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

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1800 Salvadorans were surveyed by National Bureau of Economic Research (NBER), this number of people surveyed are not much but this still gives some information about the use of bitcoin as a legal tender in El Salvador.

https://cointelegraph.com/news/one-fifth-of-businesses-in-el-salvador-now-accept-bitcoin-nber-study

According to the report from National Bureau of Economic Research (NBER)

Chivo wallet users decreased the use of cash by 10% and decrease the use of debit cards by 11%

Among owners of firms and employees familiar with the companies payment methods, 20% said their company or place of work accept bitcoin while 25% accepts credit card.

Also in the research, 71% of bitcoin sales are mostly converted to dollar, 17% stored as dollar on Chivo wallet while 10% stored as bitcoin.

A question
Salvadorans using Chivo wallet and Salvadorans using bank, which one is more?

[Wiwo]

A question
Salvadorans using Chivo wallet and Salvadorans using bank, which one is more?

From the survey result, you can easily point out the general behavior of El Salvadorans toward bitcoin through the chivo wallet record but then we should not forget the fact that not all Bitcoin users in El Salvador access the network through the Chivo wallet some users will use other none custodial wallets and hardware wallets which are not accounted for in the survey, more importantly, is the increase in the number of businesses/ companies that have adopted Bitcoin payment since it legal adoption, which percentage is placed at 20% within the short period Bitcoin is made legal tender in that region. Also am not surprised by the general conversion rate of Bitcoin into dollars this is the general appetite of most people toward Bitcoin to avoid its volatility.

[Doan9269]

A question
Salvadorans using Chivo wallet and Salvadorans using bank, which one is more?

From the statistics of the data provided above I think we can derive an answer to the question, whennwe consider the numbers of those that have downloaded and are using the chivo wallet we could see that over 80% of the population has in one way or the other come across bitcoin and has given a trial on the use of bitcoin for their transactions, let's try to analyze this further, before the introduction of bitcoin as legal tender it is believed that the entire country make use of fiat, and if we consider the rate of those actively involved in the economy of a country we see that the youths have a significant they played.

The report now give the statistics of those that have given it a trial which i believe are the youth at most and the rest who couldn't were the overage adult who possibly can't operate mobile phones or so, if bitcoin adoption in El-Savador has been a thing of crisis then the news would have over flooded the internet on the current situation, Bukele and the citizens are doing well with the use of bitcoin in running a smooth inflation free economic system so far so good. I think all this should provide an insight to the question.

[Frengki_cisco]

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

El Salvador, had become a hot topic of conversation throughout the world, the way they did Bitcoin, all countries considered El Salvador's move to have positive things, but now it's not, El Salvador is not talking much, it's because of Bitcoin.unstable, being used as a means of payment is a constrained risk.

[Vaskiy]

There were more discussion that the adoption by El Salvador is a failure. By the time Mexican Bitso exchange has provided some data. El Salvador’s government-backed Bitcoin (BTC) wallet has reached significant success in terms of adoption. The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. Bitso essentially provides back-end technology so that the government of El Salvador can purchase Bitcoin and ensure that BTC is convertible to the United States dollar.

“Ever since it began working with the government in September, Bitso has continued to provide liquidity to the Chivo wallet,” Vallejo said. He added that Bitso started to operate in El Salvador through Chivo and is currently present in the country via that platform only. However, the exchange is active in Mexico, Brazil, Argentina and Colombia. Chivo has achieved great success in the seven months after its somewhat bumpy rollout, when the wallet faced technical issues and even went offline.

“Through our work with the Chivo Wallet, we’ve been able to see how a significant part of the population has turned to using the application for safe and easy transactions,”

As education regarding cryptocurrency and everyday use cases increase in the region, more users will remain on the application with a deeper understanding of the technology and the opportunities. El Salvador, a country with 6.49 million citizens, has 2.6 million Chivo users which is a big success.

El Salvador Bitcoin wallet shows strong sign of adoption

[Lucius]

I really don’t know what about all these people on the forum talking about Bitcoin failing in El Salvador? People have obviously lived all the time in some silly belief that Bitcoin -> Legal tender -> El Salvador will result in a massive bull run that will fill their pockets - and all the while forgetting that from the point of view of the common man in ES Bitcoin is still just an alternative to the US dollar which has been the official currency for more than 20 years.

Bitcoin requires intelligent and somewhat educated people, so even though the literacy rate in that country is almost 90%, most people obviously still do not understand the benefits that Bitcoin can provide. But has anyone expected more in just over half a year since the whole thing came to life?

