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

[Sayeds56]

I have mostly positive expectations with adoption of bitcoin in El Salvador (I see some problems as well, but I'm optimistic in general). But as for CAR... I don't see any reasons nowadays which will lead that innovation in that country to success. Well, it's good when people can have a bitcoin alternative, but as for CAR I don't think people do really get such as alternative as majority of them don't even have any device to get access to Internet.

This ,Bitcoin without the internet seems to be a lie. But I don't know if the data is Valid? Hopefully, they will follow suit soon by adding infrastructure to support this Adoption. Then if the Central African Republic then one of El Salvador's missions is a success. A while ago i'am read on social media, if El Salvador appeared confident in the Miss Universe event. They use the Bitcoin logo, I think this is one of the campaign models. I don't know if they're champions or not, but I think it's Bukele's creative move to introduce Bitcoin even though it's just a symbol.

Of course, bitcoin in El Salvador goes beyond symbolism, and surely decisions involving artistic choices of the Miss Universe contestant may well have input from a variety of folks - yet at the same time, the various ongoing adoption efforts likely have impacts on the whole population of El Salvador and even to influence some of the citizens/residents in terms of whether they might take efforts to adopt bitcoin as one of their savings and/or payment options or to consider if there might be ways that they might be able to use bitcoin, including perhaps reconsidering their foreign remittance practices if they might have had been receiving payments from people living outside of El Salvador and sending it back to them and maybe they might be able to save money by using (getting involved in) bitcoin?

The idea behind adoption of Bitcoin in Salvador was, as the economy is remittance dependent (which amounts to 20% of their GDP) and transaction through Bitcoin network will reduce the cost of transactions for overseas workers, as well as they will be able to make their saving in Bitcoin which is the best asset to invest in. It was a prudent decision, however, the implementation faced obstacles as it was a departure from the norm. It is the high amount of external debt (which amounts to 90% of GDP) which caused financial difficulties, not the fault of Bitcoin, because the losses suffered due to decline in Bitcoin price is approximately 50 million which is not significant.

[1714574061]

1714574061

[jokers10]

This ,Bitcoin without the internet seems to be a lie. But I don't know if the data is Valid? Hopefully, they will follow suit soon by adding infrastructure to support this Adoption. Then if the Central African Republic then one of El Salvador's missions is a success.
...

Well, I'd say that World Bank data, but it is your right not to trust them. Anyway you are right: main question is about infrastructure. Let's compare: when El Salvador adopted bitcoin they released Chivo Wallet for easy using of bitcoin (I wouldn't use this wallet and prefer some independent one (what is also possible in El Salvador), but it shows that the gov of a country thought about how people could use bitcoin, what is important) and the installed also multiple ATM which can interact with Chivo Wallet. So everyone could use bitcoin from the very beginning. And as a expected result we see that people started using bitcoin (not all, not fast, but started).

And what about CAR? Are here any users from there to confirm that they have Internet and have an opportunity of using bitcoin? I guess, except top leadership of the country, mostly no one have such an opportunity there and we hear no news from there saying something opposite. Well, if I'm mistaken, it will be good. I would be happy for citizens of CAR if they really can use bitcoin.

[Daltonik]

Jack Dorsey became the first big donor by donating 0.28 BTC to the Mi Primer Bitcoin project, which develops free bitcoin education in El Salvador. Before that, Jack communicated with Mi Primer Bitcoin using the Nostrr service, which is a decentralized social network and messaging protocol.

https://twitter.com/MyfirstBitcoin_/status/1615077819347861517

[DdmrDdmr]

The UCA (university institute of public opinion) has just released a survey where Salvadorians evaluate 2022. The survey was carried out against 1.273 people, conducting personal interviews in random houses in accordance to sought quotas by type of area (rural, urban), department (state), sex and age. It sounds conceptually correct from my point of view.

