It is difficult to quantify the several dimensions where society has been affected since the project began, and it is also difficult to predict the different ways in which Bitcoin changes its users around the world. However, there is one thing that Mike in particular points out: “It is interesting to highlight how Bitcoin changed the time preference, specifically for young people in El Zonte.”
Time preference is the subjective value by which an individual discounts the value of the future. It is always preferred to have something in the present than having to wait for something to come as any future promise has a lower likelihood of occurring. One of the side effects of the paper money printed by governments, without any limit to its issue, is that it creates great uncertainty due to the permanent price increases. This tends to increase people’s time preference as it makes more sense to consume in the present than to save the future where this money can be much less worthwhile. On the contrary, Bitcoin, which is a scarce asset that tends to appreciate over time by cyclically cutting its issue until the maximum limit of 21 million, reducing the time preference. As it appreciates over time, small savings in the present can create significant future benefits, increasing the propensity to save and plan for the future. This simple fact has deep consequences at the social level because it reflects in greater investment in education, deeper human relationships or greater care of the environment. “I see young people thinking about their future for the first time. This wasn’t something we planned; it happened surprisingly. We began to see them save. Children who had never had more than five dollars in their lives now have a few hundred dollars in bitcoin that they saved to make a repair to their parents’ house or buy a new cell phone. Opportunity, ”Mip a person who knows that important processes take time to mature.
Mabel was also witnessing this change from first hand. “I grew up here, in El Zonte, I’ve never had access to banks in El Salvador like almost most of us who live here.” I have no credit card or bank accounts. Before Bitcoin, cash was our only form of payment. It was very difficult to be able to save because you always find an excuse to use cash. Today it has changed and thanks to Bitcoin, I am more conscious of saving the future. “
“In the meantime, Brayan claims that a variable is missing in the equation of opportunities that we are trying to reconstruct: unemployment.” If you don’t know anything better, you may have the wrong dreams. Bitcoin didn’t just change me, its positive impact can be seen throughout society. “The desire to emigrate was somewhat deeply rooted in the Salvadoran community. There were many cases of people who, due to the lack of opportunities, were involved in illegal activities, and now, thanks to Bitcoin, they all decided to get their lives back on track. Today they have families and honorable jobs thanks to this first opportunity they received with Bitcoin and our team’s community work.” Similarly, Mike emphasizes that having a scarce currency that appreciates over time helped young people come back to having incentives and investing in their future and education. ” They started to appreciate education again as an opportunity for personal development for the first time, we see many young people thinking about going to high school and then the opportunity to go to college, but most of all, they will invest more in their community.
Living in exile is like chronic pain, it looks and disappears, but the suffering is always there. Returning becomes an opportunity when major changes occur in the place of origin, especially under the circumstances that initially caused people to leave. “Of course, this originally happened within a small group,” Mike continues. “But then, when people from abroad began to come to El Zonte, which would be part of what happened here, it increased the feeling of local pride and made people appreciate it as a special place.” Today, very few people want to emigrate to the united “States. The whole community began to think about how to build a life in El Zonte.” It strengthened our kinship, it created a social security network at the local level. When you think of the long term, the human and social bonds become fundamental, ”Mike points out and rests his hand on his heart.
Bitcoin adoption generated several influences on Bitcoin Beach. Some of them are intangible, but especially mobilizing, such as the feeling of belonging. “The connection, the hope of being part of something bigger. For the first time, we were no longer an isolated city in a poor Latin American country, we were associated with a global, lively, innovative and revolutionary community. Before it was the general feeling that the opportunities were only for the rich, for North Americans or Europeans. Salvadorans had no opportunities.” When the population of El Zonte began to participate in this global monetary system, they realized that all these options were also open to them. “Now they can work externally and they can become programmers without having to leave their families and communities in El Salvador to participate in the global economy. It created a lot of pride and purpose, especially with the young,” Mike emphasizes.
The daily life of Hope House is alive and Jorge’s interview is interrupted by René, one of the young people involved in the center’s activities. It was the perfect opportunity for him to share with his own words what Hope House means to him: “It is a unique place dedicated to supporting children to develop as better people. We support each other to build a life together in society.”
Learning the story of Hope House and Bitcoin Beach is so inspiring and exciting that this social project has made Bitcoin Circular Economy Concept Viral, encouraging other entrepreneurs to repeat this model of human development in other parts of the world. Passionate people, dedicated to helping others and bringing hope and opportunities to their community. Leading as an example, the founders of Bitcoin Beach never stopped dreaming. Unstressed, Bitcoin and its technology did not give rise to economic and social development in electric zont. However, they never imagined what influence would roll to the rest of the country. Without trying to humility and low profile, they became key players in the transformation of El Salvador into a thriving and innovative country.
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