El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[Who is John Galt?]

Some US senators are again raising the issue of Bitcoin and El Salvador. They are worried about whether the use of bitcoins will lead to money laundering and a decrease in security. Fortunately, there are also senators in the country who understand the prospects for bitcoin. But still, such a confrontation raises concerns.

[1714303807]

1714303807

[Vaskiy]

]

We were able to come across similar situation in different countries. In particular Bangladesh used to arrest people using cryptocurrency and send them to prison. This had been the situation and people continue to use it. What makes them use is the real ability of bitcoin and believing that the government will understand the real purpose of bitcoin someday. Most of the people residing in Bangladesh used to travel to India for the purpose of trading and other usages with cryptocurrency. When we're interested into something we need to make plans and follow them.

India has not been the best crypto-friendly country and the choice of the government and to issue a straight ban on Bitcoin made it so hard for its citizens to be able to properly propel the adoption of Bitcoin within the citizens.

Unlike El Salvador that have Bitcoin legally signed and acceptable as a national currency, this has paved the way for so many other developments that have changed the face of El Salvador's technological hubs.

If India can have such adoption of Bitcoin, it will help their economy greatly since then citizens will have option and alternatives to facts.

India hasn't been the crypto friendly country, but it have made it clear to the people about the taxation. This means the country haven't banned it. The country also holds the highest number of people using cryptocurrency as investment and on other needs.

There is no proper awareness which makes cryptocurrency usage limited within the country. Over time things could change as people aren't prepared to accept it. The government have taken steps to use Blockchain technology, and the priority is to have their own coin.

[Wakate]

Some US senators are again raising the issue of Bitcoin and El Salvador. They are worried about whether the use of bitcoins will lead to money laundering and a decrease in security. Fortunately, there are also senators in the country who understand the prospects for bitcoin. But still, such a confrontation raises concerns.

I will not be surprised why the United States is always after money launder pursue, why not build the USD to attract more users and make it a great again than thinking of people using Bitcoin to do money laundry. Even the USD is being use for the same reason so that saying of Bitcoin going to be use for crime does not justify it regulations. Crime is everywhere and the reasons why people choose crime is different and the means they use is also different. Bitcoin is a digital currency and the purpose should not be compromised because of the government coming in like a saint.

[Worsh]

Atomic Wallet Hacked: Largest Victim Reportedly Lost 2.8M USDT !

The non-custodial decentralized crypto wallet Atomic Wallet – with a reported user base of over five million customers – said some of its users complained about having their digital assets drained.

Later reports suggested that numerous users had six figures worth of crypto wiped out, while the largest victim lost nearly $3 million worth of Tether (USDT).
Source

[2Pizza410000BTC]

Atomic Wallet Hacked: Largest Victim Reportedly Lost 2.8M USDT !

The non-custodial decentralized crypto wallet Atomic Wallet – with a reported user base of over five million customers – said some of its users complained about having their digital assets drained.

Later reports suggested that numerous users had six figures worth of crypto wiped out, while the largest victim lost nearly $3 million worth of Tether (USDT).
Source

You posted this in the wrong place, you should have a separate thread for wallet related posts. You didn't see this topic written entirely about El Salvador, discussing the economy of El Salvador, where Bitcoin is currently in that country, and how daily life is structured around Bitcoin.

Post before reading: Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

Your post should here: Wallet software

[Bd officer]

NEW: 🇺🇸 US Senators Worried About Bitcoin Adoption In El Salvador


See News

[Good_Doctor]

This indeed is a good news and we do hope it's granted passage by the congress. This, again show Bitcoin as being accepted as a good fit as store of value and it being accepted as a modern alternative and digital gold

[FinePoine0]

News

Saifedean Ammous has received excellent support since joining El Salvador's Nayib Bukele as an advisor. And in Nayib Bukkel he will surely be successful because he has hired an experienced author of the Bitcoin standard. So I would like to say that El Salvador is currently the main focus of discussion and criticism of Bitcoin investment. And he will decide to invest in Bitcoin which is waiting for the bull market.

[M15_Lover_10]

JUST IN: 🇸🇻 El Salvador is launching a $1 billion #bitcoin mining project.

