What Bitcoin adoption is ACTUALLY like in El Salvador

El Salvador is unashamedly a Bitcoin Destination from Bitcoin conferences big Name bitcoiners Bitcoin accepted here Signs a laser-eyed president and Oodles Of Bitcoin Investments streaming into The country like transactions into the Bitcoin mental The nation is the first and greatest Sign of Bitcoin adoption in the world I Spent two weeks traveling in El Salvador Living on bitcoin if I go on bitcoin I Tried to pay for every single thing food Accommodation and even a wig with Bitcoin I attended the graduation Ceremony of my first Bitcoin diploma Program I interviewed people on the Streets of San Salvador I shared my Bitcoin knowledge with this Beautiful country So what's it actually like to use Bitcoin in El Salvador [Music] Under article 7 the law states every Economic agent must accept Bitcoin as a Form of payment when it is offered by Someone who purchases a good or service However it doesn't say how to do so So it's 6 30 a.m on Tuesday 15th November I've just technically slept in A hotel for free Because when I came here last night I Tried to pay in Bitcoin and they didn't Allow that at that time

Applications Canal After lots of back and forth the Solution we came to was that I would go To achievo ATM withdraw dollars for Bitcoin and then pay the hotel with Those dollars here obviously I'm not Going to do that So I'm gonna try again this morning to Understand why they're not accepting Bitcoin even though I saw the chivo app On uh the lady at the reception's phone See let's see how it goes and downstairs Where are we we're in the office about To pay the bill for the first time 20 days This is Ibex pay Um 20 tip Cobra And then Since ID is Okay It's foreign [Laughter] Confusion about how to pay with Bitcoin Is a common problem across El Salvador For example many people don't know that They should use the lightning Network For everyday transactions the lightning Network enables near instant Bitcoin Payments with low fees these payments

Are denominated in SATs the Bitcoin Equivalent of cents to the dollar Is Right he's wearing a hat with strike The giant sign just over there which Says sometimes they accept Bitcoin Will remember [Music] Effect okay We got there so that's hilarious so At First she thought that I was trying to Send her dollars because she thought Chivo meant Bitcoin then I showed her That it's a bit from base chain and then Within the tuber app you have to select Lightning and so first I was trying to Send lightning to a Bitcoin address and I realized oh wait it's not even Lightning Wow not to be done I made several mistakes too like Spending a 10 000 SATs fee for a dollar Fifty on a tip for a waiter because I Forgot to switch to the lightning Network It doesn't sound like much but if I'd Use lightning that fee would have been a Fraction of a penny I was pretty Impressed by the quality of mobile data Coverage across the country only in Certain places like near volcanoes did Reception drop out there's no signal in Dances like give me this is Ouch there's no signal here so how can

You accept Bitcoin if there's no Internet signal That didn't stop me from sending SATs to My guide at 2 300 meters a Okay scan okay face ID just like that Bitcoin okay thank you another I'm in San Salvador and I'm going to try And give out some Bitcoin to people if They answer five questions ain't nobody Shooting a dude holding a clipboard am I Right When was the last time you used Bitcoin About one month ago never never We don't have a Bitcoin okay so three Months ago One month But it was dead Message so three months one month okay Yesterday great yeah what's your opinion On bitcoin well does the queen of the Future uh I'm gonna need it right here So yeah we're trying to use it every day Yeah there are different way to pay you Know only Bitcoin we have a bunch of Application over there yeah so we really Don't need it Foreign [Music] [Music] Foreign Excellent job okay [Music] Asmas I yes

If you could sum up the atmosphere of El Salvador right now in one word what word Would you use City Surf City And then if you could sum up the Atmosphere in El Salvador in one word What would you say safely Okay pass Thank you In 2021 a group called me Premiere Bitcoin saw an opportunity to shape Bitcoin education in El Salvador They formed a school and established the First Bitcoin diploma programs in the Country I attended the third graduation ceremony For kids aged 13 to 15 in a town on the Outskirts of San Salvador I was inspired By their understanding of Bitcoin In English as Bitcoin is hope it is [Music] Foreign [Applause] Thank you Opportunities [Music] Thank you [Music] Let's not forget the motivations behind The Bitcoin law that was voted in on June 8 2021 creating jobs Financial Inclusion and stimulating the economy El Salvador's GDP is hockey sticking higher Job creation has ticked up tourism

Soared over 30 just this year figures For the government-supported Bitcoin Wallet El chivo would suggest that the Country is banking the unbanked although Paying with Bitcoin is hard right now I'm also being demanding the mere fact That Salvadorans can point to the Bitcoin B and understand what it is Shows just how far ahead El Salvador is On the Bitcoin adoption curve In one year Bitcoin payments in El Salvador have surged from a tiny Surfer Community on the beach to being an Accepted means of payment around the Country [Music]

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OUR TAKE

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