Monday, October 25

The President of El Salvador just explained how Bitcoin works to his entire nation via a powerpoint.

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The President of El Salvador just explained how Bitcoin works to his entire nation via a powerpoint.

The President of El Salvador just explained how Bitcoin works to his entire nation via a powerpoint. from Bitcoin


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38 Comments

  • Boring-Vermicelli-16

    As my native is Spanish, I can tell this explanation is dumb-proof, he nailed it perfectly.

  • Sikimayra

    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.

  • Titan2768

    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.

  • x543265432

    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!

  • highlypaid

    wow.

    this is huge,

    I love how the guy has a priest behind him while he teaches about Bitcoin also.

  • hector_villalobos

    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.

  • freeradicalx

    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.

  • jabonkagigi

    Luckily you’re allowed to use other wallets. He creeped me out when he unveiled the face recognition system and ID.

  • EmuFlaky2922

    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.

  • diamondscut

    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.

  • lsx2

    Can we have young people in charge please, I’m sick and tired of 70+ year old geriatrics controlling our country.

  • Titan2768

    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.

  • MrEpicMustache

    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.

  • leisdrew

    Why is there a picture of the pope behind him looking like he just finished his training programs in the matrix

  • The_Number_12

    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.

  • Crumornus

    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.

  • realMikeCarson

    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…”

  • mamainer

    There is going to be a gov. wallet and they are covering usd bitcoins spread to transfers in the country.

  • Beneficial_Role9676

    Did he just say that he legally f**ked all the banking system parasites and all the other economic leeches?
    Well done!

Comments are closed.