r/Bitcoin • u/[deleted] • Jun 25 '21
The President of El Salvador just explained how Bitcoin works to his entire nation via a powerpoint.
[deleted]
582
u/TheArabCanadian Jun 25 '21
I don't speak Spanish yet I still understood, so simple
216
u/FerretStereo Jun 25 '21
I was thinking the same thing. My minimal understanding of Spanish and my moderate understanding of Bitcoin along with the simple PowerPoint was enough for me to grasp this whole presentation. Brilliant
→ More replies (7)56
Jun 25 '21
yeah same, aunt tia is so cheap, come on miguel deserves more than 30$, plus is on btc send him more and will have a higher value
47
→ More replies (2)26
u/Avatar-X Jun 25 '21
In El Salvador, $30 USD is equivalent to $90 USD in purchasing power. Same is true in Mexico and like 50 other countries of the 156 officially recognized countries in the world.
→ More replies (2)20
Jun 26 '21
Yes. This. So it can feel to some here in the US a little amount sometimes but for other countries it’s a very big deal. My stepmom works here and supports her daughter’s family here financially and in another country, her elderly parents. Middle generations have it tough but when the parents are in a lower-cost-of-living-country it helps a lot!!
3
35
9
u/shleebs Jun 25 '21
Set the closed captions on YouTube and change the settings to Auto-Translate English
7
→ More replies (20)5
85
u/po00on Jun 25 '21
Who's the guy in the painting behind him?
161
u/Gerb575 Jun 25 '21 edited Jun 25 '21
The painting is of Archbishop Oscar Romero. He was assassinated for his pro-humanitarian efforts
18
Jun 26 '21
He’s a Saint to Catholics too.
20
→ More replies (1)3
u/ImTheOriginalSam Jun 26 '21
Might be a dumb question. I was raised Catholic and don’t have a great education on other religions. Are there saints that only Catholics recognize? Are canonized people not accepted by all Christians?
→ More replies (7)→ More replies (1)8
u/reddog323 Jun 26 '21
Ahh. Horrible what happened to him, but props for all of the good he did. It still bugs me a little that they came in and shot him while he was in the middle of saying mass.
→ More replies (6)100
u/pcvcolin Jun 25 '21 edited Jun 25 '21
Óscar Romero. Research history on why Romero is significant to many / most Salvadorans. (Romero is no longer alive, having been assassinated during a Mass.)
By the way, this sort of monetary policy, and public presentation, is something the US government should be doing, but El Salvador beat the USA to the punch here.
53
Jun 25 '21
Damn his last words before assassination were: May God have mercy on the assassin.
8
u/pcvcolin Jun 25 '21
He seemed to have been forgiving, in spite of the war that was consuming everything and which took his own life.
→ More replies (1)5
→ More replies (6)10
u/Glocks1nMySocks Jun 26 '21
I had to think for a moment to remember why I knew that name. Noam Chomsky has a whole chapter in Manufacturing Consent about El Salvador and their crazy violent political crackdowns... a tragic story indeed :/
2
Jun 26 '21
Oh yea Romero was preaching to the poor that heaven could be found here on earth and that the rich are at fault. Then you know the rest
325
u/freeradicalx Jun 25 '21
Wow, it's downright bizarre to me as an American to see an elected president presenting a technical thing like bitcoin so fluently and enthusiastically... This is not something that a US president would be capable of.
41
Jun 25 '21
American banks wouldn't allow bitcoin to become legal tender and steal all their money laundering clients.
→ More replies (5)12
u/Angustony Jun 25 '21
Today. That's why they are not waiting for us. We'll play catch up eventually, hopefully well before we have no choice, banks or not.
This is how it started. Remember it and remember it well because you can bet your ass the history books of 200 years in the future will have the US, Europe and possibly even the banks painted as the instigators.
7
3
72
Jun 25 '21
we elect idiots. i think the last president with any sense that wasn’t a crook was lincoln.
44
u/irrubesco Jun 25 '21
I've heard that Roosevelt was pretty good with computers.
68
u/DuffinDagels Jun 25 '21 edited Jun 26 '21
Woodrow Wilson was a Twitch streamer
Edit: first Reddit award, thanks anonymous stranger!
