Bitcoin and dollars.. dollars are probably still 95% or more of commerce.

There seems to be a lack of hostility towards bitcoin, which surely is a good practice and an area in which El Salvador remains outstanding as compared with other countries.. .since for sure, so many countries would be advantaged by lowering burdens on bitcoin, which surely the category of labelling bitcoin as an officially recognize currency can be a way to allow bitcoin to freely transact and to take away that angle of hostility that seems to exist with bitcoin accross so many countries, outside of El Salvador.

I continue to believe that it is still important that governments (and by extension financial institutions) are not hostile to privacy and security, which surely, there are ongoing issues in terms of bitcoin developers being scared by injustices related to bitcoin developers who work on privacy/security software, using the Samurai developers as an example, which so many folks already consider that they should not be in jail and should not be setting any kind of a standard for the protection and allowance of bitcoin development - and surely it can be difficult to know how a smaller level government (like El Salvador) can do when other larger (BIG bully) governments are engaging in bullying and unjust practices in relation to bitcoin and/or bitcoin development and/or bitcoin-related practices. 


Pray tell!!!!

Are you talking about bitcoin-related matters, in terms of trying to create an atmosphere of non-hostility and promotion of bitcoin or other governmental practices, such as due process in terms of the treatment of those who might appear to be gang members?

I am not proclaiming to know the answers, even though I would proclaim that both bitcoin promotion and the creation and allowance of a non-hostile environment in the direction of bitcoin are very important kinds of governmental actions that do not seem to be present in a lot of other jurisdictions, especially at the nation-state level.


You seem to have a very narrow view @Lucius in regards to the role of bitcoin in El Salvador.  Sure, one aspect of El Salvador's bitcoin promotion and/or policies relates to its ongoingly buying bitcoin, and they surely emphasize their ongoingly buying bitcoin as one of their ways of promoting themselves as being "pro-bitcoin," yet if you really want to emphasize that their buying bitcoin has no meaningful benefits on the El Salvadorian population, you seem to not really understand the importance of sound money and even the importance of collateral, even if such collateral is not being directly spent.

We do not necessarily need to argue regarding the importance of sound money, reduction of debt, trying to live within our means, emphasizing investment rather than consumption, and perhaps other ways that governments might attempt to be responsible or if they can make up for past irresponsibility or the level of their debt and/or the extent to which they have natural resources or other ways to generate income for the country and for the government.

Of course, if it ends up that the bitcoin holdings were to end up being pilfered or otherwise squandered, then we may well proclaim that El Salvador's citizens had not benefitted from such seeming attempts at sound money practices and/or for the government to be proclaiming themselves to be saving in sound money (perhaps the most sound money that has ever existed in human history, up until this point?). 

As I recall the matter from several years ago (was it some time after 2021 when CAR attempted some copy cat variation of what El Salvacor was doing), I doubt that CAR could have had been taken as seriously as El Salvador in terms of their approach to the bitcoin matter..

Honestly I think you are on the right approach towards the actual condition with Central African Republic, what have deduced over time was that they never made the necessary plan and instrumentation to effect the adoption of Bitcoin as a legal tender, and this missing aspect of it make it very difficult for them to deliver up to expectation or even for the citizens to go in line with their intention for adoption.

We can't deny the fact that they came in after El Salvador adopt bitcoin as a legal tender and the stand to be the second to also call come on board in adopting bitcoin as a legal tender, but there have not been serious improvement ever since then, because it was not successful achievement to Central African Republic as the way we have it in El Salvador, should I say is their government that is bad or the lack the full competency needed, you will hardly hear anything about their progress when it comes to bitcoin and the government is even making the whole thing worse because they are not encouraging for the use of this decentralized digital currency by the people.

I'm talking about how I find it really sickening to read posts from sig spammers and those who have no idea what's going on in that country, especially in the context of Bitcoin and the general situation in that country when it comes to politics and economics. People are caught in the streets, schools and their homes like dogs and taken to secret locations where they are held without charge for years, many die in prison, the dictator and his people have their own version of democracy.


Do you really think that Bitcoin in El Salvador has any role other than that individuals (domestic) and foreigners get rich using public funds to buy Bitcoin and come up with schemes around Bitcoin bonds and Bitcoin mining that remain just empty stories? Do you remember the link I posted several times about how Tether bought a country (El Salvador), just because they had more money than the Cardano team, which by the way was supposed to become the cryptocurrency that Bukele would choose as the official one?

