El Salvador’s “Adopting Bitcoin” Conference as a Key Moment for the Bitcoin Industry
Emerging at the forefront of Bitcoin innovation, El Salvador is working toward achieving a level of financial independence and openness independent from a centralised banking system. El Salvador has paved the way for other nations to follow in its footsteps by becoming the first nation in the world to recognise Bitcoin as a legitimate currency.
To encourage worldwide collaboration and proliferate networking avenues for Bitcoin enthusiasts, El Salvador hosted the “Adopting Bitcoin” Conference over 3 days, between November 15 and 17. The event took place in San Salvador and at Bitcoin Beach and brought together members of the Bitcoin ecosystem from a multitude of states.
Uncovering the Objectives of the “Adopting Bitcoin” Conference
More than 110 speakers from over 30 countries discussed the most recent breakthroughs throughout the whole range of Bitcoin-related disciplines, including those pertaining to technology as well as economics.
In this setting, the presentation of the Bitcoin core engineer Jon Atack was a significant highlight, focused on technology and development, while the presentation of Mexican senator Indira Kempis will be the most famous name in the track focused on economics. The multi-stage event will be held in English, with Spanish translations provided in real-time for the most critical phases.
Bitfinex Pledges to Support El Salvador in Future Bitcoin Ventures
Paolo Ardoino, the Chief Technical Officer of Bitfinex, is one of the attendees at the crypto conference in El Salvador who gained the greatest notoriety. Arduino said in his statement that his company “would redouble its efforts to establish a free, unstoppable, robust, and open Bitcoin and technological infrastructure for El Salvador.”
Overall, Bitfinex has committed to working closely with the government of El Salvador, which is currently mired in debt and is governed by President Nayib Bukele, to devise an appropriate regulatory framework for the cryptocurrency market and other digital assets in the nation. Ifinex, the parent company of Bitfinex, has agreed with the government of El Salvador to work together on developing a regulatory framework for digital assets and securities.
Adverse Circumstances are Met with Further Commitments by Bitcoin Supporters
While adverse market dynamics hindered the optimism around the event, there is a suite of conclusions that indicate the ongoing commitment of Bitcoin leaders and pioneering nations like El Salvador to still pursue the broader adoption of Bitcoin as a payment medium.
As the blockchain industry, as well as all the other financial sectors, witnessed in 2022, the price of Bitcoin and other cryptocurrencies declined primarily due to the Federal Reserve’s strategy of dramatically raising interest rates to curb rising inflation in the United States, which caused the cost of money to increase. Subsequently, the remainder of the decline was caused by a succession of events, including the bankruptcy of organisations involved in cryptocurrency trading and the collapse of currencies such as Terra USD. Large investors sold out these high-risk assets, precipitating a precipitous value decline.
“One Bitcoin Per Day” Plan Proposed by El Salvador’s President
El Salvador’s President, Nayib Bukele, announced that the nation would begin buying one Bitcoin each day starting with November 17, 2022. The use of dollar-cost-averaging (DCA) in Bitcoin transactions is widespread among the community, yet it is unprecedented for a nation-state. When Bukele’s proclamation was made, the nation possessed a Bitcoin treasury that included 2,381 BTC and had a worth of more than $39 million.
So far, Bukele has made it a pattern in the past to acquire a significant quantity of Bitcoin during periods of market instability and to “buy the dip.” This action would signal the end of a nearly five-month pause amid severe bear market circumstances and the collapse of Sam Bankman-massive Fried’s $32 billion FTX enterprise.
According to NayibTracker, Bukele made his most recent purchase of Bitcoin on June 30, 2022. At that time, he paid $1.52 million for 80 Bitcoins (worth around $1.33 million), which works out to an average price of $19,000 per coin.
Bottom Line
Overall, El Salvador’s “Adopting Bitcoin” conference serves as a reminder of the ongoing commitment of crypto pioneers and their belief in the long-term potential of this cutting-edge technological revolution.
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European Parliament hosts a conference on Bitcoin
About EDCAB
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Microsoft to Sponsor the Ethereum DΞVCON1 Conference
“DΞVCON1 is very excited to work with Microsoft and we look forward to having them in London.”Microsoft’s head of US Technology Financial Services, Marley Gray, explained more specifically why Microsoft had taken an interest in this international and decentralized technology event:“Microsoft is excited to sponsor and attend Ethereum’s DevCon1. We find the Ethereum blockchain incredibly powerful and look forward to collaborating within the Ethereum Community. We see a future where the combination of Microsoft Azure and Ethereum can enable new innovative platforms like Blockchain-as-a-Service. This will serve as an inflection point to bring blockchain technology to enterprise clientele”.
Ethereum DevCon1 Is Bringing Interesting Companies and People Together… For a Better FutureAlready, it has been confirmed that not only will Microsoft be in attendance, but so will Nick Szabo. That is actually no surprise given that Szabo coined the term “smart contract” many many years ago and has become increasingly vocal on the internet as his pet idea has started to come to fruition. Smart contracts are a large part of Ethereum’s mainstream appeal, though the concept is still in the process of gaining momentum. The future prospects of robots and computers replacing humans for certain types of jobs has always been on the fringe of human imagination. The more you think about smart contracts, the more you realize that such a futuristic world couldn’t exist in a stable state without something like smart contracts. As panelists at the Money20/20 conference stated:
“Cryptocurrency is the most natural way for machines to pay machines.”
