Bitcoin City, El Salvador: The Ultimate Guide
Bitcoin City, El Salvador
By now, you have probably heard of Bitcoin City, El Salvador, the ambitious project that is being undertaken by Bukele's government in El Salvador. This ultimate guide to this amazing city will tell you everything there is to know about it. In this article, we discuss what Bitcoin City actually entails and how you can get involved with this crypto revolution from anywhere in the world! Next stop: Bitcoin City, El Salvador.
About El Salvador
El Salvador is a country in Central America and it sits on the Pacific. It has seen some difficult times, especially during its civil war which lasted for 12 years from 1980 to 1992. The capital of El Salvador is San Salvador but interestingly enough, about half of all people living there actually live outside city limits--in what's known as "Ilopango".
There are many great things about this country: amazing beaches including La Libertad Beach that can be reached through an easy hour-long walk/bike ride; cheap food (a full meal costs around $200-$300); and friendly people who will never leave you without directions if they know where they're going themselves! But most importantly, it is home to Bitcoin City...
Who is Nayib Bukele?
Nayib Bukele is the president of El Salvador and he has a bit of an interesting past. He studied civil engineering in Mexico, then moved to New York City where he attended Columbia University for his master's degree. Then, after graduating from there, went on to work at Citigroup as a vice-president!
What got him into politics? Well...it was actually during one of those frequent power cuts that are commonplace in El Salvador when it struck him what he could do about this problem: get more solar panels installed - which would also create jobs! It seems like quite a simple solution but apparently, not many people had thought about it before. And so began Nayib wanting to help improve his country through environmental projects such as this, and eventually, he became mayor of San Salvador.
In 2019, he was elected president of El Salvador with over 53% of the vote and took office in June. He is now focusing on his main campaign promise: to turn El Salvador into a digital paradise through projects such as Bitcoin City!
What is Bitcoin City?
Bitcoin City is an ambitious project that Nayib Bukele has planned for El Salvador. It will be a city built entirely on blockchain technology and it will be a place where people can live, work, and play using cryptocurrencies! The idea behind it is to create a totally self-sufficient city that is run by blockchain technology--from the infrastructure to the government itself!
What are Volcano Bonds?
One of the unique things about Bitcoin City is that it will be funded by something called "Volcano Bonds". These are bonds that are backed by El Salvador's many volcanoes and they offer a high yield due to the risk involved. They have been created as a way to fund the development of Bitcoin City and Nayib Bukele has already managed to raise millions from them!
Currently, you can mine cryptocurrency with your PC’s CPU and or GPU. There are also Application Specific Integrated Circuits, known as ASICs. These are machines that are built solely for mining cryptocurrencies and are a lot more powerful than a GPU or CPU. Some cryptocurrencies can be mined using your CPU and GPU. However, mining large cryptocurrencies like Bitcoin is only really profitable if you use ASIC miners due to the difficulty of mining these coins.
How to Get Involved?
If you want to be a part of this crypto revolution, there are a few ways that you can do so. You can buy Volcano Bonds, invest in blockchain companies that plan on setting up shop in Bitcoin City, or even move to El Salvador and join the city itself! An easy way to get started is by buying some Bitcoin (BTC) and then using it to purchase goods and services in El Salvador's Bitcoin City. Alternatively, you could also buy into some of the local cryptocurrencies that will be accepted in the city - such as SolarCoin (SLR) or GridCoin (GRC).
You can also become a citizen of El Salvador, and effectively, Bitcoin City! This can be done by investing in the country using Bitcoin!
Bitcoin City, El Salvador: Conclusion
The future looks bright for Bitcoin City! So what are you waiting for? Start planning your move to Bitcoin City, El Salvador today! Another great benefit of El Salvador? It has been one of the first countries in the world to lift all the nonsensical travel restrictions going on in the world, and has actually followed some common sense! Be sure to check out our website for more information on the crypto revolution in general!
