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Bitcoin to Become Legal Tender in El Salvador

And why this changes everything

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During the 2021 Bitcoin conference held in Miami, there has been a number of important announcements, mostly positive. But the one that didn’t go unnoticed is the announcement from El Salvador’s president, Nayib Bukele, about the adoption of Bitcoin as legal tender.

This might sound like hype, irrelevant, or even untrue to some media, but it is not. The implications of this are huge and the ripple effects of this decision will be resonating for a long time.

This is history in the making.

Bitcoin has many enemies. It takes power away from governments and banks but they can’t just stay there and do nothing. The propaganda machine has been working since day one spreading all sorts of FUD, lies, and misinformation — the currency of criminals, tulip mania, the dirty coin, China’s currency, etc.

They’ve been trying to curtail this new asset class since the beginning but failed miserably. Not only is the price going up, but the adoption, the technology, and the network are also improving every day and getting stronger despite the attacks.

Most people are still afraid of dipping their toes in the water but many have already done so and this includes some financial companies, hedge funds, and now even whole countries.

Why is this important?

Most countries have a broken financial system, an ever devaluing currency, and no property rights. It’s difficult to imagine what it’s like to be a farmer in South Sudan where, on top of all the other problems, they have to do business in a currency that shrinks by 50% a year. Half your savings will be gone in 365 days, year after year after year.

Let that sink in.

What are the chances for this farmer to ever preserve some wealth so that his children can have a better future?

Z.E.R.O.

Bitcoin solves this.

Yes, there is corruption. Yes, it’s a poor country. Yes, the infrastructure is not there. Bitcoin won’t be able to solve every problem but it solves the biggest problem of all: the ability to store wealth in a secure, efficient, and censorship-proof way.

No more corrupt governments devaluing the currency to zero. No more middlemen taking away half your money. No more politicians confiscating what’s yours to finance their lavish lifestyles.

When you own Bitcoin, you have freedom and when you have freedom, you have power.

Third-world citizens rely on money sent by relatives by remittance. These companies take a big cut and the receiver often gets a mere 50 to 80% of the money.

This is a huge business that generates millions for Western Union, MoneyGram, and other financial giants but it’s coming to an end.

Nowadays a lot of people in Nigeria, the Philippines, Venezuela, and many other countries are sending money in bitcoin because it is safer, faster, and a lot cheaper.

Bitcoins make many families 50% wealthier.

There are 2 billion people in the world that are not allowed to open a bank account. There are also another 4 billion that are underbanked.

Not any more.

Who needs a bank when you can store monetary energy in your phone, use it to buy, sell and invest. No middlemen, no gatekeepers, and no discrimination. True democratic money from the blockchain to your pocket.

I guess banks don’t like this one bit.

El Salvador is one of the poorest countries in the world. Violence, crime, poverty, corruption, you name it. It’s a failed state.

But the reason for this is not that they are lazy, stupid, or evil, the reason is that they have a big colonial neighbor that has been treating the whole area as their playground. Governments and big companies have been meddling with their political and economical situation in order to extract as much as they can and not caring about the victims on the ground.

Years ago their economy was so bad that El Salvador had to get rid of its national currency completely and adopt the dollar in an attempt to survive.

Problem solved, right? Not quite. When you have to deal in a currency for which you have no control, you have to suffer the consequences of third-party decisions — CPI, interest rates, inflation, GDP, money supply, etc. It is better to use the dollar rather than a shit currency but not a lot.

Argentina tried a similar strategy with the dollarization of the economy and they failed miserably. The lesson here is: you can’t be dependent on a currency controlled by a central bank outside your jurisdiction.

So, how is Bitcoin different?

Bitcoin is predictable, anti-inflationary, not controlled by anyone but the market, and decentralized. Every day 900 new Bitcoins get minted, no more, no less and this allows governments to plan ahead without running a third-party risk.

Compare that to the FED printing 6 Trillion dollars this year alone.

What El Salvador has done is very brave, I take my hat off to president Bukele. It’s not without risk, for sure. This has never been tried before but really, can it be any worse than what they have?

We’ve had Fiat currencies for over a century now, they’ve worked well for a few countries for a short period, but mostly they have been a flop.

Now we are entering a world in which most countries will completely cancel their own failed currencies and adopt Bitcoin. This is a game-changer.

