Ever wondered how a country adopts Bitcoin as a legal tender? El Salvador’s been on that journey, and it’s been quite the ride! Let’s dive into the latest chapter of this saga.
Our guide for this tale is Jonathan Martin, who’s been exploring El Salvador’s Bitcoin terrain. And guess what? Only a few are using Bitcoin. But wait, there’s hope on the horizon, and it goes by the name of the Lightning Network.
During his travels, Jonathan bumped into Edgar Borja, the genius behind K1. Edgar’s brainchild? A Lightning-enabled ATM. This is different from your regular ATM, folks. It slashes the costs of converting your hard-earned cash to Bitcoin, especially compared to those old-school Bitcoin on-ramps using the Layer One (L1) blockchain.
The Lightning Network is like the express lane on a highway for the uninitiated. It allows super-fast Bitcoin transactions, making it a breeze for the average Joe and Jane. Think of it as opening a bar tab and settling at the end instead of paying for every drink separately. Neat, right?
Now, let’s talk numbers. K1’s Lightning ATMs come with a price tag of $1,200. The best part? No pesky recurring fees. Once you own it, you set the rules. These ATMs might outshine their pricier counterparts, like the Athena ATMs, which rely on the L1 blockchain and have heftier fees.
K1’s doing more than just making waves in El Salvador. They’ve shipped their machines to businesses in 11 countries. Borja’s vision? A world where Bitcoin is the norm.
But Jonathan’s journey wasn’t just about ATMs. He connected with Carlos Miguel Rivas Carrillo from the El Salvador Bitcoin Association (ASOBITCOIN) to get the lowdown on setting up a business in this Bitcoin-friendly nation. The verdict? El Salvador’s rolling out the red carpet for American entrepreneurs and investors.
Setting up shop is a breeze. With help from local attorneys and a modest fee, you’re good to go in just a few days. And for Jonathan, who’s got a knack for real estate and coffee farming, El Salvador’s emerging Bitcoin economy is a goldmine waiting to be explored.
If Bitcoin will be the talk of the town in El Salvador, Lightning’s the key. But, as with all things new and shiny, trust takes time. While the infrastructure’s in place, it might be a while before Bitcoin’s as trusted as the good ol’ dollar.
