The use of Bitcoin (BTC) in Guatemala is growing. The Latin American country, bordering El Salvador, boasts Bitcoin companies of Guatemalan origin such as Ibex e Osmoseveral projects inspired by Bitcoin Beach, including Bitcoin Lakeand now also free tattoos dedicated to BTC.
A contest on the adoption of Bitcoin by merchants, hosted by Osmo Wallet in 2022, a Bitcoin company based in Guatemala led the promotion of free tattooing. Cointelegraph spoke to Piero Coen, co-founder of Osmo Wallet, and Steven Marroquin, owner of Soul’s Anchora tattoo studio in Guatemala City.
Coen explained how the mission is to get more people to use Bitcoin:
“So we ran a competition among merchants to see who would process the highest volume of Bitcoin sales in 2022. Soul’s Anchor Tattoo Shop in Guatemala City, which started accepting Bitcoin payments with Osmobusiness in October, won the competition “.
Commercial adoption is nothing new in Guatemala. So they thought about how to make things more exciting. They decided that offering customers free Bitcoin tattoos could be a favorable marketing tactic. “It was a great success. All slots filled up within hours!”. she explained.
Bitcoin-believing Guatemalans and Bitcoin tourists alike flocked to the studio to get their favorite meme, quote, or art tattooed on their skin. Steven Marroquin, owner of Souls Anchor, explained: “It has been about seven months since we officially started accepting Bitcoin and we have two or three customers a month.” It’s a small percentage, but payments are on the rise, he said:
“The first few months we only had one customer, and while it’s still a small percentage of our revenue, probably 1%, we’re happy to have started taking him on.”
Coen explains that “it’s still very early” per the adoption of Bitcoin in Guatemala e “most traders still not sure about accepting and holding the coin due to volatility”.
Thanks to the instant conversion of Bitcoin to fiat currency at the payment terminal, merchants can avoid volatility. Instant conversion is a growing trend in the Bitcoin payments space, as companies like Strike, led by Jack Mallers, and CoinCorner offer similar solutions. Bitcoin as a medium of exchange is growing and Coen is optimistic about its future:
“Bitcoin adoption in Guatemala City is on the rise, every day we see more and more people approaching this tool, getting to know it and accumulating Sats.”
Rikki, one half of the pair of Bitcoin Explorers who spent 45 days living on Bitcoin alone in El Salvador, recently traveled around Guatemala, paying for his travels in Bitcoin. Rikki told Cointelegraph that the level of “adoption in Guatemala really surprised us”referring to him and his partner Laura.
“The locals 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.”
Effectively, by accepting Bitcoin, businesses can save over 50% on transaction costs compared to accepting credit card payments, “so the incentives are there”, Coen explained.
Rikki added that the efforts of “orange-pilling” of Guatemalan companies, such as Ibex e Osmo“they are pushing to raise awareness of the technology.” The couple also visited Bitcoin Lake, a Bitcoin-beach-style community project, where a Guatemalan mayor is mining Bitcoin in his office and participating in the promotion by getting tattooed.
“We found the idea of the tattoo very cute. It’s a company that wants to reward the shopkeeper who has received the most Bitcoin transactions by promoting his business”.
Bitcoin and crypto tattoos are increasingly common as supporters choose to brand themselves with their favorite coin. However, sometimes crypto tattoos can go very, very wrong.
Let’s take for example Mike Novogratz, the founder of Galaxy Digital. His Earth (MOON) tattoo is a constant reminder that investing requires humility. The LUNA token has plunged more than 99% in 2021. Fortunately, Bitcoin tattoos are safe, for now, thanks to January’s price pump.
