Rather Than Waste Time With Critics, El Salvador Has Chosen To Rely on Bitcoin To Fix Their Country

By ssaurel | In Bitcoin We Trust | 11 Jun 2021

In life, you can distinguish two categories of people. On the one hand, you have people who only see the negative side of things. No matter what happens, they will only look for the flaws in a product or a project. On the other hand, you have people who will focus on the positive side to take advantage of it.

These people are not going to shy away from the flaws of a product, but instead of only seeing the negative, they will choose to be positive. Because these positive sides largely take over the negative aspects. So it would be a shame to miss out on something great simply by being stubborn enough to see only the negative.

With Bitcoin, this is totally what is happening in El Salvador where President Nayib Bukele has just passed a law making Bitcoin an official currency in his country.

Opponents of Bitcoin only criticize it and deliberately fail to highlight the incredible things it brings to the world

The opponents of Bitcoin keep harping on the flaws they see in Bitcoin daily. To hear them tell it, Bitcoin is only used to launder money. Bitcoin is a Ponzi scheme. Bitcoin has a disastrous environmental impact. Bitcoin should be banned as soon as possible.

These opponents, who are afraid of being disrupted by a monetary revolution as incredible as Bitcoin, purposely choose to focus only on the negatives that they keep amplifying to scare the general public.

Bitcoin is used by criminals for illegal activities. That is the truth. I will never tell you otherwise. The US dollar is also extremely popular with criminals around the world. But has anyone ever said that the US dollar should be banned?

The fact that Bitcoin is used for illegal activities just proves that it is a real currency. Period.

Bitcoin does not promote money laundering. Criminals may use Bitcoin for these purposes, but it's clearly not their preferred path. They much prefer to use the US dollar for illicit activities because it is easier than using Bitcoin. No matter what you do, you'll never stop the bad people. So we need to stop blaming Bitcoin for all the evils of the world.

Criticism of the environmental impact of Bitcoin is a good example of the bad faith of Bitcoin's opponents

Until now, Bitcoin mining was mostly located in China. Opponents of Bitcoin have seized the opportunity to attack Bitcoin for its claimed disastrous environmental impact. The Bitcoin community responded by explaining that not everything is perfect, but that Bitcoin promotes the use of green energy for mining.

In the future, this is the ideal that Bitcoin mining will strive for. But nothing happens overnight.

The fact that China wants to impose a stricter ban on Bitcoin mining in its territory is ultimately good news. It will make the mining business green much faster. There are increasing initiatives elsewhere in the world to promote the use of renewable energy for Bitcoin mining.

In short, this is a topic that is already being addressed and will only get better in the future.

While Bitcoin is not perfect, no one can deny what it brings to the world

While Bitcoin is not perfect, but no system ever is, no one can deny how much Bitcoin brings to the world:

  • Bank the Unbanked

  • Green Energy Incentive

  • Best Savings Technology

  • Deflationary System

  • Unconfiscatable Money

  • Be your Own Bank

  • Rules without Rulers

  • Sovereignty

Most importantly, Bitcoin provides unique answers to the flaws of a totally unfair monetary and financial system that has excluded hundreds of millions of people for decades.

El Salvador's President Nayib Bukele understood this perfectly. Rather than focusing on the criticisms against Bitcoin, he decided to focus on Bitcoin's incredible strengths. Strengths of Bitcoin that he plans to build on to fix things in his country.

El Salvador's president has chosen to focus on what Bitcoin can do for his country

While 70% of El Salvador's citizens do not have access to banking services, Bitcoin will give them de facto access to basic banking services. A major change in their lives. Bitcoin will create jobs in the country while attracting entrepreneurs from around the world who will want to participate in building the world's first Bitcoin nation.

For the economic development of the country, Bitcoin will be an incredible asset. A unique opportunity for a country that had little else to look forward to.

Bitcoin is a game-changer for all those who choose to embrace its revolution. What is most amazing is how quickly the President of El Salvador has taken this issue on board. Many began to say that the Bitcoin network could not support everyday transactions in El Salvador.

That was forgetting that the Lightning Network has been developed for several years to address this problem. The Lightning Network will be the payment system used daily by Salvadorans and the main Bitcoin network will be like a central bank where global transactions will be made from time to time when the channels are closed.

El Salvador is in the process of implementing a Standard Bitcoin. Those who spend their time criticizing Bitcoin or looking at its price graph should focus on this revolution that is progressing before their eyes at great speed.

Nayib Bukele wants to put El Salvador at the forefront of the Bitcoin world to boost his country

Nayib Bukele has also decided to put his country at the forefront of green mining on the Bitcoin network. He has already asked to launch a project with El Salvador's geothermal power company to use its facilities for Bitcoin mining with cheap, 100% clean, 100% renewable energy that produces no carbon dioxide emissions.

The energy used will come from El Salvador's volcanoes.

A new well will be dug for this purpose that will be able to produce approximately 95MW of 100% clean geothermal energy. The goal for El Salvador is to be a pioneer in this field to attract entrepreneurs who want to take advantage of these facilities.

Such power put on the Bitcoin network represents roughly 30,000 ASICs at 90 TH/s. This could produce 530 BTC per month based on the current Hash Rate of the Bitcoin network.

As China slowly disengages from Bitcoin mining, you can see that other players around the world will take advantage of this to make their mark in this world that abhors a vacuum. Bitcoin will continue to move forward no matter what. That's the only thing you can be sure of.

Final Thoughts

To be among those who will benefit from this incredible revolution, you must decide Nayib Bukele to focus on what Bitcoin can already do to change your life. Bitcoin's shortcomings will be corrected little by little over the next few years.

It's up to you to join the camp of the positive rather than remain in the camp of those who only criticize for fear of questioning themselves in the face of a disruption that is changing the world of the future for the better.

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ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.

In Bitcoin We Trust
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