El Salvador becomes first country to adopt Bitcoin as legal tender…

Posted by Kane on June 9, 2021 2:55 pm

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In an early Wednesday vote, a supermajority of the nation’s legislature voted in favor of President Nayib Bukele’s proposal for the Latin American nation to adopt bitcoin.

 

Sixty-two members of the legislature voted in favor of the bill, with 19 opposed and three abstentions.

 

Bukele provided further details about his vision, pitched as an effort to boost financial inclusion in a country where only 30% of citizens have access to financial services, in a Twitter Space conversation early Wednesday morning hosted by Nic Carter of Castle Island Ventures and Coin Metrics. Users won’t necessarily have to use a government wallet, Bukele said.

 

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Iso
Iso

The Elite Class in these banana republics do these crazy things because the know that the America Democrat party will gift them money to bail them out using American taxpayers money! Then, the rest of the El Salvadorian population will show up at the US / Mexican border claiming their new digs in America and demanding their right to vote in America’s presidential election. Do you see what, by their actions, what illegals are saying, “You let me in, now you owe me everything I need”. Wise up people! The deficit spending on illegals in in the billions each years and it will hit a wall. Then of course, the Democrats will by legislation take part of your income, your investments and your savings in order to continue paying the unstoppable and unmanageable cost of illegal immigration.

Judge1
Judge1

Hhhhmmmm, I smell a money laundering operation starting.

Duckandcover
Duckandcover

When your country’s currency isn’t worth anything, Bitcoin is worth something.

JA
JA

Its the USDollar…

Lou
Lou

Bitcoin is electronic…What happens when the power goes out ans stays out for a long time???

Dave
Dave

If the power goes out, the vast majority of USD will also be gone since it’s already digital. Only a fraction is actually paper.

Studly Stu
Studly Stu

Well now this is a very interesting event. First I have to ask, does everyone in El Salvador have a cell phone because a smartphone will be the minimum item you must have to exchange Bitcoin. Now in the USA, everyone , no matter how poor has a smartphone, so it would work here, no problem.

J.A.
J.A.

Population 6.3million…cellphones:+10million…….do the math

DavidC
DavidC

I see a stripped down Bitcoin “wallet phone” on the horizon. Just make sure it isn’t manufactured in China or has a Google or Apple OS 🙂

richard N. Ballz
richard N. Ballz

only real assets are bombs& bullets

Lheil
Lheil

That’s because they have no money so they can pretend they do now. LOL

Mr Right
Mr Right

Ever notice that the people that love bitscam are the ones who’ve bought a bunch of it?

Subjectofussa
Subjectofussa

You may want to buy some… you know your dollar is a scam right?

Dave
Dave

Well said Subjectofussa

Mr Right
Mr Right

if he really wanted to HELP the people he’d destroy any semblance of communism. just saying…

richard N. Ballz
richard N. Ballz

no more dirty narco money to launder, just Kleeeen 1s&0s on the computer screen

JabberWockey
JabberWockey

The Coyotes are having a hard time keeping track of the currencies from the 53 different countries.

Terry
Terry

This way all the dope and extortion transactions they do won’t be traceable…Haha

Cowboy
Cowboy

Bitcoin is highly traceable. Shows how much you know..

MrAtoZ
MrAtoZ

Third world move…

BIG TROUBLE IN LITTLE CHINA VIRUS
BIG TROUBLE IN LITTLE CHINA VIRUS

Third world? Come on, man. El salvadoran government is the trendsetter in anything finance.
I mean, remember all those times they…

Oh, that one time they…

Err, nevermind… Completely irrelevant.

Subjectofussa
Subjectofussa

Yeah they should try hyper inflation like us! See who is laughing in the end.

Roadrash
Roadrash

Nah , Sloppy Joe is printing imaginary money too .

david5300
david5300

That will make it really hard to get change when buying a coffee

Jose
Jose

A “satoshi” is the smallest increment of BTC, and it equals 0.0000001 BTC. Currently, with BTC trading at $36,000 USD, a satoshi is worth $0.00036.