The survey includes a specific set of questions on bitcoin, reflected in the first link provided below between pages 42 and 53, and summarized in the second link’s infographic. The data seems to allow us to derive that:

-   Salvadorians believe, in their majority (81,7%), that their family economic situation has not improved thanks to bitcoin being legal tender. There is also a decrease in those that perceive an improvement, going down from 9,9% in 2021 to 5,7% in 2022.

-   Only 5,1% considers the general population to be the main (emphasis on main) beneficiary of bitcoin becoming legal tender, whilst over 60% point to the rich/foreign investors/government-president as those being the main beneficiaries.

-   74% (*) have not used bitcoin during 2022 (there’s also another 5% that have never used it). 21% declare having used it in 2022. Out of these users, 31,2% have only used it once, 33,8% between 2 and 4 times, and 35% 5 or more times.

(*) I guess that there are a lot of people that benefited from the initial 30$ in bitcoin for downloading the Chivo wallet, and that therefore are considered ex-users (thus not engrossing the "never used it" segment).

I don't consider 21% of people declaring to have used bitcoin during 2022 a failure, though is we go for those that have used it more than once, the figure drops to 14,5%. Nevertheless, taking into account that it is legal tender there, the heavy user segment is pretty low, meaning that there is still a large gap to cover in terms of practical recurrent usage.
The stat lacks a historical perspective of the evolution of the frequency of usage, which is something I hope they keep and compare vs 2023 data next year.

See (in Spanish, but with charts):
https://uca.edu.sv/iudop/wp-content/uploads/PPT-Ev-Anio-2022.pdf
https://uca.edu.sv/iudop/wp-content/uploads/Opinion-publica-sobre-el-bitcoin-en-el-anio-2022.pdf

[BRINIRHA]

At least now we know through the latest tweet from the president of El Salvador, Nayib Bukele. that El salvador is able to pay or pay off the bonds that have matured for january even along with the interest. And it seems that there are not many media that bring up positive news like this. however El salvador is still just getting started. so it cannot be said to have failed or will fail. because everything requires a long process to get success. nothing can be instant success. everything has to go through a long process.



Sourch :
Tweet Nayib Bukele

[aylabadia05]

[snip]

Of course, this is positive news. Nayib Bukele is slowly proving that his decision to use Bitcoin as a path to economic change for the better is slowly starting to show. A familiar phrase to describe this success is "effort never betrays results".

In my opinion, it is the duty of those of us who support the El Salvador government's steps in the field of Bitcoin to spread this positive information because those who do not like continue to share information that brings down Bitcoin endlessly.

[DdmrDdmr]

It seems that NGO Mi Primer Bitcoin’s educational experience in El Salvador, has giving ground for a territorial expansion goal during 2023. Specifically, the NGO plans to extend their Diploma in Bitcoin programme to the US, Honduras and Mexico, amongst other countries, tailoring the experience somewhat to each specific country.

One of the interesting things will be that, as part of the proceedings, they’ll be creating an English version of Diploma in Bitcoin (currently only available in Spanish). The goal is to have the English version finished around April 2023, customized to better fit the prospect readers in the US (as opposed to strictly translating it from the Spanish version).

See (GT):
https://www-criptonoticias-com.translate.goog/educacion/mi-primer-bitcoin-adelanta-expansion-hacia-mexico-honduras-ee-uu/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Hear (1 hour long):
https://mobile.twitter.com/MyfirstBitcoin_/status/1617674399146184704?cxt=HHwWgMDQtfKSkfMsAAAA

[Daltonik]

At least now we know through the latest tweet from the president of El Salvador, Nayib Bukele. that El salvador is able to pay or pay off the bonds that have matured for january even along with the interest. And it seems that there are not many media that bring up positive news like this. however El salvador is still just getting started. so it cannot be said to have failed or will fail. because everything requires a long process to get success. nothing can be instant success. everything has to go through a long process.



