El salvador a trail blazer for other developing countries

[Pouvoirp]

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

[int03h]

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

We have to wait for the economic optimism of El Salvador after they adopt the policy of using Bitcoin for payment. At least 5 years to observe.
Bitcoin is just a payment unit and it fluctuates widely. Businesses that hold Bitcoin may be at a disadvantage because of the price drop.

[Alanaz]

and I just opened my social media and it said elsavador added another 150 btc and this is very good even though it seems like making a pump but this is certainly quite good news because before there was news that said El Salvador will also accept Bitcoin payments with OpenNode! With this new partnership, all McDonald's restaurants in El Salvador can accept Bitcoin payments using the Lightning Network.
and this is like a pretty big adoption and step that the government of El savador is taking.

[ranochigo]

They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

Damn. No freedom for their own citizens to choose their own payment methods?

In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.

[Pouvoirp]

Damn. No freedom for their own citizens to choose their own payment methods?

I honestly agree with that. Bitcoin being a decentralized currency, I.e it's not controlled by anyone and transactions can be viewed by all. It offers the freedom to do whatever you wish to do. I think the concept of bitcoin does not support dictatorship.
Bitcoin gives us the basic human rights attribute( freedom) which was the first thing that lured me into the crypto market.
Citizens should be allowed to make their own choices. As well as choosing their medium of payment.

In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.

If they're not adopting it as a better medium for a transaction exchange;
Are they adopting it for PUBLICATION purposes (since they're not a popular nation)??
Are they adopting it to gain an increase in the nearest FUTURE??
Do you think it's a negative move on the crypto market??

[LonelyUranus]

El Salvador is the first country to use Bitcoin as legal tender. As pioneers, many small countries, developing countries, or countries that are economically controlled by the United States are all watching the changes in El Salvador. If El Salvador does a good job, it may involve many countries. There are too many unknowns, let's wait and see

[Argoo]

El Salvador is the first country to use Bitcoin as legal tender. As pioneers, many small countries, developing countries, or countries that are economically controlled by the United States are all watching the changes in El Salvador. If El Salvador does a good job, it may involve many countries. There are too many unknowns, let's wait and see

However, it is also wrong to impose bitcoin on all residents of El Salvador and even apply sanctions for refusing to use it as a means of payment. We seem to be for freedom in means of payment and the creation of convenience in their use. Freedom is not combined with a lack of choice and methods of coercion to use only this and nothing else. Therefore, coercive measures to use bitcoin can provoke a backlash in people with its rejection. The already very rapid introduction of bitcoin as the only means of payment in the country has caused protests and approximately 70 percent of the population of El Salvador do not agree with these actions of the president. The situation with the rejection of bitcoin may still change, let's see what happens next. So far, Bitcoin has been officially introduced as a means of payment in El Salvador only since yesterday.

[kryptqnick]

Mass adoption of Bitcoin in El Salvador is in early stages, so it's hard to estimate how this will impact their economy. Given that the economy is in a terrible state, the move to adopt Bitcoin is a desperate decision that is supposed to help the country. But the problems in El Salvador are very serious, and I'm not sure that adopting Bitcoin can solve them. After all, their fiat is USD, but that doesn't help them at all, even though the USA manages very well with this currency. The potential with Bitcoin is, of course, higher, because it can create lots of new jobs if crypto businesses open there, but we can't predict if this is going to work. If it does, and El Salvador significantly improves its economic state after adopting Bitcoin, I'm sure many other countries will give it a shot and will take Bitcoin way more seriously than they do now.

[BOAEDAN]

if el salvador is able to make their economy better, and able to make bitcoin as their economic pump, and their people live prosperously with bitcoin, and they are able to boost their economy, el salvador can be said to be the main trail pioneer for other developing countries, by itself the country Others will follow El Salvador's steps.

