Bitcoin Beach in El Salvador Sees Slowing Daily Payments; Merchant Says Only One BTC Transaction in a Month

On August 26, according to Cryptopolitan, Bitcoin core developer contributor Jon Atack said that when he recently paid with BTC at a restaurant in El Zonte, El Salvador ("Bitcoin Beach"), a staff member told him it was the first Bitcoin payment the restaurant had received in nearly a month.

Local merchants said consumers have generally switched to bank card payments, and some employees are even unfamiliar with how to use Bitcoin payment apps. The report noted that Bitcoin's price volatility, less convenient payment processes compared to card payments, and holders' preference for long-term accumulation over spending have all weakened daily BTC circulation. Although El Salvador still maintains Bitcoin's legal tender status, under the IMF loan arrangement, accepting BTC from merchants has been adjusted to a voluntary basis.

[TechFlow]