El Salvador adopts bitcoin as a legal tender (All you need to know)

[Muenalo]

I'm back again.. your one and only young crypto enthusiast Muenalo... I hope you guys missed me?😍😍.. Alright.

Today I will be talking about the trending issue that has been the headline on all crypto news for the past 3 days now, which is, "El Salvador's adoption of bitcoin as a legal tender".

So, first of all, I will like you to grab a bottle of fresh juice, sit down tight, while I bisect and dissect this trend to the best of your understanding. Alright 😋😋.

AREA OF FOCUS
1.What is El Salvador?
2. Why is El Salvador adopting Bitcoin?
3. What does El Salvador stand to gain?
4. What does the bitcoin community stand to gain?
5. Summary



1. WHAT IS EL SALVADOR?

El Salvador is a country in Central America, having a land area of 8124 square miles and a population of over  6.4million persons. Officially called the Republic of El Salvador, with Spanish as its official language. Bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. The name of its president is Nayib Bukele.


2. WHY IS EL SALVADOR ADOPTING BITCOIN?

Since El Salvador happens to be a country that relies heavily on money sent back from workers abroad, and it's citizens outside the country, and according to a statistical data that was given by the World Bank in 2019 which shows how over $6billion was sent by El Salvadorans living abroad through remittance firm to their family and friends living at home, of which the total sum was equals to one/fifth of the country's GDP.
So, President Nayib Bukele, been a good leader, and a man who has the interest of all El Salvadorans at heart, while thinking on a quicker and cheaper way for El Salvadoran living abroad to be able to send money to families and loved ones at home, came up with the idea of cryptocurrency, which offers a quick and cheap way to send money across borders with fewer charges, of which is the reason for this adoption proposal today that is causing trend..


3. WHAT DOES EL SALVADOR STAND TO GAIN

With the adoption of bitcoin as a legal tender in El Salvador, the Salvadorans working abroad can now with the use of crypto send money to their family and loved ones at home quicker and faster, bypassing remittance firm who charge huge amount per transaction across borders.


4. WHAT DOES THE BITCOIN COMMUNITY STAND TO GAIN?

With the implementation of the adoption of bitcoin as a legal tender by El Salvador's president, and his promise to offer citizenship to anybody who could show evidence that he/she has invested at least three bitcoin, is indeed a welcome development to the bitcoin family and cryptocurrency at large. Because with this adoption, this will expose many into cryptos, and by so doing, increase the volume of buy and sell of bitcoin, hereby causing a massive increase in the volume of market cap and the price of bitcion to almost  $100,000 per bitcoin. (Which is everybody's prayer)


5. SUMMARY
Just as El Salvador has taken the bold step to be the first country to adopt bitcoin as a legal tender, and has promise to teach its citizen the basic principles on the use of bitcoin, how I wish others will follow suit, and I bet you, digital currency will be the best currency on the planet.

Thank you..😀😀😍😍

I remain your humble, young crypto enthusiast "Muenalo"..

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[peter0425]

Interesting topic , worth a read because EL Salvador will always be having a record in Crypto World.

this Country's name will always be part of the crypto from now and till where this currencies goes.

Thank you OP..

[boyptc]

AFAIK, El Salvador's main currency is USD.

And adopting bitcoin as a legal tender is really a bold step for them to get into the new trend which is going to be beneficial for their citizens.

I'm waiting for the positive impact of what they did which will cause a domino effect for the other countries to do alike step that they did.

[lepbagong]

Of course, at least the courage done by this country needs to be appreciated where indeed crypto is currently in a slump, hopefully this good news will push the direction of improvement for cryto-raising again, so that the impact made can provide positive news where for some bad news continues to be presented , resulting in a crypto correction.

it is clear that great hope will emanate from this good news because at times like this it is needed as a counter to bad news that continues to whack crypto, let this good news be able to make changes and trust in crypto increase again

we will wait for the impact in the next few weeks hopefully many countries will also do the same and of course that is our hope.

[Renampun]

Interesting topic , worth a read because EL Salvador will always be having a record in Crypto World.

this Country's name will always be part of the crypto from now and till where this currencies goes.

Thank you OP..

you are right, el Salvador has made its name in history and will forever be remembered...

being the first country to approve Bitcoin as a legal tender is a huge deal. someday I really want to go there and enjoy the nature there, while trying to spend some satoshi there.

