El Salvador’s first day under Bitcoin law, first-hand testimony + video


We got the stats and read the charts, but… what was El Salvador’s first day really like under Bitcoin law? Let us follow Bart Mol, Dutch national and host of the Radio Satoshi Podcast, on a crazy race between San Salvador and El Zonte. He will show us the good, the bad and the ugly. No one is immune to this first-hand report, the myths will fall and morale will rise.

Related reading | Lightning Network 101: How and Why It Works

Are you ready for this?

The story begins with a historical newspaper in front of the Central Bank of El Salvador …

Under Bitcoin Law: “We Are Witnessing History”

The diary is a constant presence throughout Bart’s thread. It is full everywhere. Someone in San Salvador knew how important this moment in history was. Later in the thread, Bart tried to buy a copy of an old man’s diary reading it and the man declined his offer. “He told us that “people need to learn and understand” about bitcoin,” although.

The first big adventure covered the anti-Bitcoin protests. A big topic for the traditional media. A big joke for pro-Bitcoin activists on Twitter. Were they as small as this bird’s-eye photo suggest? Bart’s first-hand testimony tells a different story.

They started out at 150 people, but as the day progressed other groups joined. Then they all started “a sort of walk towards the main square.Bart’s reporter took over and tried to dig. “I spoke to one of the organizers. The protest is not only against bitcoin, but also against the regime. He told me that “the law is being enforced too quickly and no one needs it.“If you only knew, organizer. If only you knew.

Bart’s poet takes over by describing the situation. “I wouldn’t say it’s the biggest protest I’ve ever seen, but it’s not trivial either.So both sides of the media were lying to us. What do you know? Then the police put drones in the air to monitor the crowds, but they weren’t needed. “March ended at the “Palacio Legislativo”. We will return to the center to check the other side. Goal of the day: make a payment with my own Lightning node.

The other side: Chivo’s problems

The first Chivo ATM they encountered was not working. It was in a cafe. “The owner told us there were issues with the app and the ATM. Mainly connectivity issues with other wallets.

Life under Bitcoin law is not as easy as it seems. There are lines outside Chivo ATMs and the ATM is out of coins. When they find a functioning ATM, it seems it only works with Chivo wallet. “NO LIGHTNING SUPPORT. It was a disappointment.“Fortunately for the Bitcoin El Salvador experience, they may be wrong about that. What they are not wrong about is this:

Bart sells BTC for $ 20 and the ATM doesn’t give him the money. Then, a friend buys $ 20 worth of BTC and it takes a while for the system to send it to him, but it eventually arrives. Nevertheless, “Looks like Chivo deducted the channel fees from their purchase. “According to President Bukele, under the Bitcoin Law, all transactions using the app are deemed to be commission-free.”The people are however very nice and helpful. They told us that since it is the first day the application and ATM is having some difficulties.

BTC price chart for 09/08/2021 on Binance | Source: BTC/USD on TradingView.com

The other side: flash payments

Then things turned sour. Bart is able to accomplish his “Goal of the day: make a payment with my own Lightning node.“Life under Bitcoin is good.

And then they buy a burger in a small unknown restaurant and show us the technology with which the restaurant works. “The solution was clearly still in development at the UX level,“but it works. the transaction, they pay “6 sat. $ 0.003. Let it flow.“To run it, they used a”node located at 9,500 km.

Then, they go to a small, unfamiliar cafe and, finally, make a payment using the Chivo wallet’s Lightning Network capabilities. “Guys, this is the future. Hype right now.“It’s life under the Bitcoin law.

Under the Bitcoin law: the epilogue

After this full day of activities, Bart and his company went to a Bitcoin meeting. In the middle of the night he asked the big question. The next day they traveled to El Zonte for a Bitcoin day party. “I returned safe and sound to El Zonte. Closure of this thread. Thanks everyone for the incredible support. It was truly a historic day. “It looks like we should all have gone to El Salvador to testify.

Related reading | News from El Salvador, early September: TV spot, Chivo leaks and BTC smiles

Either way, let’s end this with a related and relevant poll. How long before Bitcoin becomes the world’s reserve currency?

Featured Image: Bitcoin Day paper, photo by Bart Mol | Charts by TradingView

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