Topic: First Bitcoin City - page 3. (Read 1741 times)

Many have viewed El Salvador President move on Bitcoin as a high-risk step but the president has not relented in his efforts as the El Salvador government bought more than 410 bitcoin at the rate of $36k which amounts to 15 million dollars the first time the country is buying Bitcoin during the dip and at a low price. This goes further to point to one fact that El Salvador has a long-term goal for its Bitcoin journey.

always have to give appreciation to developing countries who want to advance their country in a renewable way by adopting bitcoin even though it is still relatively new, this should be a very good step. as long as the goal is to provide progress for their country and make reforms they want to have to later undergo.
elsavador already wants to go further in a way that wants to continue to be able to introduce bitcoin to its people. continue to move to keep looking ahead with bitcoin which will contribute to the country and its people.

The irony that the project is announced in terms of a US dollar equivalent value (which happens to be the other official currency of El Salvador) is slightly comical. While it sounds like a lot and it is for the average person, 1 billion doesn't stretch that far in terms of infrastructure - especially when it is spread across many years. That and the bonds will be paying interest to the owners across all that time, which is conveniently overlooked and hidden away. It's nice to see some faith in Bitcoin, but it all still feels rather gimmicky and the president of El Salvador is just putting people in the country under the whims of an online currency. That might work, but it's still a big gamble and a billion dollars could definitely be used in more productive ways to help this still developing country.

Someone thinks Bitcoin is going to make El Salvador rekt.
The harsh reality is that the USD peg is making El Salvador rekt too: US are printing dollar like there's no tomorrow, and exporting inflation overseas. Some investors are a little bit smarter (the Chinese use those paper dollars to buy assets in Africa and Europe), some others are at a complete loss, like ES until a few months ago.

And at the same time Americans are printing dollars like there is no tomorrow, i can imagine their faces if the world economy collapses from the USD entering unprecedented inflation figures.

Except for those who kept their bitcoins. Yeah, all those Central Banks worldwide spreading FUD against bitcoin, look who will laugh last.

I told before also that El Salvador vision is big and the world super powers like united states' or china will be left behind if they also do not adopt bitcoin.
Since the El Salvador government are gathering and buying bitcoins, they will never face inflation and thier economy will prosper.

A Bitcoin City! sounds amazing. It would be a very different experience altogether to be in a place where you could use Bitcoins for everything. This is going to encourage adoption of Bitcoin as well as other cryptos. Cryptos will become more trustable now and there is a hope of huge growth.

In the report I linked on my penultimate post here above, there you can read an extensive report on how the situation is in the country.

Plenty of use case and feedback from locals.
Define tuo worth a read if you have those kind of curiosities.

This is of course absolutely great news. It’s amazing to me, someone who started their “bitcoin journey” sometime back in 2013, that wer are already at this point. As someone who works in finance I thought I had a better grip on how fast things were going to progress but I would have never guessed by 2021 a country would have adopted bitcoin as fiat.

I’m kinda curious how the people of El Salvador feel personally, not sure I’ve seen many testimonials.

Construction of the bitcoin city will take years and a lot of money to complete.
I guess the future of this “Bitcoin project” will be deemed way before the physical completion of the city.
It will either be a success, projectin El Salvador forward in the charts of the economic well-being, with an avalanche-like effect on other countries, or it will fail miserably, and will leave El Salvador more or less in the current state, with a small reprimand by the IMF.

Time will tell.

The Leader of El Salvador  knows how technology will help their economy and also knows what future can bring , this is why he pushes Bitcoin adoption even
are other people in his country that hates the Idea.
they even break some ATH and rallying here and there to take out favoring this government action.
but now issues subside and looks like they are now heading in more act of adoption. as this Bitcoin city will bring light to the whole country and hope that
will also open the eye of other country , in trying to adopt or even learn crypto advantages.

This is good news for cryptocurrencies. El Salvador is indeed brave and moves fast in crypto, this can be followed by other countries. As a country that has inaugurated Bitcoin as a transaction tool in its country, there is no doubt that El Salvador will also establish the first Bitcoin city.Investors in El Salvador are really lucky with their country's decision, they will no longer be confused about exchanging Bitcoin into fiat to be used as a transaction tool, but can directly use it for transactions.

If you want to know a little bit more about El Salvador, you can follow this vlog by the Italian fellow bitcoiners from BIP (Bitcoin Italia Podcast), where they tell us about their 10-day long journey across the country:

Missione El Salvador
( English translation available)

Definetly worth a watch!

The policies of El Salvador's President, Nayib Bukele, a relatively poor Central American country, has made history as the first country in the world to adopt bitcoin as the national currency and was passed by the Salvadoran Congress last June.

Of course, the bold policies taken by the president because of their country's situation are;
#. El Salvador does not have its own currency. The country uses American dollars for daily transactions.
#. more than 70% of El Salvador's population is unbanked and works in the informal sector.
#. El Salvador's economy relies heavily on migrant worker remittances, most of whom are in the United States.
where a quarter of its citizens live in America and last year sent remittances of US $ 6 billion (Rp 85.5 trillion). where it is clear that the cost of sending remittances via banks is considered very burdensome to the national economy.

Now this small country in Central America has ambitions to create the world's first Bitcoin city. The city will be in the eastern region of La Union and become a Bitcoin mining center using geothermal power from the Conchagua volcano.

Although there have been many criticisms from within and outside the country, the courage of the president of El Salvador really needs to be appreciated and this is clearly with the aim of progressing for the people and the country, we are waiting for another breakthrough from this country.

This another good news Dubai as a world business hub building a dedicated to center for Bitcoin similar to what el Salvador bitcoin city is an indication of countries willingness to adopt Bitcoin in a full scale level.

i think the el salvador government has thought a lot about this bitcoin acceptance. I think bitcoin has many advantages and provides benefits to the people of el salvador. because, in a country accepting foreign currency such as bitcoin is not easy it needs a lot of analysis, consideration and other factors. and in this respect, el salvador is already one step ahead of other countries.

Yes, the market isn't bearish. It has been stabilizing, and this time traders make regular earning out of the fluctuation within the specific limit making its less risky. Global adoption requires more time, because at present around 2% of global adoption have taken place. This needs to grow gradually. Some countries keeps supporting, the recent one being Dubai setting it's crypto zone on Dubai World Trade Center. Through this it has planned to be regulator of cryptocurrencies, products and exchanges.

Source : Dubai World Trade Centre to create new crypto hub and become regulator

Take it or leave it El Salvador is already the world-leading country when it comes to bitcoin adoption and the truth is in the next few years to come other countries will be looking up to el Salvador to grow their cryptocurrency space and economic benefits of bitcoin in an economy.

El salvador is became a first country in world who accept bitcoin is a legal tender. And it is also known as First bitcoin city. Because government gave 1B fund for make city and information minister has invested half of 1B in bitcoin.

To a far extent bitcoin price has been stable enough, anywhere around 40k is still a bull market, and judging from recent price movements Bitcoin is more stable now than ever before. Bitcoin global adoption may take some time but it will eventually happen.