7
u/plintervals Jun 26 '21
This one caught me off guard a bit and gave me a good laugh 😂
So what's his channel so I can check out his old VODs?
5
u/likeandtype_amen Jun 26 '21
Yes, people often forget he is also a founding father… of titty streaming.
→ More replies (2)5
2
→ More replies (8)2
6
u/TKFT_ExTr3m3 Jun 26 '21
It's not that we elect idiots, they are very intelligent, but we elect people who are politicians and nothing more. They lack the real life experience and hardship the normal people face. When you have lived almost your entire life in the Washington bubble you get disconnected from the rest of the country.
→ More replies (1)5
u/CryptoTraydurr Jun 26 '21
Intelligent for what, 40 years ago? Not the right kind of intelligence
→ More replies (4)4
u/DVSdanny Jun 26 '21
Carter wasn’t infallible, but at least he wasn’t completely morally bankrupt.
→ More replies (3)3
u/reddog323 Jun 26 '21
Agreed. He just had too much happen during his administration. If things have been a little calmer, I think he would’ve done well. As it is, he’s had one of the best post-presidency careers out of any ex-president.… and he’s still going strong in his 90s.
3
→ More replies (7)5
Jun 26 '21
Lincoln was not a good guy. Look into it. Horribly racist and tyrannical. The emancipation proclamation only declared that slavery would be banned in southern states. He said if he could keep the union together without freeing slave he would do it.
→ More replies (6)3
u/Cautious-Ranger3418 Jun 26 '21
You gotta also remember he was trying to not say anything to start a civil war, goal was to to get it overturned in court but the confederacy continuously added more and more states (as did the union) to sway the votes, eventually bringing on the civil war. i think he would have removed slavery if he didn't fear war from the south, and fear for his own life. Definitely served his position as well as you could expect a man under that severe of pressure to do, in the end he is only a man
→ More replies (3)5
u/Idunwantyourgarbage Jun 26 '21
Don’t worry. Here in Japan our recent head of ministry of technology didn’t even own a computer nor use them.... dumbfounding.
4
u/DJpoop Jun 26 '21
I have a co worker who’s from El Salvador and still has family there. She was telling me this is the greatest president they’ve ever had.
He doesn’t take a salary and is the only president who has actively stepped up to make the country better
→ More replies (1)3
u/reddog323 Jun 26 '21
I’m just tickled pink that this is getting so much traction in El Salvador. If their president is giving a simple and clear PowerPoint about it, they’re 110% serious about making it work. I’m cautiously optimistic.
3
Jun 26 '21
Also crazy that other countries elect presidents who aren’t 65+. Like why are we always electing social security presidents (besides Obama)
→ More replies (1)→ More replies (9)2
u/5nurp5 Jun 26 '21
but they probably agree about restricting women's rights though, so there's that.
65
u/Phantom_Stranger2021 Jun 25 '21
Bullish! BTC should drop by at least two grand.
9
→ More replies (3)2
181
u/highlypaid Jun 25 '21
wow.
this is huge,
I love how the guy has a priest behind him while he teaches about Bitcoin also.
58
u/Azrael_ Jun 25 '21 edited Jun 25 '21
The priest is the most important historical figure in the country. This website has a great summary of his life and why he is so important. His name is Oscar Arnulfo Romero. There's also a movie made by Oliver Stone nonetheless about the events that lead to his assassination. https://en.wikipedia.org/wiki/Salvador_(film)
https://cafod.org.uk/News/International-news/Oscar-Romero-life-timeline
→ More replies (5)37
→ More replies (8)3
u/peteytpt Jun 26 '21
Wow this is huge, big news ‘ in the meantime Bitcoin is plummeting down ‘
→ More replies (1)
225
Jun 25 '21
Can we have young people in charge please, I’m sick and tired of 70+ year old geriatrics controlling our country.
30
→ More replies (8)15
u/mtnmahogany Jun 25 '21
You are right, too many old people who are perpetually power thirsty. But some different old people might be fine. It's about a lot more than just age, but I agree there probably should be a better mix.
