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Topic: First Bitcoin City - page 7. (Read 1674 times)

legendary
Activity: 2926
Merit: 1440
November 22, 2021, 11:56:47 PM
#57
Everything will now depend on the implementation. The vision is there already. I think there is already sufficient support both from the country's population and officials and from foreign companies and individuals who are in support of Bitcoin. After a nice blueprint of what a Bitcoin city would look like, what's next is the actual creation of it. But things will not end after everything is created as planned. We will still wait for years to see if the actual function of the Bitcoin City is indeed worth duplicating in other cities.

I would like to witness success, however, as a realist I am very skeptical. This might be the first time in the modern world where a planned city will be built from scratch.

Also, the success I would also want to witness is Tether and Bitfinex’s new responsibility as the new IMF to hyperdollarize 3rd world countries hehehe. The IMF will shake their heads because this would certainly be a major use case for USDT.
hero member
Activity: 2604
Merit: 816
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November 22, 2021, 11:35:07 PM
#56
If they can develop everything, I consider their country will grow fast since they have a new resource of revenue that can help their country compete with the other countries. It is not easy because they are still at a new phase of the transition and need time before fully operating all of their plans. But that is good news for bitcoin as that can help bitcoin become more than today and people out there will see that bitcoin can allow them to make money.

If that can succeed, the other countries with their own resources will think to use them to develop like what El Salvador did. Hopefully, that can boost bitcoin's popularity in their country.
sr. member
Activity: 2310
Merit: 366
November 22, 2021, 10:00:01 PM
#55
Everything will now depend on the implementation. The vision is there already. I think there is already sufficient support both from the country's population and officials and from foreign companies and individuals who are in support of Bitcoin. After a nice blueprint of what a Bitcoin city would look like, what's next is the actual creation of it. But things will not end after everything is created as planned. We will still wait for years to see if the actual function of the Bitcoin City is indeed worth duplicating in other cities.
legendary
Activity: 2926
Merit: 1440
November 22, 2021, 09:41:14 PM
#54
It can also be argued that if no one wanted to buy El Salvador’s Bitcoin Bond, Bitfinex can print $1 billion USDT to expand their balance sheet and declare the bonds as one of the assets backing the issued USDT.

It appears that Bitfinex can also play the part of the Federal Reserve and the IMF, World Bank at the same time hehehe. I am beginning to become more confident that the people behind Bitfinex, Tether might copy China’s real estate developers’ transactions with shadow banking. It is also rumored that Tether was used to help Evergrande and others with liquidity problems before the collapse.



El Salvador is also working on a digital securities law and plans to issue the first operating license for a securities exchange to Bitfinex, Mow said.

“You know with Bitfinex, they have a lot of whales, so I don’t see a problem filling a billion-dollar bond,” he said.


Source https://www.theblockcrypto.com/post/125075/heres-how-el-salvadors-president-plans-to-use-bitcoin-bonds
sr. member
Activity: 1344
Merit: 261
November 22, 2021, 08:03:06 PM
#53
This is another history for bitcoin that only El Salvador has the guts to do it.
Yes, they are making a BIG history that they're the first country that adopted Bitcoin and becomes a trade zone.  They're now part of the Bitcoin history that should people know and I think there are few countries that had to follow their steps.

El Salvador trying to improve their economy and even it is a risk to invest in Bitcoin their president and the government already studied this.  Because they are trying to be independent towards using dollars and the country of US as well.  However, many countries were now on eyes with them, it might be followed to them if the result is good which I doubted it is.

I don't think all countries are interested in declaring Bitcoin as their own legal tender, it is either the governments have no interest or they just don't want people to gain too much freedom over a currency or perhaps they aren't ready for this kind of setup just yet. Indeed a historical figure claimed as the first Bitcoin city and country, El Salvador will just be one of the many countries in the future to declare Bitcoin as a legal tender.
legendary
Activity: 2366
Merit: 1206
November 22, 2021, 07:06:25 PM
#52
This is another history for bitcoin that only El Salvador has the guts to do it.
Yes, they are making a BIG history that they're the first country that adopted Bitcoin and becomes a trade zone.  They're now part of the Bitcoin history that should people know and I think there are few countries that had to follow their steps.

