El Salvador: BTC a Tool to Liberate the Nation From Fiat Currencies

[Captain Corporate]

I do love the idea that they are trying their very best to get rid of the fiat currencies, no matter which one. This isn't really attacking to USA alone though, if it was like "we do not like the us dollar, we are moving to russian ruble or Chinese yuan or European euro" or whatever, then I would understand that we are talking about something regards to USA and attacking them. However, we are talking about them moving to crypto instead of fiat, and that means any fiat. That could mean that they just don't like fiat and they prefer bitcoin for their future which is what we should be considering as well anyway.

[Crwth]

I don’t get much the point of the question, but I think since they started allowing it in becoming legal and they are not probably going to stop now, even if it’s a few years from now. The only thing possible in this case is changing of leadership and then maybe have a different stance With bitcoin or something.

I do hope that they have the future with bitcoin and also because of bitcoin. That’s going to be an awesome thing for everyone within the crypto space.

[Gurujebs]

I am then hoping that as years go by, we can witness the many advantages of using Bitcoin as a national currency in El Salvador. Do you see a great future of Bitcoin in El Salvador say within 5 or 10 years from now or do you see a great future of Bitcoin but without El Salvador on the scene?

As much as this will act like a stepping stone for other countries to see the good side of Bitcoin, El Salvador isn't utilizing Bitcoin to it's full potential. The country still use Fiat as legal tender but they used US currency instead of their own local currency and that's because their currency was later replace from colon for reasons I don't understand.

If El Salvador isn't really forcing Bitcoin to many of its citizens, I don't think many will even want to use it but since it's a legal tender, merchants will be force to accept it but many of them wouldn't utilize because of volatility issues.

[Faisal2202]

It depends on what kind of investments though, if it will be bitcoin mining could be good but the government will have to subsidized the electricity and I'm not sure how El Salvador capacity to supply Bitcoin miners or if they themselves, the government has the total monopoly of bitcoin mining.

That's the big issue, no one would want only one government to be involved or own the entire project of providing cheaper electricity to BTC miners. But if we broad our search, then we will find that almost in all over the world, every single cheap electricity program owner is one government or one entity. So this don't make a big difference, its just a small limitation with which we have to compromise. And they are not just going to monopoly the whole thing of cheap electricity for some bucks while in the long run they can get more.

I am talking about there volcano electricity plant providing cheap electricity for mining.

And still we have to think for the long term, yeah, Bukele could have won his re-election, but for sure he can't stay that long as he will be a dictator. Unless the one that will run the country next is under his political affiliations, then Bitcoin for them is still going to be in the gray area as for now it is being attached to who is going to be the next and future President of the country.

That's a good point as well, if the opposition parties in the countries are most concerned about the overall country progress instead of going after the presidential seat with all of there efforts then its a good place for investors otherwise not.

[Stompix]

It depends on what kind of investments though, if it will be bitcoin mining could be good but the government will have to subsidized the electricity and I'm not sure how El Salvador capacity to supply Bitcoin miners or if they themselves, the government has the total monopoly of bitcoin mining.

That's the big issue, no one would want only one government to be involved or own the entire project of providing cheaper electricity to BTC miners. But if we broad our search, then we will find that almost in all over the world, every single cheap electricity program owner is one government or one entity. So this don't make a big difference, its just a small limitation with which we have to compromise. And they are not just going to monopoly the whole thing of cheap electricity for some bucks while in the long run they can get more.

I am talking about there volcano electricity plant providing cheap electricity for mining.

Yeah , yeah, the magical volcano energy....

First! Salvador is a net importer of electricity!