[boyptc]

we will wait for the impact in the next few weeks hopefully many countries will also do the same and of course that is our hope.

Impact of El Salvador's adoption of bitcoin as a legal tender won't show that quick in weeks. This is a long term commitment and expect that it's going to flourish first its way and will show the positive impact within a year or two.

That's what I'm expecting with this very great news. But when it comes to bad news, you'll see the quick impact that it gives to the entire market. But that's it, the longer positive impact it will have, the better and will make it stable.

[Marvelman]

I wonder why El Salvador hasn't considered the adoption of what is called a "stablecoin". A stablecoin could solve a lot of issues for some people.
A stablecoin would eliminate the volatility that crypto markets can create. If the crypto markets crashed and crypto holders still kept their funds in a stablecoin, it could help them recover their funds in an emergency.

[Chato1977]

At least even if this is one of the smallest country in America yet this will count an Impact to crypto world.

This is the first step towards adoption , I know that Like venezuela EL Salvador is facing bad economy but surely this will boost theirs now.

and the Main issue they must Face is the Illegal activities in their country.

[hornetsnest]

Why wouldn't it? After all "The Man" comes from near El Salvador  

[Marvelman]

Why wouldn't it? After all "The Man" comes from El Salvador 

Who is this man?

[OmniBloke21]

And as soon as other countries start using BTC as their national currency esp. Brazil, Argentina then hopefully we will get a massive kick from the influx of new investors/users and not just from the publicity effect...

[hornetsnest]

Why wouldn't it? After all "The Man" comes from El Salvador 

Who is this man?

I stand corrected. Our mighty Satoshi actually comes from Honduras....right next door to El Salvador

[Marvelman]

Why wouldn't it? After all "The Man" comes from El Salvador 

Who is this man?

I stand corrected. Our mighty Satoshi actually comes from Honduras....right next door to El Salvador

It's the first time I've heard that information.

[bitterguy28]

Why wouldn't it? After all "The Man" comes from El Salvador 

Who is this man?

I stand corrected. Our mighty Satoshi actually comes from Honduras....right next door to El Salvador

Any reference for this claim mate? sorry but i haven't heard this just now.

Honduras ? meaning the man was not a white or even japanese?

[hornetsnest]

Why wouldn't it? After all "The Man" comes from El Salvador 

Who is this man?

I stand corrected. Our mighty Satoshi actually comes from Honduras....right next door to El Salvador

Any reference for this claim mate? sorry but i haven't heard this just now.

Honduras ? meaning the man was not a white or even japanese?

The original founder Satoshi is neither white, black or Japanese. I can't reference anything here but you are free to disregard what I am saying as unsubstantiated. Sorry I can't be more helpful 

[peter0425]

Interesting topic , worth a read because EL Salvador will always be having a record in Crypto World.

this Country's name will always be part of the crypto from now and till where this currencies goes.

Thank you OP..

you are right, el Salvador has made its name in history and will forever be remembered...

being the first country to approve Bitcoin as a legal tender is a huge deal. someday I really want to go there and enjoy the nature there, while trying to spend some satoshi there.

while I support your reference towards El Salvador , why instead of looking forward to go El Salvador why pray for your country to do the same thing adopting bitcoin as Legal tender? so you will experience what El Salvadorian is experiencing now?
then you dont have to spend money for travel fee .

[BurningChrome]

Interesting topic , worth a read because EL Salvador will always be having a record in Crypto World.

this Country's name will always be part of the crypto from now and till where this currencies goes.

Thank you OP..

you are right, el Salvador has made its name in history and will forever be remembered...

being the first country to approve Bitcoin as a legal tender is a huge deal. someday I really want to go there and enjoy the nature there, while trying to spend some satoshi there.

while I support your reference towards El Salvador , why instead of looking forward to go El Salvador why pray for your country to do the same thing adopting bitcoin as Legal tender? so you will experience what El Salvadorian is experiencing now?
then you dont have to spend money for travel fee .

I am looking forward to a modern banking system like bitcoin and other cryptocurrencies because without it our national economy will stagnate and after 35 years of no improvement it will be over.
It will be a banking revolution like never before. A major shift from the current system of fractional banking. It is just a matter of time.