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

[Odusko]

they've made contributions to the society out of the profit from the people's money invested on bitcoin

am not clear about what you meant by the statement "out of the profit from the people's money, to me this is a kind of statement that could be termed as extortion which is wrong, why use people's money in the context from the first place, i think it would have been best said that El-Savador contributions to the society is on the basis of the revenues generated, if you make use of your money to buy a product, would you later refer the money in the hand of the seller as your money again after you've bought the product and left? while the funds in disposition of El-Savador could as well be referred to as government funds, which could have been from different sources such as IGR and the likes.

Taxation is levied over each and everything and this is done just to fund essential services. It can be infrastructure development, industrial development, creating job opportunities attracting investments, etc. Where does this tax money comes from, common man to the elite, industrialists, entrepreneurs, etc. In the past taxation money were used to making the lower class of people grow. If the government doesn't have tax money, what'll be its source of money. Just on that contrast I've mentioned it as People's money. I might be wrong, but on this basis I've mentioned it People's money.

The El Salvador Bitcoin adoption came with a lot of ups and down, even though their have being speculation around the bad shape of the total holding due to the drop in Bitcoin price, we must also consider the stand of El Salvador President on the long term gain of the Bitcoin and also as an asset which is what the prompts the president to use El Salvador reserve founds to buy more Bitcoin and have not sold any portion of it since the adoption. I think the El Salvador government should go on a Nation wide public enlightenment about the many benefit of Bitcoin adoption to both individual and government, either in the area of infrastructure such as the Bitcoin city project or in health sector making use of the blockchain technology to solve health challenges since the can connect with other expects using real time.

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[romero121]

Understand Volcano Mining

The growth of cryptocurrencies have a big change in the financial system all around the world. Following this there is concern about the effects over environment due to mining. For this there is need for good alternative energy source. According to a study bitcoin emission will push global warming by 2° which is really bad.

It is a must to reduce the carbon emission out of bitcoin. One way is the usage of renewable energy sources instead of fossil fuels. Second way is shifting their mining process from Proof-of-Work to Proof-of-Stake. These two can't be easily achieved all around. According to the region and availablity of resource planning needs to be done.

El Salvador have got 30 Volcanoes. Among those Volcanos, 20 were active. The country have already planned for the Bitcoin City and the mining to be powered by Volcanoes. In this process the geothermal energy out of Volcanoes will be used. The volcano powerplant of Berlin can be taken as a prototype and can be modelled for Bitcoin City.

The plant consists of 16 shafts, up to 3000 feet deep from which circulated steam is used to propel the turbines situated inside. The turbines can generate up to 107 megawatts of power. This energy source currently fuels 300 computers working 24/7 to mine Bitcoins. El Salvador’s volcano power plants in its future Bitcoin city will work similarly.

Mining Powered By Volcanoes

[19Nov16]

The El Savador government certainly conducts a study and analysis of deep when deciding to receive bitcoin, of course this is for good and improving the economy of citizens, if the use of bitcoin is more massive, the state can avoid high inflation so that the El Savador economy continues to move positively.

[JayJuanGee]

Understand Volcano Mining

The growth of cryptocurrencies have a big change in the financial system all around the world. Following this there is concern about the effects over environment due to mining. For this there is need for good alternative energy source. According to a study bitcoin emission will push global warming by 2° which is really bad.

It is a must to reduce the carbon emission out of bitcoin. One way is the usage of renewable energy sources instead of fossil fuels. Second way is shifting their mining process from Proof-of-Work to Proof-of-Stake. These two can't be easily achieved all around. According to the region and availablity of resource planning needs to be done.

El Salvador have got 30 Volcanoes. Among those Volcanos, 20 were active. The country have already planned for the Bitcoin City and the mining to be powered by Volcanoes. In this process the geothermal energy out of Volcanoes will be used. The volcano powerplant of Berlin can be taken as a prototype and can be modelled for Bitcoin City.

The plant consists of 16 shafts, up to 3000 feet deep from which circulated steam is used to propel the turbines situated inside. The turbines can generate up to 107 megawatts of power. This energy source currently fuels 300 computers working 24/7 to mine Bitcoins. El Salvador’s volcano power plants in its future Bitcoin city will work similarly.

Mining Powered By Volcanoes

Some of the presumptions of your post romero121 are truly cringeworthy, but it seems that you are somewhat blindly parroting several of the various dumbass talking points of the article... such as 1) bitcoin emissions will push global warming up 2°, 2) there's even any kind of possibility that bitcoin would move to proof of stake or that lame-ass proof of stake is an actual preferred solution that should be taken seriously (unless you want to uninvent bitcoin.. good luck with that dweeb - not necessarily referring to you romero121 - even though you seem to be blindly parroting the talking-points of the article), and 3) a kind of underlying presumption that ONLY green energy is good - which has been coming off as so lame in recent times that it is difficult to take seriously (a seeming misleading attempt to suggest that "we" should forget about all the so many ways that energy production advantages man and to limit ourselves in how we think about the various ways that energy production brings benefits to civilizations to get ahead).

