El Salvador has just bought it’s first 200 coins

[bakasabo]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

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[zanezane]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

Nope, every time is the best time to buy bitcoin, I mean they can't do a waiting game, it's already expensive to buy one so risking it to go up again would be the wrong thing to do. Better to get in when you have nothing rather than waiting when you have nothing. I say that their decision to buy now is a good decision plus it's probably a long-term investment so it's not a problem that they're buying right now.

[bryant.coleman]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

LOL.. first you say that this was not the right time to purchase BTC. And then you say that the volume was not enough. Both the statements contradict each other. If the timing is not right, then it makes sense to purchase smaller amounts. El Salvador doesn't want to follow the model set by Tesla ($1.5 billion purchase in a few days). They want to purchase BTC at regular intervals, in small quantities. And this reduces the risk of incurring a loss, in case the exchange rates nosedive at some point in the future.

[oHnK]

But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.

The El Savador government is very clear that it will not distribute BTC evenly because of the 6.5 million population and with the number of coins that have been purchased indicated that only the conditions of certain communities will get it. Like subsidized assistance for very poor people in the country. The criteria that will be used will definitely not be much different from the program that focuses on other poor people. That's what I captured from the Action of the El Savador government.

[dkbit98]

After yesterday dip president Bukele decided to purchase more Bitcoins and El Salvador now owns total of 550 Bitcoins, but they have plans to purchase more in future.
He did announce before that big FUD is coming and maybe this dip was combination of leverage liquidations on exchanges and IMF ordering their puppets to try and crash the price.
Maybe we need to start thinking about opening El Salvador local section in bitcointalk forum soon

[conected]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

Nope, every time is the best time to buy bitcoin, I mean they can't do a waiting game, it's already expensive to buy one so risking it to go up again would be the wrong thing to do. Better to get in when you have nothing rather than waiting when you have nothing. I say that their decision to buy now is a good decision plus it's probably a long-term investment so it's not a problem that they're buying right now.

- Understood, you mean that early possession of bitcoin at this price, the price that people think is high will sometimes be the bottom price in the future, besides, El Salvador is in need of some bitcoins to arrange bidding activities as well as to organize the legitimacy of bitcoin, 200 bitcoin is almost a necessary cost to store and spend, cannot use cash when they have configured bitcoin as a main circulation currency in this strategy. The source of bitcoin is quite urgent for them, maybe they will continue to buy no matter what bitcoin price, hopefully this propaganda is supported by multinational corporations as well as other countries

[SquallLeonhart]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

Trading volume and ownership are very different things. There are 200 bitcoin trading volume every minute in the entire world (not just binance but all of them), does that mean that getting 200 bitcoins is easy. Now they hold more than 550 bitcoins, tell me how many people in the world have more than 550? There aren't that many people, it may look like it is a lot but compared to rest of the world the amount is very small.

So, El Salvador suddenly turned into a nation that holds more them millions upon millions of people. Plus, they are not just buying now and stopping, they will keep on increasing that over and over again and eventually have tens of thousands of bitcoin, which could be the key for El Salvador to be the richest in their entire history thanks to bitcoin.

[dothebeats]

It’s amazing that El Salvador still continued on buying more bitcoins during the dip that occurred. It’s as if they are just your normal traders trying to get more for their stash and not caring about the future of their economy should their investment failed. At this rate, there will be a lot of bad actors and entities with malicious intent that will try to manipulate the price of bitcoin to make a statement, and perhaps a warning to others, that bitcoin is still not good as an investment but El Salvador will just continue to shrug it off.

Hats off to their administration for not really giving an f about the crash and still believes that bitcoin is something that they should focus on if they want to help their people.

[Gyfts]

Their GDP is around 27 billion USD so this is actually a big first step, even if the amount isn't too large. Yeah, for a country, 200 BTC is nothing.  Point is the government is pro-BTC and isn't trying to phase out crypto in order to artificially prop up their own currency. They aren't trying to implement harsh taxes on crypto industries either. It's a small investment and it's a gesture. Nothing wrong with that.

