El Salvador started BTC campaign in their country

[DdmrDdmr]

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As far as I can read into it, the idea is to avoid people making a quick cash-out in USD, so the app makes these airdropped 30$ in BTC non-convertible to USD, within the scope of the functionality provided by Chivo. One could, as you say, send it to another wallet and do whatever he wishes from there on.

I figure the ruling hypothesis is that most people will stick to using Chivo, at least for a while, and incentivating them to use these 30$ of BTC (as opposed to cashing it out), even if it by sending it to another wallet, getting the BTC ball into circulation. The expectancy nevertheless, I figure, is that people get to use it in some sort of everyday life commercial TX.

[LoyceV]

As far as I can read into it, the idea is to avoid people making a quick cash-out in USD, so the app makes these airdropped 30$ in BTC non-convertible to USD, within the scope of the functionality provided by Chivo. One could, as you say, send it to another wallet and do whatever he wishes from there on.

That's the thing: if it's "limited" money, I would want to get rid of it. But if it's "normal" money that I can use however I please, I'd treat it like normal money. Too bad it takes them so long to get their wallet working, I'm very eager to see what's going to happen.
Sending a small amount of Bitcoin to a normal on-chain wallet sounds terrible for fees though, and if a few million people are going to do that in a small amount of times, fees might go up a lot.

I figure the ruling hypothesis is that most people will stick to using Chivo, at least for a while, and incentivating them to use these 30$ of BTC (as opposed to cashing it out), even if it by sending it to another wallet, getting the BTC ball into circulation. The expectancy nevertheless, I figure, is that people get to use it in some sort of everyday life commercial TX.

I assume Chivo is custodial, so there's a "restore" option if people lose it. If this many people would suddenly have to be their own bank, they're going to need the time until September to educate them on wallet backups.

[livingfree]

Should exchanges and wallets be licensed in El Salvador? Like MSB license that binance, ownr, coinbase, trust and others got.

They still have to.

But getting a license, it won't be too hard anymore with their government since it's the main reason why they've adopted bitcoin as a legal tender.

To attract businesses like exchanges to operate into their jurisdiction.

[romero121]

The country has been making everything happen in a short time period. Earlier there is no news about El Salvador and something relative to cryptocurrency. All of the sudden months back talks came about the adoption. Now they are with plans of turning the country to be the centre for fintech. Now the campaign to promote usage of bitcoin with the few dollars of free money to give a try is really a best way for adoption and to make people get used to it.

[Asuspawer09]

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.

Wow I didn't know that was the number but it kinda makes sense with the 35$ and their population, probably not all of their people are gonna received the 35$ but its sure is a big amount of bitcoin to giveaway.

I think this is a good move for the country, but one problem I can see here is if bitcoin has a high fee of course most people will not use it for sure because it just not gonna make sense and if your practical your going to use the currency that is more reliable so probably their fiat currency.

But I guess this campaign will be a lot of help since they could now start, and when that happened maybe they were also going to see the beauty of how bitcoin works and its profit.

[Slow death]

Should exchanges and wallets be licensed in El Salvador? Like MSB license that binance, ownr, coinbase, trust and others got.

for the common people this step from El salvador is something very good, but at the same time it is something very bad for the scammers and some people who own exchanges and wallets and other sites related to cryptocurrencies because I think exchanges, wallets and processors of payments, online casinos will have to be licensed and assume some terms and conditions imposed by the government of El Salvador and in this process I doubt that the owners of things related to cryptomeadas will handle the whole process with their anonymous names. for example: I think exchange owners will have to give documents in El salvador to have the license and of course they will have to show real names

[wxa7115]

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.

It is obvious he is thinking long term, just as bitcoin has a first-mover advantage he is trying to get the same for his country and I do not see anything wrong with this, if anything since he is the president he is in fact mandated to take the best decisions he can for his citizens and I think he is doing exactly that.

Bitcoin related businesses will see this and will decide to move to El Salvador bringing with them a lot of money to the country, the only thing missing is that the president declares that El Salvador will begin to buy bitcoin as a reserve currency for this to become a dream come true.

[NicNacCoin]

Government of EI Salvador already declared that every adults citizen can get $30 worth of Bitcoin of they download a Bitcoin wallet that is support by EI Salvador governments. I think good sign of Bitcoin acceptance.

[wahyu wida]

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.

It is obvious he is thinking long term, just as bitcoin has a first-mover advantage he is trying to get the same for his country and I do not see anything wrong with this, if anything since he is the president he is in fact mandated to take the best decisions he can for his citizens and I think he is doing exactly that.

Bitcoin related businesses will see this and will decide to move to El Salvador bringing with them a lot of money to the country, the only thing missing is that the president declares that El Salvador will begin to buy bitcoin as a reserve currency for this to become a dream come true.

elsalvador is the first country he started early in seizing this opportunity, so of course in the future he will benefit. just imagine if every citizen has bitcoin, and in the end bitcoin soars, then prosperity is inevitable. and after that usually other countries will imitate it. therefore it is good news to invest in bitcoin