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

[Who is John Galt?]

3%/0.00029%= 1000

LN payment Network commission Cost 1000 times Cheaper than Visa and MC

3%/0.00029%= 10,345. Basic math. Cointelegraph writes that the median fees on the Lightning Network is 0.0029%. You added an extra zero to the fractional part of your number. At the same time, if to use Chivo Wallet, then there are no commissions for Salvadorans at all. So they can use bitcoin even on better terms.

[1714309465]

1714309465

[1714309465]

1714309465

[1714309465]

1714309465

[Catenaccio]

Bitcoin Lightening Network Payment Network commission Cost 0.00029%
MasterCard Payment Network commission Cost 3%
Visa payment Network commission Cost 3%

3%/0.00029%= 1000

LN payment Network commission Cost 1000 times Cheaper than Visa and MC

So EI Salvador confirmed LN .

But Lightning Network is not a Bitcoin blockchain. It works with smart contract and I believe more on the safety of Bitcoin blockchain than Lightning Network. The chain has very big hashrate, very decentralized and not easy to be attack 51%. It's safe.

Lightning Network is less safe than Bitcoin blockchain.

[Aanuoluwatofunmi]

Bitcoin Lightening Network Payment Network commission Cost 0.00029%
MasterCard Payment Network commission Cost 3%
Visa payment Network commission Cost 3%

3%/0.00029%= 1000

LN payment Network commission Cost 1000 times Cheaper than Visa and MC

So EI Salvador confirmed LN .

But Lightning Network is not a Bitcoin blockchain. It works with smart contract and I believe more on the safety of Bitcoin blockchain than Lightning Network. The chain has very big hashrate, very decentralized and not easy to be attack 51%. It's safe.

Lightning Network is less safe than Bitcoin blockchain.

Don't get it twisted mate, lightning network is not a smart contract but a bitcoin network layer 2 protocols that make transaction confirmation more faster and cheaper especially when dealing with the scalability challenge in making use of bitcoin transaction, this was introduced to make more convenient use case of bitcoin in making payments without any infiltrations or possible encounters that may alter user's experience with the adoption and use of bitcoin when making payments.

[2Pizza410000BTC]

CIDGallup has reported that El Salvador has been listed as the least corrupt country in the list of least corrupt countries while the world is having a miserable day in corruption. As the most corrupt country, Peru is at the top with a rating of 46%, Colombia is second with a corruption rating point of 42%, Guatemala is third at 39%, El Salvador is at the bottom with a corruption rating point of only 6%.

All is possible because Salvador..a Bitcoin city, Everything is winning in Salvador.

[2Pizza410000BTC]

In October 2022, El Salvador opened our first Bitcoin Embassy in Lugano El Salvador, Lugano Sign Agreement to Help Spread Bitcoin Adoption and Education



Nine months later, we see the results of that relationship as CUBO+ establishes El Salvador as second to none for bitcoin education

@cuboplus & @LuganoPlanB  = Winning

Tweet: https://twitter.com/stacyherbert/status/1675865194063450116?s=19

[Aanuoluwatofunmi]

Or maybe we should now begin the listings of fortunes that have come along with the bitcoin adoption in El-Savador ever since it's adoption as legal tender, we may never have time to finish them because they are so many, not even now that investors and miners were seeking for same opportunity with El-Savador to make their establishment there, if you're digital oriented and into bitcoin, where will first comes to your mind to visit if having the opportunity around the world is El-Savador because you understand better what you stand to gain for just a tourist visit.

[sokani]

BITCOIN ADOPTION IS CREATING THE PLATFORM FOR LOCAL INNOVATORS TO SHINE



The adoption of Bitcoin in El Salvador is not only attracting foreign startups into the country, but it's a springboard for local brightest minds and innovators to showcase themselves. K1 technology is a local company that produced the first bitcoin machine made in El Salvador. They claimed it is the world's easiest to used Bitcoin ATM machine and they are also exporting it to other countries abroad.

https://youtu.be/HwvKOcA7B3Q

https://twitter.com/realSandySV/status/1674461514235883527?t=BA01w_liiKOdD4DaJAtKVw&s=19

[Bd officer]

🇸🇻 El Zonte, a small town in El Salvador, leads the way as a pioneer in embracing Bitcoin. From daily transactions to community initiatives, they showcase the power of Bitcoin adoption at the grassroots level.

Source.

