El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[Molinology]

Yes, indeed this is great news. And now there are other countries like the US, Canada and the UK who have bitcoins to be used.

[DdmrDdmr]

Although not included as part of the alleged chivo wallet arquitecture, yet later related, the below referenced article points to BitGo as being the one taking custody of El Salvador’s bitcoins.

As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

There is though no official confirmation nor denial of the above though from El Salvador to date.

See: https://www-criptonoticias-com.translate.goog/comunidad/quien-custodia-fondos-bitcoin-el-salvador-dicen-empresa-eeuu/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es
https://twitter.com/ODELL/status/1476942900563005440

<...> Just out of curiosity did he tweeted again that he has bought the last dip?

4/12/2021 was the last reference on his Twitter to buying the dip.

[Daltonik]

<...> As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

There is though no official confirmation nor denial of the above though from El Salvador to date.

See: https://www-criptonoticias-com.translate.goog/comunidad/quien-custodia-fondos-bitcoin-el-salvador-dicen-empresa-eeuu/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es
https://twitter.com/ODELL/status/1476942900563005440

Yes, this is a rather strange step for a country that has decided to legalize the crypt and thereby challenging, including the banking system, although on the other hand, there are three private keys in the BitGo online wallet, two of which are with the owner and only one is stored on the server, so BitGo does not have access to your bitcoins, well, in theory, of course, it is possible to use BitGo was chosen by El Salvador for security reasons, including. I just don't have any other explanation for how it's organized, provided it's true.

[stompix]

As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

You just have to love this shit, the whole thing it's so ridiculous you can't even get mad at Bukele anymore.

He shouts at the evil FMI on Twitter, then he goes on all four and begs for another loan.
He says Bitcoins bonds are the future, he quietly issues 500 million is $ bond right before Christmas to pay the government debt, all the while constructing a 4 million pet hospital from "profits"
He lashes on the US for that and this while all the time just like Maduro counting profits from hundreds of Citgo stations and stuffing his money in the US he plants Batms to get money from people working there, he partners with a company based in the US for the lighting payments, he stores the bitcoins of "the people" of Salvador with a US company.

This is so ridiculous on so many levels.
Just out of curiosity did he tweeted again that he has bought the last dip?

[Daltonik]

Yes, all this is from the area called expectation and reality, but we are here to understand how the adoption of bitcoin by individual states will eventually help the development of the blockchain ecosystem. I don't know what is better to have at least some kind of protection in the form of a double signature like BitGo or to store bitcoin by one person as it happens with Michael Saylor and his company MicroStrategy where there are two main storage addresses https://www.blockchain.com/ru/btc/address/1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR and https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ isn't that why Saylor conducts all interviews from the same place and he has every reason to comply with security.

[stompix]

I don't know what is better to have at least some kind of protection in the form of a double signature like BitGo or to store bitcoin by one person as it happens with Michael Saylor and his company MicroStrategy where there are two main storage addresses https://www.blockchain.com/ru/btc/address/1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR and https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ

Microstrategy puchases its coins with Coinbase and that (1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR) is  Coinbase adreess.

Also, Microstrategy announced its first purchase in August 2020
1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkS is active since 2018-06-0
1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ  is active since 2019-02-06

So...no  

[DdmrDdmr]

<…>According to https://bitcointreasuries.net/, 1241 BTCs. There are other treasury tracking pages I've seen that lack the latest +21 BTC update.<…>

I’m actually doubting whether the above figure lacks 150 further BTCs. I’ve seen multiple sources now referencing the total toll to be 1.391 BTCs. I tried to find a detailed log of the purchases (rather than going through @Bukele’s twitter over a set of months), and encountered this Tweet:

https://twitter.com/cobie/status/1479260281528373250

Another different matter is the current countervalue of the said BTCs, which is at a loss on the books (and currently less than on the above image), and although this is a mid to long running game, it does serve as a reminder that they should ponder carefully withdrawing FIAT from the Trust to pay for Pet Hospital, Schools and such.

