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El Salvador and Bitcoin: the non-fungible currency race continues

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The spread of Bitcoin, the most famous cryptocurrency in the world, continues in that of the nation of El Salvador: after some initial hesitations it seems that everything is going well and we tell you the latest interesting news. El Salvador, as we wrote to you a few weeks ago, became the first nation in the world to introduce Bitcoin as its currency.

Bitcoin, mining begins in El Salvador (Photo SimoneFontana.it)
Bitcoin, mining begins in El Salvador: the details (Photo SimoneFontana.it)

In short, to buy bread, pasta and so on, you can use paper dollars but also Bitcoins. Initially the super novelty, a real revolution, it had been greeted with skepticism by critics as well as by the Salvadorans themselves, who had given rise to heated protests in the streets, sometimes even resulting in violence.

Bitcoin mining in El Salvador at the start (Photo IlFattoQuotidiano)
Bitcoin mining in El Salvador at the start: all the info (Photo IlFattoQuotidiano)

EL SALVADOR STARTED HIS BITCOIN MINING BY EXPLOITING THE SANTA ANA VOLCANO

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But with the passing of the days the situation has returned to normal, and now it seems to be playing in favor of the same virtual currency. According to the first data, in fact, about 2.7 million citizens of El Salvador, out of a total of 6.4 million, therefore just under half, would have moved their money to the virtual wallet of Chivo, the system that manages Bitcoins, and Bukele, the president, beamed, explaining that the virtual wallet now has more users than any other local bank. “Chivo is not a bank – tweeted the head of state – but in less than 3 weeks it now has more users than any bank in El Salvador and is moving quickly to have more users than all El Salvador banks combined. This is wild ”.

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Also the international rating agency S&P promoted the action: “The risks associated with adopting Bitcoin as legal tender in El Salvador appear to outweigh its potential benefits,” he said. And precisely for this El Salvador has decided to officially start its mining of Bitcoin, exploiting the geothermal energy coming from the Santa Ana volcano. Through this procedure, 0.00599179 Bitcoins were generated in a short time, about 300 dollars (but it all depends on the exchange rate), and it is undoubtedly a method that winks at the green, as exploiting geothermal energy does not involve no problem of a polluting nature, given that no electricity is used, nor does it produce waste that is harmful to the environment. It is therefore 100% clean energy generated entirely from renewable sources, as had already been announced in recent months by President Bnukele himself. For correctness of information it must be said that the method used by El Salvador is not new in the field, as it had recently been adopted by other nations such as Iceland.

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