Will El Salvador become the "Home of Bitcoin"?

[Shenzou]

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.

The fact that the president is making so much effort into making bitcoin the number one payment method in the country, and moving it to the digital age is an inspiration, sure El salvador is not one of the biggest countries that are powerful, and to be honest i didn't even know it existed up until now, and to see how people all over the world are talking about it, puts it under the spotlight and makes people want o know more about, will it become the bitcoin capital the answer is no ,because bitcoin is decentralized and can't be confined to one place, but it gives motivation and inspiration to other small and big countries to follow its steps.

[KevinRosa]

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

It is difficult for any country to escape the law of the jungle. El Salvador is just a small country and cannot represent the mainstream of the world. It is more like the first person to eat crabs. It has indeed successfully attracted the attention of the world. If there is no Bitcoin, I don’t know. The existence of this country may be due to my ignorance. Bitcoin is distributed, decentralized and has no center. Perhaps El Saldova wants to use Bitcoin to develop the local economy and attract more miners to use their clean energy.

[gabbie2010]

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.

in essence if elsalvador became the first country to legalize bitcoin, it would affect several factors in their economy. for example, of the many people who have bitcoins, they can travel to elsalvador easily because it is facilitated, without converting currency from their home country to elsalvador. and of course many other benefits that will increase the prosperity of the country

More so crypto friendly investors will prefer El Salvador as their new home, thus setting up businesses and offices related to crypto operations of course that will bring  more revenue to their government in form of tax, in addition if the country has a cheaper electricity this is another big opportunity for banned miners in China to move down to El Salvador to set up their minings equipment and continue their operations in not too distant future El Salvador will become a leading crypto business hub provided that their government gave all the necessary support for cryptocurrencies to thrive.

[Kong Hey Pakboy]

~

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.

I am assuming here that the "Miners" that you are talking about are the ones from China, they will probably have a hard time getting out of the country because remember that they have social credit score there and these miners are likely have received a low end score meaning that flight might or migration will be a problem for them. But if that's not the case and they can mgirate, their equipments will be left behind or the transportation of the equipment will be expensive for them to do so.

[frank07a]

I believe that El Salvador took this step in order to attract attention and tourists. Nevertheless, this move helped Bitcoin to stay on its feet. I suggest you read this article on the pros and cons of the El Salvador Bitcoin law.

[Distinctin]

They'll be because they are the first to adopt and legalize bitcoin, I can only imagine how this country will improve as their move will result in better opportunities for investment and other online activities that would generate taxes for them.

El Salvador is a small country with a small population, so this is really helpful for them.

They are pro-crypto because their government supports crypto and that will fast track their economic growth.

[Vishnu.Reang]

They'll be because they are the first to adopt and legalize bitcoin, I can only imagine how this country will improve as their move will result in better opportunities for investment and other online activities that would generate taxes for them.

El Salvador is a small country with a small population, so this is really helpful for them.

They are pro-crypto because their government supports crypto and that will fast track their economic growth.

They are the first to make Bitcoin as the legal tender, but Bitcoin was legalized in countries such as Japan many years ago. The move by El Salvador didn't had any impact in the market, as the FUD from China crashed the prices. Unless some of the big names move to El Salvador, or expand their business to include that country, I also don't expect any big impact. As far as the market is concerned, the size of the market in El Salvador is very small (at least when compared to the markets in countries such as US and China).

[(o)(o)ilikeboobs(o)(o)]

What does the home of Bitcoin mean when Bitcoin carries with it anonymity from the first block and Bitcoin is decentralized.
El Salvador was the first legal Bitcoin user, a country that views Bitcoin as a peer-to-peer currency. More countries will choose bitcoin alongside other currencies.

[conected]

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

- The bitcoin standard of one small country cannot sway the views of other countries, bitcoin can clearly still only be legally wrapped in EI Salvador while we need are more public displays of ability in the international arena. The title with the noble name of bitcoin's home town is finally just a small piece of news, instead of seeking the legitimacy of a small country, I like the larger vision and perspectives of countries like China and the United States

[AicecreaME]

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.

My honest answer would be no, El Salvador would not be "home of Bitcoin" because El Salvador isn't an influential and powerful country to begin with. Frankly speaking, El Salvador's move to adopt bitcoin as a legal tender made mass adoption quicker. It made a positive impact to the bitcoin community since a lot of countries were slowly following their steps in risking in bitcoin. However, to be acknowledged and entitled as "home of Bitcoin" is just too heavy for their capabilities as a country. Not that I am belittling El Salvador, but we are aware that it is a third-world country - it has lesser to offer compared to the first-world countries that are soaring high. El Salvador made a power move, but it is not enough to be called such heavy title. Maybe we can acknowledge them as the one of the firsts countries who braved cryptocyrrency introduction and adoption in their country.

[masterrex]

IMO, I think It depends on your definition of the word "home" Let's have a look at the situation recently El Salvador government was adopted Bitcoin as legal tender despite the warning of the International lending agencies like WorldBank, But besides that turn out of events we cannot say that El Salvador is a new home of Bitcoin because Bitcoin is a decentralized digital asset so technically Bitcoin are everywhere as long as there is an internet connection and people used or stored Bitcoins in their wallets Bitcoin exist, so Bitcoin home is not just in one place but almost in the entire planet.   

[aria.newman]

I believe that El Salvador took this step in order to attract attention and tourists. Nevertheless, this move helped Bitcoin to stay on its feet. I suggest you read this article on the pros and cons of the El Salvador Bitcoin law.

