El Salvador Starts Mass Buying Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow – News Bitcoin News


Bitcoin News 06 September, 2021 - 05:41pm 43 views

To jump-start bitcoin usage in El Salvador, citizens will have the option to receive a free $30 in BTC via the government’s Chivo wallet app. This is to incentivize El Salvadorians to get off 0 and start using the world’s hardest money in their everyday lives.

This has sparked a lot of enthusiasm and excitement amongst Bitcoiners from all over the world who are eager to participate in this event. Bitcoiners tend to start and pick up trends very quickly, so it was no surprise to me to see a gigantic Reddit thread of Bitcoiners from all over the world coordinating the time on September 7th where they’d all buy their $30 in BTC to celebrate this landmark achievement.

This trend spread like wildfire with people spreading the message across many different social media platforms, especially Twitter, where even heavy hitters like MicroStrategy’s CEO, Michael Saylor, used his massive platform to ask people “Will you join us?” in buying $30 in BTC tomorrow. The post was met with thousands of likes, retweets, and hundreds of comments from individuals planning on participating in the event.

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Bitcoin Price Pump Movement Grows Ahead of El Salvador’s Adoption

Yahoo Finance 06 September, 2021 - 06:10pm

Users on platforms including Twitter and Reddit are discussing plans to buy $30 worth of Bitcoin en masse on Sept. 7 to mark El Salvador’s Bitcoin law coming into effect. The potential coordinated price pump echoes previous online campaigns targeting meme stocks like GameStop Corp.

El Salvador has begun installing Bitcoin ATMs to allow citizens to convert the token into U.S. dollars, and the government has created a $150 million fund to back conversions of Bitcoin to U.S. dollars. Salvadorans will be able to download the government’s digital wallet, enter their ID number and receive $30 in Bitcoin, Finance Minister Alejandro Zelaya told local media last month.

It will be a challenge for users to actually coordinate and act out such a plan, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

“Saying something and actually doing it are very different,” he said.

Bitcoin has been on a strong run of late, surging to almost $52,000 Monday to touch the highest level since May. That’s come amid a broader revival in the crypto sector from a rout earlier this year.

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Crypto assets tend to be highly volatile, with prices that pingpong around on the latest speculation.

El Salvador is betting that this week's pioneering adoption of Bitcoin will spur its economy, especially one of its most crucial sources of revenue: money sent home by Salvadorans in the United States.

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In spite of the rebounding U.S. dollar, the key crypto asset largely held on to its gains since the bottom set-in late July, which saw the price remain above $51.5k. During the week, prices ranged from $46,465 to $51,851 a new high for the past 9 days.

El Salvador's top court and its election authority have tossed aside what seemed to be a constitutional ban on consecutive presidential reelection, setting the stage for President Nayib Bukele to potentially seek a second term in 2024. The Supreme Court's Constitutional Chamber on Friday told the Supreme Electoral Tribunal to permit a second term, and the electoral authority announced Saturday it would accept what it called a ruling that cannot be appealed.

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The government will give you a discount on your internet service and a new computer.

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El Salvador becomes the first country to adopt Bitcoin as an official currency

PC Gamer 06 September, 2021 - 06:10pm

Cryptocurrency becomes ever more permanent, but it's still super un-regulated.

Being decentralized, cryptocurrencies work independently of the world's banks. Due to their rapid fluctuations in value, cryptocurrency has been widely rejected across the mainstream economy, and generally pushed to the side-lines as a sort of novelty payment method. Yet you can pay for your Subway with bitcoin in some places, and as more companies begin to adopt crypto as a means of payment, countries around the world are starting to take notice.

Recently, it became clear to El Salvador's President, Nayib Bukele, that making bitcoin an official currency would be of benefit to his people, though there are some potential risks that come along with it.

As SVT reported (via Sweclockers), Bukele presented a bill back in June to adopt bitcoin as official tender. As many as 70% of Salvadorians do not have a bank account, and are dependent on money received from relatives living abroad. In fact, 23% of El Salvador's Gross domestic product (GDP) last year came from around 2.5 million Salvadorans living and working abroad, amounting to around $6 billion.

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Accompanying it, Chivo electronic wallets will be available to users, along with 200 digital ATMs that will allow Salvadorians to swap their USD for bitcoin, as and when they please.

Of course, with bitcoin not dependent on banks, anonymity will be rife. That means criminals will be able to send and receive money without being traced. Illicit activity is a big concern, then, and will be until El Salvador implements something akin to what the EU is proposing to regulate cryptocurrency. The World Bank and International Monetary Fund have issued warnings to that effect, so it may be only a matter of time before regulations are brought into effect.

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Tensions Grow In El Salvador Over The Bitcoin Gamble

bitcoinist.com 06 September, 2021 - 06:10pm

El Salvador will become the first country that adopts Bitcoin as its legal tender in September. However, several warnings are coming from the economist over the risks such a move poses.

