{"id":170270,"date":"2023-01-30T11:26:37","date_gmt":"2023-01-30T11:26:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170270"},"modified":"2023-01-30T11:26:37","modified_gmt":"2023-01-30T11:26:37","slug":"bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time\/","title":{"rendered":"Bitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time"},"content":{"rendered":"

Bitcoin (BTC) use in Guatemala is on the up. The Latin American country that borders El Salvador boasts Guatemalan-grown Bitcoin companies such as Ibex and Osmo, several Bitcoin Beach-inspired projects including Bitcoin Lake, and now, free BTC tattoos.<\/p>\n

A Bitcoin merchant adoption competition hosted by Osmo Wallet in 2022, a Guatemala-based Bitcoin company, led to the free ink promotion. Cointelegraph spoke to Piero Coen, the co-founder of Osmo Wallet, and Steven Marroquin, the owner of Soul\u2019s Anchor, a tattoo parlor in Guatemala City. <\/p>\n

<\/p>\n

Coen explained how it that the mission is to get more people to use Bitcoin:<\/p>\n

\u201cSo we ran a competition amongst merchants to see who would process the most volume in Bitcoin sales in 2022. Turns out Soul’s Anchor Tattoo Shop in Guatemala City, who started accepting Bitcoin payments using Osmobusiness back in October, won the competition.\u201d<\/p><\/blockquote>\n

Merchant adoption is nothing new in Guatemala. So they thought about how to make things more exciting. They decided that offering free Bitcoin tattoos to customers might be a Bitcoin-friendly marketing tactic. \u201cIt was a huge hit. All the slots filled up in hours!\u201d He explained. <\/p>\n

<\/p>\n

Guatemalan Bitcoin believers and Bitcoin tourists streamed into the store to ink their favorite Bitcoin meme, quote or art onto their skin. Steven Marroquin, Souls Anchor owner, explained, \u201cIt\u2019s been around seven months since we officially accepted Bitcoin and have two to three customers per month.\u201d It’s a small amount, but payments are on the rise, he reports:<\/p>\n

\u201cThe first months we had only one customer, and even though it\u2019s still a few percentages of our income, probably 1%, we are happy have started accepting it.\u201d<\/p><\/blockquote>\n

Coen explains that \u201cIt\u2019s still super early\u201d for Bitcoin adoption in Guatemala, and \u201cMost business owners are still unsure about accepting and holding onto Bitcoin because of the volatility.\u201d <\/p>\n

By allowing instant Bitcoin to fiat currency conversion at the payment merchant terminal, merchants can sidestep the volatility. Instant BTC to fiat conversion is a growing trend in the Bitcoin payments space, as companies such as\u00a0Strike\u2013headed up by Jack Mallers\u2013and CoinCorner offer similar solutions. Bitcoin as a means of exchange is burgeoning and Coen is optimistic about its future: <\/p>\n

\u201cBitcoin adoption in Guatemala City is on the rise, every day we see more and more people are getting into it, learning about it, and stacking up on Sats.”<\/p><\/blockquote>\n

Rikki, one-half of the Bitcoin Explorers couple who spent 45 days living off Bitcoin only in El Salvador, recently traveled around Guatemala, paying his way in Bitcoin. Rikki told Cointelegraph the level of \u201cadoption of Bitcoin in Guatemala has really surprised us,\u201d referring to himself and his partner Laura. <\/p>\n

\u201cLocals are curious, they want to learn about Bitcoin and see it as an important alternative to credit cards whose fees are very high in the country.\u201d<\/p><\/blockquote>\n

Indeed, by accepting Bitcoin, business can save over 50% on transaction costs when compared to accepting credit card payments, \u201cSo the incentives are there,\u201d Coen explained.<\/p>\n

Related:\u00a0As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs<\/em><\/strong><\/p>\n

Rikki added that \u201corange-pilling\u201d efforts by Guatemalan-based companies, such as Ibex and Osmo, \u201care pushing to raise awareness of the technology.\u201d The couple also visited the Bitcoin Lake, a Bitcoin-beach-style community project, where a Guatemalan mayor is mining Bitcoin in his office, before getting inked themselves as part of the promotion.<\/p>\n

\u201cWe found the tattoo idea very cute. It is a company that wants to reward its shopkeeper who has received the most Bitcoin transactions by promoting its business.\u201d<\/p><\/blockquote>\n

Bitcoin and crypto tattoos are increasingly common, as crypto advocates choose to brand themselves with their coin of choice. However, crypto tattoos can sometimes go very, very wrong. <\/p>\n

<\/p>\n

Take Mike Novogratz, the Galaxy Digital founder, as an example. His Terra (LUNA) tattoo is a constant reminder that investing requires humility. The LUNA token crashed by over 99% in price in 2021.\u00a0Fortunately, the Bitcoin tattoos are safe, for now, thanks\u00a0to a January price pump.\u00a0<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) use in Guatemala is on<\/p>\n","protected":false},"author":3,"featured_media":170269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) use in Guatemala is on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-30T11:26:37+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/01\/Bitcoin-adoption-of-Guatemalan-merchants-grows-one-BTC-tattoo-at-a-time.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-adoption-of-guatemalan-merchants-grows-one-btc-tattoo-at-a-time\/\",\"name\":\"Bitcoin adoption of Guatemalan merchants grows one BTC tattoo at a time - 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