Topic: El Salvador positions itself as the first Bitcoin city at Expo2020 in Dubai - page 2. (Read 420 times)

That's what bitcoin could bring into a country, more than fame and popularity, there is always the hope for the country to have economy's progress and development. And i think El Salvador is not disappointed with the result, because bitcoin made the country attract more tourists and investors that could certainly bring more profits into the country. This is just the beginning, i'm sure there are a lot of more positive things intended to happen in El Salvador.

I haven't watched the video. But definitely I would watch it. In my honest opinion, El Salvador has become more exposed to the world, before now few things could make me get interested in El Salvador, but since the started getting involved in crypto-currency, things has changed for them, I wish other countries that are trying to grow can emulate El Salvador and get more into crypto-currency.

El Salvador legalizes bitcoin as a legal currency and means of payment because they do not have their own fiat and may differ from the legality of bitcoin in Ukraine. El Salvador is one of those countries brave enough to consider bitcoin a currency regardless of the reason it wants to save on its annual remittances.

Other countries may consider the steps taken by El Salvador in the future but only if El Salvador manages to improve its economy after this adoption continues for the next few years. It may be easy to expect the adoption of bitcoin as a currency in any country that does not have its own currency, but it is difficult for any country that has had its own fiat currency for many years. Adoption is expected to give people the option of using it as a means of payment, but perhaps not as a currency.

the UK pound, US dollar, Euro are not legal tender in Ukraine.. but that doesnt mean it cant be used as a currency for voluntary payment between individuals or exchange within businesses/payment services
shares are not legal tender but that doesnt mean shares are illegal

legal tender is just the official countries native currency. it has no bearing on if other currencies are ilegal by not being a countries legal tender.

UKraine now legally recognises BTC much the same standing as it recognises the dollar, pound, ruble, shares, stocks or assets.

It is an ambitious project, and certainly something that is not easily achievable, but if they have the vision to do it, they will certainly do everything to make it a realization. El Salvador has been praised and criticized for their decision in adopting bitcoin as a legal tender in the country, but so far it seems that that decision helped them gain recognition for their country that can soon help them boost their economy as well.

El Salvador seems to be doing everything they could to publish their name as bitcoin city. They are truly being very strong over and over again. Since the day they started legal adoption of the bitcoin I was little skeptical about the whole Bitcoin City story. But Sam we are here now, there is always name of El Salvador after every few talks. I think this is how one famous name keeps going on and sets an example for the rest.

They went into the richest country around the world and promoted bitcoin there is coolest thing here. I just hope they keep doing this ever and ever.

They should've focused more on that segment since it's something that's missing in other countries... Don't get me wrong, it seems like a beautiful country ^{[for the most part]}, but tech-related matters tend to grab more attention in today's world and I think they should capitalize on it.
^{- For those who want to see the other parts, you can refer to "this video".}

It's worth noting that it's not a legal tender in Ukraine.

The road to mass adoption is so very clear now no doubt, a drop of water makes an ocean, i remember when the news of El-salvador legalizing btc was published here in the forum, some members thought it won't hold much ground because El-Salvador was a small country that is hardly known by many but i guess little actions can result to something big, they may be a small country but the action was big, now other big countries who were afraid before will boldly take that step if they want to, thanks to El-salvador
am very proud of this country, even with the pressure from IMF they didn't backdown, there goal was very clear and they are ready to see it through, kudos to the president.

Once I found out about El Salvador's policy regarding Bitcoin, I could feel nothing but respect to the President Nayib Bukele and people of this beautiful country. I knew it, and was writing about it, that other countries will follow, and now I'm so happy to see that it's happening already. Today it's all over the news, and not only on crypto related sites, that Ukraine legalises cryptocurrencies



But however many countries will do the same thing, we'll never forget El Salvador, the first one who made the right decision.

