7th September 2021 Bitcoin becomes legal tender first in history

[DarkDays]

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

Hurray!!! This is positive news and at a time when the market is already in a good position, I wonder how much of an impact it may have. We already saw it reach 52K and right now making another attempt.

In good timing for this legal tender on Bitcoin... We shall see how the rest of the world reacts to this news and what it will mean for the world of crypto

[nelson4lov]

El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

While I'm not sure how much but El Salvador news did help the last market sprint. It was one of the bullish news that rode bitcoin to the all time high price around $63K. Like you said, it's good news even though it might have little to no effect on the market at this point. But there's a lot to expect from this as plenty of El Salvador citizens would start using bitcoin, making payments and transacting among other peers.

[Charles-Tim]

While I'm not sure how much but El Salvador news did help the last market sprint. It was one of the bullish news that rode bitcoin to the all time high price around $63K.

No.

Bitcoin all-time-high was on April 14, 2021.

El Salvador news about bitcoin legal tender was in June after bitcoin all-time-high

Institutional whales like Michael Saylor and whales like Elon Musk were responsible for the price pump at the time before Elon Musk make the stupid statement that resulted to price drop.

[Saint-loup]

El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

It is only a reason to hype the market. Legal tender in El Salvador won't change the whole picture and global adoption of Bitcoin.

Additionally but more importantly, this positive news already was reflected on the price of Bitcoin.

"Buy the rumor, sell the news". It is not a new news and you can not expect too much from it. 

No you're wrong IMO, Bitcoin price market doesn't work like that, sometimes a news is still bought several days or even weeks after it came out. Moreover this news was still hypothetical as long as it was just a law that could have been cancelled and we are yet to see how salvadorian authorities will apply it.

[Botnake]

El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

While I'm not sure how much but El Salvador news did help the last market sprint. It was one of the bullish news that rode bitcoin to the all time high price around $63K. Like you said, it's good news even though it might have little to no effect on the market at this point. But there's a lot to expect from this as plenty of El Salvador citizens would start using bitcoin, making payments and transacting among other peers.

It was a good news by then but for now, i think there is no more effect on the market anymore. But if there will be a new country who will start to adopt bitcoin and use it again as a legal tender, then definitely it will cause another huge pump on the market and may even cause to hit its new ATH earlier as what we expected.

Perhaps not all people living in El Salvador are excited to use bitcoin as a legal tender maybe because there is no clear education about bitcoin that should be initiated by the government and so retirees have made a protest. But i know as much as the leader of the country knows best for its governance, then hopefully he will be able to produce a mass education for all so that all the citizens will be able to understand what they need to know about bitcoin.

[randegibran]

this is very interesting news or a very good topic to discuss regarding the month of September as the day when bitcoin can be legally accepted as a transaction tool, so with this in effect it will be very good especially for bitcoin prices which have started to decline since the last few years , we really hope this is not just a mere discourse

[Fundamentals Of]

Whatever others would say, I think this step by a sovereign country will go down history books as the first ever bold decision by a free country to fully embrace Bitcoin. This is by far the largest step made in the history of Bitcoin's adoption. Whether El Salvador is powerful or weak, rich or poor, large or small, etc does not matter. Whether the price would follow or not does not even matter. What matters is that here is a nation faced with an option to stick to the old corrupt way of doing things or to accept a neutral and uncontrollable technology into the system. Despite challenges and warnings and other bullying tactics from powerful bodies, El Salvador prevailed. I hope this will sustain though.

[Jasper HODL]

Congratulations to Bitcoin, a great step.

In fact, I am curious how certain countries and organizations that oppose Bitcoin or promote Bitcoin as a scam will face the fact that the countries with which they have diplomatic relations have established it as legal tender.

[Sithara007]

El Salvador is not US or China or any country that has economic power, when it was announced that El Salvador will make Bitcoin a legal tender some months back, no notice effect on the crypto market, I do not think this would result to any positive price trend, but this is a good news though.

Why always being negative? El Salvador may not be a superpower like China or the United States. But at least they are a sovereign nation with United Nations membership. And this is perhaps the most important milestone so far in the history of Bitcoin. This is what we all want. Bitcoin needs to be recognized as the legal tender across the globe. It may take one or two decades, but eventually our dreams will be realized. El Salvador is the first, and I am 100% sure that they will not be the last. From what I heard, Malta and Panama may be the next in line. I have also heard rumors about some of the other countries such as Paraguay, Nicaragua, Argentina and Venezuela, but don't want to post anything here until I get confirmation from reliable sources.

[slaman29]

Hurray!!! This is positive news and at a time when the market is already in a good position, I wonder how much of an impact it may have. We already saw it reach 52K and right now making another attempt.

In good timing for this legal tender on Bitcoin... We shall see how the rest of the world reacts to this news and what it will mean for the world of crypto

Yeah and right now as I type it's still 52.1k and in my location on localbitcoins actually the trading is really good. You can buy it at still 51.5k but if you sell it you can do it for 52.5 (when you convert). It's very rare that both selling and buying is cheaper or better than the regular rate worldwide but usually when this happens, this means that the traders are just so confident they are happy to get volumes going.