[Sithara007]

Their GDP is around 27 billion USD so this is actually a big first step, even if the amount isn't too large. Yeah, for a country, 200 BTC is nothing.  Point is the government is pro-BTC and isn't trying to phase out crypto in order to artificially prop up their own currency. They aren't trying to implement harsh taxes on crypto industries either. It's a small investment and it's a gesture. Nothing wrong with that.

The amount may not be huge (in terms of value in USD), but it sends a very strong message. In recent times, a number of countries have been reducing the share of US Dollar in their forex reserves. China and Russia have been replacing the US Treasury Bonds with gold and other currencies such as Euro. And in case of El Salvador, they are replacing USD with Bitcoin. Now I am not sure whether the Americans will be very happy with this. They have overthrown regimes in Latin America for far less serious reasons.

[CryptopreneurBrainboss]

Hats off to their administration for not really giving an f about the crash and still believes that bitcoin is something that they should focus on if they want to help their people.

That's what you get when you give the youths with vision an opportunity to lead, they make investment decision that the country will stand to gain from in many years to come. I'm sure he must have done some consultation and they result cane up position and beside he isn't taking a risk here, the future is cryptocurency and Bitcoin will be forever the front headline so they best and country can do for their citizens is to invest and educated them in Bitcoin.

Many years from now, we'll look back and applaud this decision made by the El Salvador government today, who knows before the other country catch up, it might be too late. The buying is just normal for any believer in the movement. Any opportunity the market present to get some discount coins shouldn't be missed as such opportunities might never present themselves again.

[tulpash]

After Bitcoin dropped to $43,000, the president of El Salvador continued to buy 150 Bitcoins. I admire this president and this country. Because:
The first country to swing Bitcoin to the top after buying and the President to buy at the bottom of the most skillful Bitcoin ever known. 
He deserves 100 points right now if he uses a Bitcointalk account.

[bakasabo]

I must say that it was no the best time for El Salvador to buy these 200 BTC. I am somehow sure that they have bought it for a much higher price than Bitcoin cost on September 8 2021. And after seeing such price decline, peoples believe in Bitcoin might be wrong.
And the number of 200 BTC seems small to me, in comparison to a whole country. Only 200 BTC, that is just a 10-15min trading volume on Binance exchange for example.

LOL.. first you say that this was not the right time to purchase BTC. And then you say that the volume was not enough. Both the statements contradict each other. If the timing is not right, then it makes sense to purchase smaller amounts. El Salvador doesn't want to follow the model set by Tesla ($1.5 billion purchase in a few days). They want to purchase BTC at regular intervals, in small quantities. And this reduces the risk of incurring a loss, in case the exchange rates nosedive at some point in the future.

You did not get my idea, because my English is far from being perfect. Sorry.

I was trying to say, that the amount El Salvador has bought was too small for such country. If I'm not mistaken, they promised to distribute an equivalent of $30 in BTC is not enough to distribute promised amount to 6.5 millions citizens. By mentioning trading volume I wanted to show that while whole country or nation makes a purchase, regular traders buys similar amount in just 15min. In other words, regular traders only on Binance have identical buying power as a whole country.

People mention that total amount bought is 500 BTC. First batch has bought with the price $50k, second @ $45-47k probably. They did not give time for market to recover from recent drop.

[bryant.coleman]

You did not get my idea, because my English is far from being perfect. Sorry.

I was trying to say, that the amount El Salvador has bought was too small for such country. If I'm not mistaken, they promised to distribute an equivalent of $30 in BTC is not enough to distribute promised amount to 6.5 millions citizens. By mentioning trading volume I wanted to show that while whole country or nation makes a purchase, regular traders buys similar amount in just 15min. In other words, regular traders only on Binance have identical buying power as a whole country.

