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Essential Videos
Bitcoin Lightning Network Explained https://youtu.be/J3cQNpOR_a0
Crypto Mining And Climate Change https://youtu.be/DidAwxWaDKI
Nayib Bukele Interview https://youtu.be/qdx_alPrmVY
El Salvador Bitcoin Mini-Documentary https://youtu.be/aVVZXUFItZY
Crypto Bull Market September Top https://youtu.be/3cvUpAy_aXQ
Latin American Cryptocurrency Adoption https://youtu.be/LvtQ11kg-Hs
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- TIMESTAMPS -
0:00 Intro
2:08 It's Monetary History
3:59 It's Bitcoin History
5:45 It's Bitcoin Adoption
9:17 It's Bitcoin Bill
12:10 Criticisms Of El Salvador
14:23 President' Response To Critics
18:18 El Salvador Bitcoin Concerns
21:30 Outro
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️ Useful Links ️
► History Of El Zonte AKA Bitcoin Beach: https://www.bloomberg.com/news/features/2021-06-17/world-s-biggest-bitco...
► Bitcoin Beach Website: https://www.bitcoinbeach.com/
► Full Text Of El Salvador’s Bitcoin Bill: https://twitter.com/nayibbukele/status/1402446890466217985?s=20
► El Salvador’s Bitcoin Adoption Stored On Bitcoin Blockchain: https://cointelegraph.com/news/bitcoin-miner-poolin-immortalizes-el-salv...
► El Salvador’s Volcano Bitcoin Mining: https://twitter.com/nayibbukele/status/1402680890057166858?s=20
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El Salvador’s Monetary History
Once upon a time, El Salvador had its own national currency called the Salvadorian Colon. The Colon collapsed after the Salvadorian civil war, and El Salvador adopted the US dollar as its new national currency in 2001
El Salvador’s Bitcoin History
El Salvador’s Bitcoin history begins with an anonymous American who wanted to create a small-scale economy that runs entirely on Bitcoin. He donated millions of dollars in BTC to turn the town of El Zonte into Bitcoin Beach
El Salvador’s Bitcoin Adoption
Bitcoin Beach turned a lot of heads in the crypto industry, and it inspired some companies to carve out their own crypto niche in the country.
One of these companies was Zap which decided to deploy their Strike app in El Salvador
Zap and Strike CEO Jack Mallers was asked by Salvadorian president Nayib Bukele to help him write the bill to make Bitcoin legal tender and set up some of the infrastructure to make it possible
El Salvador’s Bitcoin Bill Explained
First, BTC can be used to pay for all goods, services, taxes, and past, present, and future debts. Second, BTC will not be subject to any capital gains tax
Third, all businesses must accept BTC by law, and if any business do not want to keep BTC on their balance sheets, the government will provide them with ‘instant convertibility’ to USD
Fourth, the government will provide cryptocurrency training and education for both individuals and institutions. Fifth, the government will provide the necessary infrastructure to facilitate all the above
And finally, the government will create a special Bitcoin trust, something which happened shortly before the law came into effect
Criticisms Of El Salvador’s Bitcoin Adoption
Almost every financially involved international organization you can think of has criticized El Salvador’s move to make BTC legal tender, including some of its citizens which are concerned about the effects it could have on the country’s economy
President Nayib Bukele’s Response To Critics
Banks have had 20 years to roll out their infrastructure to Salvadorian citizens, yet 70% of them remain unbanked. As such, they have no right to complain about El Salvador’s BTC adoption according to Nayib
Nayib also rightfully points out that most of these same critics don’t know how the regular financial system works either
Nayib thinks these concerns will all but disappear once people see the practical effects of the Bitcoin bill, notably the inflow of human and financial capital from overseas
Risks Of El Salvador’s Bitcoin Adoption
Besides Bitcoin’s volatility, the biggest risk to El Salvador’s Bitcoin adoption is centralization, specifically of the lightning network payment channels that all the country’s wallets will use. Most of these wallets are custodial and require some form of KYC, which could present other issues in the future.
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Bitcoin #Elsalvador #BTC #crypto #adoption
