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Bitcoin in El Salvador: How it Happened & What it Means!! 🇸🇻

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📺Important Movies📺

Bitcoin Lightning Community Defined 👉
Crypto Mining And Local weather Change 👉
Nayib Bukele Interview 👉
El Salvador Bitcoin Mini-Documentary 👉
Crypto Bull Market September High 👉
Latin American Cryptocurrency Adoption 👉


0:00 Intro
2:08 It is Financial Historical past
3:59 It is Bitcoin Historical past
5:45 It is Bitcoin Adoption
9:17 It is Bitcoin Invoice
12:10 Criticisms Of El Salvador
14:23 President’ Response To Critics
18:18 El Salvador Bitcoin Issues
21:30 Outro


⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️

► Historical past Of El Zonte AKA Bitcoin Seashore:
► Bitcoin Seashore Web site:
► Full Textual content Of El Salvador’s Bitcoin Invoice:
► El Salvador’s Bitcoin Adoption Saved On Bitcoin Blockchain:
► El Salvador’s Volcano Bitcoin Mining:


💵El Salvador’s Financial Historical past💵

As soon as upon a time, El Salvador had its personal nationwide forex known as the Salvadorian Colon. The Colon collapsed after the Salvadorian civil conflict, and El Salvador adopted the US greenback as its new nationwide forex in 2001

🏖El Salvador’s Bitcoin Historical past🏖

El Salvador’s Bitcoin historical past begins with an nameless American who wished to create a small-scale financial system that runs fully on Bitcoin. He donated hundreds of thousands of {dollars} in BTC to show the city of El Zonte into Bitcoin Seashore

👨‍💻El Salvador’s Bitcoin Adoption👨‍💻

Bitcoin Seashore turned quite a lot of heads within the crypto trade, and it impressed some firms to carve out their very own crypto area of interest within the nation.
One in every of these firms was Zap which determined to deploy their Strike app in El Salvador

Zap and Strike CEO Jack Mallers was requested by Salvadorian president Nayib Bukele to assist him write the invoice to make Bitcoin authorized tender and arrange a number of the infrastructure to make it attainable

⚖El Salvador’s Bitcoin Invoice Defined⚖

First, BTC can be utilized to pay for all items, companies, taxes, and previous, current, and future money owed. Second, BTC is not going to be topic to any capital features tax

Third, all companies should settle for BTC by legislation, and if any enterprise don’t wish to hold BTC on their steadiness sheets, the federal government will present them with ‘instantaneous convertibility’ to USD

Fourth, the federal government will present cryptocurrency coaching and training for each people and establishments. Fifth, the federal government will present the mandatory infrastructure to facilitate all of the above

And eventually, the federal government will create a particular Bitcoin belief, one thing which occurred shortly earlier than the legislation got here into impact

🚫Criticisms Of El Salvador’s Bitcoin Adoption🚫

Virtually each financially concerned worldwide group you’ll be able to consider has criticized El Salvador’s transfer to make BTC authorized tender, together with a few of its residents that are involved in regards to the results it may have on the nation’s financial system

👨‍🏫President Nayib Bukele’s Response To Critics👨‍🏫

Banks have had 20 years to roll out their infrastructure to Salvadorian residents, but 70% of them stay unbanked. As such, they haven’t any proper to complain about El Salvador’s BTC adoption in response to Nayib

Nayib additionally rightfully factors out that the majority of those similar critics don’t understand how the common monetary system works both

Nayib thinks these considerations will all however disappear as soon as folks see the sensible results of the Bitcoin invoice, notably the influx of human and monetary capital from abroad

🕵️‍♂️Dangers Of El Salvador’s Bitcoin Adoption🕵️‍♂️

In addition to Bitcoin’s volatility, the most important threat to El Salvador’s Bitcoin adoption is centralization, particularly of the lightning community fee channels that each one the nation’s wallets will use. Most of those wallets are custodial and require some type of KYC, which may current different points sooner or later.


📜 Disclaimer 📜

The knowledge contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who just isn’t a licensed monetary advisor or registered funding advisor. Buying and selling cryptocurrencies poses appreciable threat of loss. The speaker doesn’t assure any explicit final result.

#Bitcoin #Elsalvador #BTC #crypto #adoption

Source: Coin Bureau

43 Responses

  1. Great job! You really did a very good research on this video, yes! There will be lot to do about crypto adapting in El salvador, you said they had nothing to loose by adapting bitcoin.

    I'm Salvadorian myself I been leaving in NYC since 1989 because of Civil War you had mention on this video.

    Thank you I love your work.

  2. I'm Salvadoran and I think BTC adoption is one of the best things that have happened to the country in my lifetime. Like mentioned in another comment, there is a learning curve for most of the population which I hope we'll tackle pretty quickly. Thank you so much for the informative and deep-dive video.

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