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Thanks for sharing the video, but I think we can save 97 seconds of our time, and start watching it from this moment

https://youtu.be/mLcchrbZtCs?t=97

imagine it like "silicon valley"
where like 30% of all workers are in the tech industry. sharing a common view of innovation. where the other 70% are normal retailers taking funds from the tech entrepreneurs. and real estate selling housing to the techies.

it becomes a opportunity where by if there was 70,000 jobs before, there would be 100,000 jobs after

thus because a tech currency is also involved in the industry, it would become common place to accept btc to buy houses in suburbs and food in malls.

much like how the wild west era, people didnt trade bank notes printed in the east.. but instead gold nuggets locally in the western towns near gold mines.

there currently is no 'city'(of any currency) in the area near the volcano.
but they want to build one.
this is so they can first build a geothermal power plant. and then housing for the workers. and then shops/entertainment venues for the workers. where some of the geothermal energy is to power bitcoin asic farms which would easily pay for the geothermal plant investment.

EG
why need to build say 16,250 houses just to get a 32,500kw/h consumption after like 2 years of building and then offering up them houses..where those 16k residents need to pay their bills.... its a slow, unpromised delay for ROI for the geothermal investment
its not easy, cheap, fast to build 16k houses if there is no 16k jobs available in the area. and the geothermal plant only gets paid after people move in.
meaning it can take more then 2 years to build up a whole new area/economy based on old fiat economy. as its a balance of creating jobs and attracting workers and then getting them workers in a position to get a mortgage for a house locally instead of commuting to work

where as el salvador can easily get that income of 32500kw/h by just having 1 factory of 10,000 asics that can be up and running in 3 months and paying upfront the 32500kw/h via allotment contracts(requiring say just 100 houses for asic farm employees, in the first 3 months)

then that income can fund expansion while they build out the housing over the next couple years
they can pay off/grow 1mw of geothermal build cost every 90 days

EG comparing building a btc city vs traditional city in best case of traditional city growth to capacity in 2 years
timescale   0mon      3mon       6mon      9mon      12mon      15m     18mon     21mon      24mon
     asic      $2.8m     $2.8m     $2.8m      $2.8m     $2.8m     $2.8m    $2.8m     $2.8m       $2.8m      (25.2m after 2 years)
housing       $0        $0.35m    $0.7m     $1.05m    $1.4m    $1.75m   $2.1m     $2.45m      $2.8m     (14.35m after 2 years)

EG expansion/pay off geothermal
timescale   0mon      3mon         6mon        9mon      12mon      15m       18mon     21mon      24mon
     asic      1mw        1mw          1mw         1mw         1mw       1mw       1mw        1mw         1mw        (9mw after 2 years)
housing     0mw      0.125mw   0.25mw   0.375mw     0.5mw   0.625mw  0.75mw   0.875mw    1mw        (4.5mw after 2 years)

President Nayeb bukele said, bitcoin will make it easier for elsalvador people to make transactions, even though there are many obstacles and obstacles and criticisms received by nayib bukele, but never once dampened nayib bukele's intention to back down in defending bitcoin, even the IMF has urged nayeb bukele to revoke bitcoin as a legal tender, even casually Nayib bukele replied to the tweet with a sarcastic sentence, Nayeb bukele has a stand he believes in him adopting bitcoin, he believes there will be many bitcoin holders to visit their country, to see all the tourism there, thus Their country's economy will improve with the entry of migrants into their country.

Is the city didn't build get?, I watch forest and natural place still on plans, the government shouldn prepare alot of state budget  for that, and with bitcoin, the president's dream come true

I am glad that El Salvador seems to have a good roadmap to its Bitcoin City and yes this can be a concept that can also carry its tourism industry. Definitely, the Bitcoin City can be attracting many big and small players into the country. We will see if the decision of its current president to go for Bitcoin can be resulting into many good economic gains. And I am hoping they will never yield to the pressures coming from legacy financial institutions to let go of Bitcoin.

Was it you taking the video?

I still couldn't wrap my head around a "bitcoin city" since it will be tough to sustain it. I guess the no tax policy mentioned by the speaker would be enough to encourage investors and tourists. Did they hand out materials on how it would look like?

On the Expo2020 in Dubai I was happy to visit El Salvador pavilions. Honestly speaking - I think that's the best in its category (among the small pavilions).

You will see a mix of audio-visual presentations, such as the one below, which has strong message of "Bitcoin city", then in other room you have another presentation which shows the city, nature and the life there. And then - in a cafe room you can taste local coffee. And finally, near the exit - you can see they have a radio room, and they are broadcasting there. So it looks like El Salvador used the most from the space it had. And now I hope to visit it and sharing with you this short video

https://www.youtube.com/watch?v=mLcchrbZtCs