Aug 5, 20212 min read

El Salvador & Liberland - ABOUT BITCOIN

El Salvador legalized bitcoin as their legal tender and will be sending every adult in their country $30

Did you think that El Salvador is the first country to adopt Bitcoin as a legal tender?

Well you might be surprised to learn that it's not. There's a new micro nation named Liberland, it's located between Croatia and Serbia and a piece of disputed territory. They recently announced plans for a mega structure and will be celebrating with another yearly festival "Floating Man" this August 2021.

El Salvador President Nayib Bukele introduced legislation that will make it one of the world’s first sovereign nation to adopt bitcoin as legal tender.
Bukele broadcast his intentions on a video at the Bitcoin 2021 conference in Miami.
Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology.
They intend to send every adult citizen $30 to get started.

El Salvador is a largely cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvador’s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.

Bitcoin isn’t backed by an asset, nor does it have the full faith and backing of any one government. Its value is derived, in part, from the fact that it is digitally scarce; there will only ever be 21 million bitcoin in existence.

This isn’t El Salvador’s first move into bitcoin. In March, Strike launched its mobile payments app there, and it quickly became the number one downloaded app in the country.

Not only is this incredible news, but shortly after, the president also announced his plans to use geothermal energy provided by a volcano for Bitcoin mining. Even thought the idea of crypto currency using too much energy is a hoax, this becomes a great way to take advantage of natural resources in a proper and natural respected way.

President of Liberland congratulates the president of El Salvador for his decision to adopt Bitcoin as the national currency.

His Excellency Nayib Armando Bukele Ortez President of El Salvador San Salvador

Excellency,

It is my honour and pleasure to convey to you my warmest congratulations and my greatest respect for your decision to also adopt Bitcoin as your national currency.

Despite being alone in this decision, your country has dared to step out of the current paradigm where currency is minted based on politics, irrespective of economic laws and principles, towards the use of sound money.

This will, I am sure, benefit the citizens of your country greatly and it will, in time, lead to great new developments in the international community. You have shown a shining example to all of us who strive for an economically rational world system and, above all, to all of us who love liberty.

Please accept, Excellency, the assurances of my highest consideration.

Yours sincerely,

Vit Jedlicka President of Liberland