Graphical overview of local Bitcoin adoption in El Salvador

As Bitcoin officially became legal tender in El Salvador, Bitcoin slowly became popular in this Central American country.

A reporter traveling to El Salvador, van Wirdum, shared his experience of using Bitcoin to pay at McDonald’s in El Salvador on Twitter: I just walked into a McDonald’s in El Salvador and wanted to see if I could pay for my breakfast with Bitcoin, and looked forward to the clerk’s response. I said no. But look, they printed a ticket with a QR code and took me to a web page with Bitcoin Lightning Payment, and now I am enjoying my breakfast!

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El Salvador McDonald’s, Starbucks and Pizza Hut start accepting Bitcoin payments

Although El Salvador’s Bitcoin law requires companies to accept Bitcoin, many people doubted whether large companies could integrate Bitcoin payment solutions before the bill came into effect.

On September 7, the same day the Bitcoin Act came into effect, fast food giant McDonald’s and coffee giant Starbucks announced that they would start accepting Bitcoin payments in El Salvador.

To the surprise of many Bitcoin enthusiasts, McDonald’s in El Salvador has adopted enough technology to enable Bitcoin to be paid quickly in the service industry. The company has successfully integrated OpenNode Lightning Payment into its service, which means that anyone can use the Lightning Network to scan a paper receipt with a QR code via a mobile phone to buy food from McDonald’s in El Salvador.

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The cooperation between OpenNode and McDonald’s provided a payment solution in a timely manner. In this regard, Julie Landrum, the head of OpenNode, issued a statement: “We are very happy to cooperate with McDonald’s to help the country’s Bitcoin law to achieve operational success. This is just a huge one. Opportunity to demonstrate the power of Lightning Network in daily high-volume, low-value purchases at the most popular and successful fast food chain in the world. Obviously, this is another important milestone in the development of Bitcoin’s economy.” 

Following McDonald’s are global coffee giant Starbucks and American restaurant chain Pizza Hut.

The President of El Salvador, Nayib Bukele, said on Twitter that after the adoption of Bitcoin in El Salvador, food and beverage franchisees, including Starbucks and Pizza Hut, are accepting Bitcoin as payment.

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On September 7th, a video of Bitcoin payment at Starbucks in El Salvador appeared on Twitter. In the video, we can see that there are bitcoin prices corresponding to the goods in the Starbucks store, and you can directly use the bitcoin wallet to scan the QR code to pay.

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Many Bitcoin enthusiasts still want to know whether giant companies in all walks of life outside of El Salvador will use Bitcoin as a payment solution. It seems unlikely that these companies will only provide superior payment technology solutions within El Salvador and neglect to provide services that allow people to pay with Bitcoin in the United States and other countries.

Whether other major American companies in El Salvador, such as Nike and Wal-Mart, have also enabled Bitcoin payments remains to be confirmed. 

More than 7,000 entrepreneurs have received Bitcoin trading training

According to local media in El Salvador, since the Bitcoin Act came into effect on September 7, El Salvador has established 51 training centers across the country, and more than 7,000 entrepreneurs have received training in Bitcoin transactions.

In response, Javier Argueta, the legal adviser to the President of El Salvador, responded: “People and entrepreneurs are passionate about cryptocurrency. Until yesterday, we had 7,000 trained entrepreneurs. Out of 200 Chivo Points, Someone is giving advice, and there are already many investors in the country.”

“Opening training points nationwide will help many entrepreneurs. Companies facing Bitcoin problems are increasing.”

Local businesses in El Salvador are also beginning to accept Bitcoin payments

The world-renowned fast food giant McDonald’s and coffee giant Starbucks took the lead in the wave of Bitcoin adoption in El Salvador, offering their customers the option of paying for dishes in U.S. dollars or Bitcoin, thereby adding color to El Salvador’s new economic era through cryptocurrency.

El Calvario Pharmacy, Roroskull Tattoo Studio, TESV Art Tattoo and other tattoo studios in El Salvador, La Ceiba Bookstore, Palacio De La Pizza and other restaurants, and even small merchants selling bread have not been thrown under the wave of Bitcoin adoption. , They announced that payments can be made through Bitcoin, thereby joining the country’s technological and economic progress.

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Usage by local businesses and residents in El Salvador

After Bitcoin officially becomes the legal tender of El Salvador, the country will provide citizens with free services to facilitate Bitcoin transactions: Chivo Wallet digital wallet, 200 Chivo ATMs (used for Bitcoin and USD exchange), 50 bank withdrawals and deposits , And Chivo points.

And Chivo, the native wallet of El Salvador, will provide registered Salvadoran citizens with $30 in Bitcoin for free. In addition, the transaction fees for using the wallet will be borne by the state, regardless of the transaction costs.

The president’s legal adviser explained: “The overseas Salvadoran needs to pay a commission of $15.00 per remittance to his family. Using the Chivo wallet, he will no longer pay the commission, and the $15.00 can be added to the remittance.”

The ATM also does not charge transaction fees. El Salvador’s President Bukler emphasized: “There is no commission for everything, no one. They will be able to keep Bitcoin for free or automatically convert it to U.S. dollars.”

However, El Salvador residents still have questions about the adoption of Bitcoin. On the third day of the implementation of Bitcoin as legal tender, some residents of Santa Tecla realized that their mobile phones were too old to use Chivo wallets, and they were very disappointed.

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The following picture comes from Bitcoin Magazine, showing us the Bitcoin in the lives of Salvadoran residents:

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/graphical-overview-of-local-bitcoin-adoption-in-el-salvador/
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