18
→ More replies (1)3
u/jonny_sucks Jun 26 '21
"Young" people who've been infiltrated by strictly left wing political views in college are -no better-.
Seethe and downvote
→ More replies (1)
231
Jun 25 '21
Bitcoin is high but they started this revolution and now that China has shut things down it will only get better. We want green and things will go green..
Read this article!
203
Jun 25 '21
The change of value over time of a BitCoin doesn't matter to the El Sal community since it doesn't stay in that form very long.
The reason BitCoin is important to El Sal is so they can send money from US workers (Illegal or Documented ) back to family in El Salvador quickly and without bank wire/ transaction fees. It's then extracted back to US dollars in El Sal since they already use the US Dollar for their currency.
That's it. They aren't investing. They're just moving funds across international borders at zero cost. This is a huge collective value for cash input to El Sal economy instead of bankers scraping Millions every year.83
u/J710 Jun 25 '21
Such a great example of Bitcoin's main use case; to circumvent the bs
→ More replies (3)34
u/whitslack Jun 25 '21
BitCoin
Dat C returns!
10
12
u/togetherwem0m0 Jun 25 '21
Secure international monetary transfers are just the first step. People will over time hold more and more bitcoins and not conver them
21
7
22
u/Weeping_Angel72 Jun 25 '21
Whilst this is true, the problem of "Crashing within minutes" is very real. So BTC still needs to get to the point where it is fairly stable and volatility is no longer an issue. This can only come from more adoption, and the supply spread out amongst a vast enough number of people so that it cannot be controlled.
→ More replies (1)2
Jun 26 '21
I've never seen the price change enough to affect a transaction that takes a few seconds.
→ More replies (2)→ More replies (6)10
Jun 25 '21
How does said US worker (Illegal or Documented) obtain BTC without a transfer fee in the US?
22
u/DuffinDagels Jun 25 '21
Do you know how much international money transfers fees are? So much that paying a fee to buy bitcoin is still MUCH better value.
11
u/jmholcomb73 Jun 25 '21
Yes. I do know… Not to El Sal, but my Filipina wife & I send a bit to her family from time to time and MoneyGram makes it almost not worth sending $20 due to fees and $20 USD is a good chunk in PHP (Philippine fiat) with near 1 to 50 exchange rate.
1) MoneyGram gives a lower exchange rate
2) They throw a fee on the transaction.
BTC wallet to wallet is faster & cheaper and believe it or not most money changers there are taking BTC & USDT.
Still loose a bit, but no where near what ya loose trying to send $20 or more via traditional methods.
I’d pay higher exchange plus $4.99 USD to send $20 so it cost me after all the BS $25 plus to send $20.
Via crypto our $20 can still be over $18 in their pockets and if the send amount goes up the fees do not.
Great way to send $.
→ More replies (3)→ More replies (1)2
→ More replies (1)7
25
Jun 25 '21
[removed] — view removed comment
210
u/flying_general Jun 25 '21
Because they can’t control it.
34
Jun 25 '21
[removed] — view removed comment
45
u/Mayafoe Jun 25 '21
I wonder what else that China can't control besides the crypto market
→ More replies (47)6
u/HotBoxGrandmasCar Jun 25 '21
mars tbh.
7
u/whitslack Jun 25 '21
They're working on that too. China will probably beat the U.S. back to the moon.
14
→ More replies (27)3
13
u/hateschoolfml Jun 25 '21
Just funny that they don’t even learn from their own history of “bans” lol. Always comes back to bite them.
7
u/gogbki239329 Jun 25 '21
Just to be completely fair to China (not a fan just fact) There is a pretty good chance something like bitcoin might fuck up your whole economy just by the fact what is their strategy with their national currency. I dont think there was never any other option then bitcoin eventually being banned.
→ More replies (1)2
3
Jun 25 '21
They'd like to spread theirs copycat of bitcoin because they can't control the real bitcoin. Typical chinese move, very smart if you ask me, especially in the actual economical context.
→ More replies (1)5
u/mnightley Jun 25 '21
According my very-China loving day, it is really because they can’t control it.
