El Salvador has just bought it’s first 200 coins

[bryant.coleman]

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.

It was a protest sponsored by the left-wing losers. The real pensioners are no longer protesting. They know that Bitcoin is not mandatory. And millions of Salvadorans are living outside the country and they will be able to save huge amounts if they use Bitcoin. Currently it costs around 6% of the total amount, to send remittance payments to El Salvador. So Western Union and Moneygram will take a cut of $60 for every $1,000 sent. With Bitcoin, this fees will be reduced to 1/100th. I read a news article, where they claimed that the move from El Salvador will cause a loss of $1 billion every year to money transfer businesses like WU.

[raji1995naya]

With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

[Vishnu.Reang]

With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

It will be interesting to see which country will be next, since the implementation has been completed without any major issue in El Salvador (there was a minor technical snag though, and it was resolved in a matter of couple of hours). Before the implementation, there were some well publicized protests, mainly sponsored by the opposition. But looks as if they are silent now. Even the senior citizens have now realized that there is no compulsion in using Bitcoin, and they can save a lot in the form of fees and other charges. 

[Abiky]

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
...
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms

"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."

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.

It's a pretty smart move from El Salvador. This large investment will help protect the country against the negative effects of inflation. After all, Bitcoin is poised to become valuable over time. Declaring Bitcoin as legal tender will only boost the cryptocurrency's adoption in the mainstream world. It should only be a matter of time before other countries follow, leaving Fiat behind in the dust. I believe El Salvador is on a path towards true financial freedom. Its economy will flourish like never before thanks to the government's recent move. Who knows how everything will look like in the country decades from now? Just my thoughts

[LUCKMCFLY]

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.

El Salvador is indeed getting the attention of many people, since El Salvador legalized Bitcoin as a legal tender. Now El Salvador has decided to buy
Bitcoin in large quantity, and this is very good news, because this would at least attract the attention of other countries. Hopefully with what El Salvador
has done it can convince other countries to do the same. As more and more countries are legalizing Bitcoin as a legal tender, the Bitcoin adoption
process is also getting faster.

Not only is it attracting the attention of many countries, governments, banks in general, it must also be taken into account that the demand for BTC has been increasing, if the people of El Salvador are trading more and more with BTC, the trading volume increases, whether by selling or buying, the volume increases and this is a good index in general for the market, because it no longer depends only on institutions, whales, even the emotions that fundamentals can cause worldwide, but on the daily economy that moves a country, if only in this way much more volume is produced, with only the induction to another country will create that the BTC grows in price and in value every day.

[wxa7115]

With this significant achievement by El Salvador, we can confidently state that the path to bitcoin adoption is now clear. I hope to see another country follow in El Salvador's footsteps, as the government can now focus on mass education of its citizens to fully understand the use of blockchain and crypto.

There are other countries especially in Latin America that are thinking about doing something similar, however I think that we should not expect this to happen immediately, if I were the leader of those countries I will take my time and instead take a look at what happens at El Salvador, if everything goes right there then it makes sense to take the same path that they did.

However if something goes wrong then you are going to have the time to try to figure out why that was the case and try to find a way to solve it, however one thing I'm completely sure is that there is no turning back, countries are going to begin to adopt bitcoin and maybe other cryptocurrencies as it seems that another economic crisis is coming very soon.

[Timelord2067]

It is a really huge amount of purchase which is worth around $10m for now. This is a good preparation before making Bitcoin their legal tender. The most important thing is what will happen later. Because I still don't know how many El Salvador people are likely to use Bitcoin in their daily lives. And I wonder what El Salvador's strategy will be from now on to convince people to use Bitcoin. I hope that they become successful after this move.

At a guess, people would pay their rates, taxes and any associated fees the government sets for the public.  These fees might probably be a week's ages (or higher) requiring a person to make a one off purchase of bitcoin to enable them to make the transaction.

As others then go onto say Lightning Network transaction fees are enabling entry level users to make micro payments (i.e. McDonald's/Burger King etc as we reported in another thread) for small value transactions.

The Federal Government might be stockpiling it's initial purchase to both instill confidence in the citizenry and also as a replacement to a more traditional store of wealth e.g. Gold in Fort Knox.

[sana54210]

At a guess, people would pay their rates, taxes and any associated fees the government sets for the public.  These fees might probably be a week's ages (or higher) requiring a person to make a one off purchase of bitcoin to enable them to make the transaction.