Sourch :
Tweet Nayib Bukele

Nayib Bukele had a rather emotional tweet announcing the payment of the principal debt and interest on dollar bonds by El Salvador, where he complains that almost no one in the world covers this news except for the Colombian edition of Semana in Spanish.
But one can imagine what the number of publications would be if El Salvador did not make these payments.

https://twitter.com/nayibbukele/status/1617700039534731264

[Vyeon11]

if bitcoin development in el Salvador continues to progress and continues to have a positive impact, maybe within the next 5-10 years el Salvador will experience rapid progress.
with the adoption of bitcoin as the legal currency in el Salvador, and now it is starting to show positive developments, surely other countries will also continue to observe it and maybe will follow the same path as el Salvador, and adopt bitcoin.

[Majestic-milf]

Nayib Bukele had a rather emotional tweet announcing the payment of the principal debt and interest on dollar bonds by El Salvador, where he complains that almost no one in the world covers this news except for the Colombian edition of Semana in Spanish.
But one can imagine what the number of publications would be if El Salvador did not make these payments.

Yeah true. The press thrives on negative news related to Bitcoin and this would have made for an interesting dissection. And I could have just imagined what the headlines would have looked like; probably something along the lines of: "Bitcoin has failed! Time to look elsewhere, Bukele!... heh!, It sounded funny in my head. 
 But, anyways, it's a commendable feat achieved by Bukele and this proves that patience and dedication pays a lot. You know, it's quite funny that two countries has adopted the coin as legal tender, but it seems El Salvador seems to be in the limelight more. Just thinking...
 

[cloirecrom]

they will suceed as long they can keep on till crypto markete mature and reach stable stage.

[Aanuoluwatofunmi]

if bitcoin development in el Salvador continues to progress and continues to have a positive impact, maybe within the next 5-10 years el Salvador will experience rapid progress.
with the adoption of bitcoin as the legal currency in el Salvador, and now it is starting to show positive developments, surely other countries will also continue to observe it and maybe will follow the same path as el Salvador, and adopt bitcoin.

For the benefit of those interested in learning Bitcoin and can afford going on a tourist I will recommend El-salvador as the best country to serve this purpose, there's alot to learn about Bitcoin and within the country for both adults abd the highschool children, Bitcoin has been a historical ground in El-salvador with diverse opportunities for both the citizens and tourist to enjoy the best of it all.

[Vyeon11]

if bitcoin development in el Salvador continues to progress and continues to have a positive impact, maybe within the next 5-10 years el Salvador will experience rapid progress.
with the adoption of bitcoin as the legal currency in el Salvador, and now it is starting to show positive developments, surely other countries will also continue to observe it and maybe will follow the same path as el Salvador, and adopt bitcoin.

For the benefit of those interested in learning Bitcoin and can afford going on a tourist I will recommend El-salvador as the best country to serve this purpose, there's alot to learn about Bitcoin and within the country for both adults abd the highschool children, Bitcoin has been a historical ground in El-salvador with diverse opportunities for both the citizens and tourist to enjoy the best of it all.

that's for sure, because el Salvador became the first country to make bitcoin a legal currency in its country, and it will certainly be history for the development and progress of bitcoin.

[Wiwo]

The idea behind adoption of Bitcoin in Salvador was, as the economy is remittance dependent (which amounts to 20% of their GDP) and transaction through Bitcoin network will reduce the cost of transactions for overseas workers, as well as they will be able to make their savings in Bitcoin which is the best asset to invest in. It was a prudent decision, however, the implementation faced obstacles as it was a departure from the norm. It is the high amount of external debt (which amounts to 90% of GDP) which caused financial difficulties, not the fault of Bitcoin, because the losses suffered due to the decline in Bitcoin price is approximately 50 million which is not significant.