I am not against ideas around attempting to harness ways that volcanos can contribute to any energy grid.. especially if there are volcanos available, which seems to be the case for El Salvador. 

It seems that there are going to be times in which any kind of focus on possible benefits of one kind of energy production might well be spinning the matter in ways in which care needs to be taken in which parallel energy system should not be forgotten - even if there may well be many benefits in attempting to take advantage of a kind of energy source (referring to volcanos) that seems to be quite abundant in that area.

[amihada]

Many big countries in the world such as the usa and china no one has the guts to take a stand to legalize bitcoin but only the elsalvador country has the courage to legalize bitcoin, in my opinion the elsalvador country is a country that takes a big risk for their country and now the elsalvador country has proven it can improve economic factors in their country by legalizing bitcoin and currently there are several countries who want to discuss with the elsalvor country maybe this is one proof that legalizing bitcoin can revive the economy.

[romero121]

Some of the presumptions of your post romero121 are truly cringeworthy, but it seems that you are somewhat blindly parroting several of the various dumbass talking points of the article... such as 1) bitcoin emissions will push global warming up 2°, 2) there's even any kind of possibility that bitcoin would move to proof of stake or that lame-ass proof of stake is an actual preferred solution that should be taken seriously (unless you want to uninvent bitcoin.. good luck with that dweeb - not necessarily referring to you romero121 - even though you seem to be blindly parroting the talking-points of the article), and 3) a kind of underlying presumption that ONLY green energy is good - which has been coming off as so lame in recent times that it is difficult to take seriously (a seeming misleading attempt to suggest that "we" should forget about all the so many ways that energy production advantages man and to limit ourselves in how we think about the various ways that energy production brings benefits to civilizations to get ahead).

I am not against ideas around attempting to harness ways that volcanos can contribute to any energy grid.. especially if there are volcanos available, which seems to be the case for El Salvador.  

It seems that there are going to be times in which any kind of focus on possible benefits of one kind of energy production might well be spinning the matter in ways in which care needs to be taken in which parallel energy system should not be forgotten - even if there may well be many benefits in attempting to take advantage of a kind of energy source (referring to volcanos) that seems to be quite abundant in that area.

I used to look for updates on the different actions happening on El Salvador. As a result came across this article that described about the usage of volcanoes as energy source. What I've mentioned is wrong that the global warming could rise 2° due to the emissions out of cryptocurrency mining. Also I missed to mention ethereum mining process shifting to proof of Stake. Now both proof of work and proof of Stake are running parallel. When complete shifting happens, this too could reduce the emission. Finally I apologise for sharing wrong information without proper study about the article contents.

[Wiwo]

I used to look for updates on the different actions happening on El Salvador.

The latest updates is from the interview of the El Salvador finance minister and it include the stand of El Salvador as regards to Bitcoin bond which was scheduled to lunch on March 7th but have been shifted due to some reasons mentioned earlier such as the present market conditions and the war between Russia and Ukraine as major factor limiting the raising of the Bitcoin bound. With the bond the development of the volcano energy power supply that was meant to power the El Salvador Bitcoin city which will house so many Bitcoin related activities the progress of that project have been put unhold for somtime now. But with the interview one will get a clear picture on the current stand of El Salvador.
Link: https://www.theblockcrypto.com/post/149872/el-salvador-still-not-ready-to-launch-bitcoin-bond-finance-minister-says

[stomachgrowls]

The latest updates is from the interview of the El Salvador finance minister and it include the stand of El Salvador as regards to Bitcoin bond which was scheduled to lunch on March 7th but have been shifted due to some reasons mentioned earlier such as the present market conditions and the war between Russia and Ukraine as major factor limiting the raising of the Bitcoin bound. With the bond the development of the volcano energy power supply that was meant to power the El Salvador Bitcoin city which will house so many Bitcoin related activities the progress of that project have been put unhold for somtime now. But with the interview one will get a clear picture on the current stand of El Salvador.
Link: https://www.theblockcrypto.com/post/149872/el-salvador-still-not-ready-to-launch-bitcoin-bond-finance-minister-says

Of course they wont really be making out some decision in a rush manner considering the market conditions plus the war crisis we are really experiencing or struggling on where it do lies about economic

state and related to it which it wont really be a good idea on taking such step but pretty sure that its likely they would be pushing this one when everything settles down and of course the market
do make out or show some greens.

El Salvador isnt really that trying to make things pass on every possible opportunity that they could take on.

[Rigon]

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.

