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

[JayJuanGee]

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.

You seem to be describing Bukele's approach to bitcoin as if it were an all or nothing strategy - like a last swing for the homerun - and that does not seem to be the case...  Sure, El Salvador has given a lot of emphasis to bitcoin, yet it did not get rid of the dollar - and it also did not get rid of it's own native currency, since that had already largely taken place 20 years previously.

We might be able to concede that Bukele was coming into a situation in which the country had been driven into some bad circumstances, infrastructurally and also what seems to have been the wide-spread crime issues (and even gangs shaking down businesses and contributing to lack of confidence for any business to want to invest into El Salvador), so there are ways in which it could be characterized that Bukele is working on ways to fix the infrastructure and to stop the getting poor more quickly aspects of the prior country situation... so in that regard, bootstrapping bitcoin is likely a good thing - but there is infrastructure building that seems to be happening too.. rather than merely blindly hoping/praying that bitcoin saves El Salvador from its previous situation.

President Bukele is someone who makes sacrifices for his country and the revolution he made with Bitcoin is a proud situation for his country.

This is a more fair characterization.

Making Bitcoin a Central Bank reserve carries some dangers.

Yeah.. but that is not what seems to be happening.  We do not have exact transparency into El Salvador's ways of holding BTC, yet it seems that the amount of treasuries in bitcoin is pretty damned small, relatively speaking.

There are likely ways that we could attempt to measure the many ways that El Salvador is investing into bitcoin, but if we were ONLY to look at treasuries, bitcoin is a very small part - and maybe we do need to look at a variety of ways that El Salvador is investing into bitcoin - but even El Salvador's attempt to ween itself from various debts that it holds in order to create bitcoin related debt rather than relying on various outside dollar banks such as the IMF and the world bank, so there are ways that critics like to characterize El Salvador as if it were going all in bitcoin (which is not the case), even though it seems to be fair to say that El Salvador is surely aimed at engaging in policies and investments to attempt to take back aspects of its sovereignty (through ongoing bitcoin investments and emphasis)  to free itself from what it has identified as outside influences that have historically been sucking the sovereignty out of El Salvador and like countries.. and there is no reason to believe that the outside influences of those international banking institutions are striving  change their behaviors and to allow El Salvador to really exist as a sovereign.

So many countries, sovereign in name ONLY, and El Salvador is employing a bit of a dance in terms of it's saying that it is exercising its sovereignty when it is choosing bitcoin and developing around bitcoin as a parallel system.

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.

So what?  The mere fact that bitcoin is volatile likely means that there are needs to manage position size rather than to refrain from taking a position in it.

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.

You seem to NOT really understand what El Salvador is doing, and you seem to think that there is a need for El Salvador to fuck around with trying to time the BTC market with various short term happenings (that may or may not end up happening)..

Yeah, El Salvador likely screwed up a bit in its arrogance in the way that it was investing into bitcoin in the earlier days and suggesting that it was betting on bitcoin going to $100k in 2021 or whatever might have had been their way of framing their entrance into bitcoin, yet it seems that El Salvador had invested into bitcoin in such a way that it has been showing that it is into bitcoin in the long term rather than fucking around with various short term bitcoin happenings, and sure maybe an ETF will happen and maybe it will not, but who cares?  Bitcoin is going to survive in either case, and even likely be a good long term investment, whether or not various spot ETFs are approved in the USA (that will likely pump BTC bags in the short term).

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[2Pizza410000BTC]

Max Kaiser is having lunch with a prominent movie director at a restaurant in San Salvador.
It is very likely that the idea of making an interesting blockbuster movie on Vulcano is being taken.



See tweet: https://twitter.com/stacyherbert/status/1677038354708193283?s=19

[loginsam45]

El Salvador has an insurmountable first mover advantage as #Bitcoin    Country

Few others will be able to compete and so will turn, in desperation, to the 25,000 altcoins but those will only leave ruin behind . . . as the Mayor of Miami discovered

Read: statescoop.com/crypto-bounce-…

https://twitter.com/stacyherbert/status/1677139267364048897?t=fq6Mwes34Lk6UT8JpbiPoA&s=19

[wmaurik]

El Salvador has an insurmountable first mover advantage as #Bitcoin    Country

Few others will be able to compete and so will turn, in desperation, to the 25,000 altcoins but those will only leave ruin behind . . . as the Mayor of Miami discovered

Those who have been crushed by coins other than Bitcoin will surely return to Bitcoin once they know that the competition they created is futile. El Salvador is not only the first mover in terms of Bitcoin adoption, but El Salvador can also be used as the first example for other countries in terms of adopting Bitcoin and that has also been proven now. So it would be a waste if those who like coins other than Bitcoin create a competition that they will also lose in the end.