The fact is, before the El Salvador bitcoin adoption there has been a high rate of economic crisis such as high inflation and external debt in El Salvador and to make it worst El Salvador does not have their own country national currency so they depend on the US dollar for currency exchange within the country, Bitcoin was adopted to provide an alternative for El Salvador to the US dollar, and to this point the only Bitcoin project that El Salvador has invested the country fund directly into is the Bitcoin bound project which has a long term goal with the country holding a good amount of bitcoin as a national bond. The country GDPR has not really had any impact on bitcoin and to this point, the government is putting more efforts into spreading bitcoin education and awareness trying to onboard the unbanked citizens with adequate information about Bitcoin and its alternatives features, this project is a long term project that requires time to mature with lots of infrustural requirements such as the development of the bitcoin city which will be a free economic zone in the country to house all bitcoin activities and business, El Salvador 🇸🇻 is the first country I the world to have such bitcoin oriented initiative.

[jokers10]

if bitcoin development in el Salvador continues to progress and continues to have a positive impact, maybe within the next 5-10 years el Salvador will experience rapid progress.
with the adoption of bitcoin as the legal currency in el Salvador, and now it is starting to show positive developments, surely other countries will also continue to observe it and maybe will follow the same path as el Salvador, and adopt bitcoin.

"No man ever steps in the same river twice". The others who will follow the steps of El Salvador will go the other way as entire situation with global bitcoin adoption is changing all the time. Something will be easier as they'll have an opportunity to learn on mistakes of a pioneer, but many of pioneers opportunities will not be available for the next ones as well.

Maybe in the future we'll see something in common but as for now each case of adoption will be unique and interesting by itself. I doubt any can just copy El Salvador's experience.

[LDL]

EI Salvador's President gifted Bitcoin Designed Birthday Cake to Max Keiser

EI Salvador President Nayib Bukele purchased a birthday cake with bitcoin design for famous American filmmaker Max Keizer from his official Twitter page.

Nayib Bukele tweet following tweet from his official page...

" Waiting for @FitchRatings to downgrade EI Salvador's credit rating because we bought Bitcoin birthday cake."

@Nayib Bukele Tweet

[wmaurik]

if bitcoin development in el Salvador continues to progress and continues to have a positive impact, maybe within the next 5-10 years el Salvador will experience rapid progress.
with the adoption of bitcoin as the legal currency in el Salvador, and now it is starting to show positive developments, surely other countries will also continue to observe it and maybe will follow the same path as el Salvador, and adopt bitcoin.

The government of El Salvador are people who are very happy with Bitcoin and also really like Bitcoin so that the government will obviously do anything to be able to legalize Bitcoin in the country of El Salvador which of course does not make the country poor because the government always tries to make El Salvador more advanced than other countries in the vicinity. So for other countries that want to emulate this step in El Salvador, of course it's very good even though it still needs approval from state officials or important members of parliament within the country so that Bitcoin can be legalized as a legal currency for anything in all aspects.

For the benefit of those interested in learning Bitcoin and can afford going on a tourist I will recommend El-salvador as the best country to serve this purpose, there's alot to learn about Bitcoin and within the country for both adults abd the highschool children, Bitcoin has been a historical ground in El-salvador with diverse opportunities for both the citizens and tourist to enjoy the best of it all.

There in El Salvador, Bitcoin has become a very important thing for all its citizens to learn so that the government takes advantage of all sectors to be turned on like tourist attractions so that tourists want to come there and this will certainly be a good step to promote Bitcoin to people people who don't know Bitcoin by accepting Bitcoin as payment when buying anything there

[stompix]

At least now we know through the latest tweet from the president of El Salvador, Nayib Bukele. that El salvador is able to pay or pay off the bonds that have matured for january even along with the interest.

And not a word on the $450m they took in a loan with Central American Bank for Economic Integration and the other $100m they took from the Inter-American Development Bank to pay $604 million in bond maturity.

But yeah, let's talk about 800 paid in full when in reality it's just $604 million paid with the help of getting 550 million in loans!
And from 800 we're down to 54!

Man, Bukele is playing everyone for fools just with some tweets, all it has to do is post the BTC sign and everyone stops questioning any of his statements. When was the last time somebody asked this guy to prove they actually bought those coins and they do have them? Fairly normal to ask Binance to do so, but god forbids we're asking the idol to show proof of any of his claims!
Don't trust, verify my ass!

