El Salvador Is Hosting The Adopting Bitcoin (BTC) Lightning Summit

El Salvador president Bukele is holding a bitcoin coin in front of an active volcano

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.

Bitcoin (BTC) Enthusiasts Unite For One Mission

The mission for the outspoken Bitcoin (BTC) enthusiasts is to achieve financial freedom. Reportedly, around 70% of El Salvador’s citizens were unbanked before the 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.

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 crypto currencies, 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 the 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.

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 legal tender. The development of the strategy can serve as an example for other countries looking into crypto adoption.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.