"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Yes, of course he is the first country in the world to accept Bitcoin and set up multiple ATMs at once.His plan has surprised the whole world. Bitcoin will become the lifeblood of every country if there is a government like his in every country.Bitcoin transactions will increase and the popularity of Bitcoin will increase.El Salvador ranks first in legal tender worldwide for maximum use of Bitcoin.

[Vaskiy]

Yes, of course he is the first country in the world to accept Bitcoin and set up multiple ATMs at once.His plan has surprised the whole world. Bitcoin will become the lifeblood of every country if there is a government like his in every country.Bitcoin transactions will increase and the popularity of Bitcoin will increase.El Salvador ranks first in legal tender worldwide for maximum use of Bitcoin.

Vietnam records the maximum usage of bitcoin against other countries, as people prioritise as an investment. Apart from Vietnam it is Venezuela, Argentina, Brazil, Turkey which have got more investors as people intend to hold in terms of bitcoin against the inflation.

In Nigeria and other parts of Africa it is possible to see a massive adoption and increased usage of cryptocurrencies amidst the regulation of cryptocurrency. In Africa it is much used for the purpose of transaction as find it difficult to make transactions via banks due to limits

USA, UK, Australia, Canada, South Africa have got good usage and here everything is in a regulated manner. Countries like India, have registered good usage amidst heavy taxation. In recent months Ukraine and Russia made a heavy usage of bitcoin compared to rest of the countries.

[Daltonik]

... In recent months Ukraine and Russia made a heavy usage of bitcoin compared to rest of the countries.

Here, of course, because of Russia's aggression, it was cut off from the channels of traditional finance and is now frantically looking for ways to interact through the use of cryptocurrencies and I think this will increase.

[Doan9269]

Yes, of course he is the first country in the world to accept Bitcoin and set up multiple ATMs at once.His plan has surprised the whole world. Bitcoin will become the lifeblood of every country if there is a government like his in every country.Bitcoin transactions will increase and the popularity of Bitcoin will increase.El Salvador ranks first in legal tender worldwide for maximum use of Bitcoin.

Vietnam records the maximum usage of bitcoin against other countries, as people prioritise as an investment. Apart from Vietnam it is Venezuela, Argentina, Brazil, Turkey which have got more investors as people intend to hold in terms of bitcoin against the inflation.

In Nigeria and other parts of Africa it is possible to see a massive adoption and increased usage of cryptocurrencies amidst the regulation of cryptocurrency. In Africa it is much used for the purpose of transaction as find it difficult to make transactions via banks due to limits

USA, UK, Australia, Canada, South Africa have got good usage and here everything is in a regulated manner. Countries like India, have registered good usage amidst heavy taxation. In recent months Ukraine and Russia made a heavy usage of bitcoin compared to rest of the countries.

i need to made mention that all the countries afore mentioned by Vaskiy are currently doing good with the running of bitcoin amidst regulations from the government, one thing that got me surprised at first is on how some of the countries first took some drastic measures to curb the flow and usae of crypto as a payment means, later they got to realize how thier citizens have gone wide with the use of bitcoin transactions in making payments through p2p, guess what? some still try to introduce CBDC but that does not solve the problem of what the people want.

now many countries have supported the running of cryptocurrency for transaction and payments with suitable Regulation in place to help the operations of crypto companies perform their services while they (government) implement tax on them, isn't this good and better?... one thing am much convinced of is that if the government can come as low to this extent then with time they will begin to allow the payment transactions to be conducted by their banks in the case of those that places a ban but with or without their services, bitcoin adoption continues to widens all over the globe.

[RyanSmith23421]

This didn't age well. A country like El Salvador that doesn't have the financial stability to take this type of decision shouldn't even think about it, look what's happening right now... It will only have a negative reaction due to how much and how constantly BTC changes. Bukele is out of its mind.

[Oneandpure]

Of course they wont really be making out some decision in a rush manner considering the market conditions plus the war crisis we are really experiencing or struggling on where it do lies about economic

state and related to it which it wont really be a good idea on taking such step but pretty sure that its likely they would be pushing this one when everything settles down and of course the market
do make out or show some greens.

El Salvador isnt really that trying to make things pass on every possible opportunity that they could take on.

El Savador less support getting from other countries and he can't stand by one step only how to build bitcoin community and reach higher level values for bitcoin on the future. But with war crisis still not have ended era I think not any good impact can make by El Savador how to see bitcoin touch higher price. We are on bad position nowadays with never see when pushing price from bitcoin and altcoin, actually ever see dropping price from bitcoin and all cryptocurrency. Really afraid if the era of cryptocurrency have been over with bitcoin price keep stable and dump every day.

[Vaskiy]

Of course they wont really be making out some decision in a rush manner considering the market conditions plus the war crisis we are really experiencing or struggling on where it do lies about economic

state and related to it which it wont really be a good idea on taking such step but pretty sure that its likely they would be pushing this one when everything settles down and of course the market
do make out or show some greens.