[AjithBtc]

I really don’t know what about all these people on the forum talking about Bitcoin failing in El Salvador? People have obviously lived all the time in some silly belief that Bitcoin -> Legal tender -> El Salvador will result in a massive bull run that will fill their pockets - and all the while forgetting that from the point of view of the common man in ES Bitcoin is still just an alternative to the US dollar which has been the official currency for more than 20 years.

Bitcoin requires intelligent and somewhat educated people, so even though the literacy rate in that country is almost 90%, most people obviously still do not understand the benefits that Bitcoin can provide. But has anyone expected more in just over half a year since the whole thing came to life?

Well said, people have got the misunderstanding about the meaning of adoption. Everything have got its time to grow. For example, it takes ten months for a foetus to develop as a baby in mother's womb. Here people are getting into conclusion even before that, which means not letting it grow naturally. Already one fifth of the business in El Salvador have begun to accept bitcoin. This will gradually increase, until then we need to it grow.

[Vaskiy]

Moody's Financial Services Company have mentioned about the possibility of "credit event" in El Salvador to be highly serious. We've been seeing more warnings, positive as well as negative things revealed by different people about the adoption by El Salvador. This is one amongst Moody's downgrades El Salvador, says possibility of a "credit event" highly serious

What is meant by Credit Event

A credit event is a negative change in a borrower's capacity to meet its payments, which triggers settlement of a credit default swap. The three most common credit events are
     1) filing for bankruptcy
     2) defaulting on payment
     3) restructuring debt.

Source : Google

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El Salvador’s central bank accepts Qredo's registration to provide crypto services

Qredo, though a decentralized finance firm, registered by El Salvador's central bank to be providing bitcoin custody service in El Salvador. Among other firms are Chivo, the firm behind the state-issued crypto wallets and kiosks, Paxos Trust Company, Paxful and OpenNode.

Firms providing bitcoin service in El Salvador
https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados

Some people just come up saying that bitcoin as a legal tender in El Salvador has failed but it is just the opposite, what I can say is that this will take time as more Salvadorans will learn and know how to use bitcoin wallet and bitcoin.

As a matter of fact, decentralized and noncustododial way of bitcoin holding and usage is never included yet but there are Salvadorns that will prefer decentralized and noncustododial way, though they can be few people.

[Doan9269]

El Salvador, had become a hot topic of conversation throughout the world

Not only have they become the talk of the town, El-Savador is a champion in bitcoin and has made a live requoning experience that others will always follow, this are the calibre of countries we want, that are ready to take a bold step at all cost just to make a better living for the people at large, Bukele is a change agent and understand the future in bitcoin and the blockchain technology as a whole.

El Salvador is not talking much

For how long have you been following the news on El-Savador's bitcoin adoption that makes you concluded it has not been talking much, let me just remind you right from here to have a look at this thread once more and consider the number of pages it has developed through discussion and follow up from the first page to where we are now and tell me if you've not come across many updates and development about El-Savador.

Bitcoin.unstable, being used as a means of payment is a constrained risk.

Possibly you need to enlight us better on what the word unstable and risk mean in this context?  but i think i have a little idea to give, bitcoin is volatile and not unstable, bitcoin has lesser risk compared to fiat.

[Wiwo]

El Salvador’s central bank accepts Qredo's registration to provide crypto services

Qredo, though a decentralized finance firm, registered by El Salvador's central bank to be providing bitcoin custody service in El Salvador. Among other firms are Chivo, the firm behind the state-issued crypto wallets and kiosks, Paxos Trust Company, Paxful and OpenNode.

Firms providing bitcoin service in El Salvador
https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados

Some people just come up saying that bitcoin as a legal tender in El Salvador has failed but it is just the opposite, what I can say is that this will take time as more Salvadorans will learn and know how to use bitcoin wallet and bitcoin.

As a matter of fact, decentralized and noncustododial way of bitcoin holding and usage is never included yet but there are Salvadorns that will prefer decentralized and noncustododial way, though they can be few people.

I will personally say that this survey
 result is inaccurate and does not reflect the accurate statistics and data collection was done in a primary source level, collection of data for this kind of survey work should be based on secondary sources that way the result will have 100% elements that reflect the actual behavior of El Salvadorans and how the adopt crypto currency as a secondary currency. I know the president is going to come out with an independent audits reports that will caption the total records of the country involvement and usage of Bitcoin as a legal means of payment both in it decentralized and centralized form.

