Will El Salvador become the "Home of Bitcoin"?

[Abiky]

El Salvador is now the first country in the world to embrace Bitcoin as legal tender. This is good news for Bitcoin and cryptocurrency in general, because it increases mainstream adoption and demand like skyrocket. China's recent crackdown on Bitcoin, could force miners to move to other countries with a friendly stance towards it. El Salvador could see an increase in miner's interest as China and other restrictive countries lose luster in the world of crypto. Of course, the impact won't be that much because El Salvador is a third-world country. Yet, it's something better than nothing.

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why? Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell? Why do you think developed countries haven't done such a move yet? Your input will be greatly appreciated. Thanks.

[dota2bestplayer]

First of all, El Salvador will not become the home of Bitcoin. El Salvador is not a world power and cannot play a leading role in the international mainstream. Second, as the first country to use Bitcoin as legal tender, El Salvador is not mandatory to use Bitcoin. The transaction is optional with the U.S. dollar, which greatly reduces the use of Bitcoin in El Salvador. In the future, it is unlikely that other countries will use Bitcoin as legal currency. Currency is the lifeblood of the country's economy, and the country should not easily hand over control to virtual currencies.This is my personal opinion.

[so98nn]

Though it is not a country with the "classic" life and being third world does not mean it has no potential. Consider El Salvador as an empty box where you can put endless things and craft it the way you want. If crypto miners starts establishing farms in the El Salvador then it could bring business to the construction companies, IT sectors, Internet providers, the people working in this sector can get employment.
On the far side it can also drive skilled population to the area.
Who knows this may become another level of colonisation per se. 

I mean this is out of the box thinking. If dessert was upgraded into high standing sky scrapper then why not a third world country into advance crypto farming base?

[Kemarit]

Well Japan has made Bitcoin as legal tender as well, and there are a lot of stores that are accepting it but still far from the bitcoin adoption that we wanted to see. The difference is that El Salvador is a developing country, so there's a lot of things that can really happen to Bitcoin in that country. Maybe we can see a full blown used, people just spending it there like local currency. So it might be be home of Bitcoin in the next 2-5 years and hopefully many countries around it will follow too.

[Oasisman]

I was wondering if the electricity cost in El Salvador would actually catch an interest from the Bitcoin miners. Until I found this https://www.google.com/amp/s/www.independent.co.uk/life-style/gadgets-and-tech/el-salvador-bitcoin-mining-volcano-b1863065.html%3famp
This could be a revolutionary move from the country like El Salvador if they could really provide a clean and renewable energy source. This won't just attract Bitcoin miners, but could attract even more investors as it will counter the FUD about how Bitcoin mining consumes too much energy.

Let's give it a few years for this country to develop to be considered as a "Home of Bitcoin".

[CryptoStar19]

There are no crypto gains taxes, so at the very minimum if things remain as they are El Salvador will become yet another crypto safe haven country.

[btc78]

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why? Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell? Why do you think developed countries haven't done such a move yet? Your input will be greatly appreciated. Thanks.

Possibilities is always there mate , but the problem is that we also Knew how the government and economy of El Salvador stands now.

there are even one of the worst in Law Enforcement  and the security also.

with this Miners and Bitcoin traders will be having second thoughts on this matter so becoming the "Home Of Bitcoin" can be there but not this soon.

[Upgrade00]

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why?

It was a really bold move from El Salvador and has gotten lots of crypto enthusiasts talking about how much it could affect the growth of Bitcoin and the country as well.
About becoming the 'home of Bitcoin', I do not think such a country would actually exists. Bitcoin exists everywhere with no bias as the network is universal, anyone, from anywhere, can use it the way they please.

Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell?

Possibly this move would spark a wave of legal adoption of Bitcoin as a currency. Every new epoch in Bitcoin's history, started with a seemingly small move which laid the foundation for further growth.

Why do you think developed countries haven't done such a move yet?

Developed countries are more concerned with the strength of their national currency and its usage in foreign trades, adopting Bitcoin would likely weaken that position, making it more difficult for them to make such a move.

[Lorence.xD]

I don't think so, they might be making bitcoin a legal tender but they aren't a big country or even have a big city like say Shenzen in China, Tokyo in Japan or Seoul in South Korea. What bitcoin needs to find it's home is to flourish on mega cities like the three that I have mentioned and not just mega city but they also have to be highly technology dependent or technological hub.

[davis196]

No country in the world can be "home of Bitcoin",because Bitcoin is designed to be a truly global currency.
Thinking that the Chinese crypto miners will move to El Salvador is simply naive.
El Salvador doesn't have the resources and can't produce lots of cheap electricity.Also the weather in El Salvador is very hot and the mining facilities need lots of cooling.
Nobody knows whether or not other countries will join El Salvador and accept Bitcoin as a legal tender.
Bitcoin adoption in El Salvador doesn't have any significant impact over the global Bitcoin adoption.

[Cvetik56]

No, it's not gonna do that. El Salvador is not so big and powerful to make such a big influence. But they did a good job and started a process of adoption. I think we'll have another country or even countries this year who's gonna make same move.

[aoluain]

First of all, El Salvador will not become the home of Bitcoin. El Salvador is not a world power and cannot play a leading role in the international mainstream. Second, as the first country to use Bitcoin as legal tender, El Salvador is not mandatory to use Bitcoin. The transaction is optional with the U.S. dollar, which greatly reduces the use of Bitcoin in El Salvador. In the future, it is unlikely that other countries will use Bitcoin as legal currency. Currency is the lifeblood of the country's economy, and the country should not easily hand over control to virtual currencies.This is my personal opinion.