See also:
https://cryptopotato.com/heres-how-much-el-salvadors-bitcoin-is-currently-worth/

[tyz]

maybe we have seen several times that the country of El Salvador is really serious about adopting bitcoin in the long term for the next few years as for example they have created several bitcoin ATMs to conduct transactions for their citizens in the country we hope this will have a positive impact for the survival of bitcoin in the future because currently in the midst of the price condition of bitcoin which is still not stable bitcoin really needs recognition from developing countries like this because of what El Salvador is doing

In the end, the success or failure of Bitcoin in El Salvador will be measured by the acceptance of the people. In the meantime, there have been several reports and documentaries about the Bitcoin experiment in which many locals have their say. Overall, the mood towards Bitcoin seems to be 50/50, with younger people being more open to the introduction of Bitcoin than their elders, partly because the younger ones also claim to speculate with Bitcoin. The older ones are particularly concerned about the strong volatility. And the documentaries were all shot before the current downturn. Therefore, it can be assumed that acceptance has not necessarily increased in recent weeks.

[Fatunad]

maybe we have seen several times that the country of El Salvador is really serious about adopting bitcoin in the long term for the next few years as for example they have created several bitcoin ATMs to conduct transactions for their citizens in the country we hope this will have a positive impact for the survival of bitcoin in the future because currently in the midst of the price condition of bitcoin which is still not stable bitcoin really needs recognition from developing countries like this because of what El Salvador is doing

In the end, the success or failure of Bitcoin in El Salvador will be measured by the acceptance of the people. In the meantime, there have been several reports and documentaries about the Bitcoin experiment in which many locals have their say. Overall, the mood towards Bitcoin seems to be 50/50, with younger people being more open to the introduction of Bitcoin than their elders, partly because the younger ones also claim to speculate with Bitcoin. The older ones are particularly concerned about the strong volatility. And the documentaries were all shot before the current downturn. Therefore, it can be assumed that acceptance has not necessarily increased in recent weeks.

We couldnt really expect that acceptance would really be totally in full scale into its citizens and it would surely takes time because we know that we've been get used to fiat
and dealing with almost no movement when it comes to value and then theres some switch up or integration which is totally opposite on what we've been dealing
for generations but well it would really depend if recognition would really be gradually change or there would be people who would stick out on things
that they've been used to.

[tyz]

maybe we have seen several times that the country of El Salvador is really serious about adopting bitcoin in the long term for the next few years as for example they have created several bitcoin ATMs to conduct transactions for their citizens in the country we hope this will have a positive impact for the survival of bitcoin in the future because currently in the midst of the price condition of bitcoin which is still not stable bitcoin really needs recognition from developing countries like this because of what El Salvador is doing

In the end, the success or failure of Bitcoin in El Salvador will be measured by the acceptance of the people. In the meantime, there have been several reports and documentaries about the Bitcoin experiment in which many locals have their say. Overall, the mood towards Bitcoin seems to be 50/50, with younger people being more open to the introduction of Bitcoin than their elders, partly because the younger ones also claim to speculate with Bitcoin. The older ones are particularly concerned about the strong volatility. And the documentaries were all shot before the current downturn. Therefore, it can be assumed that acceptance has not necessarily increased in recent weeks.

We couldnt really expect that acceptance would really be totally in full scale into its citizens and it would surely takes time because we know that we've been get used to fiat
and dealing with almost no movement when it comes to value and then theres some switch up or integration which is totally opposite on what we've been dealing
for generations but well it would really depend if recognition would really be gradually change or there would be people who would stick out on things
that they've been used to.

I agree with you that of course it takes time. Bu in the end, most ordinary people will weigh what is better for their lives. A US dollar with which I know today what it will still be worth tomorrow, or a Bitcoin that can stand today at 69k and tomorrow at 41k. Most people understandably do not act idealistically but pragmatically.