El Salvador trying to improve their economy and even it is a risk to invest in Bitcoin their president and the government already studied this.  Because they are trying to be independent towards using dollars and the country of US as well.  However, many countries were now on eyes with them, it might be followed to them if the result is good which I doubted it is.
legendary
Activity: 3164
Merit: 1213
November 22, 2021, 06:39:06 PM
#51
El Salvador showed a lot of things we didn't expect to be the most loyal country in Bitcoin. And they deserve to spark a Bitcoin city where Bitcoin's presence is welcomed in this country. Whereas previously Bitcoin was an enemy that the government of a country had to fight. But El Salvador opened our eyes, that Bitcoin can live among us without needing to attack each other. Because the merger of the government with Bitcoin actually became the beginning of a pilot country to open the world's eyes wide to the existence of Bitcoin.
The el Salvador president have seen the future and what the economy stand to gain from this initiative to adopt cryptocurrency as a full legal currency, establishing this Bitcoin city will serve as a business hob for cryptocurrency activities which will be first in the world.
Already the country have benefited good from the cryptocurrency investment. From the profit it has been planned for construction of schools and hospitals which is really a good plan to spend on right things. Now they're widening the cryptocurrency adoption to the universal market attracting more businesses to make use of the country.

Formally within the next bull market El Salvador will make itself a big economy out of cryptocurrency investment. The same country serving as the hub for cryptocurrency activities will make more competence to it from the grown countries.
hero member
Activity: 2898
Merit: 612
November 22, 2021, 06:28:26 PM
#50
El Salvador showed a lot of things we didn't expect to be the most loyal country in Bitcoin. And they deserve to spark a Bitcoin city where Bitcoin's presence is welcomed in this country. Whereas previously Bitcoin was an enemy that the government of a country had to fight. But El Salvador opened our eyes, that Bitcoin can live among us without needing to attack each other. Because the merger of the government with Bitcoin actually became the beginning of a pilot country to open the world's eyes wide to the existence of Bitcoin.
The el Salvador president have seen the future and what the economy stand to gain from this initiative to adopt cryptocurrency as a full legal currency, establishing this Bitcoin city will serve as a business hob for cryptocurrency activities which will be first in the world.
I think everyone does but it looks like El Salvador accepts the challenge and is willing to change its system by welcoming Bitcoin into their country. It has going to appreciate that much and this adoption makes the other countries to give some interest and possibly watching to what is happening in this country. But it looks like they are totally embracing and growing their funds and it can be said that this creates additional attraction and literally it boosts the trust of the merchants towards Bitcoin.
This is another history for bitcoin that only El Salvador has the guts to do it. For me, this is a big achievement for El Salvador as it has paved its way for a more attraction of profits and boost more big investors that will soon to come to adopt bitcoin. Kudos to the country's president as it was his own initiative and brilliant idea to lead El Salvador into a more progressive and well developed country. And expect that in the years to come, the citizens of El Salvador will start to reap the fruits of their hard work, and once it will happen, other big countries will also take the initiative to adopt bitcoin too for their country's progress. 
legendary
Activity: 2254
Merit: 1256
November 22, 2021, 06:13:20 PM
#49
What El Salvador government is doing is very fascinating. A free trade zone for Bitcoin would push crypto adoption for all participants in the city to the next level since all entities and parties won't hod themselves back whether they're offering a business or a service. What would be really more interesting is for other countries to follow suit. I guess they won't until they see the success of El Salvador's.

It is fascinating, they really have to try an alternative to the existing currency they
are using, the US Dollar which they have no control over. They are at the mercy of
another country devaluing their currency.