So far the world’s reserve currency has been imposed by violence — the British pound, the US dollar, and others before that. But Bitcoin has no army, it belongs to the people, not to mighty empires. Its decentralized nature makes it impossible to attack and it’s spreading like a virus (a good one, that is)

This is going to bring instability to the system and there will be some turmoil ahead. But the crisis was coming anyway due to irresponsible policies, overspending, overprinting, and corruption. If anything, Bitcoin is a safe haven that can serve as a lifeboat for the Titanic sinking.

I can see a world with no Fiat money, with a few countries creating Central Bank Digital Currencies (CBDCs) and the rest using Bitcoin. Two parallel worlds.

I’m not going to be using Orwellian CBDC’s so I’ll have to move to a free country. Does anybody know how to get a visa for El Salvador?

Interesting times ahead

When a bank, a country, or any player makes a move, if there is a small chance they’ll succeed, all the other players have to make the same exact move. Not doing so is extremely risky.

This is the reason why the US and Russia have nuclear weapons. If one does not, they are dead.

Now, after El Salvador has made the first move, many countries in a similar situation will do the same. Partly inspired by it, and partly in case they might succeed. From now on, expect a domino effect with governments all over the world making similar announcements.

And this is not only for sovereign states; cities, enterprises, hedge funds, and insurance companies will follow suit.

Bitcoin’s demand will shoot through the roof. Just saying.

We’ve just witnessed history in the making. A small, invisible country has done a very brave thing — to stop the tyranny of central banks and try to conduct their affairs in a more transparent, antifragile and decentralized manner.

Nothing will ever be the same, the genie is out of the bottle and won’t go back in again. Now we are in uncharted territory. This is scary but also exciting.

I don’t think it’s going to be worse than we have, certainly not for 80% of the world’s population anyway. We humans are not good at managing money. We are corrupt, inefficient, and greedy. Let’s get out of the way and let the algorithm do its work.

Bitcoin is freedom, don’t let anyone stop you from participating in this new ecosystem.

El Salvador is a free country now. Do you live in a free country?

Probably not.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/geekculture/bitcoin-to-become-legal-tender-in-el-salvador-77261ee063d1?source=rss——-8—————–cryptocurrency

Blockchain

30-Year-Old Entrepreneur Josh Riddett Uses Cow Waste to Mine Bitcoin

The topic of bitcoin mining is a controversial one as of late given the alleged carbon footprint it leaves behind, though one man feels he may have found a probable solution. 30-year-old Josh Riddett – the managing editor at Easy Crypto Hunter in Manchester, England – claims he has found a way to extract crypto

The post 30-Year-Old Entrepreneur Josh Riddett Uses Cow Waste to Mine Bitcoin appeared first on Live Bitcoin News.

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The topic of bitcoin mining is a controversial one as of late given the alleged carbon footprint it leaves behind, though one man feels he may have found a probable solution. 30-year-old Josh Riddett – the managing editor at Easy Crypto Hunter in Manchester, England – claims he has found a way to extract crypto from the blockchain utilizing cow manure.

Josh Riddett Is Finding Greener Ways to Mine Crypto

Bitcoin mining has been a hot topic recently, with many environmentalists saying it does irreversible damage to the Earth’s atmosphere. Reports have been issued claiming bitcoin mining has as big a carbon footprint as the city of Las Vegas, Nevada, while others claim that the process requires more energy than certain countries such as Iceland and Argentina.

Many institutional investors have thus turned away from bitcoin due to questions surrounding the mining process. Tesla CEO Elon Musk, for example, has rescinded his decision to accept BTC payments for any Tesla-based goods and services, while Kevin O’Leary of “Shark Tank” fame says he will no longer buy bitcoin mined in China given that it still utilizes coal and standard fossil fuels to extract new units.

All this does not place bitcoin or BTC mining in the best light, but Riddett is confident his way is greener, fresher, and better for the atmosphere. In a recent interview, he explains:

Years ago, farmers were encouraged to develop green energy solutions, which is one of the reasons why we have seen solar panels appear in fields over the last ten years, and these schemes came with good financial incentives. More recently, those incentives have dwindled to virtually zero, but our machines are now providing those incentives.

Riddett is tasked with operating a large mining system that utilizes methane from cow waste. This methane powers the several “computer graphics cards” that go into the mining machines. In addition, the company also utilizes several wind and solar-based generators to establish the energy needed to mine new units of bitcoin.

Despite the strength of the company, Riddett claims he has very little knowledge regarding how it all works. At the end of the day, he is the business owner, but could not even write “a single line of code” per his own words. He states:

I have always been business minded, but I am not a tech nerd. I just had months and months of studying the market to learn about cryptocurrency and blockchain while having lots of late nights watching YouTube videos about it.

