This tiny town in El Salvador has a thriving bitcoin economy

El Zonte, a rustic beach town of just 3,000 people on the coast of El Salvador in North America, uses Bitcoin (BTC) as its only currency and medium of exchange. According to a Forbes report on July 14, 2020, the people of El Zonte created a robust crypto economy for themselves by using the world’s flagship crypto to lead their daily lives.

Living with Bitcoin (BTC)

According to the World Bank’s Global Financial Inclusion Database (2017) around 1.7 billion adults worldwide do not have an account with a financial institution or use the services of a mobile money provider.

But El Zonte, a tiny rustic town with only 3,000 inhabitants on the coast of El Salvador, with no banks, money service companies or ATMs, has thanks to the generous six-figure donation from. a thriving bitcoin economy created an anonymous bitcoin great whale in the city.

Per sources Close to the cause, the anonymous donor has teamed up with a Michael Peterson to launch the Bitcoin Beach project, an initiative that aims to create a sustainable Bitcoin economy that is financially inclusive for both non-bank residents and residents also for companies in El Zonte that do not meet the requirements, would encourage requirements for credit card acceptance.

Make bitcoin work for the people

In particular, residents can pay for all of their daily needs in Bitcoin (BTC). The area’s youth who engage in all forms of community development work such as road repairs, removing debris from the El Zonte River and more are paid in BTC.

In addition, the Bitcoin Beach initiative provides transportation fees to students whose schools are far from the community and also offers educational grants in Bitcoin for students interested in high school or university.

To circumvent the scalability challenges of the Bitcoin network and make it easier for residents to send micro payments, the Bitcoin Beach initiative has also incorporated the Lightning Network into their processes and Wallet from Satoshi as the city’s preferred wallet as it supports both on- and off-chain transactions.

Despite its relatively small population, El Salvador’s remittance industry is valued at $ 5 billion annually. Local residents are now testing a remittance solution powered by the Lightning Network called Strike appto get fast, cheap payments from the US

At press time, Bitcoin (BTC) is priced at $ 9,201 with a market cap of $ 169.61 billion, as seen on CoinMarketCap.

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