[JayJuanGee]

El Salvador has an insurmountable first mover advantage as #Bitcoin    Country

Few others will be able to compete and so will turn, in desperation, to the 25,000 altcoins but those will only leave ruin behind . . . as the Mayor of Miami discovered

Those who have been crushed by coins other than Bitcoin will surely return to Bitcoin once they know that the competition they created is futile. El Salvador is not only the first mover in terms of Bitcoin adoption, but El Salvador can also be used as the first example for other countries in terms of adopting Bitcoin and that has also been proven now. So it would be a waste if those who like coins other than Bitcoin create a competition that they will also lose in the end.

Yes.. countries.. just like individuals.. can get distracted into shitcoins or thinking that they are going to be able to do better with some kind of a non-sense strategy that might be more "crypto-friendly" or hospital to a variety of coins (in order to diversify.. blah blah blah nonsense).  Those countries will likely punished if they are not able to sufficiently focus on bitcoin.. and bitcoin-related matters and to keep their eye on the prize.

So there could be some kind of a learning curve in terms of actually not allowing shitcoins or shit projects to distract you, but also to learn the various ways to employ strong-hand actions rather than caving into various pressures to NOT manage your bitcoins with sufficient and appropriate care.

There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.

[Ojima-ojo]

Yes.. countries.. just like individuals.. can get distracted into shitcoins or thinking that they are going to be able to do better with some kind of a non-sense strategy that might be more "crypto-friendly" or hospital to a variety of coins (in order to diversify.. blah blah blah nonsense).  Those countries will likely punished if they are not able to sufficiently focus on bitcoin.. and bitcoin-related matters and to keep their eye on the prize.

Most countries are indeed carried away by mixing up things like relating bitcoin to CBDC there creating more shitcoi all in the name of creating a central bank-backed coin that will aid them more centralization but most of them failed to meet the demand of an alternative that bitcoin have provided us with.


Instead of concetrating on Bitcoin and how it network and mechanism works so as to align their country with it, most of thos countries have been distract from the original plan and now focusing on developing something that doesn't have the capacity to serve as a replacement to Bitcoin (CBDC).

So there could be some kind of a learning curve in terms of actually not allowing shitcoins or shit projects to distract you, but also to learn the various ways to employ strong-hand actions rather than caving into various pressures to NOT manage your bitcoins with sufficient and appropriate care.

At the individuals level,  altcoin/shitcoin have been a lot of distraction to many gullible investors who got confused between bitcoin or shitcoin and the inability to define both and differetiat them could lead into a lot of confusion and misunderstanding which can actually drive the individual away from the reality and potentials of Bitcoin.

There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.

Yes we have several countries who could overtake el Salvador spot in terms of taking advantage of Bitcoin as a technology and at the same time investment,  but the big question is.


Would those countries dump the CBDC to adopt bitcoin like El Salvador did?

[Out of mind]

A top student in last year, @gerardomoran414 has become an excellent teacher--in fact he now trains his own former teachers!
He is a living example of how #Bitcoin is transforming #ElSalvador for the better and how proof-of-work wins
https://twitter.com/jdennehy_writes/status/1677339836368269313?t=G4cRMLn_JeK2VOtgZd4pLg&s=19

[romero121]

El Salvador has an insurmountable first mover advantage as #Bitcoin    Country

Few others will be able to compete and so will turn, in desperation, to the 25,000 altcoins but those will only leave ruin behind . . . as the Mayor of Miami discovered

Those who have been crushed by coins other than Bitcoin will surely return to Bitcoin once they know that the competition they created is futile. El Salvador is not only the first mover in terms of Bitcoin adoption, but El Salvador can also be used as the first example for other countries in terms of adopting Bitcoin and that has also been proven now. So it would be a waste if those who like coins other than Bitcoin create a competition that they will also lose in the end.

The success adopting other coins is very small and not every country watch it. Bitcoin being the legal tender is watched by the whole world and El Salvador serves as a standard for the same. St. Kitts and Nevis, a small caribbean nation planned adoption of bitcoin cash and the plan have been dropped. More and more countries were on the list, but not many have got the courage to take the plan to real-time action plan same as El Salvador. The real growth and the changes amidst the inflation around the world seems good in El Salvador.