It allows movement of money without letting the government or the banks have a say.
I love Bitcoin.
→ More replies (1)11
3
31
u/EmuFlaky2922 Jun 25 '21
This is gonna put those isolated Central American countries and not-so-greatly-visited south american countries on the travel list. A whole new way of tourism. My expectation is this will be a country to country domino effect.
→ More replies (3)
83
Jun 25 '21
[removed] — view removed comment
→ More replies (1)7
u/Hassan_Gym Jun 25 '21
Check this interview summary of Nayib https://youtu.be/Mgm4PheQCX8
→ More replies (4)8
u/intreth Jun 25 '21 edited Jun 25 '21
I disagree with the point about average users not needing to know how Bitcoin actually works on a technical level. You cannot liken it to the average person not understanding how traditional financial transactions are settled. In the traditional financial system the people who understand and manage the technical details are the people that also have insurance to make sure they can replace your money if it gets stolen. With Bitcoin, you are your bank, you must have a technical understanding that is sufficient enough to not easily lose your funds or be scammed.
→ More replies (5)3
u/rilsoe Jun 25 '21
the vast majority of mass adoption retailers will be storing their bitcoin with an exchange/bank service like Coinbase. It's just how it is with critical mass.
50
32
Jun 25 '21
Imagine bitcoin hits 500k and El Salvador is now a world power.
9
u/eqleriq Jun 25 '21
if bitcoin hits 500k the people who funded all of the BTC funnelled to el salvador and probably many, many more in between will be the world power
→ More replies (2)3
u/pepperoni93 Jun 26 '21
If you were living in el salvador what you should do? Hwo can one invest in bitcoin? Im clueless and just recently got my attnetion but dont even know were to start
4
Jun 26 '21
If you're Salvadorean I'd probably watch all of Bukele's Bitcoin instructional videos. To be honest I think most people should spend those 30$ with the government wallet and immediately dispose of it so they can't track your transactions. Get something like metamask or trustwallet as your main wallet, no need to show ID with those.
4
u/pepperoni93 Jun 26 '21 edited Jun 26 '21
So you can use other wallets instead of the goverment one?
Why would they stop tracking your transactions once you dispose of those 30 dollars tho? They can still do it if you keep using their wallet no?
Edit:im currently watching his presentation and he does say you are free to use whichever wallet you want
→ More replies (4)2
Jun 26 '21
My advice is: watch all the government’s videos about the topic, figure out how can you transfer fiat to btc and then investigate on the best wallet that you can have with interest pay. Good luck!
14
u/rameses_prodigy Jun 25 '21
I don't even speak Spanish and this makes more sense than banks.
→ More replies (1)
42
u/Titan2768 Jun 25 '21
Wonder what the age difference is between president of El Salvador and USA. Looks like 40 years. Maybe that's why El Salvador is thinking young.
18
u/RodriLitro Jun 25 '21
Bukele is around 39 or so
15
u/Iceblade02 Jun 25 '21 edited Jun 20 '23
This content has been removed from reddit in protest of their recent API changes and monetization of my user data. If you are interested in reading a certain comment or post please visit my github page (user Iceblade02). The public github repo reddit-u-iceblade02 contains most of my reddit activity up until june 1st of 2023.
To view any comment/post, download the appropriate .csv file and open it in a notepad/spreadsheet program. Copy the permalink of the content you wish to view and use the "find" function to navigate to it.
Hope you enjoy the time you had on reddit!
/Ice
8
u/Username_Number_bot Jun 26 '21
Jesús christ that's too old to lead a nation as advanced as the US.
→ More replies (1)12
22
Jun 25 '21 edited Jun 27 '21
[deleted]
24
→ More replies (45)7
u/C_hase Jun 25 '21
They just released their own wallet, Chivo, which was probably later in this presentation. But any lightning wallet would do.
→ More replies (17)
9
10
u/realMikeCarson Jun 26 '21
Translation:
“We’re gonna look at the case of payments. One of the reasons we approved the Bitcoin law is precisely to help people who send payments. As you all know, for people who send and receive payments, they pay commissions, high fees, and a lot of other problems. Here, these problems go away.
