First Bitcoin City

[skarais]

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

The realization of the project is a good thing for the position of bitcoin itself as a legal currency in their country and also this will make the market grow again. I really didn't think before that the country is constantly making effort to leverage other resource to make everyone there believe that bitcoin is far superior to fiat. If this adoption can really boost the country's economy, then I believe maybe El Salvador will set up their own bitcoin bank one day.

[dkbit98]

I don't know what to think about this because Blockstream and Adam Back is involved in this operation and $1 billion will be on federated layer-2 Liquid Network as tokenized bonds.
Notorious Bitfinex exchange will be involved in this operation and I am almost sure that Liquid Tether USDT will be used and printed from thing air (on Liquid this time).
They also plan to create some kind of security tokens on Liquid that should be listed on regulated El Salvadorian securities exchange.
I have no idea how this city will function in real life but I have a feeling this will all be centralized and controlled from some central authority or government, but let's wait and see.

[macson]

Since it was announced that Bitcoin as a legal tender there, El Salvador has never shown any intention to back down at all, they keep making good buzz, no country is better at supporting bitcoin than el salvador.  i love el salvador.

[Cryptopher]

Bukele has well and truly gone all in on Bitcoin, and with El Salvador having the USD as its currency for the last 20 years I can't say that it comes as a complete surprise.

Does he intend to call it Bitcoin City? That would be pretty naff if so - seems more of a nickname e.g. Silicon Valley, Silicon Alley etc. That said the concept is neat and certainly one to keep track of.

[ninis45]

a very amazing decision when bitcoin was announced by El Salvador as one of the legalized transaction tools, but of course it will be a good example if it continues to grow there and does not experience transaction barriers among the community with a secure transaction and wallet system that has been regulated by the government as a transaction APP media

[Slow death]

I keep asking myself the following:

How many private mining companies are in El Salvador?

How many private exchanges are in EL salvador?

I think the city idea is exaggerated, the president of El salvador should encourage his people and people abroad to invest in the exchange and mining business, and the government of El salvador should refrain from having state-owned bitcoin mining, should leave this to the private and would charge reduced taxes

[AmoreJaz]

I don't know what to think about this because Blockstream and Adam Back is involved in this operation and $1 billion will be on federated layer-2 Liquid Network as tokenized bonds.
Notorious Bitfinex exchange will be involved in this operation and I am almost sure that Liquid Tether USDT will be used and printed from thing air (on Liquid this time).
They also plan to create some kind of security tokens on Liquid that should be listed on regulated El Salvadorian securities exchange.
I have no idea how this city will function in real life but I have a feeling this will all be centralized and controlled from some central authority or government, but let's wait and see.

this is quite interesting how this pans out. if nothing else, el salvador is leading to promote all in in terms of bitcoin. but am wondering what will happen once Bukele's term is over? will his successor continue his legacy? he has roughly 3 years left on his term. so he better be aggressive with his plans and implement it. so when he leaves, it is pretty much established and his people are already up for it.

[TheNineClub]

It seems like a cool concept sure, but, let's maybe not get ahead of ourselves. Grandiose building plans have been a thing for a hot minute, just look at Dubai. Well, you could also call it oil city, but it doesn't have the same ring to it XD However, as we see with Dubai, the rushed megaprojects tend to have a fair share of their issues. Also, Kairo 2.0 and that super sustainable green city that Saudi Arabia is building is having issues in the planning stages. So let's give this a bit more time.

[OgNasty]

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

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

[24Kt]

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.

But anyhow, if this will push thru, and they can show that they are successful with the implementation of this concept, I am guessing some small countries will follow thru. But more than likely, they will retain their local fiat but they will be more acceptable with crypto payments.

[Wawa2013]

I don't know what to think about this because Blockstream and Adam Back is involved in this operation and $1 billion will be on federated layer-2 Liquid Network as tokenized bonds.
Notorious Bitfinex exchange will be involved in this operation and I am almost sure that Liquid Tether USDT will be used and printed from thing air (on Liquid this time).
They also plan to create some kind of security tokens on Liquid that should be listed on regulated El Salvadorian securities exchange.
I have no idea how this city will function in real life but I have a feeling this will all be centralized and controlled from some central authority or government, but let's wait and see.

this is quite interesting how this pans out. if nothing else, el salvador is leading to promote all in in terms of bitcoin. but am wondering what will happen once Bukele's term is over? will his successor continue his legacy? he has roughly 3 years left on his term. so he better be aggressive with his plans and implement it. so when he leaves, it is pretty much established and his people are already up for it.