This article states that merchants are not required to accept Bitcoin if they don't have the technical equipment to do that. To begin with, it was necessary to equip all sellers with bitcoin terminals before the law was passed. El Salvador decided to hype...

[Silberman]

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.

in essence if elsalvador became the first country to legalize bitcoin, it would affect several factors in their economy. for example, of the many people who have bitcoins, they can travel to elsalvador easily because it is facilitated, without converting currency from their home country to elsalvador. and of course many other benefits that will increase the prosperity of the country

In fact this is even bigger than just legalizing bitcoin, the fact that now bitcoin is a legal tender at El Salvador means that if someone wants to pay you with bitcoin you are forced by the law to accept it as a form of payment, this means the government is not only allowing bitcoin within its territory now the people have the obligation to accept it, this is a huge difference and the best part is that those transactions do not generate a taxable event as they do in many other countries.

[The Cryptovator]

For now, we can consider El Salvador as the home of Bitcoin since this is the first country to allow the use of Bitcoin and encourages its citizens by giving free giveaways. We don't know if home change again once a powerful country allows its citizens to use Bitcoin openly like El Salvador. I think even it would be a potential home for Bitcoin if all the miners from China and other countries move to El Salvador. No doubt it will improve El Salvador's economy. To be honest I didn't even hear about El Salvador before they accept Bitcoin. So now think how many people like me weren't aware of El Salvador. To me, it's Bitcoin home till now, but it would change at any time like Bitcoin price.

[Distinctin]

They'll be because they are the first to adopt and legalize bitcoin, I can only imagine how this country will improve as their move will result in better opportunities for investment and other online activities that would generate taxes for them.

El Salvador is a small country with a small population, so this is really helpful for them.

They are pro-crypto because their government supports crypto and that will fast track their economic growth.

They are the first to make Bitcoin as the legal tender, but Bitcoin was legalized in countries such as Japan many years ago. The move by El Salvador didn't had any impact in the market, as the FUD from China crashed the prices. Unless some of the big names move to El Salvador, or expand their business to include that country, I also don't expect any big impact. As far as the market is concerned, the size of the market in El Salvador is very small (at least when compared to the markets in countries such as US and China).

Yeah, El Salvador is not somebody when it compared how China and the US influence the market but at least we are seeing them adopting the new system which can contribute small things at least. Because if this small country accepts and legalizes Bitcoin, that might possible the other small countries will look into it that way also.

But I think that people had already learned and ignored FUDs especially those coming from China. As we can see, the market never drops badly, Bitcoin still at a high price ranging from $32k -$36k for several weeks, that will something to tell that people already manage to stay calm despite those FUDs.

[Mistafreeze]

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.

The agitation of El Salvador of becoming the home of Bitcoin is a good example which other countries that had been again the existence of Bitcoin needed to embrace. Although this is a small country compared to others that have high population density showing the world of the need to adopt Bitcoin as a payment system. I believe that is just the start for other countries to look into the importance of adoption of Bitcoin which could have a good effects on the economy of a country as a good source of revenue.

If more countries adopt Bitcoin as a legal means of payment system, it will really help the cryptocurrency market in general increasing the market cap of Bitcoin. Adoption of Bitcoin can also increase the more participants in the market making it stronger and resistance to cheap manipulation.

[ropyu1978]

For now, we can consider El Salvador as the home of Bitcoin since this is the first country to allow the use of Bitcoin and encourages its citizens by giving free giveaways. We don't know if home change again once a powerful country allows its citizens to use Bitcoin openly like El Salvador. I think even it would be a potential home for Bitcoin if all the miners from China and other countries move to El Salvador. No doubt it will improve El Salvador's economy. To be honest I didn't even hear about El Salvador before they accept Bitcoin. So now think how many people like me weren't aware of El Salvador. To me, it's Bitcoin home till now, but it would change at any time like Bitcoin price.

maybe it's true as you say mate, because for now you can say el salvador is the home of bitcoin, considering that el salvador was the first country to legalize bitcoin, and accept bitcoin as a legal currency, maybe el salvador will receive a lot of pressure from other developed countries ,because it has legalized bitcoin,

[Kiley33]

I personally think that the reason why El Salvador has set Bitcoin as legal tender is because it has lifted the shackles of great powers. He may be a "safe haven for cryptocurrency", but the area of El Salvador is not suitable for mining, but he was the first to say that Bitcoin is legal. Currency countries, this will make everyone think of El Salvador when they talk about Bitcoin, which also has many benefits for El Salvador.
In the future, other countries may also declare Bitcoin as legal tender, but these should only be small countries. Developed countries only allow Bitcoin to be used. They cannot control Bitcoin, nor can they stop Bitcoin. After all, currency is the lifeline of a country. If the country does not grasp the economic lifeline, resources will be difficult to coordinate, and the significance of the country's existence will be weakened.

[Mr.sprin]

El Salvador is indeed the first country in the world to accept bitcoin as a legal tender but that doesn't mean El Salvador is the home of bitcoin, maybe later there will be another country that legalizes bitcoin. Is that country also called a home for bitcoin?

[Wind_FURY]

Why should El Salvador be THE “Home of Bitcoin”. Did everyone already forget China? The El Salvadorian government can easily cast Bitcoin away too, just as simply as they welcomed it, and gave it a “home”. OP, Bitcoin doesn’t actually need a home.