Since September 2021, Bitcoin has been an official “legal currency” in El Salvador, i.e. a currency equivalent to the US dollar, which has brought a lot of attention to the emerging country from the crypto community and perhaps one or the other investment, including other Latin American countries like Paraguay would have similar plans. Nayib Bukele, the president of El Salvador, has much more ambitious crypto plans and wants to use bitcoin bonds and financial backing to crush an entire bitcoin town at the foot of the Conchagua Volcano, including green thermal power plants, which will also be used for bitcoin mining must.
The fact that you can now pay with Bitcoin at McDonalds in the capital San Salvador was already a problem a few weeks ago, but the travel report published by the financial portal Finanzfluss (see below) now goes a step further and also talks about potential problems in the developing country with digital currency, for example the lack of financial literacy of most residents, especially the older and poorer sections of the population, which means that everyone world has not been able to benefit from the crypto revolution so far, only young people are probably already recognized their great opportunity here. Even though officially paying with Bitcoin should be possible almost everywhere, it probably doesn’t always work smoothly, partly because the local population is simply not educated enough.
Many Salvadorans seem to prefer being paid in US dollars in the Chivo state wallet to escape potential fluctuations in cryptocurrency exchange rates. So you don’t have to accept bitcoins if you don’t want to and many are currently still likely to use the supposedly safer US dollar or don’t even know what other options you have besides the Chivo wallet . At the same time, the video also shows that those who receive money from relatives in the United States in particular benefit greatly from Bitcoin. An exciting travelogue that sheds light on both sides of the coin and perhaps also offers some mild criticism, as many sections of the population currently have completely different concerns than Bitcoin.
As a young tech enthusiast with a background in assembly and overclocking, I worked as a projectionist with good old 35mm film before entering the computer world professionally and worked as a customer Windows for 7 years at the Austrian IT service provider Iphos IT Solutions – and server administrator as well as project manager. As a freelancer who travels a lot, I’ve been writing for Notebookcheck from all over the world since 2016 about the latest mobile technologies in smartphones, laptops, and gadgets of all kinds.