2/20/2024 0 Comments Bitcoin bar san miguelIf you run a business like a pupusa place, you probably don’t have a bank account so your customers can’t use credit cards either. You don’t have to think about how much money you need when you leave the house.Ĭredit cards are small and don’t take much space.īut, if you are one of the 70% of the population in El Salvador that are unbanked…then you can’t use a credit card. If you live in someplace like the US or the EU then you are probably used to easily buying things with credit cards which make commerce easy. But it is an interesting and bold experiment we can chose to watch from afar or take part in ourselves. But then again, there has been volatility in many other financial assets such as stocks. How can people build a financial system on a volatile asset? Certainly, the price of Bitcoin has been volatile over the past few months going from $40,000 in April to $20,000 in June. One of the concerns rasied with respect to Bitcoin is volatility. As of today (June 2022) there are roughly 19 million bitcoins with a price of a $20,000 each at the time this was written. There will eventually be 21 million bitcoins. Unlike other currencies issued by governments (dollars, Euro, Yen) there is a limited number of Bitcoins to be created. and without the 3% fee that credit card companies charge. This allows Bitcoin to be used in transactions like any other currency, but without government or banks being involved. All bitcoin transactions are permanently recorded on the blockchain. Bitcoin transactions are recorded in the blockchain ledger as a digital currency, like your credit card transactions are recored in a ledger at the bank. The blockchain ledger is independent of any third party (individuals, companies, banks, or governments). ![]() Blockchain technology creates an open and immutable ledger on a decentralized network. Between 30 and 50 people lost their lives.īitcoin is a digital currency based on a revolutionary technology called blockchain. During the service a bomb exploded in the crowded Cathedral square. There was a massive show of respect with a tremendous turn out as 250,000 people attended his funeral. The blood pumped from his heart.” - Tom Gibb, The Guardianĭays later Oscar Romero was memorialized at the Metropolitan cathedral of San Salvador. Resting his rifle on the car door, he aimed carefully down the long aisle to where El Salvador’s Archbishop, Oscar Arnulfo Romero, was saying mass. “In the bright morning sunlight of March 24, 1980, a car stopped outside the Church of the Divine Providence. Romero is remembered as a human rights crusader. Prior to his murder, the Archbishop had written an open letter to President Jimmy Carter requesting that the USA discontinue supporting the government which was oppressing the people. The USA played a role in the Salvadoran Civil War which lasted from 1979 to 1992. Bitcoin offers visitors and vendors an alternative payment method. While the country exports 1st class coffee, tourism offers another revenue stream and opportunity for young people to improve their quality of life. Becoming a sovereign nation has never been easy.Ĭlose to 7 million people reside in this small Central American country. They want to chart their own course and become less reliant on the whims and decrees of Uncle Sam. First, as a colony of New Spain from 1525 to 1821, then plagued by endless civil wars in the 1900’s and under the thumb of the US since the middle of the 20th century, the government has decided to go in a new direction. What is undeniable is the country of El Salvador has a colonial history. ![]() Young people appear curious and more receptive to the Bitcoin experiment. Entrenched legacy power players view acceptance of Bitcoin as a currency with suspicion. This new direction is daring! Why you ask? Why not! They embraced a new technology called Bitcoin and gave every resident owning a cell phone, a bitcoin wallet with $30.00. ![]() ![]() In 2019 Nayib Bukele took the reins as the new president of El Salvador and chose a unique, bold financial path.
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