π² Insider Data in my Socials π
π Get The Hottest Crypto Offers π
π “Bitcoin Evolution” Shirt π
π₯ TOP Crypto TIPS In My E-newsletter π
~~~~~
πΊImportant MoviesπΊ
Bitcoin Lightning Community Defined π
Crypto Mining And Local weather Change π
Nayib Bukele Interview π
El Salvador Bitcoin Mini-Documentary π
Crypto Bull Market September High π
Latin American Cryptocurrency Adoption π
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– TIMESTAMPS –
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
~~~~~
βοΈ π Helpful Hyperlinks π βοΈ
βΊ Historical past Of El Zonte AKA Bitcoin Seashore:
βΊ Bitcoin Seashore Web site:
βΊ Full Textual content Of El Salvadorβs Bitcoin Invoice:
βΊ El Salvadorβs Bitcoin Adoption Saved On Bitcoin Blockchain:
βΊ El Salvadorβs Volcano Bitcoin Mining:
~~~~~
π΅El Salvadorβs Financial Historical pastπ΅
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
πEl Salvadorβs Bitcoin Historical pastπ
El Salvadorβs 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
π¨βπ»El Salvadorβs Bitcoin Adoptionπ¨βπ»
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
βEl Salvadorβs Bitcoin Invoice Definedβ
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 βinstantaneous convertibilityβ 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
π«Criticisms Of El Salvadorβs Bitcoin Adoptionπ«
Virtually each financially concerned worldwide group you’ll be able to consider has criticized El Salvadorβs 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 nationβs financial system
π¨βπ«President Nayib Bukeleβs Response To Criticsπ¨βπ«
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 Salvadorβs BTC adoption in response to Nayib
Nayib additionally rightfully factors out that the majority of those similar critics donβt 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
π΅οΈββοΈDangers Of El Salvadorβs Bitcoin Adoptionπ΅οΈββοΈ
In addition to Bitcoinβs volatility, the most important threat to El Salvadorβs Bitcoin adoption is centralization, particularly of the lightning community fee channels that each one the nationβs wallets will use. Most of those wallets are custodial and require some type of KYC, which may current different points sooner or later.
~~~~~
π Disclaimer π
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
What do you guys think this means for Bitcoin? Which country will be next? Would love to know! Don't forget to follow me on my other social channels for all the content that you are not getting here π https://guy.coinbureau.com/socials/
Thanks for info
Ethereum for the win folks…… now is the time to buy!
Crack on with the Atom / Cosmos Hub video. Fuck El Salvador
DEREK
Please make a video for cryptos to hold for 2022
The beginning of the end for fiat
Thanks for the clarification Guy!
Dictator Bukele and his scam. He already arrest critics and makes deals with MS13.
3 BTC for el Salvador citizenship Where can I sign up?
Congratulations to the people of El Salvador. This is exciting.
I love your content but how come you didnβt cover El Salvadorβs deal with algorand
That starting transition sounded like coins arriving in Exodus, without the 'ting'. =)
Guy is a financial adviser. We went to the financial adviser school together. He was the best in the school.
Amazing video!! Thank you for making this happen
Japanese person named Satoshi : "I'm famous in El Savador, they write my name after some numbers"
Thank you for all the wonderful financial advice π
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.
Big if true!
6:54
Super informative π content
Hi
β€οΈβ€οΈβ€οΈ
I hope El Salvador will accept ETH and Tether as a legal tender too
You were right about the BTC/crypto crash at the end of the month. KUDOS!
I'm sure that after some time other countries will accept eth, doge, tether as a legal tender
It would be convenient to be able to pay with bitcoin, tether, eth in any country
I see Brazil will legalize Bitcoin
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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I think other countries will do the same. So soon we will get eth, tether, doge as a legal tender
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