bitcoin (BTC) use in Guatemala is increasing. The Latin American country that borders El Salvador has Bitcoin companies created in Guatemala such as Ibex and Osmo, several Bitcoin Beach Inspired Projects including Bitcoin Lake, and now, free BTC tattoos.
A Bitcoin merchant adoption competition hosted by Osmo Wallet in 2022, a Guatemala-based Bitcoin company, led to the promotion of free ink. Cointelegraph spoke with Piero Coen, co-founder of Osmo Wallet, and Steven Marroquin, owner of Soul's Anchor, a tattoo parlor in Guatemala City.
Coen explained how the mission is to get more people to use Bitcoin:
"So we organized a competition between merchants to see who would process the largest volume of Bitcoin sales 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 competition." .
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 ploy. "It was a success. All the spaces were filled in hours!โ He explained.
Guatemalan Bitcoin believers and Bitcoin tourists came into the store to paint their favorite Bitcoin meme, quote or art on their skin. Steven Marroquin, owner of Souls Anchor, explained: "It's been around seven months since we officially accepted Bitcoin and we have two to three clients per month." It's a small amount, but the payments are increasing, he reports:
โThe first few months we only had one client, and while it still represents a small percentage of our revenue, probably 1%, we are glad we started accepting it.โ
Coen explains that "it is still very early days" for Bitcoin adoption in Guatemala, and "most business owners are still unsure about accepting and keeping Bitcoin due to volatility."
By allowing instant conversion from Bitcoin to fiat currency at the merchant payment terminal, merchants can circumvent volatility. Instant BTC to fiat conversion is a growing trend in the Bitcoin payments space, as companies like Strike, led by Jack Mallers-Y CoinCorner offers similar solutions. Bitcoin as a medium of exchange is flourishing 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 involved, learning about it and accumulating Sat."
Rikki, one half of the Bitcoin Explorers couple who spent 45 days living off Bitcoin alone in El Salvador, he recently traveled through Guatemala, paying his way in Bitcoin. Rikki told Cointelegraph that the level of โBitcoin adoption in Guatemala has really surprised us,โ referring to him and his partner Laura de el.
โThe locals are curious, they want to learn about Bitcoin and they see it as an important alternative to credit cards whose fees are very high in the country.โ
In fact, by accepting Bitcoin, businesses can save more than 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 pill" efforts of Guatemala-based companies such as Ibex and Osmo "are pushing to raise awareness about the technology." The couple also visited Bitcoin Lake, a Bitcoin beach-style community project, where a Guatemalan Mayor Is Mining Bitcoin in his office, before getting tattooed as part of the promotion.
โWe found the tattoo idea very cute. It is a company that wants to reward its merchant who has received the most Bitcoin transactions by promoting their business.โ
Bitcoin and crypto tattoos are increasingly common, as cryptocurrency advocates choose to brand themselves with the currency of their choice. However, crypto tattoos can sometimes go very, very wrong.
Take Mike Novogratz, the founder of Galaxy Digital, for example. The tattoo of him Terra (LUNA) is a constant reminder that investing requires humility. The MOON tab it plummeted by more than 99% in price in 2021. Fortunately, Bitcoin tattoos are safe, for now, thanks. to a January price bomb.
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