hichamito37 (OP)
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June 25, 2021, 08:02:11 AM |
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The President of El Salvador started the campaign to popularize BTC to the people of this country by giving away $ 30 BTC each. This is an important and meaningful effort to promote widespread recognition from people to businesses. Utilities when using BTC are that you can use them easily, trade without borders and without internet. El Savador pioneering BTC legalization will be a test for other countries to figure out how to move the economy so that it is compatible with the utilities that cryptocurrency offers! Wait and see! ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2FfqHC0RT%2F603-E5-D91-EA90-4-BE8-AC85-DD3-F7-D0-AC27-A.jpg&t=665&c=fwzPnJYPojEydw)
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ropyu1978
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June 25, 2021, 08:13:07 AM |
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This is very extraordinary news, at a time when the price of bitcoin is falling, and the Chinese state is against bitcoin mining, El Salvador has come up with a new step, to introduce bitcoin to its people, this is the first step, and can be said to be a profitable project in the future. ..
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Lorence.xD
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June 25, 2021, 08:15:34 AM |
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This is very extraordinary news, at a time when the price of bitcoin is falling, and the Chinese state is against bitcoin mining, El Salvador has come up with a new step, to introduce bitcoin to its people, this is the first step, and can be said to be a profitable project in the future. ..
Exactly and they are taking care that they will have the public to their side on this by making it a televised appearance. Forget China, many countries will soon follow El Salvador in this campaign and we will eventually replace their output sooner than later.
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Haunebu
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June 25, 2021, 08:27:30 AM |
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The president of El Salvador might have ulterior motives behind promoting BTC in this manner, but I still appreciate the fact that he is trying to help improve BTC adoption rates without caring about external factors.
Am confident that more and more countries will embrace BTC and other popular cryptocurrencies over time in this manner.
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ILuckyGuyI
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June 25, 2021, 08:57:43 AM |
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This is really a good start for them. This will definitely help more people have interest in using Bitcoin. They don't get any support from the IMF and the World Bank. It's very important for them to draw the people's attention to use Bitcoin. If they don't benefit from their decision to make it legal tender, they may not accept Bitcoin like this for a long time.
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Little Mouse
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June 25, 2021, 09:02:07 AM |
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That's almost 3500 BTC to giveaway. Biggest giveaway + ever first by a government. That sounds pretty cool. This is certainly a big step. El Salvador have 6.45 million people out of whom, there should be at least 4 million getting the airdrop (giveaway). That's pretty big move. Also, wondering how much of it will get out of the circulation.
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NeuroticFish
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June 25, 2021, 09:08:06 AM |
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That's almost 3500 BTC to giveaway.
And for those expecting that buying this amount will increase the price significantly.. well, it won't. That sounds pretty cool. This is certainly a big step.
Yep, I wish to believe that they'll start a trend with their moves. Also, wondering how much of it will get out of the circulation.
Not much, probably. The recipients don't really afford to lose any money they get and the infrastructure is at hand.
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Tytanowy Janusz
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June 25, 2021, 09:08:15 AM |
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The best part is that El Salvador does not have its own currency. It has dollar and now bitcoin. Means that those 30$ does not comes from inflation. Its hard money right from taxes into bitcoin. 30$ times 6 mln citizens - 180 mln $ worth of bitcoins. "A person working in El Salvador typically earns around 1,710 USD per month. Salaries range from 430 USD (lowest average) to 7,610 USD (highest average, actual maximum salary is higher)." http://www.salaryexplorer.com/salary-survey.php?loc=65&loctype=1Means that 30$ is even 3 days of working. I doubt that they will not take it if it will be 5 min of downloading an app. https://twitter.com/DocumentingBTC/status/1406664487126642695"20,000 people in El Salvador 🇸🇻 recently transacted on the #Bitcoin Lightning Network, using the @Bitcoinbeach wallet. All together, their total fees were $4.98. Yes, 𝗮𝗹𝗹 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿."
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electronicash
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June 25, 2021, 09:11:37 AM |
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Bukele is really an extraordinary president. make you think why there are media depicting him being a dictator when he is making all this transparent money. That's almost 3500 BTC to giveaway. Biggest giveaway + ever first by a government. That sounds pretty cool. This is certainly a big step. El Salvador have 6.45 million people out of whom, there should be at least 4 million getting the airdrop (giveaway). That's pretty big move. Also, wondering how much of it will get out of the circulation.
this is like their helicopter money for the people. nice initiative, of course there will be lots who will signup for this Strike app to receive the $30. it's going to be a massive adoption for all the el Salvadorans.
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CokeCoin
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June 25, 2021, 09:34:08 AM |
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That's great initiative but first of all I think it's not safe enough to keep those $30 bitcoins on the wallet made by a government and better to transfer it. And secondly adopting bitcoin legally is not enough, there must be financial institutions and services that will allow to use this asset as any other currencies. Moreover, I've heard there are some disagreements between Salvador and IMF and World Bank
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DdmrDdmr
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The catch is that the 30$ worth of bitcoin is given for those that download Chivo, an app provided by the Government to manage crypto (from September 2021 onwards). Fine it’s a way to kick-start things into motion, but I’d rather it be a wallet of free choice. Skimming through the below link with information on Chivo, it states that: - Users need to register with their Id and phone number. - They’ll also need to perform a facial recognition or to complete a phone questionnaire from a given call center. Seems like starting with a big brother wallet ... See (in Spanish): https://elsalvadorgram.com/2021/06/asi-es-chivo-la-wallet-oficial-del-gobierno-para-transacciones-en-bitcoin/https://twitter.com/chivowallet (no content here yet really).
