Will El Salvador become the "Home of Bitcoin"?

[Similificator]

While I am more sided with the "it's still to early to tell," I am still a bit leaned on agreeing that El Salvador will be the home of bitcoin this is because it was the first to openly announce its great support for Bitcoin and altcoins maybe in the future. Which means that El Salvador will be the very first country becoming an official go-to place for crypto businessmen or fleeing crypto enthusiasts. This will go down in history and will be a huge advantage even when other countries decide to follow the steps of El Salvador.

[Ararbermas]

Probably they will become the home of bitcoin since they're the only one who accept bitcoin as legal tender, and once other countries implement such way as well because of el savador views,  then they all need to give credit and accept the fact that el savador is not just the home of bitcoin wherein the paradise of crypto currency, because you know there's alot of crypto in the market that has a good technology like bitcoin, so in the future i know when el salvador  become successful surely they will add another crypto as a legal tender as well.

[Leviathan.007]

Not El Salvador or any country will become home of bitcoin, because bitcoin is not depended to any government or country actually that's what decentralization means. In the other hand, El Salvador doesn't have the enough power and enough potential for it. Many miners from China and other other countries are moving to another countries but I guess El Salvador will not be a destination for the miners. However, since the government shows positive signals to bitcoin and bitcoin miners, there will be a better situation for miners comparing to the similar countries.

[uneng]

I agree with those who say it's hard to happen. El Salvador isn't an independent country. It fully relies in foreigner income to maintain themselves. As we can see they use dollar and don't have a national income, more than 20% of the country's income come from other countries and more recently they made a partnership with China, receiving investements from the asian country.
A country so dependent on others can't become bitcoin's home, because bitcoin demands independency and autonomy (and a plentiful source of energy as well, what I think El Salvador doesn't have).

Actually, after seeing the partnership between El Salvador and China something started smelling really bad. I don't know how bitcoin would fit on that situation. A bitcoin friendly country involved with a country which banned bitcoin.

[Shasha80]

Not El Salvador or any country will become home of bitcoin, because bitcoin is not depended to any government or country actually that's what decentralization means. In the other hand, El Salvador doesn't have the enough power and enough potential for it. Many miners from China and other other countries are moving to another countries but I guess El Salvador will not be a destination for the miners. However, since the government shows positive signals to bitcoin and bitcoin miners, there will be a better situation for miners comparing to the similar countries.

I agree that no single country will be the home of Bitcoin, because Bitcoin cannot be controlled by anyone. That's why Bitcoin is getting support
so quickly, imagine Bitcoin is only 11 years old but its development is very fast. This is because decentralization is needed by a lot of people,
because Bitcoin can provide what fiat cannot. This is what makes Bitcoin increasingly popular today, El Salvador is indeed very open to Bitcoin,
so it can be the right destination for big miners. Hopefully what El Salvador is doing can be followed by many countries, so that Bitcoin can grow
even more.

[lienfaye]

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.

El Salvador adopt bitcoin as a legal tender because they dont have their own currency but it doesnt mean it will become the home of bitcoin. Its just that you can freely use bitcoin there whatever transactions you made as long as the recipient is willing to accept it and thats the advantage if you live in that country and you're a crypto enthusiast. We know some countries are still not open to adopt bitcoin because it is decentralized which cant be controlled. They rather create their own crypto that can be controlled than to adopt btc, thats what I think.

[ARTURVH]

El Salvador wont be the Home of Bitcoin. It is just a small country. It's not like America, Japan and Singapore etc. The economic foundation is not strong either. It should be that the government has given more consideration to the economic benefits that crypto investors will bring to this country. It is difficult for us to judge whether this is a long-term implementation policy or it will change in next five  or seven years.

[Sithara007]

El Salvador wont be the Home of Bitcoin. It is just a small country. It's not like America, Japan and Singapore etc. The economic foundation is not strong either. It should be that the government has given more consideration to the economic benefits that crypto investors will bring to this country. It is difficult for us to judge whether this is a long-term implementation policy or it will change in next five  or seven years.

Your post is really funny. Here you are comparing El Salvador with Singapore and claiming that the former is a small country. For your information, the resident population of El Salvador is double that of Singapore and even the diaspora population is equal to the total population of the latter country. But I agree that in terms of economical strength, Singapore may be ahead. But that doesn't mean that the situation will remain just like that for the next few decades. The president (Nayib Bukele) has implemented a string of popular reforms. Crime rate has decreased and the economy is surging. And on top of that, they are the first country to officially recognize Bitcoin as the legal tender, and this will guarantee their future economic growth.

