- Bitcoin Beach is the surfing city in El Salvador and is originally called El zonte. The beach city will now accommodate Central America’s first wave park.
- The workers in the city get their salary in BTC. The city’s adoption of the digital currency as the payment has earned it the title of “ Bitcoin Beach”
- To treasure the funds worth hundreds of millions of dollars that are paid every year as commissions on International Money Transfers, El Salvador has turned to the world’s largest cryptocurrency, Bitcoin.
El Zonte or Bitcoin Beach is a surfing spot in El Salvador. The city will now have the first wave park in the entire Central America. A rise in surfers to the beach city is expected as the construction of the park starts.
An anonymous donation of the digital currency kick started the Bitcoin Beach project three years ago in the beach town of El Zonte. Tourists and Entrepreneurs in the city have excessively started using Bitcoin for processing transactions since then.
The workers of the city also get their salary in digital currency. The city was named Bitcoin Beach as a tribute since the city adopted the digital currency as payment.
Bitcoin Beach quickly gained mainstream attention and participated in the national conservation of cryptocurrencies. Under the leadership of President Nayib Bukele, El Salvador adopted Bitcoin as a legal tender. “A small community that helped turn the world monetary system upside down” is the new market campaign of the Bitcoin Beach.
El Salvador To Back Bitcoin Beach
El Salvador wants the popularity of the beach to grow further. Rapid mass adoption of the digital currency is more likely to happen as it is one of the popular surfing destinations around the world.
The project holds the potential of turning El Salvador into a popular tourist destination. Many reporters have already reported the increase in Surf City’s traffic.
Celeb Surfer also has no issues with cryptocurrency being a payment option. Reportedly the best professional surfer ever, Iconic American Surfer Kelly Slater has shown great interest in Bitcoin and cryptocurrencies.
Advantages And Drawbacks
Besides Tourism, El Salvador in order to save hundreds of millions of dollars paid every year as commissions on International Money Transfers has turned to Bitcoin. Cryptocurrencies have come out as an inexpensive method to send money abroad. It’s a big deal for people who have left the country and are sending money home. 20% of the country’s GDP relies on migrant Funds.
Crypto Supporters believe that leveraging Bitcoin increases financial services for people with no bank accounts. However, the critics, including the International Monetary Fund, debate that El Salvador could become financially unstable. As of September, the National Bitcoin Reserve has faced losses of at least $12. There are also claims that the country will eventually become vulnerable to financial crimes such as money laundering.
50% of El Salvador has zero access to the Internet while many have limited access to it. The Internet is the key factor that can enable the Bitcoin ecosystem to operate.
At the moment, Bitcoin Beach looks quite promising and could be a great advancement in the crypto space.