Our team just came back from “Adopting Bitcoin” in El Salvador, an annual conference event where investors, entrepreneurs, artists and more meet during 3 days to discuss the progress and opportunities of the future of money.
El Salvador adopted Bitcoin as a legal tender on the 7th of September 2021, alongside the US Dollar, and has made remarkable progress in its economic and touristic sectors.
The Adopting Bitcoin event is sponsored by large and small bitcoin companies and was hosted in the Crowne Plaza Hotel where you can pay for your room, breakfast and all services with Bitcoin.
Speakers and attendees came from all continents to show what they have been building, from financial empowerment in small villages in Africa , escaping war and conflicts in the Middle East and Ukraine to converting poisonous gas into money.
Talks and workshops about freedom, energy, financial inclusions happening at the event; people working to solve some of the most neglected problems we face leveraging this open source technology.
Some of our favorite Bitcoin projects and initiatives that are shaping the future :
- UpstreamData : Turning poisonous and dangerous flare gas into energy and Bitcoin, avoiding potential leaks and saving the planet while making money.
- Sifr : Banking and remittance to countries banks and financial institutions are absent.
- Machankura (https://8333.mobi) : No internet ? No smartphone ? No bank account ? Don’t worry, Africans can send and receive bitcoin with a simple cellular device.
- OceanBit : Turning natural and free oceans thermal energy into money.
- And a lot more.
Experiencing Bitcoin
We have downloaded “Blue wallet”, a Bitcoin lightning app that supports instant payment with QR code scanning, and set off on our journey to experience the adoption of this new currency in San Salvador with one goal, pay in bitcoin whenever possible.
To use a bitcoin wallet, you don’t need to create an online account, share your personal information like name or phone number, and link a bank account or debit card, anyone from any country can download a bitcoin wallet and it’s right there to use, money in your wallet can’t be frozen by any bank or institution, transactions can’t be blocked or censored, everyone is equal on the bitcoin standard, the only thing that matters is how much money you got.
Our first proper dinner experience in El Salvador was at Brutto restaurant, an upscale establishment located on a rooftop overlooking the city of San Salvador. The menu is as diverse as it is creative, from sushis, to ceviches, to homemade raviolis.
You can pay with bitcoin, it’s much faster than credit cards waiting for your payment to show APPROVED on the merchant terminal, you don’t have to worry about your name or card information to be known or miss-used for fraudulent charges in the future.
The bill is a simple Qr code you scan and pay with your wallet, you see the USD amount and click Pay.
After the second day at the event, which we’ve learned so much from again, we decided to treat ourselves to a relaxing moment at the newly opened ELÁN nail spa located inside the beautiful Metroplaza. They offer relaxing manicures with non-toxic nail polishes and soothing pedicures which include a food rub, scrub and mask. The owner told us that they are not yet taking Bitcoin as payment method but are working on it.
Is Bitcoin the Future of Money ?
It is difficult to say for certain whether bitcoin will be the future of money. While it has gained a significant amount of popularity in recent years, it is still a relatively new and untested technology.
There are also many challenges that bitcoin and other cryptocurrencies will need to overcome in order to become widely accepted and adopted as a form of money.
These challenges include issues related to scalability, security, and regulation, additionally, there are already many established forms of money, such as fiat currencies, that have been in use for a long time and have strong networks of support and infrastructure behind them. Ultimately, the future of money will likely involve a combination of traditional and digital forms of currency, and it is likely that bitcoin will play a role in that future.
Bitcoin in Fashion
Bitcoin is a digital currency that is not directly connected to the fashion industry, however Fashion brands may be able to benefit from bitcoin in a few different ways.
Accepting bitcoin as a form of payment could potentially make it easier for customers to buy their products, which could increase sales, such as Gucci who has recently announced that they are excepting Bitcoin payments at more than 70% of their US locations.
Additionally, if the value of bitcoin increases, fashion brands that hold bitcoin as an investment may be able to benefit financially.
