The annual Adopting Bitcoin Lightning summit is in full swing at the Crowne Plaza Conference Center in the heart of San Salvador, the capital of El Salvador. The event started on November 15th, 2022, and will last three days. The summit kicked off with a speech from Bitfinex CTO Paolo Ardoino and will end on the famous Bitcoin Beach in the El Zonte region on November 17th, 2022.
We were delighted to have @paoloardoino kicking off our Freedom Manifesto to the crème de la crème of the #Bitcoin world in #ElSalvador on our mission to financial freedom.
Thanks all for your warm welcome! #missionfinancialfreedom @AdoptingBTC pic.twitter.com/cplamBTMQm
— Bitfinex (@bitfinex) November 16, 2022
Bitcoin (BTC) Enthusiasts Unite For One Mission
The mission for outspoken Bitcoin (BTC) enthusiasts is to achieve financial freedom. Reportedly, around 70% of El Salvador’s citizens were unbanked before El Salvadoran President Nayib Bukele launched the Chivo app. The mobile app serves as an electronic wallet powered by Bitcoin Lightning and makes it easy for citizens to transfer funds to family and friends, even if they never had a bank account.
Counting 15 months into BTC as legal tender in this small Latin American country, the tourism rates of El Salvador are back to pre-pandemic levels. Besides, El Salvador was notorious for its sky-high murder rate, which dropped to unseen levels around the same time BTC adoption celebrated its one-year anniversary in the country.
The Bitcoin Lightning Summit has a strong lineup of 150+ speakers, including the Prince of Serbia Filip Karadordevic, Shinobi, Aaron Van Wirdum from Bitcoin Magazine, as well as other renowned developers, journalists, analysts, and international BTC ambassadors that will add specific details on how BTC is progressing in their native countries.
— Walker (@WalkerAmerica) November 15, 2022
Bitcoin Beach In El Zonte Welcomes Surfers and Bitcoiners
The summit will end on November 17th, 2022. The participants will be able to see for themselves how the first-ever Bitcoin-focused beach resort feels. Every attendee will get the chance to surf Bitcoin Beach, as the bus departs every 10 minutes from the Crowne Plaza Hotel.
A crypto journalist who goes by the name Joe Nakamoto tried out the BTC Lightning payments as soon as he landed on El Zonte. The journalist reported a few hiccups in his attempt to pay for everything in BTC, as some places don’t have enough demand for cryptocurrencies, for instance, the smoothie bar at Bitcoin Beach.
Be that as it may, some places like the El Zonte Bar are popular with Bitcoin users, while hotel stays are usually booked in fiat currencies. Ultimately, a lot depends on the vendor’s professionalism. The revenue from the summit is therefore going to be donated to BTC education in El Salvador.
WE GOT THERE
Finally managed to pay
I settled with a bitocin base chain tx, not Lightning
There is clearly confusion here surrounding payment in btc, lightning and dollars.
Can you sense my frustration?
I hope my explainer helps at the end. pic.twitter.com/9zkKgZkOPU
— Joe Nakamoto (@JoeNakamoto) November 15, 2022
On the Flipside
- While the BTC adoption is still at an early stage, both merchants and clients experience a lot of difficulties due to user error.
Why You Should Care
El Salvador is the first country in the world to adopt BTC as a legal tender. The development of the strategy can serve as an example for other countries looking into crypto adoption.