Topic: Bitcoin Beach project in El Salvador (Read 348 times)

We need any new projects, and El Salvador needs this doubly.

That's actually good that the people that needs it are getting the help the most. Hopefully, more than fishermen, bitcoin can be of help to the farmers who are being exploited by the elite class. It might take time before we can even use bitcoin to pay for groceries and other bills but I think we will arrive there soon.

The elderly will be replaced by younger people and this change will be good for crypto adoption on massive scale. 10 years later, the total percent of global population that accept cryptocurrency will be bigger than now. Children who are around 10 years old will be a new stream into cryptocurrency market next 10 or 15 years.

Next decade, yes, I agree with you. Furthermore, next 12 or 16 years, Bitcoin block reward will be very low with 3 to 4 more halvings.

El Salvador was the first country to make BTC a legal tender, setting a perfect example for other countries to emulate and adopt encryption technology. Bitcoin Beach has established a framework for implementation adoption.

Wow that's a great news and idea from El Salvador to spread bitcoin all over in his country or should i say the way how he promote bitcoin is a brilliant idea to be honest .because you know for sure it will make an impact in the space, especially if they're always have visitors that will use bitcoin for paying bills and etc.. In fact they have tourist spot so if they featured bitcoin as a payment method there's a high possibility that they can convince those visitors to use the same way when it comes making transactions in his country..

As a crypto enthusiast/supporter I am happy to see this development that taking place elsewhere because it can drive cryptocurrency adoption slowly but surely, that's why I'm hoping that it will continue to prosper globally not just in El Salvador but in many countries as possible. Imagine a tourist spot or a beach that accepting Bitcoin and all other cryptocurrencies for me that was a huge achievement already. 

agree, it is hard to expect old people to embrace the change, and young people should be the main target group for Bitcoin mass adoption
it takes years for sure, but each and every change needs time for people to embrace it, and next decade is here for the change, it cannot happen in a year or two, nevertheless, this is the right way, village by village, country by country

This is very nice to promote it as a bitcoin tourism spot. This will be their selling feature to tourists. But hopefully, they will accept other alts also like maybe XRP, as they have cheaper fees. Bitcoin as we know, has relatively expensive fee especially if the network is congested. So this may be one of the hindrances why some people won't use bitcoin, the fees involved and the duration of confirmation in the network. 

After El Salvador officially accepted  Bitcoin  as legal currency, all the attention was focused on the Pacific coastal fishing village in this country. about 500 families here use  Bitcoin  to buy groceries and pay electricity and water bills - which is also what the government wants the whole country to aim for.

Some people can be changed and they are mostly not the elderly. The younger population from 18 to 34 are the most Bitcoin preferred group.
Bitcoin is (Still) a Demographic Mega-trend: Data Update. It is a demographic trend, those people from 18 to 34 will get older but they will accept Bitcoin next 10 years as they are doing now. The more younger population in next 10 years will bring Bitcoin to mainstream.

The elderly are keen on something safe and stable. Bitcoin definitely is not what they are looking for. We can not change them and don't have to change them to increase the Bitcoin adoption.

El Salvador will probably be successful tourist destinations will be created throughout the nation. I see a great future in the nation even though there is a Salvadoran opposition that does not want the Bitcoin Law.

Take a look at this investor as he visits a restaurant called Pampa in El Salvador.

the surprises that were carried out several times from the country of el savador, of course, as you said, it will be remembered and recorded everywhere about what was done to bitcoin for the benefit of the country. Of course it is not easy to do this if the head of government does not know and learn about how bitcoin is used for the benefit of his country.

maybe what you say can make a leap that we will not expect later that a country that has been feeling democratic so far is not as brave as what is done by an el savador country. this will certainly make for a good surge for bitcoin in the future and many will follow suit. we await further developments.

But many people think Bitcoin is a gamble. Introduction is not an easy thing but worth a try. Some of the introduction stages that I did ended up failing. This is because they don't want to learn, they even stop halfway and give up. From there I can conclude, it all depends on the will of each person. No matter how diligently we introduce ourselves to the general public, we will not succeed if they have a weak mentality.

maybe that was not clear from the article, but Bitcoin Beach app is on Lightning network, to reduce fees
they made it that way after using wallet-of-satoshi in the beginning, but transaction fees were to high for everyday transaction

it is a pitty that app is limited to El Salvador at the moment, but this could be a great way forward for other places to embrace Bitcoin and cryptocurrencies

Would be interesting if there are some other failsafe for the locals especially since their place are being used for the said tourism project. El Salvador exposing their citizens to bitcoin is already a great move, and helping them make a living out of it is just a great bonus overall. However, some hurdles would surely present themselves along the way, especially in times of bitcoin bull runs. Just imagine the fees just by sending a small payment. Perhaps if LN expands its reach and capabilities, it could be a good complement to what the locals are already doing.

thanks, this is first translation for my posts, great


agree, but you have to start somewhere, there is an increase in BTC locked on Lightning network, and that could prove as right way to adoption, one could not know without trying

Very good technique for Bitcoin introduction. But there are some obstacles that may still occur if it is applied in some areas. Especially in areas without internet, or areas with slow internet networks. This case will be very difficult to make transactions. In addition, the human factor also affects it. Then for low fees maybe this will be a little wrong, several transactions require a large amount of money, so it all depends on the density of the blockchain network.

Thank you, I realized that the opponents of bitcoin have little political power so far.
I liked your summary of the material of this article, I made a translation of your post into Russian.
https://bitcointalksearch.org/topic/m.57303959
El Salvador is a very poor country and not very popular with most tourists, but the news is very good.

One day El Salvador is gonna be remembered on History books. Call me crazy, call me nuts but I never thought something like that could have ever happened. I'm only afraid that democratic nations might get to worried at some point and become tempted to re-establish some democracy and order on the money side.
But if that's gonna happen, the world will suddenly embrace bitcoin.

The problem for most is because the people behind those projects that don't last long aren't able to do the work for the long-term or they don't have any plans to expand so they just give up on the project and leave their investors hanging in the air.

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)