approachable.With most folks being unbanked and cash being the the most common payment method, tbh, I would not expect most merchants are accepting bitcoin since it's not easy to come from those so have your fiat ready at all times and plan a nice itenerary surrounding bitcoin accepted shops. Apart from that, Bitcoin's volatility might be an off-putting factor for vendors, as they're relying on that money for their livelihood. A price dip will ultimately result in a loss of revenue, and although things can go both ways, some prefer not to risk it. |
