7th September 2021 Bitcoin becomes legal tender first in history

[Lucius]

Image Source: https://news.sky.com

This problem seems to be pointing to the human resources there, when I saw this news, it was said that the demonstrators said they didn't understand what Bitcoin was, where it came from and they didn't know whether it would benefit them or not.

As far as I can see on the banners they hold, it says something about Bitcoin being corrupt or going to be used for money laundering (let someone correct me if I'm wrong). I also believe that a good part of the people who protest are very low or perhaps without any education, and that they are very easy to manipulate - and those who manipulate them come from the ranks of the political opposition.

It is very difficult to explain anything technically advanced to such people, especially if it is in someone's interest that they have just such an opinion. I wonder how much money comes into the pockets of opposition politicians from the IMF, the World Bank, and similar institutions who find it hard to accept that one country has made such a move.

[bitbollo]

it is right that a single bitcoin now has this price 78900$ on their app? or it's just some error during video recording?

[Wind_FURY]

it is right that a single bitcoin now has this price 78900$ on their app? or it's just some error during video recording?

Is anyone from El Salvador to confirm that? I hope it’s just some error.

Plus someone is trying to crash the market on this historic day for Bitcoin. Is this coincidence? Or does someone, some anti-Bitcoin entity, cannot accept the fact that Bitcoin has left their shitcoins behind.

[btc78]

It's not that big of a deal, El Salvador is a small country so it's not like they're pretty influential in terms of international scene. Maybe it can help their country but they first have to prove that this is going to be a successful one because if not, they're going to be a problem.

Wrong , El Salvador is gathering scenery for the whole crypto world specially in bitcoin era as they are the first to accept bitcoin as legal tender.

this may not be in news everywhere but at least this is inc rypto news worldwide.

this adoption will always be on their name and country and that what made them popular in crypto world.

[DdmrDdmr]

<...>

The image is displayed in the video corresponding to Tutorial number 5 in Bukele’s twitter account (https://twitter.com/i/status/1435095506322169858 - converting BTC to USD or vice-versa), and the counter value used for bitcoin on that image is as displayed in the image.

Nevertheless, if we look at Tutorial number 4 (https://twitter.com/nayibbukele/status/1435092947045953539 – sending and receiving payments), halfway through it displays and image where 30$ are 0,00091 BTC, making 1 BTC therefore 32.967$ (give or take, due to decimal conversions).

Additionally, Images captured from Huawei app site’s Chivo Wallet download display a 46K$ countervalue (see https://bitcointalk.org/index.php?topic=5358665.msg57880244#msg57880244).

I figure all these videos and images were taken at different points in time, and some (if not all) using made-up data.

[willhuber]

It is really good news for crypto enthusiasts. Hopefully El Savador will influence other countries too. I never thought that a country is going to have bitcoin atms anytime soon. They have already installed 200 atms for bitcoin conversion which is appreciable.

[ShowOff]

As far as I can see on the banners they hold, it says something about Bitcoin being corrupt or going to be used for money laundering (let someone correct me if I'm wrong). I also believe that a good part of the people who protest are very low or perhaps without any education, and that they are very easy to manipulate - and those who manipulate them come from the ranks of the political opposition.

The picture shows that something new will not be easily accepted in a place without taking a lot of time to learn, accept, and use it in everyday life. I assume that most of the people there are not familiar with bitcoin enough so that there is an attempt at manipulation involving politician who are opposition the government's idea to use these people as a tool to strike back against a government that is not in accordance with their wishes and groups. That reaction or protest probably won't influence the government's decision to move forward with adopting bitcoin as a means of payment.

It is very difficult to explain anything technically advanced to such people, especially if it is in someone's interest that they have just such an opinion. I wonder how much money comes into the pockets of opposition politicians from the IMF, the World Bank, and similar institutions who find it hard to accept that one country has made such a move.

People's ignorance of technology can be used by a group of people for their own interests to launch resistance against the government by indoctrinating their minds with the negative side of bitcoin. When these people realize how good bitcoin is as a “positive side of bitcoin” currency, they will gladly accept it.

So far I'm only concerned with how the government can optimize this adoption that will suit all age groups. A person aged 50 years and over with a history of low education and lagging behind in technology will find it difficult to understand this well.

[BIN-BIN]

Yeah, El Salvador hard made an official announcement In the purchase of 400 Bitcoin that will be sent to their citizen's wallets as an airdrop, and from today Bitcoin will be spent in the country as a legal tender alongside the US dollars. Let wait and see what the outcome of the El Salvador decision will be.

[casperBGD]

Yeah, El Salvador hard made an official announcement In the purchase of 400 Bitcoin that will be sent to their citizen's wallets as an airdrop, and from today Bitcoin will be spent in the country as a legal tender alongside the US dollars. Let wait and see what the outcome of the El Salvador decision will be.

yeah, they bought 400 BTC up to this point, but they actually have a fund, $150M for buying BTC for their treasury, so we should expect somewhere about 3000 BTC in their treasury (not bad)
crypto community reactions are really positive, but there are protest among Salvador inhabitants regarding BTC adoption, hopefully that will change during the adoption process

nevertheless, Panama is next in line, with already preparing law for BTC and ETH as legal tenders in the country
with all said, is this just a beginning?

