As he travels around the first country to adopt Bitcoin as legal tender, Jonathan Martin finds that few are using it. But Lightning integration could soon change the game.
This week, as I travel around El Salvador, I met with two people who are actively working to help increase the speed of Bitcoin adoption and to help foreign investors start Bitcoin-related businesses.
Shortly after sitting down for lunch, Borja pulled out a small metal box from his backpack with an LCD touch screen and placed it on the table. He plugged it into the wall and booted it up while explaining the technology it utilizes. The version of the device that he brought only accepted coins and looked like a mini slot machine. He said that K1 sells another version of the device that accepts fiat dollar bills.
K1 has sold machines to businesses in 11 countries, including El Salvador, and Borja has one of the clearest roadmaps to spurring the mass adoption I’ve come across.Prior to arriving in El Salvador, I contacted an attorney named Carlos Miguel Rivas Carrillo, Board Secretary of the El Salvador Bitcoin Association , to get a sense of the process to start a business here.
My work experience is mostly as an entrepreneur, and I started two successful real estate companies in Austin, T.X. before attending The Wharton School. I came to El Salvador with the intention to identify gaps in the nascent Bitcoin economy, including the potential for Bitcoin applications in real estate and/or coffee farming. Things that we take for granted in the U.S., like the Multiple Listing Service with all the currently listed properties and recent tractions, do not exist here yet.
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