Connect with us

Bitcoin

Crypto IRL: Mexico’s only Bitcoin Bar | by Blockchain.com | @blockchain | Feb, 2023

Published

1 year ago

on


We’re speaking with individuals who are leading the charge in the crypto revolution by using cryptocurrency in real life to drive financial inclusivity, enterprise, and innovation.

We’re kicking off this series in La Condesa, a leafy neighborhood in Mexico City where you’ll find Mexico’s only dedicated Bitcoin bar, Bitcoin Embassy Bar.

Lorena Ortiz is the Director of Bitcoin Embassy Bar. A self-described punk, she immediately aligned with the values of a decentralized self-sovereign currency when she was first introduced to bitcoin by a friend back in 2015.

“Mexico’s economy has a direct relationship with the US, so having lived through the economic crisis of the 1990s, it’s always been important to me that individuals have accessible forms of value protection that do not depend on the state.”

A social psychology major, when delving further into the crypto space Lorena recognized the importance of building community around new ideologies. So in December 2018 at the very dip of the bear market, Lorena opened the Bitcoin Embassy Bar to support the cryptocurrency movement in Mexico.

“In Latin American culture we learn most effectively in face to face scenarios, so the idea of ​​a physical space dedicated to learning and developing a community made perfect sense to me.”

The pairing of crypto and remittances is also a huge area of interest for Lorena. According to the World Bank, remittances to Latin America and the Caribbean are estimated to have grown 9.3% from 2021 to 2022 to $142 billion with a 15% increase for Mexico alone.

“Mexico receives the most remittances in Latin America but the current remittance services have very high commissions that end up decreasing the received value. Tools like Bitcoin really can help families whose income depends mostly on remittances by helping them to avoid costly fees.”

Drinks are not the only thing on the menu as the space is also a dedicated education venue which teaches individuals about how to use bitcoin and keep it safe.

“We try to hold weekly meetups in which members of the same community, with or without experience, share their knowledge with everyone in a completely relaxed and free environment”.

In these 4 years, we have also organized several workshops to teach tools for the security of handling Bitcoin in a more structured way. Within this space you can also find books, crypto paraphernalia and even an ATM where you can buy and sell Bitcoin”.

Lorena has a core group of community locals who remain faithful to this space, returning week after week to learn more and share with others.

“Since crypto ventures related to crypto have grown exponentially, I believe that in the not too distant future Bitcoin will strengthen in Mexico.”

We can’t wait to see what Lorena does next with Bitcoin Embassy Bar, ¡salud!

Do you have an example to share of how cryptocurrency is being used IRL? Tweet us! @blockchain





Source link

Related Topics:
Continue Reading

Bitcoin

Protocol Village: Hinkal, Instititutional-Grade Self-Custodial Protocol, Plans Launch of 'Shared Privacy'

Published

35 mins ago

on

July 8, 2024

By




The latest in blockchain tech upgrades, funding announcements and deals. For the period of July 5-10.



Source link

Continue Reading

Bitcoin

Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft

Published

2 hours ago

on

July 8, 2024

By



Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin. 

On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”

Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.

This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats. 

The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”

The full approved draft can be read here:

View the original article to see embedded media.





Source link

Continue Reading

Bitcoin

Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?

Published

5 hours ago

on

July 8, 2024

By


Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.

Bitcoin Mining Difficulty Drops To 79.5 T

Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days. 

Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.

This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income. 

Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range. 

Bitcoin mining

Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely. 

What This Means For Bitcoin’s Price

The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.

Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware. 

Bitcoin price chart from Tradingview.com



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon