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Bitcoin & El Salvador: The Water & Electricity of the Blockchain World

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Tue, 12/03/2024 - 7:20
Bitcoin & El Salvador: The Water & Electricity of the Blockchain World
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El Salvador's adoption of Bitcoin represents a journey into innovation and the future. To let cryptocurrency enthusiasts personally experience this nationwide "Bitcoin experiment," ViaBTC&CoinEx have jointly launched the "A Travel of Less is More" event. The event will invite users to enjoy a 7-day and 6-night trip to El Salvador, allowing them to experience firsthand the shopping process using Bitcoin, from street vendors to large chain supermarkets.

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The event is currently underway. Click the link to sign up: [Registration Entrance]

El Salvador is known as a cryptocurrency paradise, rooted in its profound passion for Bitcoin, a passion that began in El Zonte—a seaside town famous for surfing and fishing. In 2019, an anonymous donor donated a six-figure sum to a charitable organization in El Zonte, aiming to establish a Bitcoin economy. Over a few years, this town successfully integrated Bitcoin into the daily lives of its residents, whether for schooling, transportation, or wage payments, making Bitcoin ubiquitous. For this, El Zonte has earned the nickname “Bitcoin Beach.”

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From "Bitcoin Beach" to "Bitcoin Nation," Bitcoin has successfully demonstrated its immense potential in promoting economic development, increasing financial inclusion, and de-dollarization. As a country with an economy based on agriculture and a history of suffering a 12-year civil war, El Salvador has historically had a poor reputation due to poverty, gangs, and crime. In this context, the economy is highly dependent on the dollar, with less than 10% of its national currency in circulation and over 70% of the Salvadoran population without a bank account. The implementation of the "Bitcoin Law" has provided the opportunity for equal access to financial services for over 6 million residents of this country.

The government's official digital wallet, Chivo, enables payments without the need for cash or credit cards, only requiring a smartphone. This wallet also supports cross-border transfers, offering not only faster speeds but also lower fees compared to traditional remittance methods.

After effectively resolving the issue of Bitcoin payments, El Salvador began to explore how to "mine" Bitcoin. As a country with many volcanoes, the El Salvador government is planning to fully utilize its geographical advantage by establishing Bitcoin mining centers using the renewable geothermal energy provided by volcanoes, including the creation of the country's first Bitcoin mining pool.

The emergence of mining pools is an important part of the development process of Bitcoin. In the current era dominated by high hashrate ASIC mining rigs, the difficulty of Bitcoin mining has significantly increased, making it extremely difficult for small miners to participate in Bitcoin mining and receive block rewards on their own. The birth of mining pools solved this problem by aggregating the hashrate of many small miners to collectively tackle challenges and share block rewards. Rewards are distributed based on the proportion of hashrate contributed by each miner, allowing even those with smaller hash rates to participate in mining and earn rewards.

As a global comprehensive cryptocurrency mining pool, ViaBTC has been dedicated to protecting the interests of miners since its establishment in 2016, ensuring that every user has the opportunity to participate in cryptocurrency mining and can obtain their own labor results. By providing international multilingual services, ViaBTC has built an open and transparent mining platform for over a million users worldwide.

Without water, life cannot continue; without electricity, society would cease to function, both are the foundations of human existence. El Salvador's attempt to make Bitcoin a legal tender has provided fertile ground for blockchain technology. What ViaBTC aims to do is leverage its full ecosystem layout to build a comprehensive service ecosystem consisting of ViaBTC Pool, CoinEx Wallet, CoinEx Exchange, etc., offering secure, stable, efficient, and reliable blockchain infrastructure. It is committed to becoming the water and electricity of the blockchain world, helping more global users to enter this industry more easily and explore the endless possibilities of the blockchain world.

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