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Author Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻  (Read 33453 times)
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July 18, 2022, 08:24:16 AM
 #781

Nayib Bukele Ortez is considered insane for his decision on the Legal Tender of Bitcoin in El Salvador. The IMF urged this country in Central America to withdraw Bitcoin as legal tender because it considered El Salvador to be experiencing an economic crisis. To this day, the news about El Salvador's Bitcoin Legal Tender is still very much reported because it is considered a failure but Nayib Bukele remains optimistic about this idea.

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.


I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.
Ever since I heard about Bitcoin, I have continued to learn it slowly and slowly but surely. So nothing becomes difficult to learn as long as they have a very strong desire for something. Now everyone can see how the development of Bitcoin since 2009 until now so that everyone can conclude about how the future of Bitcoin in the coming years. Personally I am still very optimistic about the future of Bitcoin. Do you still have faith in Bitcoin in the years to come?

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July 18, 2022, 03:33:49 PM
Merited by tadamichi (1)
 #782

I highly doubt whether Bitcoin will become successful in the coming years.

Bitcoin is already successful. Do you even know what bitcoin is and/or how it is already used and/or how it continues to be developed, built and increasing in its various network effects (adoption et al)?

The people need to be financially aware first.

To which people are you referring who needs to be financially aware?  There are all kinds of people in any given country... so I take it that you are referring to the El Salvadorean people as being too financial unaware.  Surely you are entitled to your opinion, but what is your evidence in regards to either the truth of the matter asserted or even extent to which the ongoing bitcoin-related systems within El Salvador are not helping in the direction of facilitating more financial awareness (if that is actually an issue)?


They need to explore and learn crypto (which would not be an easy task, I think).

Fuck crypto... El Salvador is bitcoin-focused.. so what the fuck does crypto have to do with anything?  Are you sure that you are in the right thread?


But at least it has thrown some light of hope on the future of Bitcoin.

Of course, Bitcoin has grown, and it continues to grow, and likely El Salvador will continue to be able to serve as a model for possible ways that other countries, lower level governments, institutions and/or individuals can consider the extent to which they might continue their participation in bitcoin, increase their participation in bitcoin or start their participation in bitcoin.

There are a lot of ways to participate in bitcoin, and having some level of participation likely increases understanding on a variety of levels.. not just increasing and developing greater financial awareness.

Nayib Bukele Ortez is considered insane for his decision on the Legal Tender of Bitcoin in El Salvador. The IMF urged this country in Central America to withdraw Bitcoin as legal tender because it considered El Salvador to be experiencing an economic crisis. To this day, the news about El Salvador's Bitcoin Legal Tender is still very much reported because it is considered a failure but Nayib Bukele remains optimistic about this idea.

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.

In the last year, Bukele seems to have had some pretty decently prominent and smart bitcoiners who are pretty close to him and likely providing decent input... and also keeping him focused on bitcoin and minimizing (if not completely avoiding) getting involved in shitcoins.. and that remains important to attempt to maintain a decent level of focus.. bitcoin implementation could likely lead into a variety of potentially distracting and dangerous areas (shitcoin related or even leverage related).. an on a country-wide level, there are just so many areas that can touch upon bitcoin, but they might not need to attempt to do everything at once.. so in that regard, there does seem to be ongoing reasonable pacing going on in El Salvador.. and so if some influential bitcoiners are gravitating to El Salvador, there might be some ways that Bukele can try to either take advantage of that and/or not get in the way if some of the influential bitcoiners are helping out with various aspects of bitcoin development in El Salvador.. and sure, there is likely ongoing evaluation, too.. both action and evaluation ongoingly.. which still seems to be great that the seemingly largely bitcoin-focused actions and activities continue to be ongoing and at the same time to build in El Salvador..

1) Self-Custody is a right.  There is no such thing as "non-custodial" or "un-hosted."  2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized.  3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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July 18, 2022, 10:23:23 PM
 #783

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.
I don't seem to get your point clearly, but again if you are referring to Bitcoin then i will say Bitcoin is already successful in all terms of it as a payment system Bitcoin have offered total control and freedom. El Salvador President have understood this fact that Bitcoin is the part way to gaining total freedom from the economic red taptism  of the global system, before now el Salvador never hard its own currency and if that is the case then Bitcoin a decentralized currency will give the country a better position.
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July 18, 2022, 10:38:53 PM
 #784

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.
I don't seem to get your point clearly, but again if you are referring to Bitcoin then i will say Bitcoin is already successful in all terms of it as a payment system Bitcoin have offered total control and freedom. El Salvador President have understood this fact that Bitcoin is the part way to gaining total freedom from the economic red taptism  of the global system, before now el Salvador never hard its own currency and if that is the case then Bitcoin a decentralized currency will give the country a better position.
Not totally on ruining your boost of feelings or positivity towards bitcoin but everything still unsure on what would happen in the upcoming future years to come.El Salvador President had really just seen those potential and made out actions according on what he's seeing.

