Some of the comments in this post question the authenticity of this transaction. Some context for those who missed the other posts.
What didn't happen: I randomly stopped at a roadside restaurant in the middle of El Salvador and found somewhere which accepts Bitcoin.
Cont...
What didn't happen: I randomly stopped at a roadside restaurant in the middle of El Salvador and found somewhere which accepts Bitcoin.
Cont...
I was in El Zonte to meet with @Bitcoinbeach, who I met at laBITconf in Uruguay. He invited me to visit his community project:
- Local kids are paid in Bitcoin for community work (cleaning rivers, rubbish etc...)
- Local businesses accept Bitcoin (cafes, shops etc...)
Cont...
- Local kids are paid in Bitcoin for community work (cleaning rivers, rubbish etc...)
- Local businesses accept Bitcoin (cafes, shops etc...)
Cont...
It is essentially a charity based Bitcoin circular economy and the project provides liquidity to these local businesses to exit into the dollar.
This restaurant is part of this local economy. I didn't have dollars as travel advice is not to withdraw at the airport for safety.
This restaurant is part of this local economy. I didn't have dollars as travel advice is not to withdraw at the airport for safety.
What stood out for me is:
- These local businesses do not have access to banking services
- Bitcoin allows for digital payments as everyone has a phone
- These local businesses don't need to hold cash
- Kids have an opportunity to avoid gangs and focus on education
- These local businesses do not have access to banking services
- Bitcoin allows for digital payments as everyone has a phone
- These local businesses don't need to hold cash
- Kids have an opportunity to avoid gangs and focus on education
Previous issues highlighted the need for lightning:
- Fees on low-value transactions as the kids might be buying a $0.25 sweet from the shop
- Fees when the stores batch process lots of low-value transactions
- Fees on low-value transactions as the kids might be buying a $0.25 sweet from the shop
- Fees when the stores batch process lots of low-value transactions
Is it perfect? No. Some issues I noticed:
- Private key management
- Volatility
Still, it is a cool initiative and the team is working on solutions to every hurdle they come across. Interview with @Bitcoinbeach discussing it out soon.
- Private key management
- Volatility
Still, it is a cool initiative and the team is working on solutions to every hurdle they come across. Interview with @Bitcoinbeach discussing it out soon.
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