(*) I guess that there are a lot of people that benefited from the initial 30$ in bitcoin for downloading the Chivo wallet, and that therefore are considered ex-users (thus not engrossing the "never used it" segment).
/quote]

I don't understand why is so hard to ask two simple questions in those surveys!
Have you used any bitcoins funds excluding the 30$ airdrop during this year? Have you used your airdrop money?
The simple difference between those percentages would tell more than any other question could do!

[JayJuanGee]

At least now we know through the latest tweet from the president of El Salvador, Nayib Bukele. that El salvador is able to pay or pay off the bonds that have matured for january even along with the interest.

And not a word on the $450m they took in a loan with Central American Bank for Economic Integration and the other $100m they took from the Inter-American Development Bank to pay $604 million in bond maturity.

Yep.. various ways to roll over debt happen all the time.. and the $21 million question might be whether they are being deceptive in terms of whether their debt is in getting into a more healthy state, a less healthy state or staying the same.

A presumption is that El Salvador is getting their debt into a more manageable and less dependent status... .. and surely there can be some questions in regards to whether those kinds of claims or inferences can reasonably be made based on actual known facts?

But yeah, let's talk about 800 paid in full when in reality it's just $604 million paid with the help of getting 550 million in loans!
And from 800 we're down to 54!

Is that better or worse?  I recognize that you are hinging on the "paid in full" claim as if that might be deceptive to say that it was paid in full when it was actually just rolled over.

Man, Bukele is playing everyone for fools just with some tweets, all it has to do is post the BTC sign and everyone stops questioning any of his statements.

Isn't he correct to assert that the claims that El Salvador was going to default incorrect?  That seems to be a pretty BIG deal, no?  So far, they did not default, even though many of the big players were proclaiming that they were going to default and also downgrading and denigrating their credit rating (worthiness).  That seems like a pretty big deal in terms of information warfare, to the extent information warfare is going on in these circumstances.

When was the last time somebody asked this guy to prove they actually bought those coins and they do have them? Fairly normal to ask Binance to do so, but god forbids we're asking the idol to show proof of any of his claims!
Don't trust, verify my ass!

I kind of agree with you on the point of having some kind of verifiability that El Salvador owns the BTC that they claim to own, but I also understand aspects of not necessarily disclosing the particulars... there are a lot of current practices in which finances are NOT very open, and sure governments are supposed to be more open because they are supposed to be accountable to the people of whom they are supposed to represent, yet I am not sure what good comes out of attempting to cause Bukele and the El Salvador government to be MORE open than other governments.. when we already should realize and appreciate that they are engaging in a kind of investment (into BTC) and a public posture in regards to investing into BTC that status quo PTB financial and governmental institution (and the status quo rich) are largely hostile to such investments and attempts at self-sovereignty that El Salvador is making and that there have been institutions in place for more than 50 years that have been hostile to self-sovereignty of smaller governments and various other smaller players including within western countries in which there are ongoing desires to suppress communities from their abilities to be self-sovereign... not that we can necessarily completely divorce ourselves from status quo institutions - or even status quo systems without a violent revolution, and bitcoin seems to be one of the ways in which less violence may well be able to take place in order to return some levels of self-sovereignty.. in the event that we might be able to have some faith that Bukele is a good actor and is not going to rug-pull the whole situation.. which is seeming to be the presumptions that you want to make stompix?

(*) I guess that there are a lot of people that benefited from the initial 30$ in bitcoin for downloading the Chivo wallet, and that therefore are considered ex-users (thus not engrossing the "never used it" segment).

I don't understand why is so hard to ask two simple questions in those surveys!
Have you used any bitcoins funds excluding the 30$ airdrop during this year? Have you used your airdrop money?
The simple difference between those percentages would tell more than any other question could do!

**note: this response fixes the missing bracket in your above quotes stompix.. in order to clarify what was your response and what was DdmrDdmr's.