The power will be generated by a mix of ☀️ solar and 💨 wind energy with a total capacity of 241 MW 🔋

This will be one of the world’s largest bitcoin mining farms, pumping out 1.3 Exahashes/second 🙌
https://twitter.com/BitcoinNewsCom/status/1665717825191772161?t=C0kFZ2Eg5eIzpEOH54bZJg&s=19

[nlovric]

EL SALVADOR UNLEASHES "VOLCANO ENERGY" WITH 241 MEGAWATT PLANNED BITCOIN MINING OPERATION

El Salvador plans to build a 241 MW renewable energy power park in the Metapán region that will combine solar and wind projects to position itself as a major player in the bitcoin mining industry. The park will have 169 MW of photovoltaic solar and 72 MW of wind energy with an initial computing capacity expected to exceed 1.3 EH/s. The project has a total commitment of $1 billion, with the government preferentially participating in 23% of the proceeds. The initiative aims to promote sustainable energy and economic growth in El Salvador.

[hZti]

Well as far as I see the project will not actually be funded by El Salvador, they just hope that they can find potential investors to come there and participate. Since the country however does not have the highest reputation this could be rather challenging. Also I guess the climate and other factors are not the best that you can find.
What however is unique id that you have a high support from the government which is something that gets more rare lately.

[nlovric]

Breaking News: The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the largest cryptocurrency exchange Binance and its CEO Changpeng Zhao for violating securities laws. The SEC accused Binance of mismanaging customer fund lying to regulators and investor and misusing billions of dollars in customer funds. The lawsuit adds to regulatory pressure on Binance which is also being investigated by the Justice Department for alleged money laundering.

SEC Sues Binance and CEO Changpeng Zhao for Violating US Securities Law


CZ Binance Response to SEC's Complaint : Binance expressed disappointment at the U.S. Securities and Exchange Commission (SEC) decision to file a complaint against the company and its CEO. Binance claimed to have cooperated with the SEC investigation and had discussions in good faith to reach a settlement. The company argues that the SEC actions undermine regulatory transparency and impede financial innovation and intends to vigorously defend itself against the charges.

[Bitcoin_people]

El Salvador just announced their first major initiative for Volcano Energy.
If you're confused by the use of wind/solar, here is the translation.
El Salvador is building large intermittent wind/solar generation to monetize base geothermal expansion with BTC mining.
In the grand scheme 241MW isn't huge, but if properly run, very good for ES.



https://twitter.com/BikesandBitcoin/status/1665719174549626880?t=nelxY7k-vTjeB4YewJYRtA&s=19

[JayJuanGee]

Well as far as I see the project will not actually be funded by El Salvador, they just hope that they can find potential investors to come there and participate. Since the country however does not have the highest reputation this could be rather challenging. Also I guess the climate and other factors are not the best that you can find.
What however is unique id that you have a high support from the government which is something that gets more rare lately.

Huh?

You come off as a bit of a bitcoin naysayer.

Of course, projects can be funded in all kinds of ways, and surely there is no black and white situation in regards to some of the balancing that El Salvador has to do in regards to the various aspects of their reputation, their credit worthiness and/or their abilities to carry out projects in ways that they might proclaim (or project) that they are going to be able to do.

Having governmental support for bitcoin and projects related to bitcoin is no minor factor when it comes to El Salvador - especially since they have considerably distinguished themselves (at least so far) regarding how much support and/or bitcoin and bitcoin related promotion that they are willing to involve themselves (whether privately supported, publicly supported or some kind of a public/private joint effort).

Breaking News: The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the largest cryptocurrency exchange Binance and its CEO Changpeng Zhao for violating securities laws. The SEC accused Binance of mismanaging customer fund lying to regulators and investor and misusing billions of dollars in customer funds. The lawsuit adds to regulatory pressure on Binance which is also being investigated by the Justice Department for alleged money laundering.

SEC Sues Binance and CEO Changpeng Zhao for Violating US Securities Law


CZ Binance Response to SEC's Complaint : Binance expressed disappointment at the U.S. Securities and Exchange Commission (SEC) decision to file a complaint against the company and its CEO. Binance claimed to have cooperated with the SEC investigation and had discussions in good faith to reach a settlement. The company argues that the SEC actions undermine regulatory transparency and impede financial innovation and intends to vigorously defend itself against the charges.

It would have had been nice for you (nlovric) to have describe how you believe your post is related to El Salvador specifically, since this thread is about El Salvador, and yeah sure, many of us know that Binance is also involved in El Salvador (but Binance is involved in a lot of places, no?).

