The first Bitcoin city in the world: See how it will look like

The first Bitcoin city in the world: See how it will look like

 

The first Bitcoin city in the world will be El Salvador. It will be near the Conchagua volcano situated on the Gulf of Fonseca. The President of the Central American country El Salvador, NayibBukele, published the design of the first-ever bitcoin city. It stated that the city is under construction in the smallest country in Central America. He mentioned that it is a beautiful form of development. Bukele shared the pictures of the model of the city on social media.

The authorities will build the city on the Gulf of Fonseca nearby the Conchagua volcano in Central America. This city is one of the most important projects in the pipeline of the current government. The officials announced it at the Latin American Blockchain and Bitcoin Conference held six months ago.

The news of Bitcoin city has come into the limelight when the crypto market is going through a low phase. It has deteriorated by 50% from its highest value in November 2021.

When will the construction start?

President NayibBukele announced that the construction of the city would start by the end of 2022. He posted the photos and designs of a scale model of the Bitcoin world on social media.

The first country to make cryptocurrency legal

Nayib loves cryptocurrencies. El Salvador is the first country to legalize cryptocurrency in September 2021. It has invested thousands of dollars in cryptocurrencies. However, this decision comes when the Bitcoin value has declined by around 50%.

How many people use Bitcoins?

first Bitcoin

 

According to the report of a recent survey, only 20% of Salvador residents use Bitcoin. The National Bureau of Economic Research based in the United States conducted this survey. Many people still use US dollars in the country. However, the International Monetary Fund warned that the adoption of Bitcoin would pose a threat to consumer protection. It may also risk the financial stability of the country.

Use of volcano bonds in Bitcoin

Bukele said that initially, the city would function by the Tecapa plant. Afterward, the Conchagua plant will start. The country will launch bitcoin bonds of around $1 billion to raise funds for this project. It means that the city will start functioning with the help of bitcoins.

Samson Mou a Blockstream Chief Strategist, announced that around half of the volcano bonds would be in Bitcoins. He shared the stage with president Bukele while making this announcement.

What is a Bitcoin?

It is a type of cryptocurrency. It means that it does not exist in a physical form. It is a virtual digital currency that you can neither touch nor see. You can only store it electronically. You can perform trade activities using bitcoins just like a normal currency.

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