Now the price had plummets then there are lots of criticisms on the decision that he had made which he wasnt really that affected at all but the fact he did even more purchase more coins
when it is price on 19k.
He is really that bullish towards it and wont mind on how much they would be allocating for such accumulation but lets see on how things would turn out.

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July 19, 2022, 10:21:53 AM
Merited by JayJuanGee (1), Wiwo (1)
 #785

To which people are you referring who needs to be financially aware?  There are all kinds of people in any given country... so I take it that you are referring to the El Salvadorean people as being too financial unaware. 
This is the trap many people from richer countries fall into, just because a country is poor doesn’t mean the population there is financially unaware. It’s probably not so much different from rich countries, where most people there are completely financially illiterate and have no clue of what’s going on. There are financial literate and talented people everywhere. People from poorer countries with weak currencies might even understand concepts like hard money much better than any westerner. It’s still cringe how most people there are completely ignorant and basically just repeat what some low quality mainstream media channel tells them about Bitcoin, with journalists that aren’t even qualified to try to form other peoples opinions on scientific topics.

Let’s not confuse easiness of making a living with financial literacy. Throw average people from rich countries, in countries with bad living conditions and they will barely make a living too. It’s 10 times harder to build something in a poorer country than a rich one, purchasing power is lower, there might not even be minimum wages, or they’re really low. So it’s harder to even build businesses or get good jobs. Laws might not even protect property like in richer countries and what you have built can be wiped out, without you being at fault. Much less opportunities than in bigger countries overall. Even their remittances got almost completely eaten by banks. It’s not like the world economy is helping poorer countries in any way. It takes the a whole lot of fundamental work to build countries up in a prosperous way, it doesn’t have so much to do about financial literacy of individuals.

Idk if Bukele will succeed, it’s a task one man can’t do alone with only limited time in office, but he did some right things atleast.

Fuck crypto... El Salvador is bitcoin-focused.. so what the fuck does crypto have to do with anything?  Are you sure that you are in the right thread?
For me this is a good example of being financially unaware. Crypto isn’t a saviour for everything and them staying out of it would be a sign of being financially literate. Shitcoins are mostly bought by beginners that are financially unaware, or experienced people that know how cash out. It’s always a dangerous game that is about making money and not about providing something long-term, shitcoins embody the fiat mindset but on cocaine.

Whoever thinks crypto will fix poor countries is blinded by a hype. Compare the average shitcoiner thread with the average Bitcoin thread and the difference is huge. These people won’t fix the world, they wouldn’t even have the ability to. And not everyone will be rich by simply holding a shitcoin, this utopia won’t happen either. Economics doesn’t even work like this, resources are limited no matter how many shitcoins are printed.

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July 19, 2022, 03:21:20 PM
 #786

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

Project 'Mi Primer Bitcoin' is doing very well teaching crypto fundamentals


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July 19, 2022, 04:12:41 PM
Merited by JayJuanGee (1)
 #787

I agree with you Bobrox in terms of how difficult that it might be to actually see any impact on bitcoin price that would come from small countries, or even a bunch of citizens (possibly poor) in pockets of countries becoming more and more bitcoin oriented and building systems around bitcoin, yet at the same time, bitcoin is likely going to be getting more and more strength from the lower level, poor and individual choices and building systems of direct communications and transactions around bitcoin...  So for me, it seems very good to be finding out that bitcoin is spreading more and more to various areas of the world in which the population really likely needs ways to communicate value to one another without having to rely on various forms of debased money or even that many of the population has little to no access to various kinds of banking systems.. so in that regard, bitcoin is likely to be quite empowering for them in terms of providing potential for more value storing, transacting and preserving - and surely many of the citizens and even countries could be helpful to help people to learn how to NOT get overleveraged in bitcoin and/or to be careful about scams and careful about their preserving of their keys or even privacy matters in terms of NOT flaunting their value (or the wealth that they might have been able to accumulate in bitcoin).
Not really bad what did by El Savador keep try to make bitcoin as legal currency transaction and actives until right now how to advertising bitcoin for best solution digital currency transaction, we need to appreciate what have did by El Savador President. Trough still can't lobby countries with highly developed economies such as countries on the European continent but step by step I think at the future bitcoin will be most popular digital currency.