According to John Hopkins University findings, paying remittances with Bitcoin will be more costly than the usual traditional method. Also, another survey revealed that almost two-thirds of the El Salvador citizens might not want to receive Bitcoin as a form of payment.

The Chainbytes CEO Eric Grill also revealed that relocating his manufacturing base to El Salvador has faced severe problems in sourcing parts. But then experts in geothermal energy in El Salvador say that Bukele’s plans to strengthen energy-intensive Bitcoin mining operations from El Salvador’s volcanoes are highly optimistic.

The country adopted US dollars in 2001. Now, it says that the citizens should exchange it freely with Bitcoin. It also proposed up to a $150 million fund to make sure that it is easily converted. But with all that is going on, critics are saying that the fund is not enough.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

According to them, it could make way for illegal operatives to convert Bitcoin since Bitcoin has increased value. This market prides itself on maintaining anonymous transactions to US dollars through a National bank, thus; laundering their profits.

But the greatest concern over the BTC gamble introduction is that it comes without any financial safety net for the citizens against the high-volatile crypto markets.

According to Daniel Munevar, an economist from Colombia, the bitcoin law in El Salvador gambles with 2 public purses. One is El Salvador’s government, while the other is the IMF purse.

But some El Zonte locals are building their investment strategies. For instance, Dominga Peña, a local who sells flavored shaved ice with fruit syrups on El Zonte beach. He stated that if one in ten customers can pay with BTC, she can keep several for small purchases spending funds.

Dominga Peña also insists that her mentality changed after hearing the explanations from the Bitcoin Beach people.

They explained everything you need to know regarding the advantages and disadvantages of taking crypto payments. Finally, however, she confessed that she would not invest excessive money in Bitcoin, especially since the price has been fluctuating recently.

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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Woman booted off flight says staff called police over her 'inappropriate outfit'

Bitcoin Magazine 06 September, 2021 - 06:10pm

Ray Lin Howard, 33, from Fairbanks, Alaska, US, alleges she was escorted off an Alaska Airlines flight as well as interrogated about her outfit, which consisted of a crop top and shorts.

“I’m being harassed and now I’m being detained," she says in the video before adding: "I wore an outfit. That’s what happened.”

The video, which was shared on September 4th, racked up 1.3 million views and thousands of comments after being shared on TikTok.

In it, Ray can be seen telling a police officer that she was initially wearing a sports bra before a flight attendant asked her to put on a shirt, which she did.

She said: “Then they approached me again, saying I can’t wear this, my stomach is showing, and it’s inappropriate.

Cops were called when Ray was approached for the third time and told the airline crew: “If you’re going to kick me off, kick me off.

"I’ve done what you asked me to do, I want you to leave me alone.”

The salon worker and recording artist can be heard asking the officer to let her go as she is on her way to perform at a show.

The officer acknowledges that she doesn’t seem to have committed any offences from what they can gather.

“I felt like I was being discriminated against for being a fat, tattooed, mixed-race woman, which in turn left me full of emotions like anger, disappointment, helplessness, humiliation, and confusion," Ray said.

In a follow-up video, Ray shows the outfit she wore on the flight.

She also shared an Instagram comment from a user who claims they were on the same flight and that “the only voice I heard raised at all was the flight attendant", though this has not been confirmed.

Ray added: "Throughout my life as a fat person, I’ve had to deal with fatphobia, especially growing up in the Midwest, but not to this degree."

Eventually, the singer was released and made it to her show.

She claims the airline later called her to apologise and offered a discount code for future purchases, which she called "hilarious" in another TikTok video.

On 31 July, traveller Sierra Steadman accused the same airline staff of allegedly slut-shaming her and threatened to kick her off the plane for also wearing a crop top and shorts.

She shared the incident in a video, which has been viewed 14.8 million times and racked up 3.4 million likes.

After Ray’s experience, Sierra made a TikTok video supporting the singer and said: “This should not be happening numerous amounts of times.

"It should not even be happening once.”

Alaska Airlines has been contacted for comment.

El Salvador President Confirms The Country Bought 200 Bitcoin

Bitcoin Magazine 06 September, 2021 - 04:05pm

A country adding bitcoin to their reserves is making a solid bet on the future of the country. With there only being 21 million BTC, they are now saving and growing that wealth in a money that no government or central bank can print more of. With the ever increasing demand for bitcoin and the decreasing supply, the President has figured out that Bitcoin is the best vehicle to start storing the country’s wealth in as it has a unbelievable amount of upside.

Game theory is in full swing as El Salvador is adopting a Bitcoin standard begging the question of who will be the next country to buy BTC? We’ve seen lots of interest coming from countries like Panama, Colombia, Brazil, and more. Countries have now entered a race to accumulate as much bitcoin as they can — or get left behind. It will be very interesting to see who buys second and third, creating a domino effect until all countries have bought some.

The worlds eyes are all on Bitcoin and El Salvador. The world is changing. Kids growing up today won’t remember a world without Bitcoin. We are heading into a bright orange future.

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