El Salvador Becomes First Country To Officially Accept Bitcoin As Legal Tender
El Salvador, whose economy last year suffered its deepest crash in four decades, became the first country to adopt bitcoin as legal tender on Tuesday, a real-world experiment proponents say will lower commission costs for billions of dollars sent from abroad and which could spark widespread adoption among challenged, developing countries suffering from rampant inflation, but which critics warned may fuel money laundering. The revolutionary monetary change – first previewed here in June – means businesses should accept payment in bitcoin alongside the US dollar, which has been El Salvador’s official currency since 2001 and will remain legal tender.
Adopting Bitcoin?
That should work just dandy, especially in El Salvador which is run by MS 13 and other assorted jackasses.
It’s not about Bitcoin per se. Let’s just admit governments all over the world are broke, especially 3rd world who owe massive debt and cannot even keep up the appearance of a functioning financial system. But western countries are in the same debt position.
20% of all USD in history was “created” in the last year. Covid is just a distraction from the obvious financial problems that governments have caused. Bitcoin won’t be around longterm. There will be a government takeover of digital currency at some point. It’s all about managed progressive control for the Davos crowd.
Actually BTC and crypto are here to stay and governments can not prevent it from happening. For NSA supercomputers to break into a sungle block chain account would take like 50 years last time i looked. With DeFi and crypto the crooks are screwed and they know this and are terrified. You become your own bank
Actually the 3rd world loves crypto because 80% of the 3rd world can not get bank accounts because quite often there are no banks. The one to be aware of tho is etherium and decentralized finance. Meaning with block chain technology you have secure p2p finance. People can get mortgages with DeFi and no longer need the system or the banks or fiat or central banks. This is why governments are in fact freaking out.
Well if crypto/bitcoin put an end to fractional Reserve lending…..I have no issue with that.
Nothing would please me more than seeing the Global Banking (RIPOFF), system fall flat on its face. USERY 100%. As it has been for at least 4 Centuries
Sure, now the government has control of all monetary transactions. Good bye cash black market, where communist subjects actually get their stuff.
Now ALL transactions are recorded and TAXED.
How DeFi works.
https://www.youtube.com/watch?v=G2lj5o4GJcg
Venezuelans surviving hyperinflation with crypto. It is mostly used to send funds home to family and bypass the banks and government. /
https://www.youtube.com/watch?v=4tKvqj3U3O0
“May” fuel money laundering?
Is that doubt or wishful thinking that it won’t happen?
A place where the payoff from criminal organizations is always better than the salary of a politician, and the bad things that can happen for not cooperating are first of mind from those in government.
The biggest Money Laundering in the world is carried on by Governments and the banks. In the Trillions dwarfing crypto
Without the possibility of redemption in a commodity such as gold or silver, no crypto currency can fulfill a role as money. Neither can existing fiat currencies. All cryptos are simply dollar derivatives and as such cannot ever replace the dollar. They will fail right alongside the dollar.
Coming to an economy near you.
The perfect tool for the government to confiscate your wealth with.
On the bright side, there would be no reason to continue tax collection. That obsolete method will soon go by way of the email.
The REAL question is whether the Mexican cartel coyotes accept Bitcoin for safe passage across the Southern US Border? Bienveidos muchachos.
First, the digital currency. Then the digital ID required by governments to access their internets. Full spectrum dominance.
What do you think DARPA and In-Q-Tel have been spending billions planning all this time?
Gold/silver was the currency of a free market economy. Then came the banks, and the governments. It took 2500 years, but they finally got rid of “barbarous metal”. Except for the vestige. Even bit”coin” uses the image of gold.
But by all means, as all governments become more centralized, authoriitarian, and totalitarian, believe that they will allow this encroachment on their exclusive prerogative. Particularly on an infrastructure that they created and claim to be able to shut down with a “kill switch”.
That makes perfect sense.
BTC is a bad currency but this is still a huge paradigm-shifting advance. If they can accept a bad crypto, they can later take a good stable one. Ideally a private one too. The opportunities for money laundering alone are a massive boon to freedom.
The biggest money launderers in the world are governments and their banking agents.
Unlike mafia organizations, governments never suffer competition to their monopoly.
Bitcoin, hahahahahahahaha. Fucking stupid does not begin to describe it.
Best answer I ever got to my question;What is the difference between Bit Coin and BreX?”
Was “30 years”.
Coming Soon To A Jurisdiction Near YOU:
The Australian Senate passed a new surveillance bill that grants police sweeping authority over online data this past week.
The Surveillance Legislation Amendment (Identify and Disrupt) Bill 2020 gives the Australian Federal Police (AFP) and the Australian Criminal Intelligence Commission (ACIC) powers to modify, add to, copy, or delete data to “frustrate the commission of serious offenses online.” To gather evidence of suspected criminal activity, they also have the power to take over online accounts.
Police can do this without formally accusing a person of a crime. “The Richardson review concluded that this bill enables the AFP and ACIC to be ‘judge, jury, and executioner.’ That’s not how we deliver justice in this country.” said senator Lidia Thorpe.
The bill was first introduced late last year and passed both houses on August 25. Now it’s just waiting for Royal Assent—that is, final approval by the governor general.
So if the power goes out, you know because everyone is charging batteries and we don’t have the capacity, who’s picking up the tab.
Good for El Salvador. People who think that BC is a dollar derivative, or can easily be controlled by a state, or just evaporates if you lose your internet connection, etc. don’t know squat. Crypto is here to stay.
Crypto is here to stay for sure but BTC is the MySpace of crypto. Make way for something better!
BC is doing fine. So is LTC, Etherium, BCC, and a bunch of others. The market will decide, as God intended.