If one BTC were worth $1,000,000 USD, a satoshi would be worth $0.10

Thus, change for a coffee is not a problem. Please educate yourself on BTC before making ignorant comments.

Max America
Max America

Right. And the consistently wild fluctuation won’t make everyday commerce difficult at all. Not to mention, the conversion is still based on USD. Genius…👌😃

José
José

Cool. Keep trusting the value of the USD as every administration (regardless of party) increases the money machine. Thats been working out great and we should just keep dong it.

richard N. Ballz
richard N. Ballz

Tyler Durden alert

Dave
Dave

Well you are aware that all currencies fluctuate daily correct? This is not unique to digital currencies. And conversion from BTC (or any other crypto) can be made to any other currency and not just USD.

joe
joe

you face is a satoshi

José
José

Nice burn!

Coyote
Coyote

Bitcoin (BTC) makes no sense to adopt, as it’s slow and the network fee for one transaction is typically around $20-70.

Bitcoin SV (BSV) is the way to go. It follows Satoshi’s white paper that he release in 2008. Instant transaction, and each transaction only costs about 1/100th of a penny.

Jose
Jose

Incorrect. I can send BTC from my wallet to yours for “free”. The network processing is the “mining”… “Miners” are rewarded for this work via BTC. That is how BTC is “mined” and it will continue this way until all 21M BTC have been created, which is projected to be the year ~2140.

Dave
Dave

Litecoin is one of the most efficient for transactions and may become one of the biggest players IMO. BTC does have heavy costs for transactions (and delays depending on the network traffic).

Tommyboy
Tommyboy

Money is only an idea. This is a good move by el Salvador.
Better plan than venezuela had ( imho)

Art Vandelay
Art Vandelay

WOW!! What can possibily go wrong eh?

KillinItSoftely
KillinItSoftely

They don’t have much so it couldn’t possibly make things any worse. Why not!? Do it.

Joel
Joel

So when does Biden’s US invade?

richard N. Ballz
richard N. Ballz

pfffffff, its gonna be the mason’s

torque
torque

Now let’s get XRP going.

Mrs. Sunshine
Mrs. Sunshine

Very bad idea. Unstable.

Going back to the gold standard model and getting rid of the Federal (not federal) Reserve (no reserve) is the only real solution.

Jose
Jose

What makes gold a reliable standard?

Mrs. Sunshine
Mrs. Sunshine

Has to be tied to a hard asset held in reserve. Doesn’t have to be gold. “gold standard MODEL”.

That’s the inflation protection. As you know, inflation is a highly regressive and cruel stealth tax.

Jose
Jose

Gotcha. In that case I don’t see how BTC doesn’t satisfy this requirement. There is a finite amount of gold on earth, and it takes work to get at it. There is a finite amount of BTC to be found (21M coins), and it takes work to get at it.

Matt
Matt

Bitcoins rules are changeable

Jose
Jose

I’ve no idea what you are talking about, and I’m not sure you do, either. Please elaborate.

Mrs. Sunshine
Mrs. Sunshine

You can’t convert bitcoin to a tangible. Bitcoin can’t, tangibility is the “police” of the currency.

Has to be convertible to a tangible… You have a bill worth 1oz of gold. At any time, the holder can turn in his bill and get 1oz of real gold. That “enforces” your inflation protection…

If you assume the price of a loaf of bread is always stable, than a loaf of bread that costs 5 cents in 1951 would cost 5 cents in 2021. A house- price would purely only be affected by supply and demand at the micro-economic geographic level. I’m super over simplifying this because this is a comment section and not a syllabus.

richard N. Ballz
richard N. Ballz

zero hedge me baby😘😘👍😘👍😘

Dave
Dave

You can convert BTC into a tangible. I can buy a car, pizza, gold, silver, platinum, etc. Same as with USD. I do agree with you that the absolute best protection is physical gold and silver though – and I’m a pro-crypto person.