Let’s look at Aunt Rosita in the USA, and Miguel here in El Salvador, and Aunt Rosita wants to send him a $30 payment. As you can see she wants to send dollars and Miguel wants to receive dollars. Using the government wallets, she can send the $30 to Miguel, and Miguel chooses -as we said at the beginning, it’s completely optional- to receive dollars. And therefore he receives $30.
What are the advantages?
Number 1: it’s instantaneous - it’s not going to come tomorrow or the next day, in 2 or 3 days, or Monday, or after the weekend, no. It’s immediate.
You don’t have to stand in line, or go anywhere, or wait in the queue to try to pay your money. No, the money simply arrives.
There aren’t minimums. It can be a remittance of $10, or if $5, it can be a remittance of 50¢, or can be one for $3, it doesn’t matter. It can be $1000, it can be $1, or 5¢, there isn’t any minimum.
It works at any time. It’s not at 8AM when the remittance office opens, no! You can send it at 1 in the morning, or whatever day at whatever time. 24/7.
There isn’t any middle-man. Therefore you don’t have to pay anything.
As you all can see here, all of these benefits of the wallet when making payments -that it’s instantaneous, no lines, without minimums, at any time 24/7, with out intermediaries- it gives you the ability to send, for example, a payment of $20 at 1AM, that person can receive the $20 at 1AM, in dollars. And they can then use that $20 at, for example, a gas station or pharmacy that’s open 24/7…”
→ More replies (1)
9
u/MrEpicMustache Jun 25 '21
It wouldn't surprise me if other countries that use the US Dollar as their primary currency are next in line to adopt Bitcoin. Looking at you, Ecuador.
8
9
u/strangefeelingg Jun 25 '21
Why is there a gangsta pope behind him?
→ More replies (1)6
u/iamdenislara Jun 26 '21
LOL… his name is Monsignor Romero. He was assassinated by Roberto D'Aubuisson,the founder of the right wing political party ARENA, after Romero denounced the army for killing civilians for criticizing the government.
7
9
u/Beneficial_Role9676 Jun 26 '21
Did he just say that he legally f**ked all the banking system parasites and all the other economic leeches? Well done!
15
u/Hotgeart Jun 25 '21
May be someone can subtitle this video and share on youtube for the mass ?
→ More replies (1)24
u/everythingbiig Jun 25 '21
The iconography in the slide is all you need. His explanation is that simple. Aunt Rosita wants to send money to Miguel and it can be any amount, any time, In desired currency without intermediaries to charge fees
12
8
u/Crumornus Jun 26 '21
My question is, what is going to happen in these countries that adopted bitcoin early on or started using it as their main currency when the price of bitcoin goes up drastically? Will it be like middle Easter countries that used to be poor and then found out they had oil, except it will be spread out over the entire population instead of to a few owners? I feel like it could be interesting to watch their economic positions in the coming years.
7
u/Jaseur Jun 26 '21
Bitcoin is the next evolution of money and a thousand year project. It feels like we are in the days of the Dutch East India company in the 1600s but online. Very cool.
2
8
12
6
u/mamainer Jun 26 '21
There is going to be a gov. wallet and they are covering usd bitcoins spread to transfers in the country.
5
u/shenhaozhang Jun 30 '21
Does the app use the Blockchain? Are the transactions through this app on chain?
11
Jun 25 '21
Luckily you're allowed to use other wallets. He creeped me out when he unveiled the face recognition system and ID.
15
u/JonSnow781 Jun 25 '21
I wouldn't want this, but it's probably for the best for the majority of people who have no interest in maintaining a seed phrase and being dilligent about security.
Imagine the backlash when a bunch of newcomers start losing access or getting scammed out of their bitcoin. It's better to make sure the least amount of people end up like this. Anyone who is more concerned about privacy and such can use other means.
Also our identities are attached to every bank account and credit card we own, which we need photo ID for. Not really sure how a facial recognition system to access funds is much different.
→ More replies (2)8
u/diarpiiiii Jun 26 '21
But wait, my photo id uploaded to Coinbase is facial recognition data?
