You’ve heard of the Bitcoin, virtual currency that has been pretty much all over the news. It’s been referred to as a “virtual gold rush”, a “bubble”, and a “scam”. Some people think it is “the future of payments” and others think it’s “worthless”. What you may not realise is that El Salvador became the first country in the world to officially adopt Bitcoin as a legal tender.
The popular bitcoin mining pool, Poolin, has immortalized El Salvador in the blockchain via the creation of a new altcoin. Users can purchase the new currency, Salvacoin, and mine it using the Poolin mining pool. The currency will be minted to commemorate the country’s 2017 Bitcon adoption.
El Salvador has a population of about six million people and 1,000 different cryptocurrency miners. The country has a population density of 27 people per square mile, which is lower than populations in European countries such as Norway, but higher than countries in Central America like Guatemala. About half of the population of El Salvador is over the age of 14, according to the World Bank.. Read more about what is mining bitcoin mean and let us know what you think.As befits bitcoin (BTC), El Salvador has become the first state to adopt the crypto currency as legal tender and is now immortalized on the blockchain. Data from the Blockchair service shows that a block of 686,938 with the message asamblea aprueba la ley bitcoin, meaning the assembly approves the bitcoin law, headlined the front page of the Diario El Salvador newspaper on Wednesday. Esta es la portada de #DiarioElSalvador de este miércoles 9 de junio del 2021. #DiarioES #DES pic.twitter.com/D2tgNG2TPK – Diario El Salvador (@elsalvador) 9. June 2021 Poolin, the third largest bitcoin mining pool in terms of hashrate, was responsible for mining the transaction block that contained the message. This headline from El Salvador announcing that #Bitcoin has become legal tender was just embedded in the blockchain. Now it will be there forever pic.twitter.com/DtHiFDB4XM – Bitcoin documenting (@DocumenterBTC) June 9, 2021 As Cointelegraph previously reported, the Salvadoran legislature has passed a bill to make bitcoin a legal currency in the country. Meanwhile, the wave of support for BTC among key government officials in Latin America continues, much to the delight of some bitcoin advocates. Commenting on the growing trend, Chris Burniske, a partner at blockchain-focused venture capital firm Placeholder VC, tweeted that the move could be a way for Latin American countries to strike back against dollars and debt. Earlier this week, former US President Donald Trump doubled down on his stance on bitcoin by claiming that BTC can rival the US dollar. Pulin’s commemoration of El Salvador’s historic decision to legalize bitcoin comes more than a decade after bitcoin creator Satoshi Nakamoto made the front page of the Times on December 3. January 2009 engraved on the Genesis blockchain: The Times 03/Jan/2009 Chancellor on edge of second bank bailout. Many blocks of the Bitcoin blockchain also contain messages and other links commemorating specific events. When the block height was set at 666,666 in January, the winning miner added a Bible verse: Do not be overcome by evil, but overcome evil with good – Romans 12:21 In April, Coinbase forced bitcoin mining pool F2Pool to lock in a New York Times article on block 679,187.El Salvador is one of the smallest countries in Central America with a population of around 6.4 million. However, El Salvador has its own cryptocurrency known as Bitcoin Poolin. El Salvador is one of the smallest countries in Central America with a population of around 6.4 million. However, El Salvador has its own cryptocurrency known as Bitcoin Poolin.. Read more about can you mine crypto on a phone and let us know what you think.
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