On September 7, 2021, the “Law Bitcoin“, Which converted the BTC in legal tender in The Savior. Initiative of President Nayib Bukele, a young politician who was mayor of the country’s capital and who was able to beat two parties that alternated power during the last decades at the headquarters of the National Executive.
Two months and a week later, we were there for LaBitconf, the biggest conference latin american about Bitcoin and technologies that are born from it. We, the “Bitcoiners”, the “Crypto-enthusiasts”, people from all corners, backgrounds and thoughts, all united by the fascination of changing the global financial system in the most radical way ever seen in history.
As soon as we stepped into the San Salvador airport, paying the immigration fee in Bitcoin, the journey began. The well-known “We accept Bitcoin” sign and the announcement of a large exchange abroad, visible through the glass, welcomed us and signaled that something new was in the air.
The first conversation with a local citizen, the driver we agreed to come pick us up, could not have been on any other topic.
We take every opportunity to speak with Salvadorans, both in stores and with Uber drivers, and also at the various events during Bitcoin Week from November 13 to 21.
It was remarkable to feel the enthusiasm of the people. Even that of those most distrustful of politics. The president’s audacious attitude generated and generates a positive expectation that El Salvador, now “on the map”, will have the eyes of the world focused on him through the great experience of providing financial emancipation to its people. In fact, for some Salvadorans, this is the first time that they have access to an account that allows them to manage their funds.
We were also impressed with how quickly – two months – the payment structure in Bitcoin was implemented. Chivo, as it was baptized, is the piece of software that runs in points of sale, cell phones and ATMs. Almost all companies that accept cards also already accept Bitcoin.
In many purchases it was more profitable to pay with Bitcoin, since the cost of using the international card for most of the countries of South America, due to expenses, taxes and quotation, is high. While we are still far from saying that the POS and ATMs, or even the mobile app, do not need improvement, the benefit was even more evident in Chivo’s ATM withdrawal, the cheapest way to withdraw dollars. that a Latin American will find today all over the planet.
The week was full of events throughout the country, in convention centers and hotels, from San Salvador to Bitcoin Beach – El Zonte – where it all started. It was a calendar of more than 40 activities spread over these locations and that covered different topics such as Infrastructure, Lightining Network, Blockchain and Cryptocurrencies.
It was rumored that President Bukele himself was going to participate in one of these events to address the public present from around the world. It was then that All the borrowers received an invitation by email from you, for the closing event “Bitcoin El Salvador 2021” at the “NAWI Beach House”. No one really knew what to expect, a dinner party, maybe a convention with politicians?
We arrived at the place with great expectation. A great party with a DJ, stage and drinks. By the middle of the night, everyone was wondering if he would be the next DJ, or if he would fall from the sky with a guitar to do a “live PA” at the party. Around 10 pm the sound stopped and the president’s “show” began.
The entrance was worthy of a rock concert. Something really unusual. A series of futuristic ideas from President Bukele followed.
But as we know, politicians have no ideas, they have promises. And the promise was that of a city with sustainable energy from a volcano, with zero taxes (except added value), radially and with a large â‚ż in the middle, which was obvious. “Bitcoin City,” he called it.
There was a mixture of skepticism and at the same time the desire to see it come true. But overall, everyone had fun with their ads. Something, again, atypical in a political discourse.
And so ended another LaBitconf. Perhaps the largest edition, both in content and in participants. Another opportunity to see friends, interesting and influential people from our cryptocurrency market. Where do we go now? Perhaps for the next country that decides to follow a possible success of the El Salvador model? It is certainly what Bitcoiners around the world would like to know.
Fabiano Dias He is an international business developer for Bitwage and has been working with cryptocurrencies since 2015. He has already participated as a speaker at Bitconf Brasil, Labitconf, Descentralizar, and represented Bitwage at Blockchain & Bitcoin Conference Prague, IMTC and Viva Tech Paris 2018.
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