Second, after closing his Twitter page when he brags about volcano energy Bukele went and cut the inauguration at a 387.1MW gas fired power plant
https://www.power-technology.com/data-insights/power-plant-profile-acajutla-flexicycle-power-plant-el-salvador/

Third, there is a f* FSRU ship that converts LNG imports to gas to fee the system right in front of the port where you would have had Bitcoin city:
https://bw-group.com/our-businesses/bw-lng/projects/acajutla-fsru-project-in-el-salvador/

With nominal project CAPEX of roughly US$1 billion, the project is El Salvador’s ‘largest ever foreign direct investments in El Salvador’, Invenergy said in a statement announcing the project’s close on financing in December 2019.
Its capacity is designed to meet around 30 pct of the country’s energy demand.
The project’s legal advisers specify the project comprises the power plant, FSRU (permanently moored through a modified spread mooring system), subsea pipeline and a 44-km, 230-kilovolt transmission line and related substations to connect the power plant to El Salvador’s electrical grid.

Now please do tell me more about this cheap "volcano" energy and the lies Bukele is spreading that some actually believe in.

[Faisal2202]

Yes, Dear, if we see El Salvador is very bullish on Bitcoin, where once i have read a news where El Salvador President announced that the government will keep buying bitcoin until it is affordable or they have sufficient fiat to buy bitcoin, and from these we can get an idea of how much El Salvador is bullish on Bitcoin. This thing encourages other investors to invest in their country and many are interested to hold the nationality of El Salvador Especially Crypto Lovers.

They also introduced a plan for nationality as well which will require a person to give them $1 million dollar in BTC form to get permanent nationality of that country. I think $1 million is a lot of money because in some countries you work on the basis of a work visa or there might be some other factors and in the end after spending so many years you get a green card from the country means nationality. I might have missed some points but I can say for sure that none of the tier 1 countries would require a person to give them $1 million to get permanent nationality CMIIW.

Besides this, i have seen some videos on the Social platform where kids are paying their food bills using Bitcoin Payment method and this thing also promotes the adoption of the bitcoin around the world on social platform. Many may inspire with this idea and on the same side if we focus on another point which is Bitcoin is becoming more adoptable in America also as President Trump also supporting this at that time so we may see Good days of Crypto very soon. All depends!

Some people might not agree with these kids for spending BTC on food or regular day-to-day uses. Because I have seen most of people prefer to take BTC as an asset and they don't want to use it as a currency for day-to-day uses. But some people are using it what's your take on this? Is this good for these kids to pay with BTC for their food?

[snowpega]

They also introduced a plan for nationality as well which will require a person to give them $1 million dollar in BTC form to get permanent nationality of that country. I think $1 million is a lot of money because in some countries you work on the basis of a work visa or there might be some other factors and in the end after spending so many years you get a green card from the country means nationality. I might have missed some points but I can say for sure that none of the tier 1 countries would require a person to give them $1 million to get permanent nationality CMIIW.

Yes, Buddy, there is nothing new here as many of the countries give you nationality on an investment basis for that you need to invest a fair amount in their country then in return they will give you a Passport of their country which means you will then also the legal resident of that country. So, that is why it is not new that El Salvador offers their green card for $1 Million Dollars. Besides this, there are many different ways to get country nationality let's say you want to have the nationality of UK and you are there with a Work Permit Visa and you need to live there for 5 years and during all this time you have to stay away from all legal activities and you need to show your all income so that you can pay your taxes according to their designed system. Then, after 5 years you will be eligible to receive your nationality of this country. The criteria for student visas are different. If you also need information about that we can have further discussion on this haha!

Some people might not agree with these kids for spending BTC on food or regular day-to-day uses. Because I have seen most of people prefer to take BTC as an asset and they don't want to use it as a currency for day-to-day uses. But some people are using it what's your take on this? Is this good for these kids to pay with BTC for their food?

TBH, dear I don't have that much information about this but sometimes they need to pay less amount but the fee can be high right? Besides this if you don't mind may I ask you some questions? what can of impact the Bitcoin network have if it starts to use as more and more for majority payments assume it for just example. It is just a noob question haha! I know! I want to know it from your point of view. Many Thanks!