El Salvador and the Bitcoin Pump

[alltalk]

Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.

Of course. El Salvador wouldn't dare to make Bitcoin as a legal tender if they didn't make a research firstly. They must already do a series of research for a long time before they make the decision. I'm very sure El Salvador has many professional people who know well Bitcoin. It is the same as other countries in Africa, they won't dare to legalize it carelessly. However, they also have advanced mind for the future, so they want to take all the risks of legalizing and investing Bitcoin.

[sampoerna]

Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.

Of course. El Salvador wouldn't dare to make Bitcoin as a legal tender if they didn't make a research firstly. They must already do a series of research for a long time before they make the decision. I'm very sure El Salvador has many professional people who know well Bitcoin. It is the same as other countries in Africa, they won't dare to legalize it carelessly. However, they also have advanced mind for the future, so they want to take all the risks of legalizing and investing Bitcoin.

And at first, many of its citizens were also against this decision. But fortunately, many of the government officials were indeed crypto enthusiasts and this was quite a success. Although there was still debate and pros and cons when making the decision, fortunately many parties also supported this. So it happened, El Salvador as the first country to adopt Bitcoin as legal tender. At that time, this was a very different step and now, its value has really increased fantastically.

[CoinHolder]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

I think adopting Bitcoin by any country will always help them solve diverse financial and economic issues whether poor countries or the Rich countries. Bitcoin has shown this capacity and the potential to solve issues for everyone. it is obviously can be a big store of value if some of these countries will release this.
Elsalvado has show the way for as many countries that may adopt to Bitcoin, we all can see their progress so far, it has been excellent investments, no doubt about it.

Yes, you are right, I think because if Bitcoin is legalized in different countries of the world, it will have a lot of economic impact and the country can reach the point of development. El Salvador has shown a new path by accepting Bitcoin as a legal currency. The country is trying to reduce the cost of international currency transfers and increase foreign remittances through Bitcoin. Although this is a high-risk step, it can see positive changes in the country's domestic economy. On the other hand, there are also many challenges for countries taking such steps, such as technological infrastructure, public awareness, and integration with global financial markets.

[bayu7adi]

On the other hand, there are also many challenges for countries taking such steps, such as technological infrastructure, public awareness, and integration with global financial markets.

I forgot to think about this... this is a particular difficulty for poor countries because the infrastructure is not yet adequate to truly adopt Bitcoin as a daily payment currency... and holding assets with a high level of volatility is also quite risky for them... the country still needs security to be able to maintain its economy....

I rethink the topic I made, that it is quite difficult to implement for countries with less stable economic conditions... it takes thorough preparation for the government to adopt Bitcoin, and I think Bitcoin is not a simple solution as I thought.

[taufik123]

-snip-
I rethink the topic I made, that it is quite difficult to implement for countries with less stable economic conditions... it takes thorough preparation for the government to adopt Bitcoin, and I think Bitcoin is not a simple solution as I thought.

It is necessary to do a lot of research because each country has its own economic problems and of course it is not easy to be fully adopted.
Like in our country Indonesia, Bitcoin or crypto assets only get commodity regulation and should not be fully adopted as a payment system because they are still thinking about the risks and unpreparedness of people to use crypto.

[kulkhan]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.

I think El Salvador is guide for all countries. Bitcoin being most important part of world economy, So who will understand it and who will legalized it quickly they will benefited there has no doubt. El Salvador understand it and they did it. I strongly believe others country will understand and they will localised bitcoin. And then Bitcoin will be more established.

[alltalk]

But fortunately, many of the government officials were indeed crypto enthusiasts and this was quite a success. Although there was still debate and pros and cons when making the decision, fortunately many parties also supported this. So it happened, El Salvador as the first country to adopt Bitcoin as legal tender. At that time, this was a very different step and now, its value has really increased fantastically.

You're right. There are already many government officials showing their interest in Bitcoin. This probably brings positive impacts on the regulation of crypto in the country. They may be more friendly with Bitcoin, and even they may follow El Salvador to utilize the potential of crypto coins. I am very sure there are many countries to follow El Salvador because this country has been very successful in their crypto businesses.

[_act_]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

Why not, this is a freedom thing, you can invest and hold as much as you can afford, there is no one to query you on that, once you're not making use of a custodial exchange in holding for this, things weren't that easy for them as well the time they eventually started new, but it was something worth it now, country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.

[pieppiep]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

Why not, this is a freedom thing, you can invest and hold as much as you can afford, there is no one to query you on that, once you're not making use of a custodial exchange in holding for this, things weren't that easy for them as well the time they eventually started new, but it was something worth it now, country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.

This freedom is one of the cryptocurrency’s features, ensuring we control our investments without the need for a mediator. The ability to store and manage assets digitally as well as its relations to owning funds are illuminated in the fact that this technology gives great opportunities to people who want to build their financial future more independently. Even though the use of plastics in different countries including the Central African Republic is still relatively low, this stage cannot be overemphasised. Of course, anybody realises that all these steps make a way towards further acceptance are steps towards a greater change. We are in a position to continue to properly and carefully use this technology for being participants in such a positive transformation.

[Stompix]

country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.

Because the law was repelled before it had any effects:
https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender

Either way it was a stupid move, a country with 7% internet penetration was going for a digital currency, it was just ridiculous, not to mention than a tx even now with cheap fees is still 1% of the minimum wage.