Frequently we see surveys that are greatly inadequate in the ways that they ask questions and even which questions they ask.. so cannot really disagree with you about those kinds of concerns stompix.  We know that sometimes proclaimed neutral survey takers are not as neutral as they are striving to present themselves, and surely governmental and/or public entities might want to attempt to be more open, but sometimes they won't release raw data to the public..... .. For sure, we know that there are various forms of information sharing on the internet that are more free than they have been historically, but people still get concerned about NOT being able to speak freely on certain topics.. whether it might be something like twitter, or even a forum like this... .. .. We might know that sometimes there are fears about allowing information to spread too freely because sometimes the information might not be true and then also the public might not be able to discern true information from untrue information.... so surely, dynamics of the release of poll data has these kinds of concerns, and maybe even concerns about which questions to ask and whether the poll taker wants to know that information.. or there might be some rationale in which I agree with you, if you are already spending the time, money and energies to take the poll, then what's wrong with including a couple more clarifying questions?  Even some of the arm-chair criticizing that guys/gals like you and I do on the interwebs could end up motivating some folks who are involved in poll creation to become more inquisitive, and inspire journalists to ask the more probing questions or to spend money on on the ground investigations - which sometimes is not being done these days either.. who's going to pay them to send someone into probe?  People gotta get paid for their attempts at "investigative journalism," no?  Sure some will do it for free. .but at some point, they also start to get hungry, need to pay for lodging and transportation too... cover their costs.

[stompix]

in the event that we might be able to have some faith that Bukele is a good actor and is not going to rug-pull the whole situation.. which is seeming to be the presumptions that you want to make stompix?

What I want to do is finally make people realize that you have to weigh on how much truth and how much lies are hiding behind everyone's tweets and actions, no matter if his name is Bukele or Warren Buffet! Just as how you must verify and not blindly trust a bitcoin transaction, just as how you can be your own bank and not trust an IOU card from a bank, it's the same when believing a lying piece of something like el Presidente in question!  I hate populism, I hate leaders that claim all kinds of grand realizations and projects unseen by the world, I had my full of it in the communist era, I know how to spot when someone is just making claims on how great things are, how great the economy is doing and his televised shitshow gets cuts because we have a blackout, the hot water is colder than the cold one and the gas had less pressure than the one from a farting pussycat!

What annoys me even more, is that exactly here, where most of us are done with politicians and their promises, there is an entire horde who has magically found out that when you stick your tongue down some politician's ass and you pass the 30 cm mark it stops smelling like shit and it becomes chocolate flavor, or whatever since I don't see any other reason for anyone kissing his ass that much like some (not you of course) do here!

The 200MW geothermal well? There is no such in the whole world, and the one in the filming was already 10 years old!
The mining operation? One 10-second clip with (at that time) 3 yo gear that nobody has heard a word about it after! Have you?
The green energy in Salvador that will allow mining? You have a fucking FSRU ship docked in the main port pumping LNG!
The 1 billion city constructed with only half of that since the rest would be invested in BTC ? It became so ridiculous even they had to come back on it and add it's actually more than 7 billions. Where are the rest of the 6 billion going to come in a 28 billion-a-year economy? Crickets!

And despite this, despite every single thing going this way the cultist still never even dare to look if the idol has hidden something from them!
This is the world some want to create?  Count me out! This is not bitcoin, this is ass-licking and Twitter liking in hope of another 100$ in gain on the btc price!

Is that better or worse?  I recognize that you are hinging on the "paid in full" claim as if that might be deceptive to say that it was paid in full when it was actually just rolled over.

Of course, it sounds better, but, do we know at what rates he got those loans, how much will he pay for them?
Because it might be a genius move or it might be some idiot rolling the loans, cause he won't be president forever, get me one another mandate, and then who cares, let the next guy figure it out!

That's why we verify numbers and data and we don't jump to conclusions before we have them all!
Well, some of us!