# El Salvador Becomes the First Country To Adopt Bitcoin As Legal Tender



## 64K (Jun 9, 2021)

El Salvador also uses the US dollar as legal tender. They plan to build a solar powered Bitcoin Mining Facility as well. Not having  access to traditional Financial Services is pretty much the norm there as 70% of the population don't have access.









						El Salvador becomes first country to adopt bitcoin as legal tender after passing law
					

Lawmakers in the Central American country's Congress voted by a "supermajority" in favor of the Bitcoin Law.




					www.cnbc.com


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## trog100 (Jun 9, 2021)

interesting stuff..  i hear there are several other countries thinking about going the same way..

anyone that wants citizenship and has 3 bitcoin will get it granted.. after 90 days all businesses will have to accept bitcoin.. fascinating stuff  in a country where most people dont even  have a bank account.. he he

trog


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## neatfeatguy (Jun 9, 2021)

*El Salvador Government*: Hey everyone! We now take Bitcoin as legal tender. Come spend your bitcoins!

Customer enters a store, has merchandise he wishes to purchase with bitcoins. At the time the customer walks into the store the cost of Bitcoin is $35k per coin.

The customer has $5k worth of merchandise he wants to purchase. He has .15 ($5250 worth of Bitcoin to his name) Bitcoin in his wallet. 30 minutes after walking into the store, finding his merchandise, getting rung up, he's ready to pay!

*Clerk*: Your total comes to $5000. How would you like to pay?
*Customer*: I'll pay with Bitcoin.
*Clerk*: Very good. Current conversion shows you'd owe .2 Bitcoins.
*Customer*: .2? What the fuck? It was .15 not even 30 minutes ago.
*Clerk*: Elon Musk tweeted about 20 minutes ago that he sold all his and all of Tesla's Bitcoin holdings and Bitcoin has dropped $10k...oh, $11k now. Now you owe .2083 Bitcoins....Well? Still plan on paying in Bitcoin?
*Customer*: I don't have that much!
*Clerk*: Oh, I see a tweet just popped up from the Government.....looks like they've now backed out of allowing Bitcoin as a legal tender. And Bitcoin keeps crashing.....
*Customer*: ......what the fuck, man!?!?
*Clerk*: I'm watching Bitcoin prices live here on my phone and they just spiked. Bitcoin is back up to....wait, it's passed and now at $37k a coin.
*Customer*: Yes! I knew Bitcoin wouldn't let me down.
*Clerk*: The government is allowing Bitcoin to be legal tender again. You owe, as of right now, .135 Bitcoins.
*Customer*: Awesome! Okay, let me transfer to the store's wallet here, just a moment.....
*Clerk*: Oh, I'm sorry. Bitcoin price has went down again and is back to $33K at the moment. So you now owe .152 Bitcoins.
*Customer*: This is fucking stupid! I can't even complete a purchase because Bitcoin keeps jumping around....fuck it, I'm out of here.


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## R-T-B (Jun 9, 2021)

neatfeatguy said:


> *El Salvador Government*: Hey everyone! We now take Bitcoin as legal tender. Come spend your bitcoins!
> 
> Customer enters a store, has merchandise he wishes to purchase with bitcoins. At the time the customer walks into the store the cost of Bitcoin is $35k per coin.
> 
> ...


Things like this is why whole payment processors exist.  They allow you to accept bitcoin without that complexity.

Granted, no idea how that'll work in El Salvador, but...


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## 64K (Jun 10, 2021)

neatfeatguy said:


> *El Salvador Government*: Hey everyone! We now take Bitcoin as legal tender. Come spend your bitcoins!
> 
> Customer enters a store, has merchandise he wishes to purchase with bitcoins. At the time the customer walks into the store the cost of Bitcoin is $35k per coin.
> 
> ...



There are some Financial Analysts that believe that Bitcoin will reach a level where it won't be so volatile. I don't see how but I don't spend much time studying markets.


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## R-T-B (Jun 10, 2021)

64K said:


> There are some Financial Analysts that believe that Bitcoin will reach a level where it won't be so volatile. I don't see how but I don't spend much time studying markets.


Anyone who seriously believes in crypto views pretty much all crypto right now as a "beta release."


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## Chomiq (Jun 10, 2021)

Coincidence?








						El Salvador ends anti-corruption accord with OAS, dismaying U.S
					

<div>               <p>By Nelson Renteria</p>




					www.euronews.com


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## R-T-B (Jun 10, 2021)

Chomiq said:


> Coincidence?
> 
> 
> 
> ...


Looks unrelated from reports, but drawing other conclusions is not hard.


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## The red spirit (Jun 21, 2021)

64K said:


> There are some Financial Analysts that believe that Bitcoin will reach a level where it won't be so volatile. I don't see how but I don't spend much time studying markets.


Well that's easy. If it becomes mainstream, the nit won't be affected nearly as much by one famous chap like Musk and one comment. The more people use it, see value in it, the more stable and more powerful it becomes. It's only volatile now because it still is somewhat unpopular, not too well received and etc.


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## ThrashZone (Jun 21, 2021)

Hi,
A little different than real stocks but people playing the ups and downs is the same, market manipulation the old fashion way via Musk/....
People just want in on the movement to make a quick buck.

As far as the op is country doesn't have much anymore lol


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## Hardcore Games (Jun 30, 2021)

El Salvador is an economic mess so people are happy to have an alternative that does not endure inflation like the local peso does.

Honduras is another mess which may even be worse


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