Topic: Bitcoin Beach project in El Salvador - page 2. (Read 348 times)

yes this is an interesting thing with the steps taken by elsavador, of course whether this step is successful or not we don't know yet.but this can at least raise the btc value which is starting to fall relatively.so with this we don't need to directly exchange bitcoins again with dollars.this is very good news for the crypto world and hopefully this can be realized in the near future

agree, it would be great to have universal currency for tourists, that would be helpful to local economy, and you can see benefits for locals (it is a matter of question should local businesses HODL or use BTC proceeds for everyday purchases, you cannot expect "up only" and red market could endanger your business)


saw this one, but do not expect much from that, there is a strong majority by the government party in the parliament (56 from 84 seats)

https://diario.elmundo.sv/diputado-del-fmln-pone-demanda-contra-ley-bitcoin-y-niega-representar-intereses-de-bukele/

Opposition parties want to cancel this bill.

"A group of citizens, accompanied by MP Jaime Guevara of the Farabundo Martí National Liberation Front (FMLN), filed a lawsuit over the unconstitutionality of the bitcoin law approved by the Legislature on June 8."

I watched some videos from that village, and it's actually amazing how many people have already gotten used to paying with Bitcoin - which is very good news considering that in a few months all sellers will have to accept BTC as a means of payment - and those who already having experience will surely be of great help to everyone else to adjust faster and better.

I really hope that Bitcoin will succeed in El Salvador as their president envisioned, because that will mean that other countries will start copying their model and will be able to launch various projects without having to have access to banks at all. It would really be nice to go to some exotic vacation spot that would accept BTC as a means of payment, have a good time and help the local economy without losing on currency conversion or various other fees.

the bitcoin project in el salvador, it sounds very interesting, el salvador has received purchases in el salvador, and even workers' salaries are paid in bitcoin, we must support el salvador's step to start its mission in bitcoin, because i am very sure that it is increasingly appearing in the public that el salvador has made bitcoin a project, it can't be denied that other countries will try to bring down the el salvador mission, for various reasons, such as what the Chinese state did..

it is hard to say is it successful or not, we need testing through bear market to prove success
so far, so good, almost all shops in the village are accepting BTC, although there is a difference in payment percentage that is processed in BTC, and varies from few payments to 40-50% in some shops

there is also one construction company in the village that pays their workers completely in BTC

but, all new cases will have easier way to start, since there is an app (BitcoinBeach app) that can jump-start their involvement and El Zonte is ready to help them with their knowledge

Quite an interesting story this is, this is the best way btc adoption will grow, when btc only is used to buy and sell without being valued in usd, i have never heard of a Bitcoin Village till now, no wonder it was easy for El Savador to opt for btc legalization, they already have the system working  in a small part of the country, all that was required is to extend it to the rest part of the country, i was a bit skeptic about how citizens of the country will quickly adapt to this new form of payment but from the above post it seems majority are already familiar with this system of payment.
If this wasn't successful i don't think they will encourage it.

In the past, I think I heard some information about this Bitcoin Village, but it is only now via this post of yours that I got fully aware of such a place in El Salvador and how this village has become an influence for the country to fully adopt and legalize Bitcoin - let's hope the plans of the current president will not get derailed by politics and dark forces challenging the decision.

Now, I am wondering: Can we then say that the use of Bitcoin on this village is quite successful- like a microcosm which can then be partly utilized as an experimental model for the larger community outside? I am hoping that an inspiring story like this will be generating copy-cats in other countries.

Interesting story how all this started in El Salvador, and why they were the first country to accept Bitcoin, with Bukele twitted his support as early as in 2017

link to complete story:
https://www.bloomberg.com/news/features/2021-06-17/world-s-biggest-bitcoin-experiment-is-a-surf-town-in-el-salvador
https://www.consulting24.co/post/el-salvador-village-el-zonte-adopts-bitcoin-as-money (image source)



TL;DR;

- a guy from California found a beach in El Salvador, El Zonte, which is beautiful for surfing, and made this his vacation spot
- he learned about living conditions for locals, and found out that they mostly live un-banked, during his 15 years visiting El Zonte, and making it his off-season residence, which made him to launch many charity and donation projects that were set to improve life for locals
- one day, he received proposal from anonomous BTC owner, that is willing to donate solid BTC amount, with one constrain, that BTC should not be converted in US dollars, and should be used as it is, in BTC, which provides an opportunity to launch Bitcoin Beach village, where only ATM in the village is BTC ATM, with all residents un-banked up to that moment
- BTC picked-up from there, and most villagers are now using the Bitcoin Beach app for daily payments, while all items are still priced in USD
- there are workers in companies that are completely paid in BTC, because it is easier and faster (you do not have to go to another city to visit a bank)

opportunities:
- this was an experiment that set whole country to accept Bitcoin, with Strike app support and president that is BTC supporter
- provide this pilot project as solution for many other villages, that are tourists spot in emerging and underdeveloped countries without stable currencies, as a wave for main adoption
- successful projects in other country villages could bring BTC as legal tender in those countries

risks:
- it was launched during bear market, and it is not tested in "red market conditions", since BTC was mainly going up since launched
- with BTC price going down, locals are making premium on their pricing, if paid with BTC ($20 photo is $25 if paid in BTC)