But El Salvador uses the U.S Dollar as its FIAT currency, therefore it has no control
over it, they would have more of an infleuence on Bitcoin if they continue "supporting"
its adoption from useage to mining than they have on the U.S Dollar.

First of all, El Salvador will not become the home of Bitcoin. El Salvador is not a world power and cannot play a leading role in the international mainstream. Second, as the first country to use Bitcoin as legal tender, El Salvador is not mandatory to use Bitcoin. The transaction is optional with the U.S. dollar, which greatly reduces the use of Bitcoin in El Salvador. In the future, it is unlikely that other countries will use Bitcoin as legal currency. Currency is the lifeblood of the country's economy, and the country should not easily hand over control to virtual currencies.This is my personal opinion.

I agree, this is something I have been thinking but never got the chance to articulate
it here on the forum. El Salvador has been a third world country forever, The new
president Bukele has done something radical, what is the alternative? continue with
the $ in the face of rising inflation and a weakening currency taking the country
from poor to poorer? This is the chance to lift the country higher if it is handled correctly.

[Expecto]

If El Salvador becomes successful on using Bitcoin as legal tender, then yes it can become "the home of Bitcoin". It is planning to buy 140 million-dollar worth Bitcoin and to distribute $30 for each El Salvador citizen. This can help people start using Bitcoin definitely.

[Kong Hey Pakboy]

If El Salvador becomes successful on using Bitcoin as legal tender, then yes it can become "the home of Bitcoin". It is planning to buy 140 million-dollar worth Bitcoin and to distribute $30 for each El Salvador citizen. This can help people start using Bitcoin definitely.

That's if the people even adopt it or even like the idea of using it then there's a chance that they won't be entitled to the title of "Home of Bitcoin", they have to prove themselves first before anything else, remember that most countries still have some poverty in them and not everyone will be able to fully grasp the usage of the 30$ bitcoin.

[pooya87]

No because there is not such thing as "Home of Bitcoin" in a decentralized currency. It is global and without any home or you could say the whole world is the "Home of Bitcoin".
What El Salvador did is only going to put them ahead of everyone else in the world in bitcoin adoption timeline.

Well Japan has made Bitcoin as legal tender as well,

Japan accepted bitcoin as a legal way of payment not a legal tender. There is a small difference that someone explained to me recently but I still can't explain it myself

[Chato1977]

If El Salvador becomes successful on using Bitcoin as legal tender, then yes it can become "the home of Bitcoin". It is planning to buy 140 million-dollar worth Bitcoin and to distribute $30 for each El Salvador citizen. This can help people start using Bitcoin definitely.

That's if the people even adopt it or even like the idea of using it then there's a chance that they won't be entitled to the title of "Home of Bitcoin", they have to prove themselves first before anything else, remember that most countries still have some poverty in them and not everyone will be able to fully grasp the usage of the 30$ bitcoin.

But we may consider Miners transferring their operation in El Salvador and also big traders do the same.

since the Bitcoin is now functioning as fiat in that country , i believe that Migration will come soon to that country.

[Xinarae*]

El Salvador is the first country in the world to legalize the digital currency bitcoin the decision was taken by the country's congress despite warnings from the international monetary fund it will bring financial inclusion investment tourism innovation and economic prosperity to our country buckley said in a tweet shortly before the congressional vote which is controlled by his party and allies. He added that the use of bitcoin which would be alchemical would not pose a risk to users as a legal tender it will go into law within 90 days.

[Lucius]

El Salvador could see an increase in miner's interest as China and other restrictive countries lose luster in the world of crypto. Of course, the impact won't be that much because El Salvador is a third-world country. Yet, it's something better than nothing.

Chinese miners move to El Salvador? Well I’m not sure we’re going to watch those scenes unless they’re offered an extremely low price for electricity, but despite their president’s announcements about volcanic energy, I’m not sure they can provide enough energy for such demanding operations without jeopardizing national electricity supply.

Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell? Why do you think developed countries haven't done such a move yet? Your input will be greatly appreciated. Thanks.

You ask almost identical questions as in your previous topic :

It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.

Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks

The answer is still the same - do you think that any country in the Western world or maybe Japan will give up its national currency or declare Bitcoin a legal tender? I think it’s time to stop asking the same questions you’ve already gotten answers to, it really doesn’t make sense...

[michellee]

What are your thoughts? Do you think El Salvador will become the "Home of Bitcoin"? If not, why? Will other countries adopt Bitcoin as legal tender in the future? Or is it still too early to tell? Why do you think developed countries haven't done such a move yet? Your input will be greatly appreciated. Thanks.

It could be as El Salvador use bitcoin for legal tender and it could attract the other country will use bitcoin legally. Other countries will adopt bitcoin as a legal tender in the future and that will only a matter of time to see bitcoin will become legal in many countries. It is too early to know what other countries will do related to El Salvador and we should give them time to decide. The developed countries will follow El Salvador's moves, but maybe the pandemic will still be their priority to solve.

[cheezcarls]

In my opinion, the real home of Bitcoin is from Satoshi himself. Wherever hole he was during the time he created Bitcoin, that is the “real home”. El Salvador was just making Bitcoin a legal tender, and doesn’t mean that it’s gonna be the “home of Bitcoin”.