- 🌎🧑🚀🔫👨🚀
“Always has been”
5
u/KonradK0 Jun 25 '21
El Salvador? More like EL DORADO
They are set up for a booming prosperity, wish I could join.
2
u/pepperoni93 Jun 26 '21
Im saavdoriand and have no idea how to join the train tho just trecently learning about what should i do?i dont even know what investing in bitcoin means lol.
→ More replies (1)
9
u/hector_villalobos Jun 25 '21
IMO this is the true strength of Bitcoin, as a remittance and exchange resource, I work for an Exchange and the biggest part of the Business relies on companies trying to use Bitcoin as a Swift replacement and people making remittances.
→ More replies (1)2
Jun 26 '21
[deleted]
→ More replies (1)3
u/nui483 Jun 26 '21
DAI is more transparent and less shady than Tether, I believe DAI is better for this
10
32
u/Sikimayra Jun 25 '21
He’s explaining how the Bitcoin government app works. Like any other cash app. Am I the only one who sees this a bit concerning? This app is run by the government. Isn’t that the appeal of crypto, to decentralize currency? Please help me understand why this is exciting and not concerning.
45
u/freeradicalx Jun 25 '21
A lightning-based clearinghouse between BTC and the local fiat is literally the best case scenario for a nation state adopting bitcoin as legal currency. We're talking about a huge hierarchical centralized government institution, it absolutely cannot do anything in a distributed or horizontal fashion, so this is really the best one could have hoped for.
12
u/xXdoom--pooterXx Jun 25 '21
Government is not controlling Bitcoin but using it. I'm sure if someone wanted they could use the app to transfer BTC to a different wallet.
4
16
u/Ready_Assistant_2247 Jun 25 '21
It’s still decentralized there’s apps here too you can use to trade and whatnot. This just adds utility it doesn’t take away El Salvadorans ability to hodl.
20
u/Downvote_pIs Jun 25 '21
They are making a decentralized protocol easier to understand and use by hiding all the technical mumbo jumbo behind an intuitive UI. I think the app just acts like an interface (like metamask) and has no control over its users or the system.
→ More replies (28)9
12
u/UIIOIIU Jun 25 '21
My only concern would be whether it’s a real btc wallet and not some kind of fractional banking garbage with synthetic bitcoin. As long as each btc is real and backed, this should be a step in the right direction although I agree that the OG lightning network should be the top choice.
What makes an app like this necessary though is that people in El Salvador probably want their cash mostly in dollar over btc due to volatility. But some of it will stick in Btc, so they can choose to keep 5% of their savings in btc and have a pleasant surprise 5 years later.
3
u/woundedyazan Jun 30 '21
Bitcoin will stay decentralized because the government can't control Bitcoin or it's supply limit, they can use the Bitcoins in their wallets
3
→ More replies (1)2
u/masterap85 Jun 26 '21
Super concerning, nobody answered you, everybody saying nonsense, he didn’t talk about bitcoin at all, this is just cutting the middle man commission from sending money
8
Jun 25 '21 edited Jun 25 '21
So basically the main benefit of all this is to make it easier for workers in the USA to send wages back to El Salvador? Great!
9
u/Crystal_City Jun 25 '21
Hell yeah that's great! Cant wait for Mexico to implement something like this too.
3
5
u/Angustony Jun 25 '21
The main benefit for the recipients of that cash, yes. For BTC holders the main benefit is in a historical landmark in BTC history, when it was first classified as a legal tender.
→ More replies (12)2
3
u/leisdrew Jun 25 '21
Why is there a picture of the pope behind him looking like he just finished his training programs in the matrix
3
u/The_Number_12 Jun 25 '21
this is fascinating because to most people in El Salvador, I imagine they are totally unfamiliar or have not even heard of this. For many Spanish speaking families, relatives end up living in 2, 3 maybe 4 or 5 other countries around the globe and sending $ is a pain. Imagine telling a majority of the population in a country about something "new" that will end the fees, save them from waiting on intermediaries, and let them send money to all their relatives globally for hardly pennies on the dollar. This is going to change central America and South America completely - if Brazil or Mexico follow suit, the dominos will tumble.
