First Bitcoin City

[Wiwo]

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

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[yazher]

That would be nice! since they were the first country to adopt the use of bitcoin, they should be the first to create such a city that everything you need about cryptocurrencies will be there. I think they've done the job well that's why they want to further expand their innovations with the help of bitcoins. everything was working out well with El Salvador, investors should be aware of possible profit when they finalized their decision about creating that Bitcoin City, I'm sure the first to invest will be the first to earn.

[tbct_mt2]

Let's see how it's going from Bitcoin Genesis block, Bitcoin Pizza Day, First Bitcoin Futures, Bitcoin Legal Tender (El Salvador Bitcoin day), Bitcoin ETF, to Bitcoin city.

Some articles to read and learn about history of Bitcoin. How it started and how it grows so far. 12 years, not short but not too long. Fortunately the growth of Bitcoin is amazing.

https://en.bitcoin.it/wiki/Genesis_block
https://www.businessinsider.com/national-bitcoin-pizza-day-celebrated-crypto-laszlo-hanyecz-fans-2021-5
https://www.reuters.com/article/us-bitcoin-futures-co
https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/
https://www.coindesk.com/business/2021/11/21/el-salvador-to-create-bitcoin-city-use-500m-of-planned-1b-bond-offering-to-buy-more-crypto/

[KaliLinux]

I agree that this is not just a nice move but another great one from the El Salvadorian President Nayib Bukeleand his Government. They have continued to prove to others that this can be done and particularly even mapping out some of the investment to be completed like the schools and the veterinary hospital. I believe they will get all the support they need to fulfill this move from the institutions that are connected to it.

[n0ne]

El Salvador is making history with its powerful moves on cryptocurrency adoption as well as backing the economical system of the country. Long back itself there were more and more discussion on which city is going to be the fintech centre for the world. Years back it was termed to be Singapore, but things have changed and now it is El Salvador. More and more number of business will head quarter in El Salvador in the coming years generating revenue to the country.

[Lucius]

Unlike many other projects that have been speculated and talked about for years, I am pretty sure that this project will succeed only because its location is El Salvador. Because everything their president has announced and promised so far has come true, from Bitcoin becoming a legal tender, to building a mining farm that uses geothermal energy from volcanoes.

Some call him a dictator, a man who abuses his powers, and a lunatic who will ruin the country - but I think it's the most exciting country when it comes to Bitcoin, something most of us can only dream of. Although at first, I was a bit skeptical about all this, now I see that these are not just empty words and promises - I hope to visit Bitcoin City one day

[Ararbermas]

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 that's a new history again for El Salvador and for sure there will be more surprises in the future.. Just imagine how they came to that situation if they really don't like such asset or let say they don't have good views with bitcoin, i believe most enthusiast will be proud on them right now.. wherein despite of some factors that until now keep halting bitcoin in other countries but they still pushing and upgrading bitcoin because of their determination and good views in it.. Thats a big thumbs up to be honest..

[masterrex]

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

El Salvador has the guts to implement that project despite all of the negative comments from the world biggest lenders like the World Bank and IMF, it seems that El Salvador has not deterred, and maybe if that project will become successful I think some of neighboring Latin American countries will follow that Bitcoin strategy and the chain of global cryptocurrency adoption will increase if that happens I think China will realize their mistake about banning Bitcoin and cryptocurrencies. 

[Obito]

El Salvador is making history with its powerful moves on cryptocurrency adoption as well as backing the economical system of the country. Long back itself there were more and more discussion on which city is going to be the fintech centre for the world. Years back it was termed to be Singapore, but things have changed and now it is El Salvador. More and more number of business will head quarter in El Salvador in the coming years generating revenue to the country.

I just hope that with all this project, they will be able to back things up because if this plan doesn't go as planned, the El Salvador population are the one's that's going to suffer the most and not to mention that they haven't experienced a really big market dump yet, things will definitely get interesting in that time. Also, it's hard to be certain that businesses will flock to El Salvador just because they are a crypto city, El Salvador must offer more than that.

[Fesatmas]

“In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport”

The main pace of Bitcoin is really growing rapidly in El Salvador, going quite smoothly even though at first they had problems and they were able to overcome it so easily. Not a few are contradictory but the government there is so pro against the adoption of Bitcoin. So as a form of appreciation and achievement that they carried out for the first time Bitcoin was legalized and until now we certainly see El Salvador's contribution to being the first country that can develop even more rapidly in the future.

[Beparanf]

If there implementation will be good and proven effective many cities might consider accepting crypto fully. It might be a risky move but everything is worth risking if the plan is better executed. There is really a need to try to whether see if it’s really applicable to run a community with bitcoin and hopefully it will went well as it can inspire others to fully allow it as well another huge adoption might happen.

[DdmrDdmr]

So these are the project’s highlights, as far as I can make it to date:

-   The city will be built between La Unión and Conchagua.
-   It will consume geothermal energy.
-   It will be essentially free from tax (no tax on income, capital gains, property, payroll, city taxes, CO2 tax). The only tax that will apply is the VAT (Value Added Tax), being this tax used to pay for the city’s infrastructure, maintenance, and to pay out for the city bonds (see further down).
-   Free from CO2 emissions.
-   It will start to be built next year, near the Conchagua volcano (… easy there …)
-   It will have all the full-fledged services that you’d expect in a city.
-   It will be initially funded through tokenized bitcoin bonds for a facial value of 1.000M $, out of which 500M $ will be invested in bitcoin, and the other 500M $ will go towards infrastructure, energy and mining. Nevertheless, I've read that they estimate needing 300 000 BTCs (17 774 M$) to fully fund the public infrastructure, without there bein and explanation as to how to fill the gap between the initial funding and the x17 needed figure.