El Salvador took several other countries surprise, Nayib Bukele immediately planned to build a Bitcoin city, which was the first in the world.
to fund the project, the government of El Salvador will soon issue $1 billion Bitcoin bonds by 2022. It is quite a difficult task for Nayib Bukele
to carry out his plans, especially as you said, the leadership of Bukele only has 3 years left. This means that Bukele must act quickly,
so that all his plans can run as expected and provide many benefits for the country of El Salvador and its citizens. If not then his successor
might stop what Bukele has been doing all this time. So far, El Salvador is the foremost country in terms of the use of Bitcoin, in addition to
legalizing Bitcoin as a legal tender, the government of El Salvador continues to actively promote crypto. Many things have been done by
the government of El Salvador to make crypto more popular in the country and the adoption process goes quickly. Hopefully, more countries
will follow in El Salvador's footsteps.

[bbc.reporter]

I don't know what to think about this because Blockstream and Adam Back is involved in this operation and $1 billion will be on federated layer-2 Liquid Network as tokenized bonds.
Notorious Bitfinex exchange will be involved in this operation and I am almost sure that Liquid Tether USDT will be used and printed from thing air (on Liquid this time).
They also plan to create some kind of security tokens on Liquid that should be listed on regulated El Salvadorian securities exchange.
I have no idea how this city will function in real life but I have a feeling this will all be centralized and controlled from some central authority or government, but let's wait and see.

I am very much in agreement that Tether USDT will be used potentially to provide as a source of liquidity or as a medium for transacting without needing the services of the banks. It is speculated that this is also the service provided by Tether to fund China’s property developers like Evergrande when banking services were not available.

[gabbie2010]

A big step by President Nayib Bukele towards attracting foreign investment into El Salvador, rejected miners in China will have an ample opportunity to move their mining equipment to El salvador bitcoin City, where cheap electricity is assured harnessed from Conchagua volcano, massive infrastructural development will be set off, leading to creation of employment opportunities for their citizens, the city will also serve as tourist attraction to bitcoin enthusiasts subsequently boost the economy of their country, I hope Bukele will have the political and economy will that will ensure the bitcoin city see the light of day.

[Lucius]

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.

I was not negative in the sense that I think what President Bukele is doing is wrong or bad, but because there is an idea that El Salvador will be the reason why the price of Bitcoin will explode. As much as it was positive news, some expected much more impact on the price due to the fact that Bitcoin has become a legal tender in that country. The problem is that it is El Salvador, for the most part, a completely unknown and insignificant country that most people would not know how to find on a world map.

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).

Officially, no country provides any financial or logistical assistance, but there are individuals and companies that have contributed to making all these ideas a reality. It should not be forgotten that it all started with the Jack Mallers initiative (Strike CEO) and the Bitcoin Beach project.

[stadus]

The development of crypto in this country is unstoppable, the government alone invested in bitcoin so they will do every promotion to increase the adoption, and they will show as a model that a country could adopt with bitcoin and it will help to grow their economy. I'm expecting that more good news will come related to El Salvador.

[Anonylz]

El-Salvador is really making headlines with the decision to fully legalize btc, as if that was not enough they have taken a bolder step of building a bitcoin city, it is really amazing to hear, never thought el Salvador will succeed with their decision to fully legalize btc as payment method let alone bring new innovation, let's hope other countries will be inspired by this bold step. Kudos to El-Salvador.

[Leviathan.007]

Saw many articles about this case and there are some topics on the forum about it. El Salvador is progressing every day and helping the bitcoin community at the same time with the progress they make, today we see on the news about the first bitcoin city and soon in the future we are going to see bitcoin country and even more, creating such city with the laws the mentioned can help the traders to do tax-free trades there and this will surly be attractive for anyone to even migrate there which can be good for El Salvador government.

[uelque]

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.

[josephdd1]

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.

[fiulpro]

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.