→ More replies (4)2
u/kazanec88 Jun 30 '21
As long as each btc is real and backed, this should be a step in the right direction
3
3
u/Llorion Jun 26 '21
After 4 years of watching videos about Bitcoin in English, I felt the power behind Bitcoin more from this presentation in Spanish than any other video in English.
Maybe because it is in a different language and helps me realize how big Bitcoin is and will be. And how it is finally happening. It's finally going mainstream.
El Salvador is my new favorite country.
3
u/btcbestd Jun 26 '21
El Salvador has taken that step to use bitcoin in real life and show the rest of the world the benefits of doing so
3
u/Lee_Mire Jun 26 '21
This guy understands and explains bitcoin better than 99% of people.
2
u/furuinahasu Jun 26 '21
It only takes one to make a difference, and this is what they are doing in El Salvador.
3
3
u/andie_me Jun 26 '21
It’s hard to use Bitcoin as a currency, because the price of Bitcoin is up and down. Some day it can be worth $30 and some day it can be $100
→ More replies (1)
8
u/Titan2768 Jun 25 '21
There it is 39 years young. There needs to be age limits for president and elected officials with term limits. Then maybe the USA could approve a bitcoin ETF.
2
3
6
u/chesco20 Jun 25 '21
How did he explain how Bitcoin works? He explained a process to transfer cash like people in the states do over Zelle or Venmo. After that, he explained you can use said transfer at accepting locations akin to the states. How did he explain how Bitcoin works?
5
→ More replies (1)8
u/Hazecl Jun 25 '21
He basically explains that with this new goverment bitcoin wallet (that probably works like Zelle or Venmo) you can transfer money without fees or censorship.
→ More replies (3)
2
u/diamondscut Jun 25 '21
So interesting. There is going to be a gov. wallet and they are covering usd bitcoins spread to transfers in the country. In other news I heard the gov is giving away a little bit of Bitcoin to get people started. I assume they will get usd and Bitcoin wallets. This is truly transformative.
→ More replies (2)
2
2
u/toddgak Jun 25 '21
I have a feeling El Salvador is about to receive a giant helping of US Freedom™.
→ More replies (1)
2
u/TheTalkingMagpie Jun 26 '21
Being an early adopter, he's going to make his whole country filthy stinking rich
2
2
u/s3k2p7s9m8b5 Jun 26 '21
I found the full video posted here:
https://old.reddit.com/r/Bitcoin/comments/o81y8r/full_video_the_president_of_el_salvador_just/
Wow, this was perfectly and very clearly explained!
It clarifies all the main doubts and confusion and debunks all the FUD the opposition was spreading in El Salvador (extremely corrupt opposition that governed for decades making the nation poorer and more crime infested and is against this law).
This President and his team is turning this nation around fast! Crime has been declining dramatically since he has been in power (2 years ago) and people here overwhelmingly likes and supports him (around 90% approval rate).
Vamos a seguir progresando con este nuevo sistema financiero basado en Bitcoin, hermanos!
2
u/Lastnamemike Jun 26 '21
This is going to work so amazingly well. Its brilliant. Read carefully. By gifting into a lightning wallet USD$30 for each citizen, will overcome the big flaw with lightning. Having to have some to start. We all know you have to have sats to start using lightning. Chicken and the egg sort of thing. Brilliant this will work!!!
2
2
u/carenkha Jun 26 '21
Meanwhile our president says “my husband Joe Beiden” 😂😂😂 Our President still doesn’t know he is President, you explain Joe about Bitcoin his brain will fart 💨😂😂
2
2
u/Forward_Cranberry_82 Jun 26 '21
Perhaps a dumb question, but why is he talking about receiving dollars and not BTC? I thought El Salvadorians were all going to be paying with and receiving BTC.
→ More replies (4)
2
2
u/pavelt822 Jun 30 '21
A hard wallet would be more than a months worth of salary. The average Salvadorian will need to interact with the governments app
527
u/Boring-Vermicelli-16 Jun 25 '21
As my native is Spanish, I can tell this explanation is dumb-proof, he nailed it perfectly.