[Litzki1990]

BITCOIN ADOPTION IS CREATING THE PLATFORM FOR LOCAL INNOVATORS TO SHINE



The adoption of Bitcoin in El Salvador is not only attracting foreign startups into the country, but it's a springboard for local brightest minds and innovators to showcase themselves. K1 technology is a local company that produced the first bitcoin machine made in El Salvador. They claimed it is the world's easiest to used Bitcoin ATM machine and they are also exporting it to other countries abroad.

https://youtu.be/HwvKOcA7B3Q

https://twitter.com/realSandySV/status/1674461514235883527?t=BA01w_liiKOdD4DaJAtKVw&s=19

This is a great discovery for El Salvador. Locally they managed to build a great bitcoin ATM machine. Where they are claiming that they can trade and export bitcoins anywhere in the world through this bitcoin ATM machine. This discovery shows that El Salvador's entire mindset now revolves around Bitcoin only. They are planning one after the other with Bitcoin and are taking various steps to implement that plan including their recently invented ATM machine. El Salvador's first target was to encourage more tourists from their country to visit their country. They have been able to do this meaning that people in their countries are now more interested in traveling than ever before. I believe this country will plan more around Bitcoin. And they will turn their plans into reality.

[Velemir Sava]

All is possible because Salvador..a Bitcoin city, Everything is winning in Salvador.

and when viewed from the point of view of Financial Inclusion with the Adoption of Bitcoin there, it indirectly offers the benefits of financial inclusion for those who do not have a bank account or are underbanked and they can easily access financial services via Bitcoin without the need for a traditional bank account.

[famososMuertos]

BITCOIN ADOPTION IS CREATING THE PLATFORM FOR LOCAL INNOVATORS TO SHINE


...

+1 ,update.

It should be noted that it is not the first of its kind and for those who think that $0.5 is little, in any case it is the equivalent of buying a piece of candy: https://i.imgur.com/rGxepHx.jpg

It is not new news, by the way that this same company develops traditional ATMs.

La empresa salvadoreña K1...

El modelo de la imagen difiere del del video abajo mostrado, luego uno será más prototipo que el otro.
No sé cuánto mercado habrá para este tipo de solución.
Ver:
https://diarioelsalvador.com/k1-mini-el-primer-cajero-bitcoin-desarrollado-por-salvadorenos/187680/
https://www.youtube.com/watch?v=Ou3Gkt7cLlY&list=PL3CQ2QtkmQtDW04NGl5JTcsoaCimw740Y&index=17

[2Pizza410000BTC]

1. CUBO+ students and dev teams ...




2. Some of honourable teachers ( Adam Gibson, jimmy song)



3. 150 applications submitted but with online or face to face interview 21 students were selected. 21 students would have chance to become Lightening Network experts.






4. They have intense high level course in SAN SALVADOR. They already prepared a Bitcoin beach scheduled/Agenda.





5. At the ending of two weeks duration internship course some prestigious organization/companies support CUBO+ which have long impact on Salvadorians students.




Tweet: https://twitter.com/cuboplus/status/1675923585762729995?t=41HnM3rrXvj2rcjkKK4pZQ&s=19

[JoyMarsha]

It takes a lot of charisma and boldness for the president of a country to publicly endorse and speak up for the use of bitcoin as legal tender among his people. This demonstrates how passionate the president of El Salvador is about bitcoin.

I am glad as a bitcoin enthusiast if the news is true that a country is considering it as a legal tender which is a huge thing but i was more surprised by the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Let them allow and in due time we will see how many people adopted Bitcoin in El Salvador and whether there will be an increase in Bitcoin users simply because the government wanted it to be a legal tender.

Since 70% of the population of El Salvador doesn't have a bank account and is also poor, the president has seen and understood the value of bitcoin to the nation and its economy, and he considered making it legal tender. 

In the long run, this admirable act by the president of El Salvador will open the door for a financial breakthrough for the country's people. Congratulations to them

[flyingcarpet]

It takes a lot of charisma and boldness for the president of a country to publicly endorse and speak up for the use of bitcoin as legal tender among his people. This demonstrates how passionate the president of El Salvador is about bitcoin.

I am glad as a bitcoin enthusiast if the news is true that a country is considering it as a legal tender which is a huge thing but i was more surprised by the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Let them allow and in due time we will see how many people adopted Bitcoin in El Salvador and whether there will be an increase in Bitcoin users simply because the government wanted it to be a legal tender.

Since 70% of the population of El Salvador doesn't have a bank account and is also poor, the president has seen and understood the value of bitcoin to the nation and its economy, and he considered making it legal tender. 

In the long run, this admirable act by the president of El Salvador will open the door for a financial breakthrough for the country's people. Congratulations to them

El Salvador will get a good return on its investment. It's an excellent move for a government to officially buy bitcoin. We are talking about the development of Bitcoin and its reaching people. Here we have a living example of El Salvador.