As others then go onto say Lightning Network transaction fees are enabling entry level users to make micro payments (i.e. McDonald's/Burger King etc as we reported in another thread) for small value transactions.

The Federal Government might be stockpiling it's initial purchase to both instill confidence in the citizenry and also as a replacement to a more traditional store of wealth e.g. Gold in Fort Knox.

There are also other places that does it off-chain as well. Think of it like having a paypal, all of the money is there anyway, and then you work your life regularly, and then instead of people paying you fiat to your bank account, they pay you bitcoin to your wallet, and it is in their wallet as well, and the nation as a whole just moves money from one wallet to another on that app.

This way the app doesn't actually do crypto transactions, it just moves money from one account to another account for a very small fee. Sure the first entry is the big one but companies of that nation probably doesn't care about the small entry fee when they have so many workers, or the shop owners do not care about the first entry neither considering they will make that back if they are good at their business. Long story short instead of just bitcoin wallet to bitcoin wallet transaction fee, it is account to account in some app.

[Vishnu.Reang]

I am struggling with the source of information on the adoption of bitcoin/cryptocurrency in Salvador, some news tend to the success while others to the failure. Salvador adoption had led to some countries move to adopting it, i hope the ETF is successful by November then bitcoin can go crazy again.

It has been just 12 days, since Bitcoin became the legal tender in El Salvador. To get a definite picture, you need to wait for at least a couple of months. Right now the people are polarized in to two camps and I am not sure which one is having a higher level of support. The vast majority are using Bitcoin for the first time and it will take at least a few weeks for them to get adjusted. As time progresses, I expect the youth and the middle-aged individuals to prefer BTC more, while I don't foresee any major change in the attitude of the pensioners.

[Lucius]

Right now the people are polarized in to two camps and I am not sure which one is having a higher level of support.

I would conclude from all that has been seen that bitcoin supporters have an incomparably greater advantage if we take into account the following data.

After only one week since bitcoin officially became a legal currency in El Salvador, adoption numbers are showing big interest from merchants and citizens to use the new medium of exchange. Over 500,000 people have signed up for the Chivo account, even though its usage is optional, and mainstream global commerce chains have quickly jumped on allowing purchases with BTC since day one. Big names accepting bitcoin in El Salvador currently include McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut. Even a local bank, Banco Cuscatlán, has already integrated Bitcoin with its services.

Those few hundred or thousands of protesters who don't really know what they're protesting against are actually more than evidently politically motivated. But their protests will calm down over time, because no one is forced to do anything - it is a matter of choice and that is the most important thing.

The vast majority are using Bitcoin for the first time and it will take at least a few weeks for them to get adjusted. As time progresses, I expect the youth and the middle-aged individuals to prefer BTC more, while I don't foresee any major change in the attitude of the pensioners.

The young president has made a courageous decision, and I believe that young people support him in what he does - retired people have a hard time learning new skills anyway - nothing has changed for them, except that some may regret that their country does not have its own national currency which is nevertheless a matter of national pride and a symbol of sovereignty.

[wxa7115]

I am struggling with the source of information on the adoption of bitcoin/cryptocurrency in Salvador, some news tend to the success while others to the failure. Salvador adoption had led to some countries move to adopting it, i hope the ETF is successful by November then bitcoin can go crazy again.

It is too soon to know if this is going to be a success or not, we must give it at least a year, so those that are claiming that it is a success or a failure are just jumping to conclusions too quickly as there are no real arguments in favor or against it at the moment.

However while it is too soon to give a definitive answer there have been reports of half a million people downloading the wallet, and while it is true that the majority probably did so to receive the free 30 dollars in bitcoin it will be important to monitor if this number keeps increasing and if people begin to use bitcoin on their everyday lives and as a remittance service.

[Issa56]

Waw that's really massive and I believe that will really pump bitcoin price and I think it will be better if other countries also accept bitcoin as legal tender I believe that will be really fantastic. Bitcoin now is what countries should start accepting they should reject bitcon atleast it will boost each countries economy.

[Abiky]

There are other countries especially in Latin America that are thinking about doing something similar, however I think that we should not expect this to happen immediately, if I were the leader of those countries I will take my time and instead take a look at what happens at El Salvador, if everything goes right there then it makes sense to take the same path that they did.

