El Salvador plans to create a ‘Bitcoin City’
El Salvador plans to construct a “Bitcoin City” that will be funded by the cryptocurrency, the country’s President Nayib Bukele announced Saturday.
In this video the hosts mention how El Salvador was the first country to accept Bitcoin as legal tender. As well as addressing important points as location and being powered by a volcano. Also the city having no tax other than VAT tax.
This is a prime example why the movement starts within a city and the network grows. This is why Intercoin has made a decision that in order to make crypto go mainstream it will be most effective to start community by community.
Local Community Currencies - Economics - Intercoin
This is a great idea! - I really hope it works out for them - but they have some very powerful enemies who will do anything to help them fail . .
I was in Twitter Spaces recently labeled “Bitcoin City is a Scam - Prove me wrong!” which attracted some famous Bitcoin maximalists as well as Salvadoreans, on opposite sites of the issue. I was invited up to speak and explained that smart contracts can be used for community currencies that can circulate within the city… we are just scratching the surface of what’s possible with smart economies on the blockchain. I would say Bitcoin is just the granddaddy — we need turing-complete languages like Solidity on Ethereum to build the really cool stuff. Hard to do it on Bitcoin.
Bitcoin is a AMAZING store of value. (digital gold) Ethereum is an entire ecosystem where everyone can build DAPPs, smart contracts & cryptocurrencies. Few bitcoin maxis understand this…
As long as the ES experiment can survive, I think we will see a proliferation of crypto projects - I think BTC is just the foundational layer - once all those previously unbanked people get going it will be like the Cambrian Explosion for commercial activity (sorry to use a biological metaphor!).
100% - Changes like this that can really change the world have to be done at as local a level as possible. Not only is there too much much bureaucracy to go national but also powerful individuals that’ll have an invested interest in keeping the old paradigm intact.
You just need a few local communities to show their successes and there will be a domino effect with others following.