I kind of get the feeling that @Bukele is betting heavily on "bitcoin going up forever". The fact that half of the income from the bonds will be used to purchase bitcoin, gives me the impression that part of the plan is to do what we’ve already seen before: use bitcoin as a source to finance part of the project, but not being transparent on the plan of action if the price were to go south instead of north. The tax plan is not aligned with anything we’re used to, and if seems a wonder how the budget will be set and met.

There are still many details to be portrayed, and I’m personally perplexed and wondering if this is an act of madness or bravery …

See :
https://www-criptonoticias-com.translate.goog/comunidad/adopcion/nayib-bukele-anuncia-bitcoin-city-primera-ciudad-bitcoiner-mundo/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

https://twitter.com/nayibbukele

[cheezcarls]

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

Looks like I just have to put El Salvador on my travel bucket list this time. It just gets even better since the president making Bitcoin as legal tender in their country. Although that there were mixed reactions from the citizens (and even Vitalik Buterin criticizing the decision), the important is that there's massive adoption and awareness of Bitcoin and cryptocurrencies in the country.

Looking forward to the Bitcoin City. It will be a brand new tourist attraction for crypto enthusiasts around the world.

[stompix]

There are still many details to be portrayed, and I’m personally perplexed and wondering if this is an act of madness or bravery …

If he would have said 5-10 billion, yeah, maybe he had a plan.
For half a billion you're not going to build a city, not in Salvador.

I was going through projects in Salvador and seems that most projects are at the same cost the cheapest in central Europe., around $400 million for 100km of near highway standard roads.
I've checked also a few prices on apartments and the cheapest ones stand for 40k, Let's assume you manage to get construction for only 20k, you will still only be able to build only 20k apartments in that city for all the money.
The first stage of the Berlin powerplant, just 50MW was $120m back in 1999 , Hellisheiði Power Station in Iceland with 300MW was around 1 billion only the plant.

No, with 1 billion you're not going to build a city, a village with hot baths yeah, but not a city.

[alpamar99]

they continue to do a very good job of adopting bitcoin.
Of course this is a pretty good thing for bitcoin users there.
they are always optimistic that it will continue to grow and it is very good with confidence that they are doing things that even other countries are still debating about the legality of bitcoin.
they are indirectly against the global banking system and this is a big step, hopefully things like this continue to grow

[DdmrDdmr]

<…>

Yep, It didn’t add up, until I found a couple of references (*) to the total amount needed for the public infrastructure being that of x17 (I believe I added that to my post as you were writing your post). Now I’m left wondering how they’ll go from one figure to the other, and what the timeframe is for the complete project. I guess we’ll see more of this over time.

(*) for example, this one:
https://www-businessinsider-es.translate.goog/bitcoin-city-primera-ciudad-financiada-criptomoneda-968367?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

[uneng]

It's always nice to see experiments involving bitcoin, but in this case I ask myself if it wouldn't be more worthful to invest in already existing structures (cities) when adopting geothermal energy and offering all those tax free policies to salvadorean citizens.

In fact there is going to be lots of criticisms, because people from another cities will inquire the government about the benefits residents from this new city are going to have, which won't be disponible for everyone else at same time.

[aoluain]

Unlike many other projects that have been speculated and talked about for years, I am pretty sure that this project will succeed only because its location is El Salvador. Because everything their president has announced and promised so far has come true, from Bitcoin becoming a legal tender, to building a mining farm that uses geothermal energy from volcanoes.

Some call him a dictator, a man who abuses his powers, and a lunatic who will ruin the country - but I think it's the most exciting country when it comes to Bitcoin, something most of us can only dream of. Although at first, I was a bit skeptical about all this, now I see that these are not just empty words and promises - I hope to visit Bitcoin City one day

Very good Lucius, I have seen before that you were not entirely positive towards ES
and Bukele. Your turnaround could be a sign that many more will change their minds.

We have to remember that El Salvador are breaking new ground with their Bitcoin
adoption, they are also doing it alone, no other country is helping (as far as we know anyway).

I hope as their plans progress that the country as a whole can benefit not just the elite.

[stompix]

<…>

Yep, It didn’t add up, until I found a couple of references (*) to the total amount needed for the public infrastructure being that of x17 (I believe I added that to my post as you were writing your post). Now I’m left wondering how they’ll go from one figure to the other, and what the timeframe is for the complete project. I guess we’ll see more of this over time.

(*) for example, this one:
https://www-businessinsider-es.translate.goog/bitcoin-city-primera-ciudad-financiada-criptomoneda-968367?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

Ironically, now it becomes believable....
With $17 billion, yeah you can build a city and a power station, although there is also an airport mentioned there, and just with that if you make it an international one again blowing the budget but maybe it's just for small planes and not transatlantic.

Now, the question, how is a country that has an anual GDP of 28 billion finance a 17 billion city? 

[maju69]

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.