[Chato1977]

El Salvador wont be the Home of Bitcoin. It is just a small country. It's not like America, Japan and Singapore etc. The economic foundation is not strong either. It should be that the government has given more consideration to the economic benefits that crypto investors will bring to this country. It is difficult for us to judge whether this is a long-term implementation policy or it will change in next five  or seven years.

We never knew mate , Because they are the experimental country that goes adopting Bitcoin as their Legal tender so this is very early to tell if they will become the home of bitcoin or not.

we have to observe and look the long term effect and besides the adoption just happened weeks ago .

Lets wait and see for at least year or so before finally tell that they are the Home or not.

[ropyu1978]

this is a very good step, because el salvador has legalized bitcoin, and already plans to make bitcoin a legal currency, but if you make el salvador the home of bitcoin, i don't think it's time yet, because considering el salvador is a small country, el salvador definitely can't do much, because it will definitely get pressure from developed countries,,,

[Dhoe]

will el salvador be the home of bitcoin, i think it is still too early to say el salvador is the house of bitcoin, even though el salvador has legalized bitcoin, i think there is still a lot of work to be done by el salvador, to deal with any pressure that comes from other parties ,

[cotton ball]

if el salvador makes bitcoin the home, i am very sure that developed countries will definitely criticize el salvador, i think el salvador is also not ready to accept criticism from developed countries, because small countries certainly do not have enough mentality and experience or strength to face or reply to criticism made by developed countries, but the step of el salvador who dared to legalize bitcoin, we need to appreciate..

[yazher]

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 because the country is not fit for it right now maybe in the next years because we have seen how world power changes overtime. However, when we speak as of this moment, even though the whole country will use bitcoins as their means of payment, they only called some country who allowed to use bitcoins. Unlike when we have some major countries that will have some advance technologies and some huge industries in it and they decided to give it a try like what the El Salvador did, then we can say it is the Home of Bitcoin since the trade and popularity will matter when that happened.

[bittraffic]

There should have been big tech companies that support BTC in the city to make the city home of BTC. There are cities like Miami or Wyoming that's been a leader of finance which I guess could be a home of Bitcoin. Senator Cynthia Lummis had been supporting Bitcoin all the way and she is very open to making Wyoming the center of cryptocurrency like Bitcoin. I think there are better candidate which already have a good marketplace and crowd for adoption.

El Salvador could be one, that's why Bukele promoted their country which attracts BTC companies to have a permanent residence with just 3BTC.

[southerngentuk]

The home of bitcoin is this earth, looking at it on the positive side, I think we're going to move towards a consensus through some means.
Maybe a future with modern technology will flourish, and I believe blockchain is as important to life as bitcoin in the future.

[Abiky]

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".

That's truly an innovative approach from El Salvador. I'm amazed by how a third-world country like El Salvador decided to "step up" and do the right thing for its economy. By adopting Bitcoin as legal tender, the negative effects of Fiat's inflation will have no impact on the country's economy. Using volcanoes as an energy source for Bitcoin miners is a pretty smart move. This could lower electricity costs as we speak, attracting miners from other countries in return. I'd imagine miners flocking from China to El Salvador, making the latter the new "Home of Bitcoin". Who knows what will happen 5 to 10 years from now? Just my thoughts

[Silberman]

Well with the rate at which they are going and the level of which they are including the use of btc to be legally used for transaction I would say definitely yes, El Salvador is making name and putting itself on the spotlight for the rest of the world to see,  one step at a time, the most important thing is recognising btc importance and willing to adopt it for better, secure and faster transaction, this single act can draw the attention of btc lovers who only want to spend btc freely to that country, am soon great economic changes will start happening in El Salvador.

The surprising thing is that this came out of nowhere, I mean if someone had asked me a few months ago which will be the first country to adopt bitcoin as a legal tender I would have never thought of El Salvador as being on the top 5 and yet here we are, this shows their leaders are actually looking at the future and they are doing what is best to their people, if they can match this with friendly regulation to crypto related businesses then we could see a massive amount of money moving to the country.

[titular]

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".

It would be incredibly hard to convince these people to go to El Salvador no matter how green or cheap the energy is. El Salvador is still not the most politically stable countries. Miners are mostly thinking long term and will not want to set up shop in a country that still doesnt entirely have its shit together.

I would love to see miners go to El Salvador, as long as it works for THEM!

[randegibran]

We hope so too, although currently receiving some rejection from various countries in the world, it will become the home of bitcoin in the country of el salvador, thus the pessimism of investors can be less treated by what is done by the el salvador country how to adopt bitcoin as currency money that is legal in their country, and we hope this will actually happen

[nhaila]

I think they have already become. Maybe it's not really a house, but a shack.

EI Salvador governments and central bank already created a better opportunities for Bitcoin users. They already set up serval bitcoin mining and ATMs in his country. Early September they functionally will start Bitcoin uses.