[Bd officer]

Rick Harrison, host of Pawn Stars, arrives in 🇸🇻 #Bitcoin    country 👀🙌

Source. https://twitter.com/BitcoinNewsCom/status/1677445258278305792?t=XURbK87ZCIjqtHGrrr1k_Q&s=19

[2Pizza410000BTC]

Just wondering if there is an appetite for running a raffle for a copy of the "Bitcoin Day" Diario el Salvador newspaper?

I'm thinking 12 slots at BTC0.0005 per slot which includes registered delivery.



If you are interested you can claim your slot, no need to send payment until all slots
are filled.

After slots are filled a block will be chosen, the last digit of that block will determine
the winner.[/centre]

Raffle draw for EI Salvador's popular newspaper "Diario EI Salvador"
Those who post regularly here can quickly participate in this raffle draw. There are limited slots for two weeks only.

Bitcoin day
Diario EI Salvador
Bitcoin winning in Salvador.

[Fiatless]

There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.

Most people that are not comfortable with the dominance of the dollar in the global economic space are celebrating the BRICS alliance proposed currency. They assume that the BRICS  currency will compete with the dollar and promote decentralization. But I doubt if this proposed currency will meet their expectations. The most advanced countries in the BRICS alliance such as China, Russia, and India will still use this proposed currency as a manipulation tool on other most influential member states. Fiat is an instrument of operation used by rich countries against poorer ones. This is why most International lending organizations and first-world countries will always discourage developing nations from switching to bitcoin. Some of these developing nations know that they will benefit from Bitcoin but their hands are tied due to external debt and external influence. El Salvador chose to choose to take the risk damning all the consequences and gradually it is becoming clear that the nation made the right decision.

[retreat]

-snip-

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.

Even though they are not yet a developed country, they are on the right track to become a developed country. I heard that El Salvador has entered into an upper-middle-income country, this means that it is not too far for El Salvador to become a developed country with higher quality human resources and a reduced crime rate. This is all thanks to the decisions made by the president of El Salvador, he really made this country move forward a few steps and made its citizens more prosperous and happier.

[CryptoHeadlineNews]

Fiat is an instrument of operation used by rich countries against poorer ones. This is why most International lending organizations and first-world countries will always discourage developing nations from switching to bitcoin. Some of these developing nations know that they will benefit from Bitcoin but their hands are tied due to external debt and external influence. El Salvador chose to choose to take the risk damning all the consequences and gradually it is becoming clear that the nation made the right decision.

And that brave moved taken by El Salvador has really helped the country economically wise from being a mere country to a major place of tourist visit for all Bitcoin enthusiast & lovers, because looking at the data from I got from two sites (i.e prosperity.com & worlddata.info), I'm made to understand that the choice El Salvador made did move the country from being the number 102 richest country in the world as of 2021 to currently the number 97th richest nation in the world in 2023 (i.e 3yrs later), which is actually a good move.

[JayJuanGee]

[edited out]

El Salvador chose to choose to take the risk damning all the consequences and gradually it is becoming clear that the nation made the right decision.

I still believe that this is too strong of a statement in regards to how bold? El Salvador has been and is being in this whole matter.

Sure, they choose bitcoin as a parallel system, but they have not completely abandonded fiat.

They are keeping their feet in both worlds...

just like individuals and institutions should attempt to do also while they are transitioning from fiat to bitcoin.

Sure, there are ways to give emphasis to bitcoin and to attempt to be more aggressive in terms of investing into bitcoin whether we are referring to finances or we might also be referring how to spend our time and our energies... and there are going to be a variety of ways that we either want to get out of our already existing fiat investments or to gradually wean ourselves away from them.

Not too many individuals, institutions and/or governments would be in a position to go completely "cold turkey" off of the various fiat systems that they are invested into, and in that regard, transition can take a long time - and still I don't really disagree with your characterization, Fiatless, that El Salvador is being way more aggressive than any other country, but they still are not engaging in all or nothing gambling in regards to how much they have put into bitcoin ....

...and yeah how aggressive anyone, any institution or any government could be may well tie into their own particular circumstances, and not everyone (including a country like El Salvador) can afford to be even close to as aggressive as Michael Saylor (and MSTR), and I would not even say that Saylor is going overboard for his (and his company's) own particular circumstances, but he is capable of being way more aggressive (and over-leveraged) than many individuals and/or governments could afford to be..