[Kakmakr]

El Salvador are definitely not the first country to legalize Bitcoin as a legal tender, I think Japan passed a law in April 2017 that recognized Bitcoin as legal tender in that country. (Things might have chanced since then) 

I think the older generation of El Salvador are kicking against this move, because they do not understand the technology and they are resistant to change. (I think the younger generation must step up to educate them) 

It is still positive news and something that can help those citizens against the damage of inflation. 

[aoluain]

Yeah, the news of retirees who feels their pension is unsafe in Bitcoin, but I don't think that demonstration will make any difference the government has already made the policy to adopt Bitcoin.

The US Dollar Is Still Valid There, Bitcoin Is Only Optional, If Retirees Want To Receive In Bitcoin, It's Up To Them. The problem is that there is no clear communication between the government and the citizens of El Salvador, as if there is a policy that comes from one party, the government should first introduce what Bitcoin is, so that citizens are educated.

Around 1 Hour ago Nayib Bukele Tweeted That They (As a Country) Have Purchased Their First 200 Bitcoins and Will Buy More.

Tweet Source: https://twitter.com/nayibbukele/status/1434968475928248331

Correct, Bitcoin wont be mandatory, people who fear it can continue using their FIAT.

This is a great day and will be remembered as the day Bitcoin was made legal tender
(or something like that) similar to Bitcoin Pizza Day??

Anyway, yes its going to take time for widespread adoption in El Salvador, there
are of course the skeptics but as they hear and experience from their fellow citizens how
easy it is to use and that they actually have control of their finances the skepticism will wane.

[GatotKaca]

Correct, Bitcoin wont be mandatory, people who fear it can continue using their FIAT.

This is a great day and will be remembered as the day Bitcoin was made legal tender
(or something like that) similar to Bitcoin Pizza Day??

Anyway, yes its going to take time for widespread adoption in El Salvador, there
are of course the skeptics but as they hear and experience from their fellow citizens how
easy it is to use and that they actually have control of their finances the skepticism will wane.

at least, what the government of El Salvador is doing can be material for consideration and evaluation for countries that are still unsure about the adoption of bitcoin and crypto as legal tender in their country.
most countries are screaming about taxes and money laundering which crypto and bitcoin are so vulnerable to. and we can see how a country that rises with bitcoin and crypto will overcome it all.

[Reatim]

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

Meaning this is what the good news is all about?

this thread explains what is the entry of this first official day

Buying $30 in Bitcoin on Tuesday! For El Salvador and for Bitcoin

others says that there is no effect on the crypto market what El salvador declares bitcoin making legal tender but what i believe is this final news about the formality of the bitcoin usage as legal tender makes the market bullying again today.

[jamkesmas]

The inauguration of bitcoin as a legal tender in the country of el savador which was held today will certainly be positive news to help encourage bitcoin price movements, because with bitcoin officially becoming a means of payment, this crypto asset can be used for various purposes in the country and for all parties they must accept bitcoin as a payment method for goods and services.

[Sintasis212]

Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.

Hurray!!! This is positive news and at a time when the market is already in a good position, I wonder how much of an impact it may have. We already saw it reach 52K and right now making another attempt.

In good timing for this legal tender on Bitcoin... We shall see how the rest of the world reacts to this news and what it will mean for the world of crypto

Yet, on the off chance that there will be another country who will begin to take on bitcoin and use it again as a lawful delicate, then, at that point certainly it will cause one more colossal siphon available and may even reason to hit its new ..It was an uplifting news by then, at that point however for the present, I think there is no more impact available any longer. ATH before as what we anticipated.
 

[zasad@]

https://twitter.com/michael_saylor/status/1434850362943438852?
"On September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet 🐝 I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader
@nayibbukele. Will you join us?"


https://www.reddit.com/r/Bitcoin/comments/phgtq2/so_we_all_buying_30_worth_of_bitcoin_on_tuesday/
So… We all buying $30 worth of Bitcoin on Tuesday?

[Rahman11]

El Salvador on Tuesday becomes the first country in the world to accept Bitcoin as legal tender, despite widespread domestic scepticism and international warnings of risks for consumers.
In June, El Salvador's parliament approved a law to allow the crypto money to be accepted as tender for all goods and services in the small Central American nation, along with the US dollar.
This Bitcoin is a currency that does not exist, a currency that will not benefit the poor but the rich,” said sceptic Jose Santos Melara, who took part in a protest by several hundred people in the capital San Salvador last week.

[tbct_mt2]

El Salvador on Tuesday becomes the first country in the world to accept Bitcoin as legal tender, despite widespread domestic scepticism and international warnings of risks for consumers.

If officially happened, today. The first ever country considers Bitcoin as legal tender

Coindesk article. I read a news that El Salvador bought and hold 400 Bitcoin. It's a beginning, the first nation accepts Bitcoin and the first nation holds Bitcoin.

400 Bitcoin (tweet from President of El Salvador)

[rodskee]

El Salvador becomes very controversial because of this Bitcoin adoption and making it as legal tender , but with this strategy to give everyone amounting 30$ worth of bitcoin each , means they are really in business.
they are shooting 2 birds in one shot .
Giving people support in this pandemic and also letting them experience the advantage of using bitcoin comparing to their fiat.