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

Share this story:

 

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 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.

WE GOT THERE

(Kind of)

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

 Read More 

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.