[tyz]

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

El Salvadoar is certainly a testbed.  Nevertheless, the country also has special conditions compared to other developing countries. This is because El Salvador had abolished its own currency many years ago and introduced the U.S. dollar. Since it was too strong for the economy in the past, another alternative had to be found. This alternative is now Bitcoin. It will be interesting to see how this experiment works and how the volatility will be affected. If this works well for the next 1-2 years, then I could imagine that other such countries will follow suit.

[Darker45]

They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

Damn. No freedom for their own citizens to choose their own payment methods?

I'm curious where the OP got this news. I think OP hasn't been properly informed about this. Bitcoin is not the country's only legal tender. El Salvador is not replacing the USD with Bitcoin. The USD is to stay as a legal tender alongside Bitcoin. This means to say that businesses as well as the country's citizens have the freedom to use USD over Bitcoin. They are not forced to use Bitcoin. If they do not understand how Bitcoin works or simply do not like to use Bitcoin at all, it is their freedom not to use it.

[Fesatmas]

- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

In fact, it seems as if people feel forced? is this freedom in bitcoin transactions? isn't this a misnomer for the benefits of Bitcoin? I don't really agree if there is a policy of sanctions if you don't use a certain wallet and refuse Bitcoin payments. Because after all this kind of adoption only creates a bad stigma in the eyes of society. We want to run as it should and have adoption on the basis of people's trust in Bitcoin and on the basis of Bitcoin's viability for the future.

[noorman0]

I'm curious where the OP got this news. I think OP hasn't been properly informed about this.

I got the source of this info.

There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.

It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency.

[Darker45]

I'm curious where the OP got this news. I think OP hasn't been properly informed about this.

I got the source of this info.

There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.

It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency.

Yes, there were confusions at the start particularly because Article 7 of the Bitcoin law explicitly states that "Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service."^[1] This is now being repeatedly mentioned by anti-Bitcoin entities to sow misinformation among the public. This caused fear and uncertainty among the people especially those who do not have the access both to knowledge and the technologies needed.

However, the same law also explicitly states in Article 12 that "Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law."^[Ibid.]

Moreover, the president himself has made it clear very recently that the people have the freedom to download the app or not. "If they want they will download it and if they don't want to, no."^[2]

The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.

[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924

[DaCryptoRaccoon]

They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

Damn. No freedom for their own citizens to choose their own payment methods?

In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.

That's not to say they can't track them with BTC could actually be done very easy if the insist on you using a wallet they supply probably packed with all kinds of tracking tech.

I also see a lot of their people resisting the change what a crazy world we live in these days.

[Fesatmas]

The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.

[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924

Oh, so this is the opposition's strategy to bring down the president as if making contradictory policies, when in fact they are not. We quite understand how the opposition clearly does not like the new regulations from the President. In fact, we suspected that when many people demoed some time ago, isn't that like an alibi to separate the actual rules and lead opinion so that the public does not support the Bitcoin adoption policy.

[ropyu1978]

el salvador is the pioneer of the main trail of other countries,, for now it may not be able to be the pioneer of the main trail, but it can only be said that el salvador is the pioneer of the main trail of other countries, el salvador is able to have a positive impact on their country, and can make the country they are more advanced, if it has been proven, it can only be said that el salvador is a pioneer for other developed countries, for now it is still in the process..

[SquirrelJulietGarden]

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

El Salvador is the first nation accept Bitcoin legal tender. They are the first nation bought Bitcoin in a dip.

The bought Bitcoin will be used to airdrop to their citizens.

Globally nations are trying to create their CBDCs with blockchain technology. So the type of transaction will be used but on governmental centralized blockchains.

Chivo wallet is a custodial wallet and citizens have to register to receive airdrop. It is like KYC on exchange or in bounty to receive airdrop.

[dothebeats]

No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.

Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.

[Twinkledoe]

No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.

Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.

I have the feeling that some of their neighboring countries will follow thru. But they will assess first how El Salvador performs when it comes to this new approach in their financial system. If the positive outweighs the negative, high likely that they will ask the assistance of El Salvador to help them in implementing this system to their country. Anyway, this is interesting how things pan out after 6 months.