News Forum - El Salvador: first country worldwide to make bitcoin legal tender

[Thaiger]

Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was frozen on the first day of the launch. El Salvador has been using the US dollar as their primary currency for the last 20 years, but now bitcoin will be accepted as payment for any services or goods throughout the […]

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[Lawyers_Guns_and_Money]

33 minutes ago, Thaiger said:

Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was frozen on the first day of the launch. El Salvador has been using the US dollar as their primary currency for the last 20 years, but now bitcoin will be accepted as payment for any services or goods throughout the […]

The post El Salvador: first country worldwide to make bitcoin legal tender appeared first on Thaiger News.

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Let's hope whoever set up the wallet doesn't lose the login information. 

https://decrypt.co/37171/lost-bitcoin-3-7-million-bitcoin-are-probably-gone-forever

[HunJo]

They have a lot of Coke and no dollars so logical

[AdamX]

34 minutes ago, Thaiger said:

Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was frozen on the first day of the launch. El Salvador has been using the US dollar as their primary currency for the last 20 years, but now bitcoin will be accepted as payment for any services or goods throughout the […]

The post El Salvador: first country worldwide to make bitcoin legal tender appeared first on Thaiger News.

Read the full story

This move is in part the result of the USA addictions to sanctions insofar that countries want to remove their reliance on the Dollar.

We are seeing the beginning of a global de-dollarization, with Russia and China leading the way, and other countries also transacting in local currency swap lines.

For countries with a weak financial system, Crypto currencies promise to provide a way to stabilise their domestic financial systems, as well as providing escape from USA sanctions.

The end result is on the way—the end of the dollar dominance and its role as the world reserve currency.

However, the El Salvador experiment is likely to fail, as Bitcoin(BTC) is not the best crypto to use, as its is slow and has high fees, and cannot be used as cash. BTC is not compliant with the design of Bitcoin, and is called Core Coin by people who understand this distinction

That title belongs to BSV, which is the true Bitcoin, but more importantly can actually be used as cash, with tiny fees

 

[HunJo]

Inform me more please. My son is now in cryptocurrency marketing. I don't have a clue and I'm sticking to gold

[AussieBob]

'Any Port in a Storm' comes to mind.  IMF will not be pleased - they loaned El Salvador $400 million and they are expected to start paying it back in 2023. I wonder if a lot of El Salvador bitcoins/money will be disappearing into offshore bitcoin accounts between now and 2023 when El Salvador defaults.  

[gazmo16]

5 minutes ago, AussieBob said:

'Any Port in a Storm' comes to mind.  IMF will not be pleased - they loaned El Salvador $400 million and they are expected to start paying it back in 2023. I wonder if a lot of El Salvador bitcoins/money will be disappearing into offshore bitcoin accounts between now and 2023 when El Salvador defaults.  

The perfect excuse waiting in the wings , we were highjacked and lost the $400 million , sorry 

[gummy]

2 minutes ago, gazmo16 said:

The perfect excuse waiting in the wings , we were highjacked and lost the $400 million , sorry 

Wait for Thailand's adminsistration  to latch on to that. 

[Lawyers_Guns_and_Money]

4 minutes ago, gazmo16 said:

The perfect excuse waiting in the wings , we were highjacked and lost the $400 million , sorry 

I would imagine that hackers are already at work on it. I'm sure El Salvador has their best and brightest IT Security in place though. Assuming, he isn't still picking coffee beans.

[Paco]

2 hours ago, HunJo said:

Inform me more please. My son is now in cryptocurrency marketing. I don't have a clue and I'm sticking to gold

no worry Gold strong too, but it also depends on the bitcoin like many other crypto's and currencies, bitcoin is not like it was before... after they made some announcement because bitcoin was only going up, seems someone adjusted the 'SYSTEM' and now it stays between 45000 - 50000, makes you think how is that possible... controlled?... like this you can see how it is rigged.... when currencies are on hold like bitcoin and go in a straight line (what is impossible) other currencies follow until bitcoin goes on... rigged... lol

 

either way i made good money over it in the past

Edited September 9, 2021 by Paco

[AussieBob]

1 minute ago, Paco said:

no worry Gold strong too, but it also depends on the bitcoin like many other crypto's and currencies, bitcoin is not like it was before... after they made some announcement because bitcoin was only going up, seems someone adjusted the 'SYSTEM' and now it stays between 45000 - 50000, makes you think how is that possible... controlled?... like this you can see how it is rigged.... when currencies are on hold like bitcoin and go in a straight line (what is impossible) other currencies follow until bitcoin goes on... rigged... lol

either way i made good money over it in the past

Yep - I know a few people who made money many years ago.  When I ask them to explain it all they seem to give me nothing but a 'smoke and mirrors' explanation. I see it as just like a stock on the stock exchange that has been doing very well for many years - but I am not so sure there is any serious substance behind it except that there are a lot of people investing and that is keeping it up/growing (like a Ponsie Scheme?). Maybe this step by El Salvador will be the beginning of the end of bitcoin and it will seriously crash (again), because if it just becomes an 'escape route' for defaulting currencies and global businesses, then the 'big boys' will take actions. Or maybe this is what will make Bitcoin and other such digital currencies - if more of the larger countries follow suit. 

[Paco]

On 9/9/2021 at 8:42 AM, AussieBob said:

Yep - I know a few people who made money many years ago.  When I ask them to explain it all they seem to give me nothing but a 'smoke and mirrors' explanation. I see it as just like a stock on the stock exchange that has been doing very well for many years - but I am not so sure there is any serious substance behind it except that there are a lot of people investing and that is keeping it up/growing (like a Ponsie Scheme?). Maybe this step by El Salvador will be the beginning of the end of bitcoin and it will seriously crash (again), because if it just becomes an 'escape route' for defaulting currencies and global businesses, then the 'big boys' will take actions. Or maybe this is what will make Bitcoin and other such digital currencies - if more of the larger countries follow suit. 

In reality the entire world is a ponzie scheme... example a bank

They need your money to keep going one deposit other person withdrawal the money... entire ponzie scheme.. why you think with the recession they had so many holes of money??? Only ponzie schemes have that, governments know that but it is the system and if a bank falls the system breaks so they filled up the loses until it happens again in 25 years

Edited September 10, 2021 by Paco

[gummy]

Just now, Paco said:

In reality the entire world is a ponzie scheme... example a bank

They need your money to keep going one deposit other person withdrawal the money... entire ponzie scheme.. why younthink with the recession they had so many holes of money??? Only ponzie schemes have that, governments know that but it is the system and if a bank falls the system breaks so they filled up the loses until it happens again in 25 years

I agree 100%