Bitcoin Heaven in El Salvador Transforming Lives for the Unbanked

by

Bitcoin was created as a monetary system outside all jurisdictions. It is a decentralized currency that doesn’t rely on banks or governments. In some ways, it’s a self-sustainable currency. As such, it is a great option for those who don’t have or don’t want to have a bank account. Need more proof? Head to the place called The Beach in El Salvador, a Bitcoin haven for the unbanked.

The tiny spot in the village recently went viral after people were caught on video using contactless mobile Bitcoin apps to buy for goods. The local shops and market in the rural area accept BTC during the coronavirus COVID-19 pandemic which has struck the global economy hard. Small areas such as The Beach are hit hard, but people there have found a smart way to stay alive during the crisis.

An Ideal Solution for the Unbanked

The pandemic is destroying the economy right now. Millions of people are losing their jobs and thousands of businesses are run to the ground. It’s going to get worse until the end of the year, even if we defeat the virus. It’s all especially hard for rural areas and cash-strapped regions where people without banks are left without steady supply of cash. Enter Bitcoin.

The tiny village in El Salvador, a small South American country, came up with an ingenuine way for shopping goods. The local salesmen and a few stores are now accepting BTC for transactions. People can buy groceries with BTC and they don’t need cash at all – the payments are done via a contactless app.

This is great because it shows that economies can thrive without money for unbanked individuals. Plus, it’s a contactless transaction – just like the WHO suggests during the crisis. You’re not only supporting a new thriving economy – you’re also stopping the spread of the COVID-19 virus.

Real world Bitcoin transactions in The Beach take less than 15 seconds. That’s just as fast or even faster than fiat money transactions. It’s quicker than credit cards, to be honest. Don’t forget – this is a rural village in El Salvador we’re talking about. If people there recognize the benefits of Bitcoin transactions, shouldn’t the whole world try it?

The Beach’s Twitter Profile is Going Viral

Videos released on The Beach’s Twitter profile have gone viral these days. People in the village can be seen buying stuff in the village like eggs via a contactless app. The whole process ends in around 15 seconds and there’s no money involved. The risk of COVID-19 infection is reduced and you don’t need a bank to complete the transaction. It’s a win-win for both the buyers and the shop owners.

Locals over there love the simplicity and the speed of the app. Bitcoin is showing that it’s a great solution for cash-strapped regions and smaller countries such as El Salvador. It’s a do-or-die moment for the cryptocurrency and so far, many have seen its benefits.

Imagine if you could deposit or withdraw in online casinos with Bitcoin in 10-15 seconds? Wouldn’t that be great? The future is already here – we just need to embrace it.