No doubt what happen with country legal bitcoin as currency transaction because many of them have lower level and very poor in pocket. Looks we can't talking about investment for them because they don't have any saving money in the bank. Will be effective when bitcoin adopt by one developed countries like Netherland than adopt by 40 small and poor countries around the world, keep not effective for making bitcoin become legal currency transaction.

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July 20, 2022, 04:55:25 PM
Merited by mia_houston (2), JayJuanGee (1)
 #788

I agree with you Bobrox in terms of how difficult that it might be to actually see any impact on bitcoin price that would come from small countries, or even a bunch of citizens (possibly poor) in pockets of countries becoming more and more bitcoin oriented and building systems around bitcoin, yet at the same time, bitcoin is likely going to be getting more and more strength from the lower level, poor and individual choices and building systems of direct communications and transactions around bitcoin...  So for me, it seems very good to be finding out that bitcoin is spreading more and more to various areas of the world in which the population really likely needs ways to communicate value to one another without having to rely on various forms of debased money or even that many of the population has little to no access to various kinds of banking systems.. so in that regard, bitcoin is likely to be quite empowering for them in terms of providing potential for more value storing, transacting and preserving - and surely many of the citizens and even countries could be helpful to help people to learn how to NOT get overleveraged in bitcoin and/or to be careful about scams and careful about their preserving of their keys or even privacy matters in terms of NOT flaunting their value (or the wealth that they might have been able to accumulate in bitcoin).
Not really bad what did by El Savador keep try to make bitcoin as legal currency transaction and actives until right now how to advertising bitcoin for best solution digital currency transaction, we need to appreciate what have did by El Savador President. Trough still can't lobby countries with highly developed economies such as countries on the European continent but step by step I think at the future bitcoin will be most popular digital currency.

No doubt what happen with country legal bitcoin as currency transaction because many of them have lower level and very poor in pocket. Looks we can't talking about investment for them because they don't have any saving money in the bank. Will be effective when bitcoin adopt by one developed countries like Netherland than adopt by 40 small and poor countries around the world, keep not effective for making bitcoin become legal currency transaction.
Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

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July 21, 2022, 08:39:31 AM
Merited by JayJuanGee (1), mia_houston (1)
 #789

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.
Although it has started there are several countries that have tried to adopt Bitcoin at this time. El Salvador is a pioneer country that dared to adopt Bitcoin openly and the government was very happy when it made an announcement about it so that it could be known by many people in the world. And based on the news I read last year on cnbcindonesia, actually there are already two other countries that are trying to do the same thing as El Salvador.

Perhaps it was triggered by their belief in Bitcoin so that they began to dare to adopt Bitcoin by remembering that it could encourage financial inclusion, investment, tourism, innovation and future economic development. Both are the countries of Paraguay and Panama.

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July 21, 2022, 03:06:37 PM
Merited by JayJuanGee (1)
 #790

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

If the developing countries orbthe poor ones as stated by you canntake the good advantage to make their economy to stability and make life more comfortable for its people then i see no bad in that, what matter is that the end justifies the means, no one is fully responsible for the welfare need of each other, evennif they offer some it will be a peanut to what's expected and finding an alternative with bitcoin is the best solution that could help boost an economy jist as mentioned by you some aspects where bitcoin adoption is applicable to improve their economy, standard of living and massive income.

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

i believe by now those that have heard alot about bitcoin several years ago should have been convince enough of every possible doubt about it, some are just getting to know about bitcoin and from which many were not hesitating to give a try because as the technology grows fast in digital currency same were people aware of the opportunity it comes with, what we have all been using all these years called fiat note has not make any difference but giving a try with bitcoin adoption is a crucial decision everyone takes with effect except for few who are still in doubts or fear having their future with uncertainties.
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July 21, 2022, 05:00:18 PM
 #791

Viva El Presidente.

Say who has the keys. I play dub-step in your honor.

If one talks about your money you start talking about your keys.

