El Zonte is merely an hour away from the capital of El Salvador. Today, this area goes by the name of Bitcoin Beach. The title is apt, for Bitcoin achieved the status of legal tender in El Salvador on September 7, 2021. You can visit here for 1k daily profit app
The beach is in the news today, thanks to a fantastic announcement! Bitcoin Beach is receiving a huge gift from El Salvador’s Government. The investment is worth $203 million! The gift is for improving the existing infrastructure. In turn, the improvements will help tourists to enjoy their holiday time in El Salvador, all the better.
Bitcoin Beach and Surf City Beach
True, the ongoing cryptocurrency winter has been causing havoc all round. Nonetheless, Nayib Bukele, the President of El Salvador, insists on offering the money to develop Bitcoin Beach. It is apt, for this beach in El Zonte is famed for the widespread adoption of Bitcoin.
As per the plan, an area measuring 15,000 square meters, will undergo development. It will soon display a beach club, a shopping center, treatment plant, and parking.
The Government is also offering an equivalent amount for the development of Surf City Beach. It is famous as El Tunco. As per the President’s tweet, the second phase of the Surf City Beach project, was launched at La Libertad. El Salvador also initiated a second Surf City Beach project, at Punta Mango, three hours away from El Zonte.
To sum up, tourists may expect to see improvements, regarding bike lanes. Newer things in evidence, will include crosswalks, a drainage system, and 14 bridges. All these renovations are set to begin by the end of 2022.
Getting the Project Underway
Mike Peterson is an expatriate surfer. He possesses a degree in economics. This man from San Diego, fell in love with El Zonte, the minute he saw it! Therefore, he forwarded an application to the El Salvadoran Government, offering to convert the area into Bitcoin Beach. This was in 2019.
His task became easier, with the donation of BTC by an anonymous donor. The donation would serve to create a gloriously circular economy on Bitcoin. As the person in charge of the Bitcoin Beach project, he would be able to offer numerous unemployed, jobs.
The El Salvadoran initiative has received active support from a non-profit organization in the U.S., and its partners. This establishment will not convert Bitcoin donations to fiat currencies. Instead, it will offer rewards in the form of crypto stipends, to local workers.
The Bitcoin Beach Project
Thanks to the launching of this project, a sustainable Bitcoin Economic Ecosystem is coming into prominence. This Ecosystem will cover the coast of El Salvador.
Here, most people have no access to bank accounts. Similarly, local businesses are not eligible to declare themselves as merchant accounts. Therefore, they are incapable of accepting credit cards.
This project is a continuation of the promises made by Bitcoin in earlier days. The founders of Bitcoin had promised to give banking opportunities to the unbanked. This way, power would transfer from financial institutions and governments, back to the individual.
Unfortunately, the promise has not been carried towards complete fulfillment. Bitcoin Beach is an attempt to help realize the true potential of Bitcoin. Those, who have not been able to avail of a banking system thus far, will now become the primary beneficiaries of the same.
These primary beneficiaries, include community members, who are extremely talented entrepreneurs. They are keen to go all out, to ensure that the real needs of the local community are met. The number of local services and businesses expressing readiness to accept payments in Bitcoin, is bound to increase every month.
Then again, locals should be able to pay their utility bills, that is, for electricity, telephone, and water, via Bitcoin. They may also utilize the coin for taking care of food essentials, medical care, and even haircuts. Bitcoin’s Lightning Network should suffice to make everything easy to handle.
Thus, El Salvador desires to prove something important to the world. Bitcoin could have a tremendous impact on the lives of people, whom society tends to often, ignore. Over time, a Bitcoin circular economy should come into display. This will include, small business, remittances, public service, and tourism.