Things Couldn’t Be Cleaner…

In the end, however, he confidently mentioned in his interview that the work he is doing “could not be greener. He says:

When we started this business four years ago, green energy was not on our customers’ radar, but now it is approximately 40 percent of our business, and growing every day.

Tags: Bitcoin Mining, cow manure, Josh Riddett Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/30-year-old-entrepreneur-josh-riddett-uses-cow-waste-to-mine-bitcoins/

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You Already Have More Than Enough Bitcoin: Peter Schiff Tells Michael Saylor

After Michael Saylor said his company would raise another billion to buy more bitcoin, Peter Schiff called him “truly insane.”

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Michael Saylor’s initiative to continue buying more and more bitcoins makes no sense, argued the full-time BTC basher – Peter Schiff. Following the latest development coming from MicroStrategy, in which the company outlined plans to allocate another $1 billion in the asset, the prominent economist called Saylor “truly insane.”

Schiff to Saylor: Truly Insane

If you have followed the cryptocurrency markets even vaguely in the past year, two names should be popping out as the most vocal commentators. On the side of the naysayers stands the popular economist and gold bug – Peter Schiff. On the side of the proponents sits the founder and CEO of MicroStrategy – Michael Saylor.

The two have engaged in quite a few verbal confrontations on the difference of opinion on bitcoin. The latest one came out yesterday after Saylor’s software giant revealed plans to initiate a new securities offering to raise $1 billion. The firm intends to allocate this considerable amount into bitcoin, as it has done in the past.

This is where the BTC critique stepped up. In his opinion, such actions have made Saylor “truly insane.” Schiff believes MicroStrategy already has “more than enough” exposure to bitcoin, and if the asset turns out to be as successful as Saylor hopes, he would have made “all your shareholders rich.”

Schiff further alleged Saylor in buying more BTC only to “keep bitcoin from crashing” instead of actually doing something positive for shareholders and investors.


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What Has MicroStrategy Done So Much?

With Schiff claiming that MicroStrategy already has plenty of bitcoins in its stack, it’s worth reviewing how big that stash is and what have the company and its leader done for the community.

Although it became evident to the public that MicroStrategy bought BTC in August 2020, the origin of the story can actually be found a few months earlier. As Saylor revealed during the recent Bitcoin Conference in Miami, he started educating himself on the asset’s qualities after the COVID-19 pandemic infiltrated the Western World in early 2020.

His personal first purchase transpired on June 3rd that year. His firm, though, kept on accumulating after August and currently holds over 90,000 coins. Should the company proceed with raising $1 billion and putting it in BTC again, its stack could go well beyond 100,000.

Separately, the firm held a Bitcoin conference for corporations, became a node on the BTC network, and started paying non-employee directors in the primary cryptocurrency instead of cash.

Saylor also released an educational panel on BTC aimed at retail investors and has openly praised the asset on all traditional media outlets he has attended. And, all of this transpired within a year.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/you-already-have-more-than-enough-bitcoin-peter-schiff-tells-michael-saylor/

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Blockchain

PARSIQ Raises $3M in Strategic Venture Round Joined by Solana, and Others

[PRESS RELEASE – Tallinn, Estonia, 15th June 2021] PARSIQ, the blockchain monitoring, and workflow automation platform has raised a $3M Series A round from leading venture investors in the cryptocurrency ecosystem. The round was backed by Solana Foundation, with additional participation from, Mindworks VC, Axia8 Ventures, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures […]

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[PRESS RELEASE – Tallinn, Estonia, 15th June 2021]

PARSIQ, the blockchain monitoring, and workflow automation platform has raised a $3M Series A round from leading venture investors in the cryptocurrency ecosystem.

The round was backed by Solana Foundation, with additional participation from, Mindworks VC, Axia8 Ventures, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures and others. Evan Cheng, Director of Research at Facebook’s Novi Financial (formerly Calibra), has contributed to the round as an individual investor. The venture round marks the first time that PARSIQ collected funds from institutional investors, having been previously entirely funded through a public token sale in 2019.