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Throw some "shit" and see what sticks.
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July 22, 2022, 06:11:53 PM
Merited by JayJuanGee (2), aysg76 (2), _act_ (1), Gallar (1), tadamichi (1)
 #792

This site apparently keeps an accurate track on El Salvador’s bitcoin holdings, whilst also indicating the purchase counter value of those holdings at the time:

https://www.buybitcoinworldwide.com/treasuries/el-salvador/

I’ve taken the liberty to add a few more columns of data in order to see their current counter value as of today, as well as the percentage of the total that each purchase represents:


Hodl remains in order …

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July 22, 2022, 07:23:48 PM
Merited by Queentoshi (2), JayJuanGee (1)
 #793

To which people are you referring who need to be financially aware?  There are all kinds of people in any given country... so I take it that you are referring to the El Salvadorean people as being too financially unaware. 
This is the trap many people from richer countries fall into, just because a country is poor doesn’t mean the population there is financially unaware.
I guess the content may have been misunderstood, the financial unaware perhaps means that the El Salvadorians may have not been we'll be informed and educated about Bitcoin before it becomes a legal tender in that country. Lack of adequate awareness and education is one of the points most anti-El Salvador Bitcoin adoption have being promoting but the recent developments in terms of Bitcoin academy and many other Bitcoin educational institutions in and around El Salvador will help in building basic Bitcoin knowledge in the citizens, educating the public will also help them in building their technical capacity that can help improve the entire Bitcoin network since El Salvador is among the first countries to make Bitcoin a legal tender and building a Bitcoin hubs call Bitcoin city.

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July 22, 2022, 08:10:40 PM
Merited by JayJuanGee (1), Odusko (1)
 #794

https://www.buybitcoinworldwide.com/treasuries/el-salvador/

I’ve taken the liberty to add a few more columns of data in order to see their current counter value as of today, as well as the percentage of the total that each purchase represents:


Hodl remains in order …


Quite alright El-Savador may seems to be loosing a significant amount from it investment in bitcoin with about 46.95% but with the current holdings of about $23,000 worth of btc, it has in place an advance future in making a new turnaround profitability sooner, because the present time now is dip and by then when it surges, things could be evidently different because that's what an investment really means, "having patience over a long term".

But aside that, El-Savador has other means for the generation of income in bitcoin tourism, bitcoin beach among other forms of investments it has utilize with the adoption of bitcoin, keep holding till the time comes, bitcoin will definitely surge high and break ATH record with time, then there could be more to profit on.



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July 23, 2022, 04:59:12 AM
 #795

https://www.buybitcoinworldwide.com/treasuries/el-salvador/

I’ve taken the liberty to add a few more columns of data in order to see their current counter value as of today, as well as the percentage of the total that each purchase represents:


Hodl remains in order …


Quite alright El-Savador may seems to be loosing a significant amount from it investment in bitcoin with about 46.95% but with the current holdings of about $23,000 worth of btc, it has in place an advance future in making a new turnaround profitability sooner, because the present time now is dip and by then when it surges, things could be evidently different because that's what an investment really means, "having patience over a long term".

But aside that, El-Savador has other means for the generation of income in bitcoin tourism, bitcoin beach among other forms of investments it has utilize with the adoption of bitcoin, keep holding till the time comes, bitcoin will definitely surge high and break ATH record with time, then there could be more to profit on.
We do not get detailed details about bitcoin investment assets owned by the President of El Salvador. However, if you refer to the table and published details, it is clear that he suffered large losses, but we do not know whether the President of El Salvador has ever sold bitcoin or has remained an investor in bitcoin since it was first legalized until now. Coupled with the details of the price of bitcoin being purchased starting from the highest price of $60,000 and certainly experiencing a very large loss, but in detail there is no publication to the media whether the president of El Salvador really holds all btc assets both purchased at a price of $60,000 up to btc purchased with cheapest price at $19,000?

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July 23, 2022, 10:33:34 AM
Last edit: July 24, 2022, 08:53:03 AM by aylabadia05
Merited by The Sceptical Chymist (6), JayJuanGee (1)
 #796

Well, I glanced at your profile aylabadia05, and I see that you have been registered on the forum since mid 2017, and maybe I can infer from that about your learning about bitcoin and wanting to learn about bitcoin since that time (so right around 5 years of learning, no?)  

I started in bitcoin in late 2013, so I am a bit more than 8.5 years of learning about bitcoin, yet I also had a decent amount of living back ground that included personal investing prior to my getting into bitcoin, too.

