If multinationals don’t want to make an effort and are reluctant to accept Bitcoin (BTC) and cryptocurrencies, the law may be a radical way to accelerate the movement. This is precisely what El Salvador is demonstrating with its Bitcoin Law that went into effect this September 7, 2021. These wealthy companies have ample resources to provide technological devices to accept BTC. They just needed a little incentive.
Burger and fries paid in BTC: it’s possible in El Salvador
Since the Bitcoin Law was passed by the Salvadoran Parliament on June 8, 2021, companies selling services and goods had 90 days to organize the acceptance of Bitcoin as a means of payment, along with the U.S. dollar, which until then was the only currency in El Salvador.
The only exceptions to the rule were problems of technical and/or financial means, so the large foreign multinationals operating in the small Central American country could hardly ignore the obligation to give Salvadoran citizens this choice for their payments.
With the law coming into effect this Tuesday, September 7, BitcoinMagazine’s Aaron van Wirdum tried the experiment, visiting a McDonald’s restaurant in El Salvador’s capital:
“I just walked into a McDonald’s in San Salvador to see if I could pay for my breakfast with bitcoin, rather expecting to be told no. But lo and behold! They printed out a ticket with a QR code, which took me to a webpage with a bill on the Lightning Network, and I am now enjoying my usual breakfast.”
Twitter post by Aaron van Wirdum announcing that he paid for his breakfast at McDonald’s El Salvador in bitcoin (BTC)
Starbucks also bends the knee
The Lightning Network, as a second-layer solution parallel to the main Bitcoin blockchain, allows for much cheaper and near-instantaneous payments (in addition to relieving the main network). This makes it ideal for everyday micro-payments.
As BitcoinMagazine showed in another tweet, McDonald’s isn’t the only multinational to have integrated Bitcoin into its payment methods, as a similar experiment occurred at a Starbucks coffee shop.
This time, the employee showed a QR code on his device for the customer to scan and pay for his consumption via the Wallet of Satoshi app and the Lightning Network.
It’s now clear that Bitcoin could very easily be exchanged for everyday purchases, with a little goodwill. As a result, it’s hard to keep saying that it’s “technically impossible” to implement. The Salvadoran government continues its march toward adopting the king of cryptos, and its president Nayib Bukele even announced that the country had taken advantage of the recent price drop to raise El Salvador’s Treasury to 550 BTC.
