El Salvador, a small coastal country in South America is becoming the best use case of Bitcoin around the world as a Bitcoin philanthropist is working on getting it universal recognition over there. Michael Peterson, and his wife moved to the country just to enjoy the weather and surf but has subsequently start working on the crypto side of things in the Salvadorian society. This is the initiative of an anonymous Bitcoin whale cum philanthropist who is working on getting crypto mainstream.
Peterson is now working on propping up cryptocurrency-related services and companies. Previously in their 14-year life in the country, they have worked with various non-profits for the uplift and betterment of the community but have now turned to Bitcoin as an effective way to provide for livelihood and employment for many locals. Just like other South American countries, El Salvador is suffering from unemployment and economic issues. Peterson and his wife are working on getting the crypto economics started thus providing an alternative economic opportunity for the swathes of the Salvadorian population upset by years and years of gang violence.
Peterson met the Bitcoin whale back in California in 2017 and agreed to help him. He has so far worked on a series of projects for the crypto uplift in the country. According to Peterson, El Salvador is ripe for Bitcoin adoption and is doing it quite well as it is a low-income nation where people don’t have bank accounts and cash is the preferred mode of payment due to mistrust of banking despite almost half of the population owning smartphones. Bitcoin Beach, a project by Peterson approached retailers and asked them to subscribe to their free service for increased monetary liquidity. According to Peterson, despite initial skepticism, many shopkeepers are now using the system actively. The people can see that Bitcoin is not just conjured out of thin air but rather is an incredibly robust currency that anybody can use and adopt. Overall, according to Peterson, the project is gaining steam and more and more traders and merchants are joining the service. A new wallet called the Wallet of Satoshi was also made for the locals for lightning fast transactions.
As a result, in one El Salvadorian village El Zonte, a person can pay for haircut using Bitcoin enjoy some delicious food and buy stuff. So, incredibly, while Bitcoin is getting massive backlash in the developed world, a small coastal nation in Latin America is excelling in crypto adoption!
image source: pixabay.com
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