Fiat is an instrument of operation used by rich countries against poorer ones. This is why most International lending organizations and first-world countries will always discourage developing nations from switching to bitcoin. Some of these developing nations know that they will benefit from Bitcoin but their hands are tied due to external debt and external influence. El Salvador chose to choose to take the risk damning all the consequences and gradually it is becoming clear that the nation made the right decision.

And that brave moved taken by El Salvador has really helped the country economically wise from being a mere country to a major place of tourist visit for all Bitcoin enthusiast & lovers, because looking at the data from I got from two sites (i.e prosperity.com & worlddata.info), I'm made to understand the choose El Salvador made did move the country from being the number 102 richest country in the world as of 2021 to currently the number 97th richest nation in the world in 2023 (i.e 3yrs later), which is actually a good move.

That does not sound like a BIG (statistically significant) enough change in order for the change that you are describing to measure meaningful/significant relevance or to suggest that bitcoin was the cause of such change, if there had actually been any statistically significant and/or meaningful change in El Salvador's richness status... but sure I am not arguing that El Salvador is NOT making sufficient and good changes in it's policies and environment in order to make itself more attractive to investments and/or visitors.

[2Pizza410000BTC]

Today CUBO+ arrange their 5th class on bitcoin mining by great mining expert AJELEX (@azjelexBTC)



Tweet: https://twitter.com/stacyherbert/status/1677450013658447872?s=19

[Bd officer]

El Salvador investing $1 billion into Bitcoin mining. Bitcoin price is expected to rise a lot in the next 1-2 years. The country of El Salvador will one day be able to achieve their success with Bitcoin. El Salvador is truly an amazing Bitcoin country.

https://twitter.com/BitcoinNewsCom/status/1677785720809742336?t=FXQr9HtCHWb91QYZbnTUCg&s=19

[Popkon6]

At the signing of the agreement between El Salvador and Lugano, we expected great things to happen

And they have happened

From CUBO+ to a major investment into bitcoin mining infrastructure, the good times are only just getting started

Bitcoin alliances ftw

🇸🇻🇨🇭🚀



Details: https://twitter.com/stacyherbert/status/1675881363298217985?t=u_lB9srLLQ_BubAzSBZfwg&s=19

[Fiatless]

...and yeah how aggressive anyone, any institution or any government could be may well tie into their own particular circumstances, and not everyone (including a country like El Salvador) can afford to be even close to as aggressive as Michael Saylor (and MSTR), and I would not even say that Saylor is going overboard for his (and his company's) own particular circumstances, but he is capable of being way more aggressive (and over-leveraged) than many individuals and/or governments could afford to be..

Everything you have said JayJuanGee is correct but it will be easier for an individual to pursue the bitcoin course than nations. An individual can easily bypass restrictions placed on bitcoin by the government and other institutions. I can decide to live a fiatless life and convert all my money to bitcoin and use a trusted friend or relative to engage in fiat transactions. I'll continually remain private while my relatives assist me in converting my Bitcoin each time I want to use fiat.

But nations have international trade partnerships, debt servicing obligations, and other financial responsibilities. They will always be forced to use fiat to make payments because most of these trade partners and lending organizations will never accept bitcoin as payment. This means countries like El Salvador still have to tread with caution because no country can survive alone. The country needs to still play the fiat game until Bitcoin becomes a major and acceptable currency in the international market.

[Who is John Galt?]

Bitcoin education program in El Salvador brings first results. Using the example of 18-year-old Gerardo Moran, Cointelegraph shows how one can grow from a low-paid construction worker with a salary of only $6 a day to a Bitcoin teacher. The Bitcoin education program is also supported by donors from all over the world who have already collected more than 1 BTC in total.

[Litzki1990]

Bitcoin education program in El Salvador brings first results. Using the example of 18-year-old Gerardo Moran, Cointelegraph shows how one can grow from a low-paid construction worker with a salary of only $6 a day to a Bitcoin teacher. The Bitcoin education program is also supported by donors from all over the world who have already collected more than 1 BTC in total.

El Salvador isn't the only Bitcoin education launched in their country, there are many more Bitcoin-centric things going on in their country right now. At the moment El Salvador has given Bitcoin the most importance and they are constantly implementing their plans with Bitcoin. In this country, you can now use bitcoins for buying and selling various things. Special facilities are being offered to tourists in this country. Various coffee shops in this country are accepting Bitcoin payments and petrol pumps have now introduced Bitcoin payment systems. Gradually this country is getting dependent on Bitcoin and they are getting success through their operations. This country may come up with some new plans in the future.