- Today the Caracas Bitcoin Experience began one of the largest and most important conferences held in Venezuelan territory.
Today, people gathered at the Aula Magna of the Andrés Bello Catholic University (UCAB), to attend the first day of the CCS Bitcoin Experience where the NFT revolution, blockchain technology, Bitcoin (BTC), metaverses and more were discussed.
Everything within the framework of Venezuela and Latin America, and in Bitcoin Mexico we were present. You don’t want to miss a Satoshi of Information? So, we accompany!
The welcome of a pro-freedom economist
The day began with the words of Ronald Balza, dean of the UCAB School of Economics and professor at the UCV. Although he is not personally a specialist in cryptocurrency issues, Balza has been an important part in the academic world and in the struggle of Venezuelans to objectively understand the reasons for the economic crisis that Venezuelans are going through.
The first thing he mentioned was about the role of the International Monetary Fund (IMF) in the case of El Salvador and the adoption of BTC. According to the economist, the monetary institution has historically been orthodox when it comes to accepting new technologies.
According to Balza, whenever an asset is being converted into money, and is accepted internationally, the IMF has had no other condition than to accept and study this “new money”, as it happened with “digital money”.
“In what sense is cryptocurrency not money? Why is it not accepted all over the world? So the bolivar was not a currency, Bitcoin is a more advanced type of money” declared the Dean.
To conclude, Balza closed his presentation stating that The best thing we can do as part of the crypto ecosystem is to always learn and diversify our cryptocurrency portfolio.
“This not only to reduce risks, but to take advantage of the high yields of crypto assets. But always, always, keep educating yourself.” The UCAB and UCV professor concluded.
Bitcoin, from 0 to 21 million
The first presentation of the day was hand in hand @CryptoBastard , Elena Cazos and Jose Rafael Pena. Where between the 3 dThey gave an introductory presentation to Bitcoin (BTC) and the world of cryptocurrencies.
The reason? So that those present, and those who were watching the event from their homes, who are coming to the world of cryptocurrencies for the first time, could clarify all doubts. All before continuing with the other speakers and other slightly more advanced topics, such as NFTs and Metaverses.
“Bitcoin is a language, and for the first time in history, humans have a common language in which everyone can speak., expressed Elena Cazos.
In this presentation, without technical details, how to start in our crypto ecosystem was discussed, where An important point that marked unanimity among the exhibitors was the issue of educating yourself individually before making any decision in the world of cryptocurrencies..
Among the tips for beginners that were mentioned are the following:
- Those who only want to make money with BTC are the ones who suffer the most, if you want to enter the cryptoverse do it from a point in which you are passionate “Economics, philosophy, politics? There is a lot to investigate.”
- We are all important and we have something to contribute to the world of cryptocurrencies.
- Read the Bitcoin Whitepaper “although not fully understood, this will make you know the things you don’t know”.
- Research and educate yourself, sooner or later there will be a need to learn about Bitcoin.
- Be part of this world and get soaked, even if it’s small. “But do it, you are always welcome with or without money, knowing or not, you are part of the ecosystem”
“We are living a historical moment in which the State is separating from money. The question is how are we going to relate to each other? Now the borders are a small thing when you handle Bitcoin, the future is a matter of all of us”, closed the 3 speakers.
Efficient Bitcoin mining in Venezuela
Other presentations in the first part of this day were about the transformation and evolution of the digital mining sector, not only in the world but also in Venezuela.
According to the speakers, andThere are different myths surrounding the BTC mining subsector. The first of them is that mining cryptocurrencies is very polluting for the world, but for the speakers this is no longer the current situation of digital mining.
“The problem comes from not differentiating between the concepts of consumption and ‘carbon footprint’”. the speakers commented.
Although it is true that mining cryptocurrencies using the PoW consensus method consume a lot of energy, another parallel reality is that the mining sector, since the last BTC halving, has started to migrate towards green energies, and now the 70% of them they use green energy to mine, as we have covered in Bitcoin Mexico.
For the two speakers, it was worth noting that this phenomenon of migration to green energies is also occurring in Venezuela, since in the country most of the electricity supply comes from hydroelectric energy sources, generating a negligible carbon footprint vs. . other industries.
“Mining BTC in Venezuela is harmless vs,. other industries, there is a supply of energy available, why not use it to develop a better world financial system?”, expressed the speakers.
Another myth is that once the 21 million BTC are mined (close to the year 2142) the ASICs and mining hardware will be useless. However, the reality is that miners will still validate transactions, but the difference is that the network will no longer reward miners automatically.
However, fees will be paid with users’ BTC, similar to today’s Ethereum, therefore, mining will continue permanently, at least until humanity continues to exist.
You cannot miss the summary of the second part of the first day of the Caracas Bitcoin Experience, one of the largest and most important conferences held in Venezuelan territory.
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