El Salvador’s critical day in the legalization of Bitcoin as a form of payment was yesterday. Local crypto enthusiasts have started to share stories about what they could buy in the country for the most popular cryptocurrency on the market as early as today.
Naturally, multinational fast-food franchises such as McDonald’s, Starbucks, Pizza Hut, and others were among the earliest “pioneers” of purchasing money. Journalist @AaronvanW, one of the community members, explained how he was able to pay for his meal with Bitcoins. Despite the law’s implementation, he said that he initially questioned that fast food would be so quick to “re-equip” for BTC payment. He did, however, receive a check with a QR code, which he was able to pay via the Lightning Network’s unique payment page.
Overnight, Salvadorans and tourists 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 receive the promised $30 in Bitcoin equivalent.
Jamim Tobias withdrew $30 from the national crypto wallet Chivo and decided to spend it on Mister Donut pastries, which he subsequently sold for 0.75 cents. As a result, he plans to cash in on the differential and start his firm soon.
The availability of QR codes facilitates the process of contact between sellers and buyers when purchasing and selling something for Bitcoins, according to the manager of the Kraken exchange’s Australian division. This decision, he claims, became especially important after the COVID-19 epidemic broke out. Previously, the widespread use of QR codes could only be seen in Asian countries. 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 store 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 that refuse to take Bitcoins as payment risk encountering certain restrictions. Local company leaders, according to Bukele, have the freedom to reject to use of cryptocurrency.