El Salvador just announced their first major initiative for Volcano Energy.
If you're confused by the use of wind/solar, here is the translation.
El Salvador is building large intermittent wind/solar generation to monetize base geothermal expansion with BTC mining.
In the grand scheme 241MW isn't huge, but if properly run, very good for ES.

https://twitter.com/BikesandBitcoin/status/1665719174549626880?t=nelxY7k-vTjeB4YewJYRtA&s=19

I wonder.

Does any forum member know how to give their own comments in regards to any posts and/or links that they provide - besides just posting what someone else says?

Sure the post may well still be valuable, but it would be nice to know if forum members might have some of their own ideas .. whether talking about facts or significance or describing what is contained within the linked-information that they post.

[Nothingtodo]

2years later today,

EI Salvador declared first time Bitcoin as a legal tender 5 June 2021 ,then world knows first time Salvador a Bitcoin city.



Source:Click

[2Pizza410000BTC]

El Salvador keeps winning 🇸🇻🏆

Today we begin deploying the first $250 million of a $1 billion investment commitment into bitcoin mining

The goal is economic liberty, self determination & sovereign wealth accumulation for generations to come

More: https://volcano-energy.tiiny.co/




Information source: https://twitter.com/stacyherbert/status/1665716432951189506?t=7_w-_AdntY37qaJjtE1t8w&s=19

[Aanuoluwatofunmi]

Well as far as I see the project will not actually be funded by El Salvador, they just hope that they can find potential investors to come there and participate. Since the country however does not have the highest reputation this could be rather challenging. Also I guess the climate and other factors are not the best that you can find.
What however is unique id that you have a high support from the government which is something that gets more rare lately.

We are already seing many investors, organizations, miners and many other entities and organizations where bitcoin adoption is applicable or it's corresponding mining taking look on El-Savador for these vast opportunities because it's a bitcoin enabling environment, some miners have left US, China and from other part of the world where bitcoin is not favourably allowed due to government regulations, now that they are still on this aspect of bitcoin mining using the volcanic energy, there will be more concentration of bitcoin miners to El-Savador because the use of a renewable energy source will ease the cost of bitcoin mining due to high energy fee from using government controlled electrical energy.

[2Pizza410000BTC]

Overall I'm excited to see how this initiative takes shape and am glad El Salvador is making the leap into hashing at scale.

There is a LOT to be put together to make it happen, but it seems they have a solid foundation in place.

Now it's time to see what they build.



Twitter: https://twitter.com/BikesandBitcoin/status/1665734154045243392?s=19

[franky1]

1.3eh/s
using for instance the asic rating of efficiency of 140thash for 3kw
30kw=1.4peta
30,000kw(30mw)=1.4exa

so 30mw of the 240mw may not seem much usage going towards hashing..
but.. that 240mw is not based on the power produced 24/7 its actually more like 240 in a 8 hour daytime which is stored and then consumed through the day. to be a ~70mw constant if you follow the logic of solar limitations and window variability

this 1.3 exa at the moment is about 0.3% of hashrate. or
if a block is 6.25btc reward with ~144 blocks(900btc) a day= 3btc a day income (~$80k a day before cost deductions)

[Litzki1990]

Well as far as I see the project will not actually be funded by El Salvador, they just hope that they can find potential investors to come there and participate. Since the country however does not have the highest reputation this could be rather challenging. Also I guess the climate and other factors are not the best that you can find.
What however is unique id that you have a high support from the government which is something that gets more rare lately.

We are already seing many investors, organizations, miners and many other entities and organizations where bitcoin adoption is applicable or it's corresponding mining taking look on El-Savador for these vast opportunities because it's a bitcoin enabling environment, some miners have left US, China and from other part of the world where bitcoin is not favourably allowed due to government regulations, now that they are still on this aspect of bitcoin mining using the volcanic energy, there will be more concentration of bitcoin miners to El-Savador because the use of a renewable energy source will ease the cost of bitcoin mining due to high energy fee from using government controlled electrical energy.

Miners from countries that have various restrictions on Bitcoin mining can choose El Salvador for Bitcoin mining. Because the government of this country is giving maximum facilities to Bitcoin. Any miner can easily run their own mining operations in El Salvador. As in other countries, the government had to pay taxes in different ways to do mining or they had to carry out mining operations with risks despite various restrictions, in El Salvador, miners can mine Bitcoin without any problems. This is great news for every bitcoin miner.