At the end of the day, 6000+ BTC with 365 new ones every year cannot help the economy of that country even with the best intentions and the most honest politicians.

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You see, I was thinking of these sig spammers, this guy doesn't even have a clue that Bitcoin is no longer legal tender in El Salvador, and I honestly doubt he would know how to show the same country on a world map.

It is worth note, and is hopeful to note, that Bukele and/or his closer advisors put up something in the airport which is pure Bitcoin and no shitcoin.

My guess is that Bukele's justice system probably would hear a case and discharge the debt of a transaction paid in Bitcoin as long as it was mutually agreed between the transaction participants.  In that way it could be argued that Bitcoin is 'legal tender'.  Just not 'legal tender for all debts public and private.'  Of course the same could apply to a truck-load of eggs.

I know of plenty of instances where Bitcoin has been used to settle transactions in the country, but it's a hassle which the locals are not inclined to undergo unless it is worth it.  That is to say, multi-thousand dollar transactions which will occur only if BTC is accepted.  Generally the locals know BTC exists, but it's a confusing hassle from their perspective.  It's actually quite easy to get funds from the Chivo machines, but when these machines fail(?) and simply steal their money, it's nearly impossible to get support.  Any middle-men involved in a transaction are going to extract their pound of flesh, and that includes the Chivo operators (whoever they may be these days.)

The same pound of flesh thing happens in the normal banking system of course, and outrageous delays happen in higher value transactions such as buying a car.  The banks will sit on $50k and I suspect take interest on it for the full three weeks or whatever they are allowed.  But the people are used to it and indoctrinated enough to think it is normal (or even a good thing!)

If/when the peeps realize that using self-custody BTC can reduce $500 worth of bank fees and a 3 week wait down to a $0.11 fee and 20 min wait, El Salvador will be more primed than most to move in that direction assuming the government maintains support for doing so.  But this applies mainly to higher value professional work.  Most people cannot afford a pot to piss in, and transactions where real BTC makes the most sense are in a fairly rarefied category.  L2 BTC and shitcoins might make more sense for a bulk of transactions, but even then probably 1/3 of the peeps don't own a smartphone.

The upshot of the above is that Bukele's government seems to remain supportive of crypto and of real BTC in particular.  Hopefully they are just sitting on their hands until a good opportunity to allow adoption pops up, and I personally believe that such a thing is the best course of action.  We might not have to wait for to much longer for a good opportunity given the goings-on in Iran and what that will mean for systems built around the USD world reserve currency regime.

The country has certainly adopted good policy and plan. But I am worried about one thing, the price of Bitcoin is very volatile, if the price of Bitcoin increases or decreases at the time we are going to make a transaction, how will we complete this transaction, I am very worried about this issue.

If children are taught from a young age, then this is a very good decision. Because they will gradually learn about the Bitcoin network and from this, some people will become interested in learning in a deep way. It is expected that their education will improve a lot.

El Salvador has recently added more Bitcoin to their national reserves and according to the latest update, their Bitcoin holdings now stand at 7,653.37 BTC. Their continued holding of Bitcoin in their national reserves could be a good example for many countries as many countries have misconceptions about Bitcoin, while El Salvador is enriching their reserve fund with Bitcoin.
Source

Bitcoin is part of El Salvador achievements and same as the president Nayib Bukele, ever since bitcoin adoption, it could be noted that in El Salvador, the crime rate has also reduced drastically because the people have more reason to have a sustainable economy under a decentralized financial system developed and they have adopted as a legal tender in the country.

Therefore when it comes to their achievements, there is more to point out on in the country ever since bitcoin adoption, things have always been more better and they are seeing as a tourist attraction for the whole world to emulate and learn about Bitcoin, while everything has been made available for the citizens to also embrace the same opportunity for their own other me al prosperity.

What benefit gotten by El Salvador for adapting on Bitcoin is that one their tourism has been boosted, no one notice about El Salvador before but when they announce that they are making Bitcoin as their legal tender they gain lots of exposure especially on global investment scene.

But if we talk about the drop of crime rate in that country, let's give a credit for the security crack downs done by Bukele especially for the gangs in their country. Bitcoin help them to became became a innovative country, while their reforms especially on security maters in their country what makes people life easy and safe there.