El Salvador isnt really that trying to make things pass on every possible opportunity that they could take on.

El Savador less support getting from other countries and he can't stand by one step only how to build bitcoin community and reach higher level values for bitcoin on the future. But with war crisis still not have ended era I think not any good impact can make by El Savador how to see bitcoin touch higher price. We are on bad position nowadays with never see when pushing price from bitcoin and altcoin, actually ever see dropping price from bitcoin and all cryptocurrency. Really afraid if the era of cryptocurrency have been over with bitcoin price keep stable and dump every day.

This is how the market grow, and if you go through its past it is possible to see similar market conditions. Bitcoin have reached this level overcoming all such hurdles. Nothing to fear about, if you believe in its growth. On the other side, El Salvador have experienced a massive loss, but it keeps following the market and takes every step forward in a passionate way even though it has been struggling. One such act that have happened recently is Supporting the Bitcoin Racing Team.

BitcoinRacing is a family-run race team doing their bit to increase awareness, education and adoption of Bitcoin, while simultaneously supporting El Salvador, through the age-old and highly respected medium of motorsports advertising.

BitcoinRacing’s Marketing Director Matthew Speer and Chris Mackenzie, driver of car 21, recently discussed these developments with Her Excellency Ms. Vanessa Interiano, Ambassador of El Salvador to the U.K., at an event at the El Salvador embassy in Mayfair, London. Talks centered around how BitcoinRacing and the Government of El Salvador may work together to increase awareness of Bitcoin across the world, and also promote tourism and investment into El Salvador.

One of the outcomes of the meeting was the decision to display the national flag of El Salvador on all of BitcoinRacing’s vehicles, and a historic world-first partnership was formed.



Bitcoin Racing

[_act_]

This didn't age well. A country like El Salvador that doesn't have the financial stability to take this type of decision shouldn't even think about it, look what's happening right now... It will only have a negative reaction due to how much and how constantly BTC changes. Bukele is out of its mind.

I hope people like you will not be among the people that will say that they are too late too know what bitcoin is and how it is an asset that get more value over time. The market do not all the time favour bitcoin, but a means for people that have not invested before to buy and means for people to buy more after selling some. There are times that the price of bitcoin will fall more than rise which is the period we are now. There are times that the bears will become the bulls and new people also fomo and join to invest, the time the rise will be more than the fall, the period of all-time-high. You like it or not, that bull time of all-time-high is coming, the time you will know that El Salvador decision is not a wrong chocie but a right decision.

[Doan9269]

Bukele is out of its mind.

Atleast we've seen what Nayib Bukele has done but what have you done OP? what have you implemented? isn't it a thing of joy to celebrate thise that took out of their precious time to help develop a country economy system, a leader that has gain the whole world respect, you have to understand that we are in the era of digital financial and economic system and the earlier you key into this the better, dont compare yourself with the government which can decided to join the massive adoption of bitcoin anytime soon and having nothing to loose or miss out, but what about you? you're a lone man standing at the end who will struggle to make living out of the economy inflation and the government has nothing to do in helping out through the situation, now is the best time to join the digital world of bitcoin adoption for you to remain independent, make hay while the sun still shines.

[sklopan]

And how are they doing now? Heard that for this reason this country is now close to default, is it so?

[rby]

This didn't age well. A country like El Salvador that doesn't have the financial stability to take this type of decision shouldn't even think about it, look what's happening right now... It will only have a negative reaction due to how much and how constantly BTC changes. Bukele is out of its mind.

Countries that have stable fiat fear bitcoin so that it won't affect their fiat. A country like El Salvador has no financial stability and may not be able to say what they suffer in the hands of America and International Monetary Fund (IMF). The move made by El Salvador was to make bitcoin it's refuge and I know bitcoin will not disappoint them. Government is a continuous process, my prayer is that his successor should continue to toe the lane of bitcoin.

Again, another lesson to other countries is to try the adoption method in phases while sensitising the people and try to sell the idea of bitcoin to the people gradually. It shouldn't be done in a haste so that the people wouldn't misconstrue the nice gesture.

[Wiwo]

And how are they doing now? Heard that for this reason, this country is now close to default, is it so?

We are all well aware of the fact that El Salvador has not sold any amount from the Bitcoin holding and the President is well aware of the volatility of Bitcoin before even approving its purchase, so you cant associate the country's economic problems to Bitcoin as there has always been an economic crisis in El Salvador long before the president announced the Bitcoin legal tender law. On one of those occasions of El Salvador Bitcoin buying a few hours after the purchase, there was a sharp market increase but the president never thought of taking profits and that is because of the long term time frame set for their holdings, and one only lose when you sell at a lower price so at this point El Salvador Bitcoin holding is intact.