[KennyR]

The decision from the country is really appreciable, because it is quite hard to make people get fixed to it. Another thing is the opposition from its own citizens. Its a big obstacle and it isn't an easy thing to take such strong decision, because if something happens unexpected the government is responsible to give answer to its people. When the grown countries fear of adopting bitcoin, the decision from El Salvador will keep its economy get boosted.

[Davidvictorson]

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.

First of all, what is the government’s plan to deal with the volatile nature of bitcoin now that it has been made a legal tender? For instance, if today, the price of an apple or a hotdog is 1 BTC what happens in two days if there's a market crash? On the other hand, their banking sector would have a lot of new challenges to deal with it. In the long run, there would be a lesson to learn.

[electronicash]

it is right that a single bitcoin now has this price 78900$ on their app? or it's just some error during video recording?

Is anyone from El Salvador to confirm that? I hope it’s just some error.

Plus someone is trying to crash the market on this historic day for Bitcoin. Is this coincidence? Or does someone, some anti-Bitcoin entity, cannot accept the fact that Bitcoin has left their shitcoins behind.

probably an error. in localbitcoins its 53k for the sellers from el salvador. i could be wrong because demand is very different locally. in nigeria sometimes the price is just climbing very high than what we see on the exchanges.

78k is too good but this is a good omen. congrats to el salvadorians.

[ampu]

A country that accepts and buys Bitcoin also means that in the future there may be more countries that will do the same. El Salvador is a small country, they don't have enough influence like the US or China over Bitcoin. Bitcoin's price drop today is the worst but that's okay, it will continue to move up in the following months.

[DdmrDdmr]

<…>

That’s why Chivo Wallet allows people to convert BTC to USD at no cost. It’s the people’s prerogative to hold their funds in USD or BTC. Logically, holding on BTC will be riskier due to volatility, but the risk could lean either way. If a person is happy to just use USD, or doesn’t want to be subject to BTC volatility, he can just sell it.

This above is how the theory goes ... There are aspects to unveil yet such as whether the conversion rate BTC/USD is market value (and not overcharged), how often it is updated, whether people can/will be able to make automatic conversions (as opposed to manual ones), and so forth.

See (in Spanish, Bukele’s answer when asked on the matter, exemplified through a hypothetical fruit seller): https://www.laprensagrafica.com/elsalvador/Bukele-Si-hay-una-senora-que-vende-fruta-en-el-mercado-esta-obligada-a-recibir-el-pago-en-bitcoin-20210609-0076.html

[btc78]

The image is displayed in the video corresponding to Tutorial number 5 in Bukele’s twitter account (https://twitter.com/i/status/1435095506322169858 - converting BTC to USD or vice-versa), and the counter value used for bitcoin on that image is as displayed in the image.

Nevertheless, if we look at Tutorial number 4 (https://twitter.com/nayibbukele/status/1435092947045953539 – sending and receiving payments), halfway through it displays and image where 30$ are 0,00091 BTC, making 1 BTC therefore 32.967$ (give or take, due to decimal conversions).

Additionally, Images captured from Huawei app site’s Chivo Wallet download display a 46K$ countervalue (see https://bitcointalk.org/index.php?topic=5358665.msg57880244#msg57880244).

I figure all these videos and images were taken at different points in time, and some (if not all) using made-up data.

Thanks for this clarification man , you always gives complete and detailed answers as i keep looking from those answers above why does the price in that wallet almost double the price of actual bitcoin-USD value.

at least now it is clear that only display image and not literally the real value in El Salvador .

[crwth]

This is an excellent step for everyone. They may not have the power like the significant countries that run the world, but it's a start. I think making it legal and somehow making noise in the world is going to attract some people. I did see a post about it from Bloomberg business on Instagram.



It's incredible seeing 21k likes on this. Maybe they are already involved in the crypto space or exploring now.

[B-Bit]

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.

It is not that there is no impact, but the impact is not as great as that of China and the United States.
El Salvador's announcement of Bitcoin as legal tender is good news for Bitcoin. Prices have also risen accordingly. Let more people understand Bitcoin.

[LonelyUranus]

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.

This will be an unforgettable day. Just when this news came out, the whole world was helping El Salvador get low-stakes Bitcoin. It seemed like a joke, but Bitcoin fell by $10,000, making The human heart jumps. My personal feeling is that during this period, the Bitcoin market is too active, not a rational increase. This phenomenon is like eating too fast, and there is flatulence in the stomach. Bitcoin's fall is like a fart.Although it is very comfortable, it also brings out a little shit.

[ropyu1978]

7 september 2021 bitcoin became the first legal payment in history, I think if el salvador takes that step, I am very sure that many of their people will protest, because there are some of their people who don't understand bitcoin, don't use bitcoin as a legal means of payment, sometimes they don't even understand bitcoin to adopt bitcoin, preferably before the government makes bitcoin a legal payment, the government should approach their people first, educate them about bitcoin,

[Marvell1]

7 september 2021 bitcoin became the first legal payment in history, I think if el salvador takes that step, I am very sure that many of their people will protest, because there are some of their people who don't understand bitcoin, don't use bitcoin as a legal means of payment, sometimes they don't even understand bitcoin to adopt bitcoin, preferably before the government makes bitcoin a legal payment, the government should approach their people first, educate them about bitcoin,

That's right. This is important milestone in the history of bitcoin. But not everyone is interested in bitcoin becoming legal tender in El Salvador. A recent survey found that 7/10 Salvadorans want Bitcoin laws to be abolished and 9 out of 10 respondents do not have a clear understanding of what bitcoin is.