Each of us comes to bitcoin with our own set of experiences, and sure if we are younger, then we might not even have had any exposure to bitcoin at all, but bitcoin continues to grown in the world, and so more and more people are learning about bitcoin and learning about different ways that bitcoin might be helpful to their lives on an individual level and so those kinds of learnings have been moving into the spheres of various kinds of institutions and even countries too with the El Salvador example that only goes back a little more than a year for when El Salvador (as a country) announced that it had a plan to get into bitcoin more BIGGEDly by passing laws to make it legal tender and other developments that are associated with that (including but not limited to that El Salvador would spend some of its resources to buy bitcoin, too ... for its treasuries and also for some balancing of funds purposes too.. I don't claim to know the various ways that El Salvador is merely HODLing the bitcoin it bought or using some of that bitcoin in working ways to facilitate some exchanges that might end up going back and forth to dollars or stable coins).

In some sense your summary of what bitcoin is, and your rendition of its "main purpose" comes off as overly-simplified, even though you are providing an intro to bitcoin link, and sure if you are attempting to figure out some of the differences between bitcoin value and bitcoin price, then surely you are correct with any implication that you were making that people might not even be sure about whether bitcoin is overvalued or undervalued at its current price, and those assessments of value versus price can sometimes motivate people in terms of whether they believe that it would be fruitful for them to get involved in bitcoin through purchasing bitcoin or maybe trying to earn bitcoin.. or on the other hand to sell or to purchase items with whatever bitcoin that they have if they believe that the value of bitcoin is less than the current price.

For the past 8.5 years that I have been learning about bitcoin, I have also attempted to incorporate bitcoin into my life in terms of allocating a portion of my investment portfolio into bitcoin, and then considering that bitcoin has various kinds of value and potentially increases some of my options in terms of how I have attempted to balance my various bitcoin strategies and practices and ongoing learning more about bitcoin at the same time - while sharing some of the learnings in the forum or even getting some of my information and ideas about bitcoin through the forum.

Part of my point remains that you are not necessarily wrong in your attempted basic description of what is bitcoin aylabadia05, but your seeming reliance on getting a description from a basic introductory links gives me some sense that you may well have not been spending a lot of time building experiences around bitcoin in the last 5 years or so, which could possibly help you with your own attempts to summarize what bitcoin is from your perspective and how that might relate to topics being discussed in this thread (and surely every thread on the forum may well have deviance from its topic, but it seems to be the responsibility of members to attempt to stay on topic or to bring their deviations back to the topic of the thread, if possible).
Thank you @JayJuanGee for browsing my profile and what you said about me about my knowledge of Bitcoin is true even though I am here since 2017 but I am not serious about learning about Bitcoin. It was only in the last 2 years that I tried seriously to read articles and all that preaches about Bitcoin.
My confession is certainly not going to make me look stupid because it is better to admit than admit that I understand when in fact I don't.

I don't think that everyone who considers Nayib Bukele crazy because of the policy of accepting bitcoin does not pursue their corporate interests, but also many share the support of bitcoin by El Salvador, for example, the Bitfinex exchange reports that it is donating 36 BTC and 600,000 USDT  to support the economy of El Salvador, primarily we are talking about small businesses.
https://blog.bitfinex.com/media-releases/bitfinex-donates-36-bitcoin-btc-us600000-tether-tokens-usdt-in-aid-for-small-businesses-in-el-salvador/


The assumption that this crazy idea was addressed to Nayib Bukele by parties who disagreed with the legal tender of Bitcoin was carried out by him, but not by me. I consider the legal tender a good step for El Salvador. I read about Bitinex donating 36 BTC to Salvador to support economic development.
https://cointelegraph.com/news/bitfinex-donates-36-btc-to-salvadoran-businesses-to-support-economic-development


Nayib Bukele Ortez is considered insane for his decision on the Legal Tender of Bitcoin in El Salvador. The IMF urged this country in Central America to withdraw Bitcoin as legal tender because it considered El Salvador to be experiencing an economic crisis. To this day, the news about El Salvador's Bitcoin Legal Tender is still very much reported because it is considered a failure but Nayib Bukele remains optimistic about this idea.

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.
Nayib Bukele's idea was not dared to be carried out by others until he passed the law officially, even though at that time the IMF warned El Salvador how the impact would be received by his country.

The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it would be difficult to get a loan from the institution.