However if something goes wrong then you are going to have the time to try to figure out why that was the case and try to find a way to solve it, however one thing I'm completely sure is that there is no turning back, countries are going to begin to adopt bitcoin and maybe other cryptocurrencies as it seems that another economic crisis is coming very soon.

It's a bold move from El Salvador. I'm guessing other third-world countries will do the same as inflation slowly kills the economy. Imagine how rich these countries would become in the future as Bitcoin reaches new All-time-highs. Putting their trust in Bitcoin would be like putting their trust on Gold as a store of value.

Now it would be up to the people to get accustomed in the new digital economy. It's up to the government to expand Internet access for everyone within the country in order to help move the Bitcoin economy. If all goes well, El Salvador might become a prosperous economy with a deep impact that would encourage even developed countries to join the game. We'll see how everything will play out after a couple of years from now. Just my thoughts

[MNbag]

I wonder how many people in this thread are from El Salvador?

It seems a bit disingenuous to say that the situation in the country will be better when you live about 1000 miles away from the damn place.

Reminds me of the white saviour trope where a special thing or person will solve all the problems like magic.

El Salvador is not an example people should hold up for Bitcoin: at most, it is merely an experiment conducted by a bunch of autocrats who want to appear "hip and cool" to the Western hemisphere in order to drum up some dollars.

[turneps]

El Salvador President Nayib Bukele announced on Twitter that his government bought the first 200 BTC first.
One day, and urged people to buy a small amount of Bitcoin to support El Salvador's plan, which would make crypto-currency legal tender in the Central American country, into effect.
The government of El Salvador is also working on building infrastructure to support the new Bitcoin Law, including the creation of a $150 million bitcoin trust fund to facilitate the exchange between bitcoin and bitcoin. domestic US dollars.

[Abiky]

I wonder how many people in this thread are from El Salvador?

It seems a bit disingenuous to say that the situation in the country will be better when you live about 1000 miles away from the damn place.

Reminds me of the white saviour trope where a special thing or person will solve all the problems like magic.

El Salvador is not an example people should hold up for Bitcoin: at most, it is merely an experiment conducted by a bunch of autocrats who want to appear "hip and cool" to the Western hemisphere in order to drum up some dollars.

Whatever the government's intentions may be, it seems that it's little experiment is working out. There's hype all around the world because of El Salvador's decision to adopt Bitcoin as legal tender. The government has even invested its own money into Bitcoin itself, tempting other countries (especially Latin-American countries) to do the same. If El Salvador's move triggers other countries to adopt Bitcoin as legal tender, then the cryptocurrency would've finally reached mainstream adoption. We're going to have to see what happens in a few years from now after El Salvador's recent move. No matter if the "experiment" becomes a success or a failure, Bitcoin won't be going anywhere thanks to its decentralized and censorship-resistant design. Just my thoughts

[Sithara007]

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

[tippytoes]

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

They will always find resistance or hesitations from media or public. But if they know their goals here, they can move forward without any permission from anyone. And they can always prove that no matter what they can create a somewhat legacy that will benefit its people. They will be a good example with regards to adoption in crypto if they are successful with this venture.

[G-Money7777]

Lucky SOB's!

[Sithara007]

As long as the prices move up, no one is going to complain. The mainstream media channels who were constantly targeting Nayib Bukele in September have suddenly gone mute now. And for the ordinary El Salvadorans, their $30 Bitcoin airdrop have by now grown to $45. Even when the government started the mining farm using volcanic energy, some of the critics targeted Bukele very harshly. They have also gone silent now. Salvadorans are lucky to be the first ones to make Bitcoin as the legal tender. In the coming years, they will reap the rewards from this move.

They will always find resistance or hesitations from media or public. But if they know their goals here, they can move forward without any permission from anyone. And they can always prove that no matter what they can create a somewhat legacy that will benefit its people. They will be a good example with regards to adoption in crypto if they are successful with this venture.

It is not resistance or hesitation. What I can see is pure hatred from the media. Either they are doing it on their own, or they are propagating this hatred in return for favors from fiat sources. Ideally the media needs to be biased, because they can influence the decisions of hundreds of millions of people. But here they are painting a very biased picture about cryptocurrency, whatever their motives maybe. And in turn, this is detrimental to ordinary people, who miss out on the big profits that can come from crypto.