Morroco Mole
Morroco Mole

Bitcoin is made up, its not anything! Bitcoin is 21million nothings!

Dave
Dave

Kinda like all the fiat currencies of the world huh?

,
,

10K years of history as money for starters. It cant be printed or otherwise created by criminal governments. Don’t forget silver. There is a reason why TPTB are afraid of it and manipulate the paper price down, they dont fear bitcoin, what does that tell you?

Jose
Jose

So because cavemen and nomads thought shiny metal was neat-o, the only reasonable standard of value for all time shall be shiny metal?

Max America
Max America

Cavemen and nomads all the way through today. So, to answer your question… yes. Bitcoin is make-believe. The goal is to get everyone else to play make-believe with you.

Dave
Dave

It’s no more make believe than any existing currency. Money only has value if the people have faith in it. This applies to BTC, ETH, USD, gold, silver, copper, etc. In some places around the world at certain points in history, sea shells were considered money… just sayin’

richard N. Ballz
richard N. Ballz

gold has never been worth zero

Elmer
Elmer

Bitcoin and Gold both!!!! Why do we need to have a dichotomy? Gold = Gods money. Bitcoin = Peoples money. And if you really want to compare them then Bitcoin is faster harder and stronger than gold. Just listen to Michael Saylors nine part series on What is Money podcast for some phenomenallg great analyais on this

,
,

Thats the way I play it

Dave
Dave

Same here!

,
,

True but Block chain is still better than the dollar

Dave
Dave

The down votes can only be from those who don’t understand crypto. And you are 100% spot on.

RE: fresh
RE: fresh

Note: bitcoin is fake.

Elmer
Elmer

Bitcoin is fake? yet a Country just adopted it as lawful currency and treasury reserve asset. Doubting you can reconcile those two contradicting points. Meanwhile US Gubmint just prints money as if that is somehow earned and “real” wealth generation. Hahahahha. The Funny Fraud Feds fake QE and monetary policy is as fake as fake gets. Bitcoin is the Peoples reserve asset to protect against devaluation of dollar and wealth elimination policies from inflationary wrecklessness and NWO sabotage of US.

Gaston Glock
Gaston Glock

So…a shithole of a country does something stupid and that validates it’s stupidity ? The gold standard is the only way….if pipelines and meat processors can’t be hacked so can and will be shit-coin…..

Subjectofussa
Subjectofussa

You realize how much gold weighs? FFS nobody is carrying around and transacting in bars of gold. Get over yourself.

J.A.
J.A.

Have you look at the US lately.? governed by unelected cheaters…more socialist by the day…indoctrination in public schools…..basic education among the lowest of the G20…….The problem is that they keep you dumb down so you don’t find out …..sorry bud

Dave
Dave

Not to mention the printing of trillions of dollars at the drop of a hat to pay for all these illegal activities. I’ll take my chances with crypto, gold, and silver.

Jose
Jose

Note: You don’t understand

The Foosa
The Foosa

Jose can you see? Um, not so much…You buy up yer Bitcoin Corky and let’s see how that works out for you long-term. Here today, poof viola, gone tomorrow. Who you gonna sue to get your electroniconey back and from where? Jesus, millenials have to be the dumbest generation, possibly still dumber than Gen Z’rs who are still learning to be brainwashed…

José
José

‘Here today, gone tomorrow” sounds an awful lot like the USD.

When dollars are valueless, who are you gonna sue to get your wealth back?

Every gripe I see about btc applies equally (if not more) to the dollar. I’m not leveraging my home to buy btc, but i believe in a diverse portfolio, and it includes btc.

Good luck out there!

Dave
Dave

Don’t worry Jose, when all the old timers are looking in their bank accounts that have a fraction of the purchase power they once did, maybe then they will think “hmmm, maybe I should of bought into the crypto thing”. Don’t worry The Foosa, your dollars will be worth nothing in no time. I guess you voted for Biden to print all the trillions that are eating away at your savings. In my life, I’ve only seen the value of the USD go down, but BTC has only gone up. You do the math…

.22LR
.22LR

Banks control access to physical money. Are banks “We The People” institutions? Goldmans Sachs is on your side? Bank of America is a powerful force for human freedom? “Naive” is too kind… Crypto is another way to place a locked door between you and your purchasing power, and you won’t ever hold the keys to that door. Separating people from their power is not a “We The People” proposition, period.

