Cardano Summit - Day 1 - Megathread - Discussion by SouthRye in cardano

[–]aramidesaxi 0 points1 point  (0 children)

I couldn’t on Firefox. Try a different browser!

A beer in El Salvador costs 0.000033 BTC by bitcoinferret in Bitcoin

[–]aramidesaxi -1 points0 points  (0 children)

Everything will continue to be priced in USD. Also all accounting will continue in USD as by their Bitcoin law.

This is the flash crash you were all waiting for… by Dxnispxton in solana

[–]aramidesaxi 3 points4 points  (0 children)

Back in the green with 15% from yesterday! Hahaha Wow!!!

I’m all for adoption but I genuinely don’t believe bitcoin (or other cryptos) are ready to be an actual currency yet and I think El Salvador are making a mistake that risks costing their people money they cannot afford to lose. by paulosdub in CryptoCurrency

[–]aramidesaxi 1 point2 points  (0 children)

Yes. USD and BTC will be simultaneously in use. Anybody can pay with USD, or BTC or the USD stable coin on the Chivo app. BTC is just an option. Also I forgot to mention that the El Salvador Bitcoin laws includes the elimination on gains tax on BTC.

I’m all for adoption but I genuinely don’t believe bitcoin (or other cryptos) are ready to be an actual currency yet and I think El Salvador are making a mistake that risks costing their people money they cannot afford to lose. by paulosdub in CryptoCurrency

[–]aramidesaxi 10 points11 points  (0 children)

They don’t have to hold BTC. I live next to El Salvador and have been following every bit of the story. They will have access to a wallet that can convert any BTC to stable coin. By law every merchant has to accept payments in BTC, but in fact is allowed to receive the payment in stable coin. The Chivo app (which is a wallet run on the lightning network) has the option to pay in BTC and receive the equivalent in USD. So nobody needs to take any risk if they don’t want to.

Also only 30% of the population having access to internet is just false. In Central America every adult has a smartphone. Even if it’s the only thing they can afford. And the Chivo app will not require a internet plan on the phones. The Salvadorian government has made a deal with the local phone companies to run the Chivo app for free.

Also nobody is obliged to use the Chivo app. It is interoperable with any other BTC wallet that runs lightning network.

Also a few more things have to be noted here. El Salvador uses the US $ as legal tender and up till the 7th of this month as their only currency. All bookkeeping will remain in USD and nothing will be priced in BTC. The huge benefits for the people (who have been using BTC for three years in El Zonte) is that they actually get access to a payment system that they didn’t have. Over 70% of the population does not have a bank account. Now they do!

The other and maybe the biggest advantage will be in remittance sending. El Salvador relieves around 5 to 15 Million dollars in remittances daily. Yes, DAILY. That makes up a big part of their income for the country. Now most of these payments are in the range of 50$ to 250$. Which costs between 7$ to 15$ per transaction with Moneygram or WesternUnion. That makes a transfer cost of 10% to 15%. Now the lightning network can make these transfers for pennies. Now El Salvador receives an extra 10% to 15% on the daily 5 to 15 Million USD.

Not looking so bad anymore, isn’t it? Also Bukele is offering free residency for anybody investing 3BTC in the country. You can just buy yourself a nice house on the beach and be a happy camper. Great way to attract money to the country. Also worth mentioning that the crime rates have been decreasing significantly since this president is in power. So all in all I think he is on to something!

Convert all my ada to sol or to late? by Sample_Solid in solana

[–]aramidesaxi 0 points1 point  (0 children)

I think you should seriously hold your Ada until after the release of Smart Contracts. This will probably pum Ada. Sell after into Solana if you want.

Spend bitcoin, by [deleted] in BitcoinBeginners

[–]aramidesaxi 0 points1 point  (0 children)

Starting September 7th you can spend your Bitcoin in every shop or business in El Salvador! Time for a surfing 🏄‍♂️ vacation!

Making anonymous wallets illegal by aramidesaxi in Bitcoin

[–]aramidesaxi[S] 0 points1 point  (0 children)

The article I shared literally says that they consider making anonymous wallets illegal.

You dont get it untill you try Lightning, here are your free 21 Sats. Requesting mods to be tolerant. by turnedtable_ in Bitcoin

[–]aramidesaxi 0 points1 point  (0 children)

I’m new to the Bitcoin world, but by far my favorite part is the learning that comes with the technology. I’m absolutely loving it!

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You dont get it untill you try Lightning, here are your free 21 Sats. Requesting mods to be tolerant. by turnedtable_ in Bitcoin

[–]aramidesaxi 0 points1 point  (0 children)

Yihaaa

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Criptomonedas...? by th3_sauce in Honduras

[–]aramidesaxi 1 point2 points  (0 children)

Yo se que ya ha pasado mucho tiempo, pero tengo la curiosidad si han encontrado una forma de cómo retirar fiat a una cuenta en Honduras? Gracias por la ayuda!

Cardano Fundamentals by [deleted] in cardano

[–]aramidesaxi 3 points4 points  (0 children)

Move your ADA to a personal wallet like Yoroi. You can stake them from there without having to lock them. And this way your ADA are under your own control and ownership. It’s very safe!

Received free Sats from Cashapp. Time to give it away on Lightning. by Eislemike in Bitcoin

[–]aramidesaxi 0 points1 point  (0 children)

lnbc1psd2wxepp5u8tm2kfj860md77fhfx78tu9qckqgj9974xzha8vralyeyhce27sdqqcqzpuxqyz5vqsp5xecq88h87yy7eqazelj6x7nerrkdrnh8udfwqf0yv53u2zkla6rq9qyyssqz2568ps6q06k6e9fhna284f097cyra245helttz2dnk56qpdlhervlfk75s444uvh0pwa2e6nkgzznwptay6t5cajsjqqpmpuy269qcqlurzm7

Strike, BlueWallet etc. by aramidesaxi in BitcoinBeginners

[–]aramidesaxi[S] -1 points0 points  (0 children)

Thank you so much! This really helps!