Bitcoin-inspired blockchain technology, of which Ethereum definitely is, has seen a lot of validation lately. Other Bitcoin-inspired blockchain technology like BitShares is also gaining traction, though not in the form of Microsoft sponsorships. Besides the fundraising and actual release of Ethereum’s Frontier alpha and a shaky first few days, the formation of a conference is a milestone that most “altchains” never achieve – not that there was any doubt that Ethereum would make it this far, anyways. After all, even Imogen Heap has even started using Ethereum, why wouldn’t Microsoft be next?
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Bitcoin ~ Hands On Code: Discover Bitcoin Open-Source Technology
LUISS ENLABS in collaboration with Bitcoin Foundation Italia and
Codemotion presents the first of a series of technical conferences
“Bitcoin ~ Hands On Code”.
The event will take place on Wednesday, 2nd of July, from 4pm to 8pm and enjoys the participation of speakers Thomas Bertani, Founder&CEO BitBoat Ltd, Guido Dassori, IT&building automation Freelancer, Luca Matteis, Semantic Web Developer, as well as Francesco Simonetti, Andrey Zamovskiy, Nickolay Babenko in live streaming from San Francisco.
The mission of the conference is to remove friction between bitcoin and
developers, encouraging the development of an appropriate tech scene
around Bitcoin, an incredible open-source based technology, aiming to
disrupt finance and money as we know them today.
There’s an
enormous opportunity for developers, who are already jumping in and will
have a real impact on the future, contributing to this open-source
technology.
Jump on board!
Program:
16.00 – Welcome: Tobia De Angelis, Augusto Coppola
16.15 – 17.15 – Panel moderated by Franco Cimatti, Developer and President of Bitcoin-Italia: Speakers’ interventions
17.15 – 17.30 – Break
17.30 – End (Around 20.00) – Hands on Code, guided by Thomas Bertani, a developer with a deep expertise in bitcoin/blockchain and founder of BitBoat.net.
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Bitcoin Society CEO: Why digital currency is a tool for global good
(CoinDesk) The weekend before last week’s Bitcoin2014 conference in Amsterdam, 22-year-old Matthew Kenahan had a choice to make – one that he said was “probably one of the most difficult decisions I’ve ever had to make”.
rewarded with not only winning the award for ‘Most Impactful Charity’, but also for ‘Bitcoin Champion’ after Andreas Antonopoulos was unable to accept the prize due to a conflict of interest.
My sincere thanks to anyone who voted for me in the blockchain awards. I apologize for not being able to accept due to conflict of interest
— AndreasMAntonopoulos (@aantonop) 16 Maggio 2014
Tool for charity
we’re trying to connect people,” Kenahan explained
“[Bitcoin] allows you to create a unique address, for a very specific cause […]
we see both the incoming and outgoing transactions, and we can see that
it’s used for a very specific cause.”
Image problem
Future plans
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Third CoinSummit to be held in London
The Third CoinsSummit is to be held in London this July. San Francisco was the acting ground of the previous CoinSummit convention that was held in March; as the second convention presented, this next summit will feature a series of panel discussions and speeches from bitcoin enthusiasts, hedge fund professionals, VC and angel investors, and experienced cryptocurrency entrepreneurs.
The information posted on the CoinSummit official site:
“CoinSummit London is a two-day event connecting virtual currency entrepreneurs, angel and VC investors, hedge fund professionals and others who are looking to learn and network in the virtual currency industry. CoinSummit will take place on July 10-11 2014 at the East Wintergarden London.”
Some notable speakers include Silk Road Equity co-founder Matthew Roszak, new Bitcoin Foundation board of director Brock Pierce, angel investor Roger Ver, and Maidsafe CEO David Irvine. Some of the others participants include Megabigpower founder David Carlson, Lamassu CEO Zach Harvey, eToro CEO Yoni Assia, and many others.
This 3rd CoinSummit, organizers are presenting a new set. Besides the usual structure, a special platform is being organized for a few startup companies. Coinsummit has informed at their site, that ten startups will be given the chance to present in front of the entire CoinSummit audience and will be chosen on the basis of the size and charm of the opportunity they are designing, the strength of the team, and their traction / metrics / achievements.
The summit is organized by Pamir Gelenbe, a strongly firmed crypto currencies entrepreneur and partner at Hummingbird Ventures. After the last summit in March, Gelenbe has stated:
“We hope to bring together entrepreneurs, VC investors and folks from hedge funds who want to learn about bitcoins as an asset class…we really want to focus on the business side of Bitcoin as we don’t think there has been an event like this before.”
CoinSummit has been the leading hand on taking Bitcoin discussion to higher grounds by cementing the bonds between the Bitcoin communities around the world and relaying trustworthy information to the media and business investors.
CoinSummit London 2014, will be held at the East Wintergarden and take place on July 10-11. Entrance to the conference is invite-only. Digital currency enthusiasts and entrepreneurs who wish to attend the event can request an invitation on the summit’s official site; applying for the presentation is free and the deadline to register is June 20.
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