The first education center dedicated entirely to BTC will be established in El Salvador. The initiative aims to spread knowledge about the world’s most famous cryptocurrency.
The relationship between El Salvador and Bitcoin has been known for a long time: it is there that BTC became a fully legal means of payment, subject to strict legal regulations. El Salvador will also soon host the world’s first educational center, aiming to promote awareness of Bitcoin among citizens.
The project will most likely increase interest in cryptocurrencies, especially BTC. It can be expected that this will result in an influx of additional capital for the digital asset market from new investors.
Paxful – BTC education center
The facility will be created by Paxful, the company that operates the famous peer-to-peer bitcoin exchange platform. The center has already been named “La Casa Del Bitcoin.” It will offer lectures and courses on the ins and outs of bitcoin. Classes will be free of charge and will vary in nature. In addition to lectures, the center will offer more interactive themed meetings and events.
An avalanche of protests
The creation of a BTC education center has, on the one hand, been enthusiastically welcomed by cryptocurrency supporters but, at the same time, has provoked unfavorable reactions from that part of Salvadoran society that displays distrust of decentralized payment systems.
Before the bitcoin law went into effect in 2021, many Salvadorans protested in the streets against its implementation. It seems that ignorance was the main reason for such a huge wave of opposition. Surveys revealed that 9 out of 10 Salvadorans don’t have the faintest idea about the nature of digital assets.
Meanwhile, Legalizing bitcoin as an official currency could bring numerous benefits. According to estimates, El Salvador will save as much as $400 million by abandoning the Western Union network in favor of BTC payments. It is worth mentioning here that about 70% of the country’s population receives foreign transfers with varying regularity, which account for almost a quarter of El Salvador’s GDP.
A helping hand for small businesses
The law on bitcoin came into force fairly recently. Despite the legal mandate for all stores and service outlets to accept payment in bitcoin, there is still a significant portion of Salvadoran businesses that do not accept BTC. Only major companies such as McDonald’s and Starbucks have complied with the new guidelines.
Less thriving businesses have struggled to do so partly due to a lack of competent employees and the right tools to implement the new payment method. Therefore, Paxful intends to help smaller businesses connect to the cryptocurrency network so that as many stores actually respect the legal requirement as possible. According to some experts, creating a BTC education center is a milestone in the global adoption of bitcoin.