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Topic: Bitcoin Beach project in El Salvador (Read 407 times)

casperBGD (OP)

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Bitcoin Beach project in El Salvador

June 23, 2021, 08:11:47 AM
Last edit: June 23, 2021, 09:09:11 AM by casperBGD

Merited by Symmetrick (10), dkbit98 (9), zasad@ (2), Lucius (1)

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)

DapanasFruit

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 08:37:41 AM

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.

Anonylz

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 09:06:40 AM

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.

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casperBGD (OP)

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 09:08:49 AM

Quote from: DapanasFruit on June 23, 2021, 08:37:41 AM

~snip

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.

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

ropyu1978

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 09:19:10 AM

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..

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 10:28:48 AM

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.

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zasad@

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Re: Bitcoin Beach project in El Salvador

June 23, 2021, 03:49:04 PM

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."

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casperBGD (OP)

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 06:09:22 AM

Quote from: Lucius on June 23, 2021, 10:28:48 AM

~snip
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.

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)

Quote from: zasad@ on June 23, 2021, 03:49:04 PM

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)

randegibran

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 07:56:39 AM

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

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 08:41:29 AM

#10

Quote from: fladnaG on June 23, 2021, 01:37:56 PM

It sounds interesting, but it seems to me that such projects either do not launch at all, or do not exist for long.

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.

Karartma1

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 08:45:08 AM

#11

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.

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 12:50:56 PM

#12

Quote from: casperBGD on June 24, 2021, 06:09:22 AM

Quote from: zasad@ on June 23, 2021, 03:49:04 PM

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)

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://bt.irlbtc.com/view/5345549.msg57303959#msg57303959
El Salvador is a very poor country and not very popular with most tourists, but the news is very good.

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 05:07:58 PM

#13

Quote from: casperBGD on June 23, 2021, 08:11:47 AM

~snip~
- 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

~snip~

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.

casperBGD (OP)

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 06:09:20 PM

#14

Quote from: zasad@ on June 24, 2021, 12:50:56 PM

~snip
I liked your summary of the material of this article, I made a translation of your post into Russian.
https://bt.irlbtc.com/view/5345549.msg57303959#msg57303959
El Salvador is a very poor country and not very popular with most tourists, but the news is very good.

thanks, this is first translation for my posts, great

Quote from: AakZaki on June 24, 2021, 05:07:58 PM

~snip
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.

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

dothebeats

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Re: Bitcoin Beach project in El Salvador

June 24, 2021, 07:49:30 PM

#15

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.

casperBGD (OP)

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Re: Bitcoin Beach project in El Salvador

June 25, 2021, 08:56:18 AM

#16

Quote from: dothebeats on June 24, 2021, 07:49:30 PM

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

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Re: Bitcoin Beach project in El Salvador

June 25, 2021, 03:19:12 PM

#17

Quote from: casperBGD on June 24, 2021, 06:09:20 PM

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

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.

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Re: Bitcoin Beach project in El Salvador

June 26, 2021, 04:10:35 PM

#18

Quote from: Karartma1 on June 24, 2021, 08:45:08 AM

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.

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Re: Bitcoin Beach project in El Salvador

June 26, 2021, 11:55:42 PM

#19

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.

Quote

We are giving out $ 10 in #bitcoin to all the waiters and $ 20 to the managers in this amazing restaurant called La Pampa in San Salvador, El Salvador 🇸🇻

Bitcoin will bring riches to #ElSalvador

@romanmartinezc @nayibbukele @jorgebitcoinES @Bitcoinbeach @DocumentingBTC

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Re: Bitcoin Beach project in El Salvador

June 27, 2021, 10:52:10 AM

#20

Quote from: AakZaki on June 25, 2021, 03:19:12 PM

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.

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