When another country announces that it has officially purchased Bitcoin, other countries will do the same, one after the other. This cannot be prevented. I don't know how long, but I think we'll see this thing I'm talking about.

[Sebas.tian]

BITCOIN ADOPTION IS CREATING THE PLATFORM FOR LOCAL INNOVATORS TO SHINE



The adoption of Bitcoin in El Salvador is not only attracting foreign startups into the country, but it's a springboard for local brightest minds and innovators to showcase themselves. K1 technology is a local company that produced the first bitcoin machine made in El Salvador. They claimed it is the world's easiest to used Bitcoin ATM machine and they are also exporting it to other countries abroad.

https://youtu.be/HwvKOcA7B3Q

https://twitter.com/realSandySV/status/1674461514235883527?t=BA01w_liiKOdD4DaJAtKVw&s=19

And the adoption has made so many of their local products became popular all over the world, because they made a good choice to allow foreigners to use Bitcoin as a legal tender in any kind of transaction they want to make within the country. With time Bitcoin ATM machine will be everywhere in the whole world, because those that tested the Bitcoin machine before gave a good comments that is making other countries to show more interest on it. I believe El Salvador government has done well for this freedom the citizens are experiencing from the country over some years now to use Bitcoin freely and also use it to improve financially in the country.

[Out of mind]

Empowering students with knowledge in cryptocurrency is key to preparing them for the future.  What is already being taught Bitcoin in El Salvador is truly incredible.
Students in El Salvador attend the country’s first Bitcoin    development program
The future is bright for 🇸🇻
Source

[hafiztalha]

Students in El Salvador attend the country’s first #Bitcoin BTC development program

The future is bright for 🇸🇻


https://twitter.com/BitcoinMagazine/status/1676265047608393728?t=71pa2-_a9izNpFYSIb27jA&s=19

[Aanuoluwatofunmi]

the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Do you have a source link to this, I don't believe they have upto that percentage not making use of the bank, as far as i know in this regards, many of us into bitcoin would have one or two banks we make use of previously before bitcoin was introduced and after it was been introduced, we still maintain using them but not having our entire financial asset in them.

Snipped

You don't need to make a repitition of this since you just see thesame image has already been talked about before yours is coming up, moreover there's nothing new in addition added to the news on this aspect, please let's try to get more engaging words with new ideas and avoid repitition of what gas already been discussed.

[jokers10]

the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Do you have a source link to this, I don't believe they have upto that percentage not making use of the bank, as far as i know in this regards, many of us into bitcoin would have one or two banks we make use of previously before bitcoin was introduced and after it was been introduced, we still maintain using them but not having our entire financial asset in them.

It is a well known fact. The World Bank's publication about El Salvador says that "two-thirds of El Salvador’s adult population lacks access to basic financial services". El Salvador actively develops in the field of high technologies now thanks to its president, but it is still far from a fully developed country. And if to keep in mind that about a half of Salvadorians have a lack of Internet access those things like Chivo Wallet make citizens involvement in modern finance easier. If not bitcoin adoption they'd hardly get such a tool any soon.

[karabiber]

the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Do you have a source link to this, I don't believe they have upto that percentage not making use of the bank, as far as i know in this regards, many of us into bitcoin would have one or two banks we make use of previously before bitcoin was introduced and after it was been introduced, we still maintain using them but not having our entire financial asset in them.

It is a well known fact. The World Bank's publication about El Salvador says that "two-thirds of El Salvador’s adult population lacks access to basic financial services". El Salvador actively develops in the field of high technologies now thanks to its president, but it is still far from a fully developed country. And if to keep in mind that about a half of Salvadorians have a lack of Internet access those things like Chivo Wallet make citizens involvement in modern finance easier. If not bitcoin adoption they'd hardly get such a tool any soon.

I liken the country of El Salvador to a person whose only exit is to invest in Bitcoin and who dreams of becoming rich. El Salvador is a small country and its livelihoods are limited. It's a poor country. The country's economic wheels are working difficult as a result of natural disasters and crises. President Bukele is someone who makes sacrifices for his country and the revolution he made with Bitcoin is a proud situation for his country.

Making Bitcoin a Central Bank reserve carries some dangers. Namely Bitcoin is a volatile investment vehicle and has no stabilization. Therefore it is risky at this stage for Bitcoin to determine the fate of a country. I would consider it normal for Bukele to add Btc to its reserves in case of Bitcoin's Spot ETF approval but right now this is risky. President Bukele will write his name in history as a revolutionary in the following years.