power: Bitcoin as Legal Tender in El Salvador - impact on the crypto world and future implications

Blockchain academic & analyst.

What impact could BTC as a legal tender have on the crypto market in the coming months?

Satoshi Nakamoto, the pseudonymous creator of Bitcoin envisioned it as a globally accessible financial service. As is the case with most of the developing nations, 70-80% of the population do not have access to simple financial services let alone a bank account. Things most of the developed or Western World take for granted. For the developed nations, Bitcoin is mostly seen as a speculative asset and a means to diversify their investments, but for citizens of less developed nations, it is a means of exchange & a store of value. Citizens of nations hit hard by hyperinflation and run by rogue central bank governors and corrupt monetary policies, adopt Bitcoin because it is a clear way to store their wealth and escape the grasp of authoritarian rule. According to EL Salvador's Bitcoin legal tender official decree, there were several considerations that led to such a decision, three points caught my eye; Article III: Approx. 70% of El Salvador's population do not have access to traditional financial services Article IV: The state recognizes its obligation to facilitate financial inclusion for all citizens and fulfill their basic rights Article V: Choosing a digital currency which value is determined by free-market criteria. -------- The primary aim is to provide financial inclusion for all. Adopt a currency that is not controlled by anyone, but accessible to everyone. El Salvador & countless other nations use the USD as legal tender, but have all suffered from the US foreign policies & Bitcoin has finally provided a way out. I can think of many other nations who share the same issues and would benefit from such a move but I would not rush to assume that others will immediately follow as authoritarian rule and politics come into play and when it comes to money & power, the stakes are higher than ever. We are witnessing global shifts in power & central banks of China, the EU & USA are all in a race to launch their very own digital currencies for global financial control. Bitcoin is a decentralized, permission-less, borderless global financial system that offers people an accessible means of exchange & trusted store of value. China, US & EU are aware of its power & it is only a matter of time until they succumb to the fact that it is here to stay and there is nothing they can do about it to prevent other nations to adopt it as legal tender. The crypto market is at its very early days, with a market cap of a mere $1.5 Trillion. Every day more use case & applications are built on the same technology powering Bitcoin, Blockchain. Such news coming out of El Salvador only fuels Bitcoin's power and resilience against false narratives that claim Bitcoin & cryptocurrencies are a scam and will only drive more adoption.

BlockChain Polymath

What impact could BTC as a legal tender have on the crypto market in the coming months?

A small step for Bitcoin (the cryptocurrency), a giant leap for humanity! The system of the "modern nation-state" started with the Treaty of Westphalia (1648 AD); It's taken them 373 years (From the year 1648 to the present year 2021) to begin to empower their (poor) citizens. As an accountant, I can confidently tell you that "state-issued money" is the underlying basis for every relationship between the citizens of a state and with the state itself. And as a lawyer, every day I see this in the Courts, that every lawsuit is settled in "state-issued money". So, the impact of the present event of "Bitcoin becoming Legal tender (state-issued money) in El Salvador" on the crypto world and our future is " the change in the basis of the language of Power (Law) and the language of Business (Accounting), which was Standards set by the few (Politics) now to Standards set by many (Software Code)". I look forward to this future...

Computer Hardware Specialist

What impact could BTC as a legal tender have on the crypto market in the coming months?

This can be a very positive and impactful milestone for the crypto community and financial infrastructure. The crypto Community as well as the established financial institution of various Nations should keep an eye on the progress and how this is being adapted and how well it take roof because this could be the start of something really huge for crypto globally. El Salvador can be a role model for the entire world to realize the power and the impact of cryptocurrency.

Freelancer

What impact could BTC as a legal tender have on the crypto market in the coming months?

El Salvador's decision to legalize Bitcoin is a very extraordinary step. This move will be the power and potential of Bitcoin for everyday use on an open network that benefits individuals, businesses, and public sector services. Of course, we hope other countries will also follow this step, especially big countries like China, America, and others. And this will also make everyone aware that Bitcoin has enormous potential in the future, because the supply of Bitcoin is very limited, and it is also very easy to use.

Algorithm creator, coder, chem. engineer,trader,investor

What impact could BTC as a legal tender have on the crypto market in the coming months?

Fluctuations of 5% cannot be subject of reason in the crypto sphere. as for the recent news considering El Salvador, I believe this is the first move of many to come. first BTC will be adopted by large countries as mean of wealth transfer (recent comment of Senator Lummis) then eventually BTC will be pegged with some kind of a global point/wealth index for international trade. what makes me think this way is a simple calculation product of power consumption ,evaluation ,fees that all together will eventually force BTC to be used only for large transactions. the paradox will be a good layer x solution on BTC that will make Bitcoin money but that's only wishfully thinking as for now.

MIS

What impact could BTC as a legal tender have on the crypto market in the coming months?

A Single Spark Can Start a Prairie Fire~~~~ There's a saying that I think is very true: It's not that Bitcoin needs El Salvador, it's that El Salvador needs Bitcoin. A healthy economy and a sound currency are supposed to go hand in hand. These small countries in Central America, and indeed the backward countries of the world that are still in dire straits, have a lot to do with their inability to effectively develop their economies and their lack of a sound currency to keep the dollar from invading and looting them. Dollar-dependent economies shape authoritarian regimes, making the leaders of these countries easy agents for the U.S. to buy. When their power comes not from the people, but from the dollar. Marx argued very eloquently that the economic base determines the superstructure. Bitcoin is expected to transform and revolution just starts to begin!

System and Network, VOIP Engineer

What impact could BTC as a legal tender have on the crypto market in the coming months?

Actually we have hard time on crypto market in these days, I was waiting a decline for today on the market. Because the China is giving negative feedbacks. In this side on El Salvador may need the power of the cryptocurrency market assets, but in the other powerful country like China the situation is a little bit different. Also the US parliament is give bad news today like China, as negative effects of mining machines to the green world. In my opinion like El Salvador countries' needs won't effect positively to the market. Because the China and Us will be seems to first enemy of the cryptocurrency. They are making money with humans' dreams.

Teacher

What impact could BTC as a legal tender have on the crypto market in the coming months?

This is a major step towards adoption of cryptocurrencies and other countries will certainly be joining El Salvador. The power of blockchain technologies inevitability becomes the standard for transactions on a global scale. It’s bigger than a trend— here is the future of all things financial.

OTC Deals. ICO Advisor at Cryotoknowmics, BITOZZ and More, Strategy, Investor Relations, Big Network in The Cryptospace

What impact could BTC as a legal tender have on the crypto market in the coming months?

Blockchain tecnology and especially Bitcoin will have a huge impact on all of us. For countries with high inflation rates this will be a safe heaven. The decentralization is a key part of the whole equation. Finally the impotance of the USD as the most important currency will diminish and Bitcoin will be used as the main one. It will also take away the power of the rich(banks, Rothschild`s and the like). Bitcoin is much more than a store of value - it is a change/shift in mindset. Finally :)

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.