People mention that total amount bought is 500 BTC. First batch has bought with the price $50k, second @ $45-47k probably. They did not give time for market to recover from recent drop.

OK.. got it now.

Nayib Bukele had stated that El Salvador would require around $225 million worth of BTC, if the government wants to airdrop $30 to each of the adults. I think they have purchased $25 million worth of coins so far, so that is only around 1/9th of the required amount. And reports indicate that despite some well publicized protests sponsored by the opposition, the implementation has been very smooth. Locals in San Salvador are reporting that a lot of people are paying with the Chivo wallet for their coffee and fast-food. Actually I was worried that there will be some technical snags or other issue which will then be weaponized by the media, but nothing of that sort has happened yet.

[jakdanyel]

200 Bitcoins will not be enough for their whole population which is around 6.5 million now. But I suppose that their goal is not like that. They just want to incentivize people by distributing $30 worth Bitcoin among approximately 333k people considering the current Bitcoin price. Let's see if that will work. El Salvador must convince its people to use only Bitcoin in different ways not to let this effort be in vain at the end.

[Kong Hey Pakboy]

200 Bitcoins will not be enough for their whole population which is around 6.5 million now. But I suppose that their goal is not like that. They just want to incentivize people by distributing $30 worth Bitcoin among approximately 333k people considering the current Bitcoin price. Let's see if that will work. El Salvador must convince its people to use only Bitcoin in different ways not to let this effort be in vain at the end.

It's probably for the government only. And if it's not, then they can just buy again if the need comes to be. I think that when there's a big pump in prices and people starts making profit out of it, I think that it's enough for the people of El Salvador to accept bitcoin, let's just wait for some time.

[RealMalatesta]

Nayib Bukele had stated that El Salvador would require around $225 million worth of BTC, if the government wants to airdrop $30 to each of the adults. I think they have purchased $25 million worth of coins so far, so that is only around 1/9th of the required amount. And reports indicate that despite some well publicized protests sponsored by the opposition, the implementation has been very smooth. Locals in San Salvador are reporting that a lot of people are paying with the Chivo wallet for their coffee and fast-food. Actually I was worried that there will be some technical snags or other issue which will then be weaponized by the media, but nothing of that sort has happened yet.

The math is nearly correct, since they have a bit under 6.5 million people, and a bit over 550 bitcoins already, that means it is closer to 1/8 or 1/7 depending on the latest situation. Of course, there is still a long way to go, but a poor nation nearly ready to airdrop $30 to everyone in their country without even printing money? That is definitely unheard of. I mean think about it, if they could keep doing that forever then they could find the solution to keep the public rich while not printing money and making it worthless.

Look at USD, the government printed trillions upon trillions and they are more in debt right now than any time in history, and they still do print money. This is obvious that El Salvador has done something marvelous, and the transition being quick is also amazing as well, it is definitely going to be a great example to all other nations.

[raidarksword]

El Salvador doing a great move on buying huge amount of bitcoins and that's the first time of mass adoption and there is not stopping on that one. I bet more countries will follow the act of El Salvador and hopefully pursuing it as legal tender as well. With all these news on going this is a very bullish news indeed, more adoption the better for bitcoin.

[zeuner]

A significant number of El Salvadorians have been using bitcoin(through Lightning, hence little to no fees) for a while now. The legalization is just going to give adoption a boost, not necessarily the start of it.

Will there be government-ran Lightning nodes? Might be good to build upon what is already there.

[perfect999]

I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.

The other time I saw a news about some retirees who were protesting against the decision of the president of El Salvador. I guess they don’t have a clue about what cryptocurrency and blockchain is all about. But, with time they will get to understand it,and also get to know that the president is doing his best to make the best decision for the country. With a decision like this there’s sure going to be a lot of development coming their way soon.

It is now part of history that El Salvador is the first country that accepted Bitcoin as a legal tender, and that’s going to make the cryptocurrency community to stand strong with El Salvador.