The board's directors have now "urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status", according to a statement.

Maybe Nayib Bukele's idea has not been 100% successful and I'm sure it will. If the Bitcoin legal tender is 100% successful in El Salvador, I certainly can't imagine that all transaction activity is related to Bitcoin.

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July 26, 2022, 09:40:24 AM
 #797

We do not get detailed details about bitcoin investment assets owned by the President of El Salvador. However, if you refer to the table and published details, it is clear that he suffered large losses, but we do not know whether the President of El Salvador has ever sold bitcoin or has remained an investor in bitcoin since it was first legalized until now. Coupled with the details of the price of bitcoin being purchased starting from the highest price of $60,000 and certainly experiencing a very large loss, but in detail there is no publication to the media whether the president of El Salvador really holds all btc assets both purchased at a price of $60,000 up to btc purchased with cheapest price at $19,000?
I also haven't seen the President of El Salvador reveal about his losses so far unless I read about it in some other media as explained by tribunnews on 27 June 2022 where El Salvador's economy started to collapse when the bear market occurred in Bitcoin. But if the President of El Salvador is still very confident in Bitcoin and its adoption all this time, I think the economy of El Salvador itself will also find gradual improvement if the President of El Salvador is still able to manage any losses from his investment as well as the economy at this point.

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July 26, 2022, 11:24:18 AM
 #798


We do not get detailed details about bitcoin investment assets owned by the President of El Salvador. However, if you refer to the table and published details, it is clear that he suffered large losses, but we do not know whether the President of El Salvador has ever sold bitcoin or has remained an investor in bitcoin since it was first legalized until now. Coupled with the details of the price of bitcoin being purchased starting from the highest price of $60,000 and certainly experiencing a very large loss, but in detail there is no publication to the media whether the president of El Salvador really holds all btc assets both purchased at a price of $60,000 up to btc purchased with cheapest price at $19,000?
I also haven't seen the President of El Salvador reveal about his losses so far unless I read about it in some other media as explained by tribunnews on 27 June 2022 where El Salvador's economy started to collapse when the bear market occurred in Bitcoin. But if the President of El Salvador is still very confident in Bitcoin and its adoption all this time, I think the economy of El Salvador itself will also find gradual improvement if the President of El Salvador is still able to manage any losses from his investment as well as the economy at this point.
The truth is El Salvador's president has not disclosed to the public his Bitcoin holdings and what he intends to do with them, either as a short-term or a long-term plan. Since that information is not available to the public let us concentrate on the country El Salvador Bitcoin reserve which should be a more interesting topic to analyze, as many factors will be considered. But in the main time, El Salvador has not sold any of its Bitcoin reserves and at that, we can't say El Salvador's economy is suffering from the present bear market as there have not exchanged those bitcoins for US dollars to have witnessed the loss in its value.

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July 28, 2022, 08:00:02 AM
Merited by Majestic-milf (2), JayJuanGee (1)
 #799

The Bitcoin market has adopted Salvador as a symbol. More and more individuals may start using Bitcoin as the nation's official currency in the near future. Not the finish, but merely the beginning.
You seem to have gotten it wrong here, El Salvador did not accept the Bitcoin market. The country made Bitcoin a legal tender and this is different from your presumption so bitcoin remains a legal tender in El Salvador regardless of its market condition. This is why El Salvador has not sold any of its Bitcoin holdings since they began an accumulation of since over a year ago.

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July 28, 2022, 10:01:46 AM
Merited by JayJuanGee (1)
 #800

the reality today is that the people who continue to make fud and associate it with el salvador are the ones who misunderstand.
they thought that bitcoin had replaced the dollar in el salvador. even though bitcoin is only legalized in that country as a legal tender, not as a substitute.
maybe those who join this forum don't have this kind of misunderstanding. but they out there a lot of misunderstanding about this.

even the decline in bitcoin actually didn't have much impact on the citizens of el salvador due to the fact that most people there still use dollars more. the difference is there we are free to use bitcoin for legal tender.

I'm one of those people who thank el salvador. because I started studying bitcoin from my friend who told me that there is a country that adopts bitcoin as a legal tender that is el salvador. from there I started studying bitcoin and looking for information related to bitcoin.
if you read the fud news linking the decline in the economic level in el salvador due to the adoption of bitcoin there as a legal tender. then please read more carefully. then you will find oddities such as news that is only forced to look related when it's not really connected at all. word manipulation is shown a lot.

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