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Lucius
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June 25, 2021, 01:20:55 PM |
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That's great initiative but first of all I think it's not safe enough to keep those $30 bitcoins on the wallet made by a government and better to transfer it.
Do you think the government would give $30 to someone and then for some strange reason take that same money back? It seems to me that the president has no ill intentions other than to want to promote Bitcoin among the general population - and is there a better way than to give them gifts that they can spend however they want? If there is distrust in the government that organizes all this, then the project would be doomed even before it started - and we come to the point that the government has taken the first step, and now it is up to ordinary people to decide whether to accept Bitcoin or not.
The catch is that the 30$ worth of bitcoin is given for those that download Chivo, an app provided by the Government to manage crypto (from September 2021 onwards). Fine it’s a way to kick-start things into motion, but I’d rather it be a wallet of free choice.
Free choice is always desirable, but the government wants to have as few problems as possible when it comes to technical support - because it's easier when you have one crypto wallet than a dozen different ones, each of which can have some specific problems.
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NeuroticFish
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June 25, 2021, 01:22:02 PM |
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The best part is that El Salvador does not have its own currency.
Actually this was the bit that made everything easier. If they would have had their own currency, the president would have faced the inertia (to be nice) and the "advises" of the central bankers. - Users need to register with their Id and phone number. - They’ll also need to perform a facial recognition or to complete a phone questionnaire from a given call center. Seems like starting with a big brother wallet ...
Well, this is govt does best: get user data. On the other hand, I guess that's necessary, else they can easily end up giving out the money to the "wrong people".
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semobo
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June 25, 2021, 01:25:26 PM |
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Government is going to give away $30 for people who uses the wallet they mentioned which means they have chance to track the wallet further once they know the end user. Anyway this is good thing that it is going to be accepted as legal tender but the real reason behind this adoption can be found in the future.
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KaliLinux
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June 25, 2021, 01:42:16 PM |
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That's great initiative but first of all I think it's not safe enough to keep those $30 bitcoins on the wallet made by a government and better to transfer it. And secondly adopting bitcoin legally is not enough, there must be financial institutions and services that will allow to use this asset as any other currencies. Moreover, I've heard there are some disagreements between Salvador and IMF and World Bank
Of cause there is always going to be disagreements between IMF, the world Bank and any Nation when it comes to issues like this relating to Finance because they know this is how Nations break away from the shackles of continuous enslavement they put most of this poor nations through. They would like to have them keep borrowing and owning the IMF/World Bank but El Salvador is breaking that jinx. I believe the President is determined and I know he will definitely sort the advise of experts on this and I hope this works and servers as learning steps for other nations.
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oHnK
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June 25, 2021, 01:58:34 PM |
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This is a simple way to promote BTC as their legal tender, but there's something that disturb me a little bit. Is the El Savador government has ruled about the transaction with small scale, because as long as I know the transaction fee is quite expensive for low middle class community. Whether in the country, transaction fee is cheaper that another country?
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Leviathan.007
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June 25, 2021, 02:47:06 PM |
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El Salvador is trying to be the destination of bitcoiners. Due to many reasons some governments are trying to suspend any cryptocurrency activity such as trading, mining and even investing and the people who mine bitcoin are moving out of their countries and China is one of them. By moving people out of their countries a huge amount of money will also move out and the other countries such as El Salvador will try to attack people to migrate there and safely do their job without of any problem, by doing so a huge amount of money will also enter this country. However, we will see what we can do with 30bucks on El Salvador, maybe just a glass on wine.
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Rikafip
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June 25, 2021, 03:09:20 PM |
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The catch is that the 30$ worth of bitcoin is given for those that download Chivo, an app provided by the Government to manage crypto (from September 2021 onwards). Fine it’s a way to kick-start things into motion, but I’d rather it be a wallet of free choice.
What if they actually plan to send the derivatives instead of actual bitcoin, and that's why they are making this Chivo app mandatory in order for people to get BTC? I mean, if they really have no ill intentions, they would just let people get their BTC in any wallet of their choice. Skimming through the below link with information on Chivo, it states that: - Users need to register with their Id and phone number. - They’ll also need to perform a facial recognition or to complete a phone questionnaire from a given call center. Seems like starting with a big brother wallet ... That's true, another part that sucks, but I see no other way to perform this type of airdrop, otherwise they open themselves for abuse. I would like to look at the positive aspects of all this, but it reminds me of that saying that if you are getting something for free, you are the product.
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tranthidung
Legendary
Offline
Activity: 2366
Merit: 4157
Farewell o_e_l_e_o
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June 25, 2021, 03:18:32 PM |
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If people want to throw away their identity documents, privacy and anonymity, go ahead with government-managed giveaway. I see many people don't see problems with that. It is common to force people to do KYC in order to claim airdrops, from Coinbase ie. so locals in El Salvador will most likely not see personal problems with KYC. If they care about anonymity, they should spend their $30 giveaway for one or two expense and let that bitcoin wallet go. If they want to do other bitcoin transactions, do it with other purely new wallets. Also $30 in Bitcoin can bring problems when transaction fees are too expensive and if people can not use LN. If they want to use that $30 Bitcoin giveaway, they need to have plan when fee is cheap. Is it a good time to read the topic from @1miau?
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cabron
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June 25, 2021, 03:20:58 PM |
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Regardless of the catch which the government will ask KYC through that Chivo wallet sponsored by the government, people will take the BTC specially now that its free. There really is an intention, it could be for the re-election? 😁
It's $30. No one will give you that money while watching youtube the whole day.
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