Thursday, 23 March 2023

Crypto News

Bitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time

Bitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time

Bitcoin (BTC) use in Guatemala is on the up. The Latin American country that borders El Salvador boasts Guatemalan-grown Bitcoin companies such as Ibex and Osmo, several Bitcoin Beach-inspired projects including Bitcoin Lake, and now, free BTC tattoos.

A Bitcoin merchant adoption competition hosted by Osmo Wallet in 2022, a Guatemala-based Bitcoin company, led to the free ink promotion. Cointelegraph spoke to Piero Coen, the co-founder of Osmo Wallet, and Steven Marroquin, the owner of Soul’s Anchor, a tattoo parlor in Guatemala City.

Free tattoo ideas from Soul’s Anchor. Source: Coen 

Coen explained how it that the mission is to get more people to use Bitcoin:

“So we ran a competition amongst merchants to see who would process the most volume in Bitcoin sales in 2022. Turns out Soul’s Anchor Tattoo Shop in Guatemala City, who started accepting Bitcoin payments using Osmobusiness back in October, won the competition.”

Merchant adoption is nothing new in Guatemala. So they thought about how to make things more exciting. They decided that offering free Bitcoin tattoos to customers might be a Bitcoin-friendly marketing tactic. “It was a huge hit. All the slots filled up in hours!” He explained.

The free Bitcoin tattoos get the thumbs up from Cointelegraph’s Bman. Source: Coen

Guatemalan Bitcoin believers and Bitcoin tourists streamed into the store to ink their favorite Bitcoin meme, quote or art onto their skin. Steven Marroquin, Souls Anchor owner, explained, “It’s been around seven months since we officially accepted Bitcoin and have two to three customers per month.” It’s a small amount, but payments are on the rise, he reports:

“The first months we had only one customer, and even though it’s still a few percentages of our income, probably 1%, we are happy have started accepting it.”

Coen explains that “It’s still super early” for Bitcoin adoption in Guatemala, and “Most business owners are still unsure about accepting and holding onto Bitcoin because of the volatility.”

By allowing instant Bitcoin to fiat currency conversion at the payment merchant terminal, merchants can sidestep the volatility. Instant BTC to fiat conversion is a growing trend in the Bitcoin payments space, as companies such as Strike–headed up by Jack Mallers–and CoinCorner offer similar solutions. Bitcoin as a means of exchange is burgeoning and Coen is optimistic about its future:

“Bitcoin adoption in Guatemala City is on the rise, every day we…

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