The countries to follow El Salvadors bold move will likely be the ones also using the US
Dollar > https://www.worlddata.info/currencies/usd-us-dollar.php

We can be sure that the El Salvadorian government have a road map for their Bitcoin
adoption and development while there are many who think they are "flying by the seat
of their pants". Bitcoin City is another step in the development.
hero member
Activity: 1680
Merit: 535
Bitcoin- in bullish time
November 22, 2021, 05:50:28 PM
#48
El Salvador showed a lot of things we didn't expect to be the most loyal country in Bitcoin. And they deserve to spark a Bitcoin city where Bitcoin's presence is welcomed in this country. Whereas previously Bitcoin was an enemy that the government of a country had to fight. But El Salvador opened our eyes, that Bitcoin can live among us without needing to attack each other. Because the merger of the government with Bitcoin actually became the beginning of a pilot country to open the world's eyes wide to the existence of Bitcoin.
The el Salvador president have seen the future and what the economy stand to gain from this initiative to adopt cryptocurrency as a full legal currency, establishing this Bitcoin city will serve as a business hob for cryptocurrency activities which will be first in the world.
I think everyone does but it looks like El Salvador accepts the challenge and is willing to change its system by welcoming Bitcoin into their country. It has going to appreciate that much and this adoption makes the other countries to give some interest and possibly watching to what is happening in this country. But it looks like they are totally embracing and growing their funds and it can be said that this creates additional attraction and literally it boosts the trust of the merchants towards Bitcoin.
hero member
Activity: 2030
Merit: 789
Top Crypto Casino
November 22, 2021, 05:48:23 PM
#47
What El Salvador government is doing is very fascinating. A free trade zone for Bitcoin would push crypto adoption for all participants in the city to the next level since all entities and parties won't hod themselves back whether they're offering a business or a service. What would be really more interesting is for other countries to follow suit. I guess they won't until they see the success of El Salvador's.
hero member
Activity: 1022
Merit: 667
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November 22, 2021, 05:28:56 PM
#46
El Salvador showed a lot of things we didn't expect to be the most loyal country in Bitcoin. And they deserve to spark a Bitcoin city where Bitcoin's presence is welcomed in this country. Whereas previously Bitcoin was an enemy that the government of a country had to fight. But El Salvador opened our eyes, that Bitcoin can live among us without needing to attack each other. Because the merger of the government with Bitcoin actually became the beginning of a pilot country to open the world's eyes wide to the existence of Bitcoin.
The el Salvador president have seen the future and what the economy stand to gain from this initiative to adopt cryptocurrency as a full legal currency, establishing this Bitcoin city will serve as a business hob for cryptocurrency activities which will be first in the world.
full member
Activity: 1890
Merit: 101
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November 22, 2021, 01:10:02 PM
#45
A literally meaning of "In bitcoin we trust", trusting that bitcoin will only have one direction, to rise.

While this project really having huge risks, but this will cause huge benefits to them, investors, and to the whole bitcoin community. Wish them luck  Grin

I'm sure their country will be very lucky because fully support bitcoin. el salvador relentlessly prints history for their country, until whenever el salvador is very well recognized as the first country to fully support bitcoin and have no doubts about it.
hero member
Activity: 2086
Merit: 994
Cats on Mars
November 22, 2021, 12:57:20 PM
#44
interesting that this Bitcoin City stuff was announced right before the US chargée d'affaires to el Salvador, Jean Manes, stated that she's going to "leave the country because Bukele's goverment doesn't show any interest in improving the bilateral relationship with the US" [1]

I like the video they made to promote it...

https://www.youtube.com/watch?v=cS9qCre_sv8

Are you sure with the YT link, the video was in 2015 and not mentioning about bitcoin city but electric city? Don't know if I am missing something here.



1. https://www.elsalvador.com/noticias/nacional/jean-manes-abandona-el-salvador-advierte-pausa-relacion-con-estados-unidos/902507/2021/
hero member
Activity: 2072
Merit: 531
November 22, 2021, 12:53:30 PM
#43
will become a historic city ,will make other countries open their eyes as wide as possible to make bitcoin legal ,will be more investors ,will see bitcoin hit highs that exceed expectations in 2023 ! I'm sure the price will keep pumping and the news is a very positive reality for bitcoin user !
copper member
Activity: 2142
Merit: 1305
Limited in number. Limitless in potential.
November 22, 2021, 12:42:15 PM
#42
A literally meaning of "In bitcoin we trust", trusting that bitcoin will only have one direction, to rise.

While this project really having huge risks, but this will cause huge benefits to them, investors, and to the whole bitcoin community. Wish them luck  Grin
legendary
Activity: 2310
Merit: 10758
There are lies, damned lies and statistics. MTwain
November 22, 2021, 12:14:48 PM
#41
I’ve been reading though an article and El Salvador’s Presidential House Twitter, and there are some clues as to how the city is meant to look like:

-   The city will be circular in shape, with a large B in it’s centre (it’s actually not going to be a complete circle, since there’s the volcano on the rim of the city (*)).
-   They will install the Bitcoin Museum under the B.
-   The plan is to have:
      50% for the residential areas
      20% for social recreation
      10% for green areas
       8% for industries and offices
       7% for installing digital equipment (whatever that means)
       3% for the eco-infrastructure
       2% for transportation


See:
https://www-criptonoticias-com.translate.goog/comunidad/asi-sera-bitcoin-city-metropoli-circular-salvador/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui
https://twitter.com/PresidenciaSV/status/1450512052427034640
(*) https://www.volcanodiscovery.com/es/conchagua.html
hero member
Activity: 1862
Merit: 830
November 22, 2021, 11:58:27 AM
#40
El Salvador have continued to take the lead in cryptocurrency adoption, first the country announced bitcoin as a legal tender some months ago and the latest is the official opening of a bitcoin city which will serve as a free trade zone that will house top exchanges and bitcoin mining farms. The president announced this project which is backed with a 1 billion dollars worth of bitcoin as a bond.
https://cointelegraph.com/news/el-salvador-to-inaugurate-bitcoin-city-backed-by-1b-bitcoin-bonds

At the same time to boost their adoption of cryptocurrencies they offered citizens 30$ for wallets if I remember correctly.

Since the city would be based on the base of the volcano they would have chances to use geothermal energy for the same, for mining and to keep the whole system green.

They are going to be using Bitcoin bonds as well which is a positive thing. But raising 1 billion dollars would be the hard part.

Therefore this would only be an amazing initiative for the whole world, the bitcoin community itself, they would also be using renewable sources of energy which would mean that this volcanic power can help other countries see that bitcoin mining can be sustainable as well.
hero member
Activity: 1358
Merit: 513
November 22, 2021, 11:12:20 AM
#39
El Salvador is now the only country in which BTC is a legal currency.At the presentation of Bitcoin Week the President of El Salvador said that he was going to build a whole city based on the largest cryptocurrency, with an airport, restaurants, cinema, museums, residential areas, railway. And in the center there will be a square on which a huge Bitcoin symbol is placed. The city will have no taxes on income, property, capital gains or wages.
They also plan to issue btc bonds worth $1 billion, a financial instrument developed by Blackstream to develop infrastructure to mine and buy BTC.
full member
Activity: 812
Merit: 126
November 22, 2021, 08:41:44 AM
#38
El Salvador have continued to take the lead in cryptocurrency adoption, first the country announced bitcoin as a legal tender some months ago and the latest is the official opening of a bitcoin city which will serve as a free trade zone that will house top exchanges and bitcoin mining farms. The president announced this project which is backed with a 1 billion dollars worth of bitcoin as a bond.
https://cointelegraph.com/news/el-salvador-to-inaugurate-bitcoin-city-backed-by-1b-bitcoin-bonds

Wow. I'm amazed how the president really believe on what can bitcoin do to their economy. This is one great amazing news. And now I wonder where will that bitcoin city take us, like how far will it take us, and what's the opinion of other countries about that kind of move. I'm now very excited on what will happen next.

But right now, I feel like there will be a huge amount of people that will get involve in bitcoin knowing that one country is continuosly supporting bitcoins growth. That's the only thing I'm certain as of now.
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