[Daltonik]

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

[Wiwo]

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

If there is anything I have admired about El Salvador President is his unwavering faith and stance on Bitcoin and its potential, while the El Salvador anti-Bitcoin preachers are busy compelling several ways El Salvador has failed in its Bitcoin adoption and how the country is sinking in debts due to Bitcoin price downtrend. The president is busy tapping into the many advantages of owning a large portion of Bitcoin for future sake and the president always makes sure to buy during any dip. This is one commendable characteristic of a true leader that has the enthusiasm to make a long-time difference in an economy. CONGRATULATIONS EL SALVADORIANS 500BTC not a joke I really commend President Neyib Bukele for not giving in to detractors.

[Vaskiy]

El Salvador President Nayib Bukele is a person of positivity. When the whole world is crying on the bearish move of bitcoin, he has announced the addition of more 500BTC to the reserve buying at an average price of $30744. The total purchase price adds more $15.3 million adding to the 2301BTC reserve.

September 6, 2021 - Bought 200BTC and president mentioned of the brokers buying more for the country.
September 7, 2021 - Bought 150BTC. Reserve - 550BTC
September 20, 2021 - Bought 150BTC. Reserve - 700BTC
October 28, 2021 - Bought 420BTC. Reserve - 1120BTC
November 26, 2021 - Bought 100BTC. Reserve - 1220BTC
December 03, 2021 - Bought 150BTC. Reserve - 1370BTC
December 21, 2021 - Bought 21BTC. Reserve - 1391BTC
January 15, 2022 - Bought 410BTC. Reserve - 1801BTC
May 10, 2022 - Bought 500BTC. Reserve - 2301BTC

[rdbase]

When I first heard about him buying up more bitcoin due to the dip. I was saying, where is he getting all this capital to fiance these buys.
Atleast he can now fund those cryptocurrency projects which are on the to do list with the asset he is promoting for his country.

[DU18]

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

When everyone panicked due to bitcoin prices continuing to decline, but not so with president Nayib Bukele who still dared to take risks by buying bitcoins worth $15,372,000, the bold action taken by the president was certainly based on his belief in the future of bitcoin bright, but to be honest, I don't know what will happen to El Salvador economy in the future if bitcoin price geting worse.

[Wiwo]

El Salvador is gearing up and work is underway on the building of the Bitcoin city, the city which will serve as a Bitcoin Hubbs and become a business city that will offer various services.
The president unveiled some of the architectural designs of the Bitcoin city some hours ago on his Twitter handle.

 
Source: https://twitter.com/nayibbukele/status/1523799427856490496?s=20&t=LdFKlwZPIoHDGk3ytUetUA

[hd49728]

El Salvador is gearing up and work is underway on the building of the Bitcoin city, the city which will serve as a Bitcoin Hubbs and become a business city that will offer various services.
The president unveiled some of the architectural designs of the Bitcoin city some hours ago on his Twitter handle.

El Salvador is an pioneer nation in aspect of Bitcoin legal tender. They have made lot of initiatives to bring Bitcoin to their citizens. They have built up not only legal stuffs for Bitcoin but also physical infrastructures and hardware installations to software developments for Bitcoin.

The nation and their President made lot of noise since 2022. I know they will have to cope with so many difficulty but when they surpass it, they will get big achievement. Not only for their nation, citizens but for Bitcoin adoption in general.

[Doan9269]

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his Twitter.

This is the bitcoiners type of mindset, "you buy the more it goes dip" yes I'd love this mentality and oriented mindset of persistency, Bukele is an hero hear when it comes about bitcoin, buying as low at $30k of about 500 coins is really worth it because i see bitcoin gathering momentum to bounce back on ATH breaking the last record limit.

When I first heard about him buying up more bitcoin due to the dip. I was saying, where is he getting all this capital to fiance these buys.
Atleast he can now fund those cryptocurrency projects which are on the to do list with the asset he is promoting for his country.

things are changing for good right now in El-Savador and not as expected by many that the current situation will cause Bukele to regret his actions, and now the whole thing turned to be on his favour in making more buys on bitcoin, the vulcanic ciry plan is a lucrative one right from the onset even to the pictoral stage as we can see.

[_act_]

And at this time, Salvador buys the next 500 BTC at a price of about $30,744 for the amount, well, at least Nayib Bukele says on his

It is good for government to also speculate and buy bitcoin at the right time, buying bitcoin at the price below $31000 is a good move. This means the government have planned for bears and bulls time. I just know that in long term, bitcoin adoption will favour El Salvador. Bitcoin may still fall further but the support at $30000 as been very strong, bitcoin crashed to $30000 several times but but bitcoin is showing strong support at the price. We have experience the half of bitcoin halving and another halving is coming by 2024, we should expect a good return at the time despite the bulls that might occur as El Salvador bought at a very strong supoort price.