El Salvador’s important day in the legalization of Bitcoin as a form of payment was yesterday. Local crypto fans have started to share stories about what they could buy in the nation for the most popular cryptocurrency on the market as early as today.
Naturally, multinational fast-food businesses such as McDonald’s, Starbucks, Pizza Hut, and others were the first “victims” of purchasing money. Journalist @AaronvanW, one of the community members, explained how he could pay for his meal using Bitcoins. Despite the law’s implementation, he first believed that fast food would be so quick to “re-equip” for BTC payment. He did, however, get a check with a QR code, which he was able to pay via the Lightning Network’s dedicated payment website.
Overnight, Salvadorans and visitors on Twitter were posting about how they could pay for morning coffee, lunches, and other restaurant purchases. Nayib Bukele, the country’s president, refused to remain silent, telling the narrative of who was the first to get the promised $30 in Bitcoin equivalent.
Jamim Tobias took $30 from the national crypto wallet Chivo and opted to spend it on Mister Donut doughnuts, which he subsequently sold for 0.75 cents. As a result, he plans to cash in on the differential and start his firm shortly.
The availability of QR codes improves the process of contact between sellers and buyers when purchasing and selling anything for Bitcoins, according to the Kraken exchange’s Australian branch manager. This choice, he claims, became especially important once the COVID-19 epidemic broke out. Previously, the widespread usage of QR codes could only be seen in Asian nations. Furthermore, attaching a piece of paper with a QR code is far easier for sellers than installing a new vending machine.
Unfortunately, some payment attempts were unsuccessful. For example, @AaronvanW mentioned a bad encounter at the Walmart hypermarket chain shortly after visiting McDonald’s. The business refused to pay him in Bitcoins, prompting many community members to ask whether this was legal.
Javier Argueta, the president’s legal adviser, previously stated that firms who refuse to take Bitcoins as payment risk encountering certain limitations. Local company leaders, according to Bukele, have the authority to reject utilizing cryptocurrencies.