El Salvador, a Central American nation, has been one of the biggest advocates of Bitcoin and cryptocurrencies.
In a recent revelation, it has been found that the country is taking further steps to promote the mass adoption of Bitcoin while the country’s portfolio is down by approximately 60%. The nation is trying to promote adoption by educating students about it.
A video featuring students of El Salvador studying Bitcoin is taking rounds on Twitter. Interestingly, the country’s favoritism for Bitcoin hasn’t been hindered by the extreme crypto winters.
Sources reveal that engagement in Bitcoin education from a young age would lead to mass adoption. Eventually, as the students become adults, there would be use cases of crypto, and the individuals would thus start contributing to the nation’s endeavor.
As per the viral video on Twitter, the teachers in El Salvador are educating their students about Bitcoin as a part of their ten-week curriculum. In addition, the educators are also giving the students practical demonstrations of receiving Bitcoin via the “Lightning network.” The Lightning Network is a “layer 2” payment protocol on Bitcoin. It is intended to enable fast transactions among participating nodes and has been proposed as a solution to the bitcoin scalability problem.
The students are being educated on nodes, double-spending, and Bitcoin halvings, to name a few. As per a Bitcoin educator, they want the education process to spread to countries all across the globe. An educator says:
“The idea is that this be replicated in other schools around the world.”
Talking of figures, as per My First Bitcoin, a Bitcoin education project in El Salvador has claimed to educate more than 10,000 students this year and is expected to increase its reach by 25 times in the coming year. The education project is hoping to educate 250,000 students in 2023.
El Salvador became one of the first countries to adopt Bitcoin as a legal tender, and following that, it has been making sincere contributions to mass adoption. In addition, Nayib Bukele, president of the country, announced that the government is working to build an income and property-tax-free Bitcoin city in November 2021.
In November this year, he also launched a special Bitcoin Office to manage all cryptocurrency-related activities and projects. It also seeks to act as a bridge to organize meetings between individuals and the president for Bitcoin and blockchain integration in the nation.
Todayq News reported on November 18 that El Salvador would buy one Bitcoin daily. According to a website tracking the country’s Bitcoin portfolio, it currently holds over 2,458 Bitcoins. As a result, El Salvador is down by 61.82% on its Bitcoin holdings and is facing an unrealized loss of over $67 million.