Friday, 19 April 2024
Trending

Crypto News

Paying the way for Bitcoin adoption in El Salvador: Video

Paying the way for Bitcoin adoption in El Salvador: Video

The Bitcoin (BTC) white paper title describes Bitcoin as a “peer-to-peer electronic cash system.” So how is Bitcoin being used as a means of exchange, or electronic cash, in the first country to adopt Bitcoin? 

Reporter Joe Hall spent a few weeks in El Salvador attempting to live off Bitcoin and Bitcoin only. He documented his trials, tribulations, successes and satoshis (the smallest amount of a Bitcoin) in a video for Cointelegraph’s YouTube channel:

Headlines from El Salvador within the crypto community have been largely positive. Moreover, statistics emanating from the country have been abundantly positive; tourism is up 30%, crime and the murder rate in El Salvador have decreased dramatically, and the Bitcoin bonds project is underway in 2023.

Nonetheless, while Bitcoin is undoubtedly one of the best-known brands worldwide; and a marketing tool that appeals to a pool of ardent Bitcoin believers around the world, its use as a means of exchange is often questioned. In El Salvador, it’s no different, as Hall explains.

Some Salvadoran vendors are laser-eyed hodlers; others made their first Bitcoin payment with Hall and were keen to ask questions and learn more.

Tipping Henry the delivery guy in Bitcoin to his Chivo wallet at 2 am. Source: Cointelegraph

Hall was surprised, dismayed, entertained and ultimately enthused by his findings in the country. Adopting a new technology as novel and misunderstood as Bitcoin is a mammoth task, but Salvadorans are getting stuck into the new technology where possible.

Retailers like Walmart had the option to pay in Bitcoin — but the process was slow and inconvenient — while the likes of Texaco were staunchly anti-Bitcoin. At McDonald’s, the experience is smooth and fast; it’s even quicker than the McDonald’s branches that accept Bitcoin in Switzerland.

From the Adopting Bitcoin conference — a Lightning conference in San Salvador that gathered Bitcoiners from around the world — down to Bitcoin Beach and Surf City, across to the volcanoes of Santa Ana and on the streets of San Salvador, Hall mingled with locals to get a better sense of Bitcoin as a means of exchange.

Related: El Salvador’s Bitcoin strategy evolved with the bear market in 2022

Hall attended the “My First Bitcoin” educational graduation ceremony at a school in El Pacheco. The founder, John Dennehy, was recently interviewed by Cointelegraph. Dennehy explained the group’s…

Click Here to Read the Full Original Article at Cointelegraph.com News…