Bitcoin Adoption by Guatemalan Merchants Grows One BTC Tattoo at a Time

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Bitcoin (BTC) usage in Guatemala is on the rise. The Latin American country that borders El Salvador is home to Guatemalan-developed Bitcoin companies such as Ibex and Osmo, several Bitcoin Beach-inspired projects including Bitcoin Lake, and now, free BTC tattoos.

A 2022 bitcoin merchant adoption contest hosted by Osmo Wallet, a Guatemala-based bitcoin company, led to the promotion of free ink. Cointelegraph spoke with Piero Coen, the co-founder of Osmo Wallet, and Steven Marroquin, the owner of Souls Anchor, a tattoo parlor in Guatemala City.

Free Soul’s Anchor tattoo ideas. Source: Coen

Coen explained how the mission is to get more people to use Bitcoin:

So we ran a contest among merchants to see who would handle the most Bitcoin sales volume in 2022. It turns out that Soul’s Anchor Tattoo Shop in Guatemala City, which started accepting Bitcoin payments using Osmobusiness in October , won the contest.

Trader 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 could be a Bitcoin-friendly marketing tactic. It was a huge success. All slots filled in hours! He explained.

Free Bitcoin tattoos get green light from Cointelegraph’s Bman. Source: Coen

Guatemalan bitcoin enthusiasts and bitcoin tourists flocked to the store to ink their favorite bitcoin meme, quote or art on their skin. Steven Marroquin, owner of Souls Anchor, explained: It’s been about seven months since we officially accepted Bitcoin and have two to three customers a month. It’s a small amount, but payments are on the rise, he reports:

The first few months we only had one client, and even though it was still only a few percentages of our revenue, probably 1%, we are glad we started accepting it.

Coen explains that it is still very early days for bitcoin adoption in Guatemala, and most business owners are still unsure about accepting and holding bitcoin due to volatility.

By enabling instant conversion of Bitcoin into fiat currency at the merchant’s payment terminal, merchants can avoid volatility. Instant conversion of BTC to fiat is a growing trend in the bitcoin payments space, as companies such as Strikeheaded by Jack Mallers and CoinCorner offer similar solutions. Bitcoin as a medium of exchange is booming and Coen is optimistic about its future:

Bitcoin adoption in Guatemala City is on the rise, every day we see more and more people getting into it, learning more and accumulating on Sats. »

Rikki, one half of the Bitcoin Explorers couple who spent 45 days living off Bitcoin alone in El Salvador, recently traveled through Guatemala, paying their way in Bitcoin. Rikki told Cointelegraph that the level of bitcoin adoption in Guatemala really surprised us, referring to himself and his partner Laura.

The locals are curious, they want to know more about Bitcoin and see it as an important alternative to credit cards, the fees for which are very high in the country.

In fact, by accepting Bitcoin, businesses can save over 50% on transaction costs compared to accepting credit card payments. So the incentives are there, Coen explained.

Related:As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs

Rikki added that the orange-pilling efforts of Guatemalan companies, such as Ibex and Osmo, are pushing to spread the word about the technology. The couple also visited Bitcoin Lake, a Bitcoin beach-style community project where a Guatemalan mayor mines Bitcoin in his office, before getting inked as part of the promotion.

We found the tattoo idea very cute. It is a company that wants to reward its merchant who received the most bitcoin transactions by promoting their business.

Bitcoin and crypto tattoos are becoming more common as crypto advocates choose to mark themselves with whatever coin they choose. However, encrypted tattoos can sometimes go very, very wrong.

Bitcoin tattoos belonging to Rikki (top) and Laura (bottom). Source: Rikki

Take Mike Novogratz, the founder of Galaxy Digital, for example. Her Terra (LUNA) tattoo is a constant reminder that investing requires humility. The LUNA token crashed over 99% in price in 2021. Fortunately, Bitcoin tattoos are safe, for now, thanks to a January price pump.

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