Thanks for this fantastic update and I look forward to the next ones.
I have been looking for grassroots reports of what is happening in El Salvador and this is a great first hand acccount.
I also wanted to bring to your attention and that of other El Salvadorans, the crucial work @brianoflondon has done in Hive/Lightening integration.
He has created a HIVE <--> LIGHTENING Bridge that allows instant and virtually feeless swaps between HIVE & HBD and Sats (BTC).
Its designed for small amounts that are uneconomic to transfer via BTC mainnet and allows something amazing ... Earning 10% interest on tiny amounts without incurring fees that would wipe out earnings.
How this works is that when an El Salvadoran accumulates an amount of Sats in his/her Chivo or other Lightening wallet that is more than his/her everyday needs and they want to save it they can use the Bridge to convert the Sats to HBD and earn 10% interest.
Then when they need some of those funds they can use the bridge to convert the HDB back to Sats.
All this is instant and virtually feeless by avoiding BTC mainnet and going direct from Hive to Sats on Lightening.
You can read about it in these posts:
https://peakd.com/lightning/@brianoflondon/lightning-and-hive-same-same-but-different
From what I understand the bridge is already working but @brianoflondon is looking to decentralise it and make it more user friendly before the big reveal.
Incredible, @apshamilton , and many thanks for this thorough explanation about that Hive / Lightning Network integration! I knew that the LN mechanism could be implemented virtually on any blockchain, but had no clue that @brianoflondon had made it a reality in Hive's case!!
Our cryptoeducation network here is still nascent and small, but I'm for sure gonna share this data and extend an invitation to the LN Salvadorans users - and, why not, all Latin American BTC user I know of - to hop on that Hivewagon 😊.
Yes, I think its a real opportunity to both provide the next stage of financial inclusiveness (earning interest on savings) as well as introduce LN Salvadorans to the possibility of earning on Hive from their content and then being able to immediately turn those Hive earnings into Sats that they can buy food etc with.
I'm certainly not alone in wanting to see first hand accounts of the new BTC economy in El Salvador so there is plenty for new users to post about.
Might be worth creating a collection of first hand accounts using PeakD's curated collections feature.
Absolutely! I haven't used that curated collections feature yet, but will look for it. There are so many options available on Hive 🙃.
Could we imagine creating a specific front-end for Salvadorans LN users wanting to publish on Hive, similar to LeoFinance's Hive based own webpage? I could publish info about it on Twitter, and who knows, perhaps Nayib Bukele would like it, and echo the initiative? @acidyo @brianoflondon