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[sh199]

Recently the President of El Salvador announced that they'd help Bitcoin users to work in EL Salvador. Bitcoin holders who wanna earn BTC tax-free will get help from El Salvador's Govt. After El Salvador's plan, neighboring countries are also willing to make a similar move to legalize crypto.
What do you think "Can El Salvador can be a new hub of crypto?"

 

[Niftyicon]

I guess I would just have to pack my bags and move over to El Salvador, lol. This is actually good for people who need the freedom such a country has to offer to crypto users.

 

[LutherKing]

Good to see positives for bitcoin the top countries will always depress teh currency due to their internal politics but small countries are accepting it which is true why it has the potential and is showing by the moves being taken by such countries should help

 

[crypworld]

For small countries like El Salvador, this is going to improve the lives of all their citizens now that they have all support of their government.

The world economy is in a mess and this is exactly what rest of the countries should do...

 

[Ptrikha90]

This revolutionary and innovative announcement shows that it is not necessary that developments in new age financial sector comes from the most developed nation only.
This is a bold step.
There could be challenges but it would give a big overall benefit to El Salvador's economy. I think similar steps should be taken in India as well, although there would be a need for some extra rules in India.

 

[yolaqueen]

Extraordinary news for the residents of that country that the government authorities allow them to work with the cryptocurrency bitcoin freely and give them advice on its use. congratulations to

 

[Ptrikha90]

For small countries like El Salvador, this is going to improve the lives of all their citizens now that they have all support of their government.

The world economy is in a mess and this is exactly what rest of the countries should do...

This move can improve the living standards there. Plus if Government taxes Crypto currencies even to a small extent and use the taxes judiciously, they can invest it for the country's betterment even more.

 

[CryptoStar19]

Beginning now with El Salvador, we are going to begin seeing bitcoin bringing that same economic advantage to the economy of countries as it has to the personal finances of individuals in the years past. In time it will be seen that all these smaller, less powerful countries, who are quicker to be bitcoin-friendly than others, will be at an advantage economically in time, because with or without them, bitcoin will move forward... the more any country delays adoption in their economies, the more of a disadvantaged position they are placing themselves in, because it is already clear that bitcoin is not going anywhere, that there is no indication that its exponential adoption and growth will cease to be anytime soon.

 

[Ptrikha90]

Beginning now with El Salvador, we are going to begin seeing bitcoin bringing that same economic advantage to the economy of countries as it has to the personal finances of individuals in the years past. In time it will be seen that all these smaller, less powerful countries, .....

I agree with a lot of what you say. However, these countries also need a strong regulatory system for Bitcoin and Crypto. if that can be achieved, these countries like El Salvador can be do well.
Now other countries like India, need to move faster to regulate and support Crypto rather than be in two minds.

 

[sh199]

For small countries like El Salvador, this is going to improve the lives of all their citizens now that they have all support of their government.

The world economy is in a mess and this is exactly what rest of the countries should do...

It nor easy like that. There are many factors working here, many peoples facing problems who transection daily, the volatile of bitcoin affect their earnings. People who know well about the crypto they hold but those people who need to transaction daily it becomes a headache. however, bitcoin also opened many opportunities also.

 

[Ptrikha90]

It nor easy like that. There are many factors working here, many peoples facing problems who transection daily, the volatile of bitcoin affect their earnings. People who know well about the crypto they hold but those people who need to transaction daily it becomes a headache. however, bitcoin also opened many opportunities also.

It is not as if the Crypto transactions would suddenly increase manifold but well many people would have another option to make good money or as an additional way of investment and may be savings. Volatility would be a constraining factor, I agree.

 

[Josemendez]

All these things are aimed at encouraging people towards using bitcoin because there are citizens who are not comfortable with it.

 

[sh199]

It is not as if the Crypto transactions would suddenly increase manifold but well many people would have another option to make good money or as an additional way of investment and may be savings. Volatility would be a constraining factor, I agree.

Yeah, I agreed with you. But Bitcoin is now legal tender and peoples are can use it in daily life. But for using in daily life, frequent transactions are a problem. Suppose, you have an issue to the wallet and you need to transfer your money to another company's wallet then it requires trx fees.

 

[Ptrikha90]

Yeah, I agreed with you. But Bitcoin is now legal tender and peoples are can use it in daily life. But for using in daily life, frequent transactions are a problem. Suppose, you have an issue to the wallet and you need to transfer your money to another company's wallet then it requires trx fees.

I am fine with Transaction Fees but they should be just a very minor fraction. But yes, if those charges increase, then people would start preferring the normal banking ways rather than the Crypto ways.

 

[sh199]

I am fine with Transaction Fees but they should be just a very minor fraction. But yes, if those charges increase, then people would start preferring the normal banking ways rather than the Crypto ways.

Transaction fees are not any point for rich guys but think about a road vendor whose earnings are very low and faces any issue with the local wallets then it would be a horrible thing to complete the daily transaction.
El Salvador authorities should take measure steps to solve this problem.

 

[Lobardi]

You Can always use the lightning standard on the Bitcoin protocol that will allow you to use the bitcoin digital asset as well will save you from.paying dollars in fees that would be replaced by less than 1 cent in fees and instant transfers

 

[Ptrikha90]

Transaction fees are not any point for rich guys but think about a road vendor whose earnings are very low and faces any issue with the local wallets then it would be a horrible thing to complete the daily transaction.
El Salvador authorities should take measure steps to solve this problem.

There could be separate accounts with zero service fees for such low wages people. Something like "Jan-Dhan" bank accounts in India which were no-frills account for people with lower economic status by the Government of India.
However, there are caveats and issues with such accounts as well.

 

[a_jerobon]

El Salvador took a very bold move in legalizing Bitcoin at a time when so many countries are still so skeptical about it. So it has become a benchmark for other countries and they are doing a great job in promising to help those who want to invest in it. I am sure that they will influence other people into adopting the cryptocurrencies.

 

[Bisola]

Recently the President of El Salvador announced that they'd help Bitcoin users to work in EL Salvador. Bitcoin holders who wanna earn BTC tax-free will get help from El Salvador's Govt. After El Salvador's plan, neighboring countries are also willing to make a similar move to legalize crypto.
What do you think "Can El Salvador can be a new hub of crypto?"

This is very wonderful it is such a great win for ever has Bitcoin in El Salvador right now since it is their legal tender, you know what that means right? And I'm sure that El Salvador will influence other countries so that they can also use Bitcoin or other cryptocurrency as a legal tender

 

[MayorKayz]

The country is very wise. They wants to develop there country and they know that cryptocurrency is the future and they are planning to use cryptocurrency in there own advantages.
I know El Salvador but I don't hear much about the country before. But with there adoption of cryptocurrency, I have now interested in knowing more about the country.