Bitcoin Adoption Thrives in Brazilian Tourist Cities

0 0
Read Time:3 Minute

Bitcoin Adoption in Brazil’s Tourist Cities

Bitcoin (BTC), the predominant cryptocurrency globally, is gaining traction as a dependable, liquid, and international store of value. With a market capitalization exceeding US$1 trillion, Bitcoin now surpasses several national currencies like the Russian ruble and Swiss franc.

After extensive technical deliberations, Bitcoin’s base layer is evolving into a settlement network for large transactions. Simultaneously, low-fee, high-speed transactions are being facilitated through second-layer solutions, whether centralized or decentralized. The Lightning Network (LN), a scalability solution for Bitcoin, stands out as a popular tool for small bitcoin payments and everyday transactions.

Lightning Network in Brazil

In Brazil, the Lightning Network has gained prominence in three tourist cities: Jericoacoara, São Thomé das Letras, and Rolante. These cities, distributed across the country, have embraced Bitcoin usage through local non-profit initiatives.

Let’s delve into the success stories of these Brazilian cities embracing Bitcoin.

São Thomé das Letras

São Thomé das Letras, known for its mystical charm and picturesque landscapes, houses the Mountain Bitcoin project. Launched by a local Bitcoin enthusiast, this project aimed to educate residents, especially merchants and students, about Bitcoin. The outcome was remarkable, with numerous businesses displaying “We accept Bitcoin” stickers and processing payments through LN via Satoshi and Blink Wallet.

“The children received some satoshis in their wallets, which they can then spend on fruit at the largest local supermarket, which has agreed to participate in the project. The children were extremely happy and interested in learning more about Bitcoin. Bitcoin is, in fact, a generational technology, which tends to arouse the interest of younger people. In the end, it is something inevitable, a natural evolution of money.” – Victor Souza

Despite the novelty, cash transactions still prevail over Bitcoin payments, a trend likely influenced by a preference to retain fiat currency. However, the mere availability of Bitcoin as a payment option marks a significant advancement in the realm of digital money.

Jericoacoara

Jericoacoara, situated in northeastern Brazil and dubbed “Praia do Bitcoin,” spearheaded the use of Bitcoin as a currency following inspiration from El Zonte in El Salvador. The initiative, orchestrated by Bitcoin enthusiast Fernando Motolese, involved educational campaigns targeting local students and merchants.

“We started getting closer. I posted online that I needed resources to fix the computers. This opened up the possibility of us getting closer. So, the folks at Bitcoin Beach donated 0.1 bitcoin to us. With this donation of 0.1 bitcoin from Bitcoin Beach, we carried out this activation, which consisted of producing 408 paper wallets.” – Fernando Motolese

Integration with the Lightning Network was pivotal for Bitcoin adoption in the region, resulting in numerous businesses accepting the digital asset.

Rolante

Rolante, located in southern Brazil, boasts over 200 businesses embracing Bitcoin adoption, a remarkable feat considering its modest population. The impetus for Bitcoin integration in the region came from Ricardo and Camila, the founders of the Bitcoin É Aqui project. The couple not only bolstered Bitcoin acceptance in local commerce but also organized the Bitcoin Spring Festival, a gathering that attracted Bitcoin enthusiasts from across the country.

“The Project ‘Bitcoin Is Here!’ comes at a time when local traders were hungry for something to boost tourism in the region. And at the same time, when I was already restless and needed to pass on the benefits of Bitcoin beyond myself.” – Ricardo and Camila

Most merchants in Rolante utilize the Lightning Network for processing payments, which are subsequently settled on the base layer. This approach underscores the growing adoption of Bitcoin in various realms across Brazil and Latin America.

Brazil and neighboring Latin American countries are at the forefront of Bitcoin adoption, driven by weak and inflation-prone traditional currencies. Initiatives such as Praia Bitcoin, Montanha Bitcoin, and Bitcoin É Aqui exemplify the accelerating transition towards embracing Bitcoin as a mainstream medium of exchange, a transformation that may unfold globally over the coming decades.

Image/Photo credit: source url

About Post Author

Chris Jones

Hey there! 👋 I'm Chris, 34 yo from Toronto (CA), I'm a journalist with a PhD in journalism and mass communication. For 5 years, I worked for some local publications as an envoy and reporter. Today, I work as 'content publisher' for InformOverload. 📰🌐 Passionate about global news, I cover a wide range of topics including technology, business, healthcare, sports, finance, and more. If you want to know more or interact with me, visit my social channels, or send me a message.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %