Claim $500Central American Country Uses Bitcoin To Conduct Fair Election; Here’s How
While the Bitcoin architecture is largely a proof of work system to build a new version of electronic payment system, its timestamping server is helping unlock a new use case in Central American country Guatemala’s presidential election.
Also Read: XRP Lawyer John Deaton Representing Ex-Ethereum Advisor On ETH Gate?
Bitcoin & Guatemala Election
A surprising use case was found thanks to the technology behind Bitcoin during the 2023 Guatemalan general election. The country’s president elect Bernardo Arévalo faced allegations of election misconduct and the opposing candidate demanded that there be a recounting of votes. That’s when Simple Proof’s web tool stepped in to show that the voting was actually timestamped when the voting closed on the day of election. This had reportedly helped verify the authenticity of voting with their respective timings.
Why Election Faced Allegations In First Place?
On August 29, 2023, Arevalo was confirmed as the winner of the election by the country’s authorities, only to be challenged legally about the unexpected victory over a powerful candidate. According to a report by The Associated Press, the president elect faced a slew of legal challenges and allegations of irregularities since he defeated a candidate favored by the country’s conservative elite.
In the “Bitcoin: A Peer-to-Peer Electronic Cash System” whitepaper by Satoshi Nakamoto, timestamping is used effectively to generate a hash based proof of work, one that is impossible to tamper with unless the entire chain’s proof of work is redone. The timestamp server is used to prevent double spending and maintain the integrity of the network.
This development in the region comes at a time when another Central American country, El Salvador, continues to empower the Bitcoin ecosystem. The country had adopted BTC as legal tender in September 2021, becoming the first in the world to adopt a cryptocurrency officially.
Also Read: Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aave DAO vs Labs: Aave Founder Pledges Clearer Economic Alignment as DAO Rejects Brand Asset Transfer
- Universal Exchange Bitget Partners UNICEF to Equip Youths to Thrive in the Digital Economy
- Will Crypto Market Crash as Over $27B in Bitcoin, ETH, XRP, SOL Options Expire Today?
- Trust Wallet Hack Update: CZ Speaks Out on $7M Loss, Promises Support
- Trust Wallet Hack: Users Hit as Hacker Drains BTC, ETH, BNB
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
