It’s all about El Zonte. A beach town that took part in an economic experiment became Bitcoin Beach and changed its country. And if everything goes well, it will change the world. For the best. How Bitcoinist reported: “People around the world looking for information about the real state and citizenship in El Salvador. “However, life on Bitcoin Beach remains a mystery. Is it as advertised or does its Bitcoin economy have a dark side?
Related reading | News from El Salvador: What’s going on on Bitcoin Beach?
Vice’s audiovisual contribution is a journalistic report with a clear editorial agenda behind it. However, in the end, the reporter believes something special is happening. In any case, while looking at it, we can take a look behind the veil. We can imagine what the city is like and how sudden attention changes every life. And the process is only just beginning. The party hasn’t even started yet. El Salvador’s Bitcoin law goes into effect in September.
VICE: “How Bitcoin Became El Salvador’s Currency”
Look, vice is vice. Journalist Keegan Hamilton hasn’t done his homework on Bitcoin. Because of this, he can’t dig deep or ask the right questions. The result is a surface report that doesn’t carry much weight. In fact, they likely flipped and produced this before El Salvador made Bitcoin legal tender.
The focus was initially on the ATM. The original title of the piece reveals that: “This city has an ATM and only issues Bitcoin. “The text in the description field also reveals it:
Along the El Salvador coast is the small town of El Zonte, best known for ecotourism and surfing. Even decades after it was discovered by tourists and surfers, the small town of 3,000 never had the infrastructure for an ATM. But last year El Zonte finally caught its own wave and is now (oddly enough) the home of a Bitcoin ATM.
Hamilton definitely contacted Roman Martinez, one of the key people in the Bitcoin Beach experiment, and doesn’t ask him any questions. Martínez teaches him how to pay with the Lightning Network apps, and Hamilton doesn’t ask about the technology. What a missed opportunity.
Hamilton misses the boat, making the experiment something never seen before. He thinks Strike is “an app like Venmo“Then installs it and says,” Sending Bitcoin is less user-friendly than dollars “. The fact that Strike is using the Lightning Network as the underlying mechanism just flies over his head.
Then of course he says: “So when the people of El Zonte pull up their phones to make digital payments, they’re not necessarily using Bitcoin. “That’s right, he used”Necessary“As a protective shield instead of doing research. The Lightning Network is part of Bitcoin, period.
BTC price chart on FTX | Source: BTC / USD on TradingView.com
Enter the benefactor of Bitcoin Beach
And what about Hamilton telling everyone that Bitcoin “can go to zero.” Where does it come from? If you look at the 12 year chart, this arrow only goes up. Still, it’s good to know that people are aware of the risk. Because there are risks. It’s also good to know that not everyone is that familiar with the system, which is difficult to learn and get used to. Hamilton tries for a. to pay Scraped off in Bitcoin and doesn’t because the lady doesn’t have the same app as him. In reality, any wallet can pay for any wallet.
Honor where honor is due, Hamilton brings out Michael Peterson. The surfer entrusted with the program that would distribute bitcoin from the mysterious kebab in El Zonte. He lets him tell the full story, and that’s commendable. He then tries to teach him white guilt but gives in when Paterson says they are focused on building local talent. “It is you who are driving this forward. It is you who are taking this to the next level, into something that has changed the whole country and I think it will change the world.”
Related reading | Not just a fad: Bitcoin adoption curve competes with the internet
He then interviews Jorge Valenzuela, another leader of the Bitcoin Beach community. “Bitcoin stayed in the community. ”Hamilton asks him about possible scams and Valenzuela says there are scams everywhere. “Bitcoin is changing communities exponentially,“he finishes.
For his part, Hamilton ends the report with a heartwarming story of a construction worker who spent three hours a month paying his electricity bills. Nowadays, he can do this with Bitcoin almost instantly.
Selected image by fanocetti on Pixabay – Charts from TradingView