[yohananaomi]

we should give appreciation to the country of El Salvador where they are really serious about adopting bitcoin widely in the country their every word is not just a discourse but it can be realized where even the country has created several bitcoin ATMs to make transactions for its people adopting the crypto world, of course this will have a very positive impact on bitcoin in the long term considering that currently bitcoin really needs adoption from developing countries like what El Salvador has done for bitcoin adoption.

what elsavador has done will be a trigger for other developing countries to also dare to innovate like they did. I agree with you that it is necessary to appreciate what elsavador has done with the courage that has been done, because the step of adopting bitcoin certainly requires courage that is not only based on trends but there is another bigger goal, progress for the country. and the people.

The advantages and ease of adopting bitcoin are certainly very supportive for those who have changed with renewable technology and there are many more benefits that the state can do for its people, all of which can be done through bitcoin. so that with bitcoin people can more freely send funds more easily and affordable well and quickly.

[_act_]

what elsavador has done will be a trigger for other developing countries to also dare to innovate like they did. I agree with you that it is necessary to appreciate what elsavador has done with the courage that has been done, because the step of adopting bitcoin certainly requires courage that is not only based on trends but there is another bigger goal, progress for the country. and the people.

The countries that have currencies regulated by their government may still be thinking to solely depend on their local currency, but unlike El Salvador that only spend US dollars before that does not depend on a currencies regulated by El Salvadorian government.

There is a country called kingdom if Toga that have small population that wants to start using bitcoin, their currency called paʻanga is not also regulated by their government.

https://en.m.wikipedia.org/wiki/Tongan_pa%CA%BBanga

The paʻanga is the currency of Tonga. It is controlled by the National Reserve Bank of Tonga (Pangikē Pule Fakafonua ʻo Tonga) in Nukuʻalofa. The paʻanga is not convertible and is pegged to a basket of currencies comprising the Australian, New Zealand, and United States dollars and the Japanese yen.

Their former MP has tweeted how this will be possible and will be done this year, I created a thread about it but no much attention and response from people, but very possible Kingdom of Tonga with a small population of 100000 citizens can also adopt bitcoin very soon.

https://bitcointalk.org/index.php?topic=5381247.msg58980148#msg58980148

Even Tonga is presently accepting donations in bitcoin because of the volcanic eruption and tsunami that is occuring in the country recently. No death is yet recorded. Very possible the country is the next that will accept bitcoin as a legal tender.

https://news.marketcap.com/tonga-accepts-bitcoin-donations-amid-tsunami-onslaught/

[noormcs5]

we should give appreciation to the country of El Salvador where they are really serious about adopting bitcoin widely in the country their every word is not just a discourse but it can be realized where even the country has created several bitcoin ATMs to make transactions for its people adopting the crypto world, of course this will have a very positive impact on bitcoin in the long term considering that currently bitcoin really needs adoption from developing countries like what El Salvador has done for bitcoin adoption.

what elsavador has done will be a trigger for other developing countries to also dare to innovate like they did. I agree with you that it is necessary to appreciate what elsavador has done with the courage that has been done, because the step of adopting bitcoin certainly requires courage that is not only based on trends but there is another bigger goal, progress for the country. and the people.

The advantages and ease of adopting bitcoin are certainly very supportive for those who have changed with renewable technology and there are many more benefits that the state can do for its people, all of which can be done through bitcoin. so that with bitcoin people can more freely send funds more easily and affordable well and quickly.

I don't think it is easy for any government to adopt bitcoin. There are many challenges both local and global to make this bitcoin adaption a successful one.
That's the reason why there is no announcement from any other country on making it a legal tender. Let's hope people learn from El Salvador and other countries follow them.

[Lucius]

There is a country called kingdom if Toga that have small population that wants to start using bitcoin, their currency called paʻanga is not also regulated by their government.

Question - why should news like this be in El Salvador's thread? It is also nonsense that the people of Tonga want Bitocin, only one member of their parliament wants it and it is currently only a proposal that is not even official.

Their former MP has tweeted how this will be possible and will be done this year, I created a thread about it but no much attention and response from people, but very possible Kingdom of Tonga with a small population of 100000 citizens can also adopt bitcoin very soon.

https://bitcointalk.org/index.php?topic=5381247.msg58980148#msg58980148

If all goes well, then Bitocin could become a legal tender in Tonga only at the end of this year - all relevant information is in this thread :

https://bitcointalk.org/index.php?topic=5375884.msg58992658#msg58992658

No death is yet recorded

Incorrectly, two deaths have been confirmed so far.