The venture funding round has been devised to obtain new strategic partners and better position PARSIQ in the cryptocurrency ecosystem, offering major players a stake in the project’s success. PARSIQ will work with the new investors on product development, go-to-market strategies, and marketing, benefiting from the partners’ expertise and position in the market. In particular, PARSIQ will collaborate with the Solana Foundation to bring its Smart-Triggers to Solana ecosystem projects, allowing them to easily read and respond to blockchain data without having to develop custom solutions. PARSIQ currently supports major blockchains like Bitcoin, Ethereum, as well as Solana, Binance Smart Chain, and others.

“We are excited to have received the support of this diverse and highly regarded set of crypto ecosystem participants,” said Tom Tirman, CEO of PARSIQ. “While our runway was more than sufficient from our earlier raise, we felt that to guarantee the success of our project, we needed additional support from major players. With their help, we will be able to mount the strongest marketing and development push for PARSIQ yet.”

Anatoly Yakovenko, CEO of Solana Labs. “Having reliable and simple access to blockchain data on Solana means that projects building on our platform will have fewer headaches in building out their stack, allowing them to concentrate on their product, and PARSIQ is positioned to help bridge the off-chain and on-chain world.”

About PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.

About Solana

Solana is a high-performance Proof of Stake (PoS) blockchain focused on delivering scalability without sacrificing decentralization or security.

Solana unlocks concurrent GPU-parallelization for the first time, using Proof of History (PoH), a clock before consensus, delivering high speed, low latency, and inexpensive transactions, all at layer 1 without sharding.
Developed by a team of former Qualcomm, Apple, Intel, and Dropbox engineers, Solana is stewarded by The Solana Foundation and is advanced by a loyal community of decentralized developers around the world.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/parsiq-raises-3m-in-strategic-venture-round-joined-by-solana-and-others/

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Blockchain

Next-gen DeFi Token Launchpad Lemonade Announces DePo IDO Public Sale

[PRESS RELEASE – Singapore, Singapore, 15th June 2021] After the successful STAK token sale, Lemonade to hold its first IDO launch, DePo on June 17, 2021 Lemonade, a DeFi token launchpad governed by the Jigstack DAO, is excited to announce the IDO of DePo. The DePo whitelist process starts June 17, 2021, whereas the public […]

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[PRESS RELEASE – Singapore, Singapore, 15th June 2021]

After the successful STAK token sale, Lemonade to hold its first IDO launch, DePo on June 17, 2021
Lemonade, a DeFi token launchpad governed by the Jigstack DAO, is excited to announce the IDO of DePo. The DePo whitelist process starts June 17, 2021, whereas the public sale final date will be disclosed in the coming days.

DePo streamlines the crypto experience for users. It aims to be the first multi-market aggregator in the decentralized finance ecosystem.

DePo offers a unified interface where users can easily connect to all crypto exchanges, NFT marketplaces, decentralized protocols, ERC20 wallets, and staking platforms.

Considering there are more than 600 crypto exchanges and 10,000 cryptocurrencies, it has become a time-consuming endeavor to switch between different exchanges and currencies manually.

A unified interface will not only save users time but also make it easier for non-crypto people to join the crypto ecosystem.

Users who own Jigstack’s STAK tokens will be able to participate in DePo’s IDO through a three-tiered system. The more STAK a user holds, the more access he has to participate in the IDO.

On Lemonade, the STAK token holders get access to unique opportunities such as the DePo IDO. They can buy newly issued tokens before their public listing on larger exchanges.

Since the STAK IDO, Jigstack has further refined the Lemonade launchpad and added new functionalities including the ANTI-bot.

The ANTI-bot blacklisting schema attaches directly to the campaign. It gives the token issuer a buffer time between the sale and claim period to block out the bots, suspicious users, and correct any accidental blacklists. The collected ETH will be sent to the IDO owner, but the bot will not be able to claim the tokens.

ABOUT LEMONADE

Lemonade is a DeFi token launchpad that allows token issuers to raise funds without having to deal with complex setups or involve exploitative intermediaries. It offers permissionless, hands-free automation, and a customizable sales structure to ensure a seamless user experience.

Lemonade is governed by the Jigstack DAO. Jigstack is an Ethereum-based DAO that governs a portfolio of high-quality products. STAK is Jigstack’s governance token, which can be used to manage Lemonade and other Jigstack protocols.

Find out more about Lemonade:

Website: https://lemonadefi.com/

Twitter: https://twitter.com/lemonade_defi

Telegram: https://t.me/Lemonade_DeFi

Medium: https://medium.com/@Lemonade_DeFi

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/next-gen-defi-token-launchpad-lemonade-announces-depo-ido-public-sale/

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