This 3,000-person surfing village in El Salvador is the most fascinating test case to date for a bitcoin-as-currency economy.
A future economy transacting in bitcoin may invoke sci-fi imagery. But El Zonte in El Salvador is hardly that. Perhaps, that's why it is the most fascinating test case to date for a bitcoin-as-currency economy.While the existence of El Zonte is hardly a secret to crypto acolytes, the "60 Minutes" segment brought the story — both its promise and its warts — to 8.
Peterson's backer wanted to create a circular economy somewhere, that is, one where people were both paid in bitcoin and used it to buy the daily things they needed. With more bitcoin-ready customers, more stores started accepting it as currency. And the experiment was on.Today, around 45 businesses in El Zonte accept bitcoin as payment, including dentists, coffee shops and the electric utility company.
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