[tabas]

indeed no one doubts that El Salvador is very very serious about adopting bitcoin where they are very serious about adopting bitcoin to be widely applied in the country and where their seriousness is proven by creating several bitcoin ATMs.in the country so that transactions can be processed by people who adopt.bitcoin in the country of El Salvador this has a very positive impact on the survival of bitcoin in the future amid.the decline in bitcoin prices at this time of course it is very necessary for bitcoin itself

They've already come to the point of adopting bitcoin as a legal tender and that's an actual seriousness that they've shown.
Although we've seen some people that are against it because they don't like the idea and they don't know how to use bitcoin as their actual money.
But things can be done properly with the process and eventually those that are against it will see that it's an easy method for transactions.

[Daltonik]

Here in El Salvador, sociology was rolled out and if you believe the survey "what citizens of the country think about Bitcoin" conducted by the Institute of Public Opinion of the Central American University (UCA) and published the results on January 14, it turns out that so far only 27% of respondents believe in Bitcoin, a total of 1,298 citizens participated in the survey.

In particular, 25.6% believe that it has benefited the rich, 20.5%  the government, and only 10.9% believe that the adoption has benefited the residents of the country. Approximately 60% of respondents say that the $70 million spent on the purchase of bitcoin did not affect the economic condition of the country. Despite this, there was hope for a better future.

Only 20% of respondents believe that the economy has improved, and 57.2% believe that it has remained the same.
Also, 6 out of 10 citizens oppose government spending on BTC. In general, respondents indicated that the use of Bitcoin in the country should be voluntary, not mandatory

https://uca.edu.sv/iudop/wp-content/uploads/Bol.-Eva-de-ano-2021-MOD.pdf

[JayJuanGee]

Here in El Salvador, sociology was rolled out and if you believe the survey "what citizens of the country think about Bitcoin" conducted by the Institute of Public Opinion of the Central American University (UCA) and published the results on January 14, it turns out that so far only 27% of respondents believe in Bitcoin, a total of 1,298 citizens participated in the survey.

In particular, 25.6% believe that it has benefited the rich, 20.5%  the government, and only 10.9% believe that the adoption has benefited the residents of the country. Approximately 60% of respondents say that the $70 million spent on the purchase of bitcoin did not affect the economic condition of the country. Despite this, there was hope for a better future.

Only 20% of respondents believe that the economy has improved, and 57.2% believe that it has remained the same.
Also, 6 out of 10 citizens oppose government spending on BTC. In general, respondents indicated that the use of Bitcoin in the country should be voluntary, not mandatory

https://uca.edu.sv/iudop/wp-content/uploads/Bol.-Eva-de-ano-2021-MOD.pdf

There might be some value in capturing aspects of public sentiment early on in the bitcoin transitioning process, and many of us who have been in bitcoin for a while likely recognize that some of the compounding  benefits of being in bitcoin could take a while to be really felt - maybe even in the 4 year to 10 year time horizon.  On the other hand, in El Salvador, there are various actions being taken right away.. and of course, those short term actions are going to direct and incentivize various kinds of short-term changes. .that surely could be felt in more immediate ways...

El Salvador is the only country that shows its seriousness in adopting bitcoin where they have created a bitcoin ATM for transactions in the country, of course this has a very good impact on the survival of bitcoin in the future because it is currently in the midst of declining bitcoin prices in the world. the stock market, of course, bitcoin really needs adoption from developing countries to be able to regain public trust so that its price can increase again as in a few years ago

Bitcoin does not need any of these things.


Sure, there can be some benefits to bitcoin in terms of increased adoption, but bitcoin is going to survive whether it is adopted or not...and most likely, in terms of Gresham law type principles, people, businesses, institutions, and governments are going to come to bitcoin whether they want to or not.   The soundest of monies attracts capital into it, even if there are a lot of people failing/refusing to appreciate that bitcoin is the real deal in terms of the soundest of money out there.

Don't get me wrong.. greater levels of adoption in various levels (also could be referred to as network effects) does likely cause bitcoin to get BIGGER faster, but whether bitcoin goes faster or slowly does not really change too much of anything in terms of a certain amount of ossification that already exists in bitcoin and tik tok every 10 minutes another block comes, whether you jump on board and appreciate its value or not.

I often see from various developing countries that they say they want to adopt bitcoin but in reality it is only a discourse.very different from what El Salvador is doing they really show their seriousness in adopting bitcoin long term even where they have created ATMs bitcoin for transactions in the country, the adoption of the country of El Salvador can at least return to make bitcoin better viability in the future amid the decline in bitcoin prices in recent years

Fair enough.

There is a certain amount of value that comes through actual actions - including the way that El Salvador is attempting to facilitate the building of various bitcoin infrastructure.  There are also several countries that have had representatives making statements, and the actions surely vary in terms of none of them really going in as bold as El Salvador, and some of these matters will take time in terms of attempting to learn from the experiences and practices of various other jurisdictions, whether at the city level or even smaller jurisdictions such as cities that end up making some moves towards bitcoin adoption/acceptance.

[_act_]

Question - why should news like this be in El Salvador's thread?

I did not just make the post, the quote below make me

what elsavador has done will be a trigger for other developing countries to also dare to innovate like they did.

Incorrectly, two deaths have been confirmed so far.

I posted yesterday and your news you post was published today, what I read before in the early hour of yesterday or two days ago was that no death was recorded. I would have more appreciate this if you said two deaths are now recorded rather than saying someone is wrong but your post is good though.


El Salvador’s Bitcoin wallet onboards 4M users with Netki partnership

https://cryptoepic.org/el-salvadors-bitcoin-wallet-onboards-4m-users-with-netki-partnership/

El Salvador, the first country to make Bitcoin (BTC) a legal tender, has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider Netki, according to an announcement.

[bbc.reporter]

This might be the best moment for the president Bukele to be silent instead of finding recognition and the approval from the bitcoin community. I am aware that it is not yet certain, however, we might be witnessing the beginnings of a bubble pop. This downgrade on El Salvador’s sovereign debt might be a risk on the country’s economy and might also put the country’s financial condition in danger.

Also, this 3rd world country consists more of poor people than bitcoin holders.

[_act_]

This might be the best moment for the president Bukele to be silent instead of finding recognition and the approval from the bitcoin community. I am aware that it is not yet certain, however, we might be witnessing the beginnings of a bubble pop. This downgrade on El Salvador’s sovereign debt might be a risk on the country’s economy and might also put the country’s financial condition in danger.

Also, this 3rd world country consists more of poor people than bitcoin holders.

El Salvador president tweeted 'El Salvador don't give a fuck' (DGAF) in response to that dept degrading or whatever. I did more research to know that this kind of action against El Salvador is not new

July 31,2021
Moody’s downgrades El Salvador’s long-term foreign currency issuer rating, and it has a Bitcoin connection
https://blockchainbarista.com/moodys-downgrades-el-salvadors-long-term-foreign-currency-issuer-rating-and-it-has-a-bitcoin-connection/

LatinNews Daily - 03 August 2021
In brief: Moody’s downgrades El Salvador
https://www.latinnews.com/component/k2/item/89453-in-brief-moody-s-downgrades-el-salvador.html

The president should be silent for what reason? He is a Bitcoin Enthusiast and know bitcoin is having a brighter future. El Salvador is no much different from countries that make bitcoin legal because citizens are allowed to either accept Bitcoin or US dollar. But just that it was a great news that a country adopts Bitcoin.

See the recent inflation of 7% recently in US which some people say it is higher than that, see the progressive devaluation of dollar from over decades ago. What makes fiat better? What makes dollar better? Fiat that is controlled by the government to make its value to reduce.

El Salvador is having over 700 or 1000 Bitcoin now, I do not know the amount. This is because their president knows that this will benefit El Salvador. People still do not want to understand that fiat is the killer not bitcoin. I do not mean killer directly but you should get me.