RE: fresh
RE: fresh

Yes

BB
BB

They will prolly use it to sell drugs, so no one can trace it.

Dan
Dan

Believing lies you read that were printed to deceive you and then repeating it over and over to others is rather Democratic of you, Sir.

Tommyboy
Tommyboy

” this is gonna be difficult to explain to my accountant “- said no cartel ever

Sam
Sam

Suck on that Feds. The only reason we hear negative stories about cryptocurrency here is because the Feds hate it. They can’t use it, manipulate it or print more of it on a whim. It’s a “We The People” currency.

Capt Crunch
Capt Crunch

Deep state is using everything in its arsenal to attack the Bitcoin network. It is definitely a threat to the Deep State central banking criminal cult! The US better dump the federal reserve and get back to sound money/currency or suffer the consequences!

Socrates
Socrates

The Fed IS the government.

Lambda
Lambda

That’s not the *only* reason. The idea that a purely electronic currency, which can only exist if there is electricity and Internet infrastructure, is enough to give me pause. El Salvador isn’t exactly a 1st World nation, you know? Most people there probably still shit in an outhouse–basically that 30% are the only ones that have access to running water and flushing toilets, too. So while I like the idea of a currency that can’t be subject to inflation and massive goalpost-moving manipulation, I don’t know that Bitcoin is going to make anything better for regular people. The history of currencies is pretty ugly. How many times did the currency of the early US fail?

For starters, the valuation of Bitcoin has been all over the map. For another thing, these cryptos have “Ponzi” written all over them–they seem expressly designed to suck in a particularly tech-savvy generation, the Millenials. Don’t even try to tell me I’m some old Boomer luddite–I’m not a Boomer. I’m just extremely circumspect when it comes to scams. The best scam is the one that tricks people who think they are too smart to be tricked. The bigger the better, too. Mark these words: The current cryptos all have some fatal flaw that is yet to be fully understood.

Jose
Jose

Good points. I’d like to reply:

1. If the US gets into a situation where we have no electricity with which to exchange bitcoin/crypto – banknotes will also be valueless, as will gold. At that point, food, ordnance and asswipe will be the commodities we exchange.

2. The oldest currency – sex, has not failed. Nor has gold. The currencies that have failed are the fiat ones. BTC is not fiat, it’s 3/4 the point. It will only fail if someone/something manages to break the blockchain, rewrite the blocks comprising each of the millions of coins that came before it, and mines more than the hard limit of 21 million. Not saying this is absolutely impossible, but it would be very difficult. An analogy: Say the world had a historian, writing the events of history, in order, in pen, in a book. If someone steals the book, they can’t simply erase or add in new events.

3. I don’t see how BTC is a ponzi scheme, please elaborate. To me, a ponzi is where you use new incoming monies to increase leverage on speculatory securities. BTC “miners” are rewarded with BTC for processing transactions. It could be argued that BTC is appearing out of the ether… But it’s really no different than gold simply appearing out of the ether. It takes work to dig the earth and mine for gold; it takes work to process transactions (quicker than anybody else) and “mine” for BTC. On earth there is a finite quantity of gold to be found. Likewise, there is a finite quantity of BTC to be found – 21M coins.

Bottom line is that most all modern currencies of the world are strictly fiat, being issued at the whim of centralized government. The value of those currencies is based almost solely on faith. The value of BTC relies on faith, as well – but I don’t see how one can argue having faith in USD or Yuan is ok, but having faith in a different currency is stupid.

Await your reply.

Dave
Dave

Just to add on to what Jose just said (spot on), and that I eluded to above, if the power stops, the vast majority of the USD will also immediately cease to exist as it’s already digital.