El Salvador's Bitcoin Experiment Just Reached a New Milestone & Nobody Is Talking About It | Renato Salazar of New Story Homes

Should families in El Zonte, El Salvador who've never owned anything pay their mortgage in Bitcoin, or does charity work better when it's free? New Story bet on the mortgage, and 122 families are about to become homeowners because of it. Mike Peterson sits down with Renato Salazar (@HolaIAmRenato) to talk about the project turning some of the most expensive land in El Salvador into first-time property ownership for families who've been living in shacks and on land they don't own.

Renato explains why charging a small mortgage beats giving homes away. Paying every month builds financial education, and once families hit a payment, they start thinking about a motorcycle or a small pupuseria next to the house. The nonprofit has built almost 1,000 homes in El Salvador, and the pattern repeats: homeownership turns new neighbors into a community with its own local economy, and owning land in El Zonte means these families can build generational wealth for the first time.

The payment rails are where maxis will lean in. Families scan a QR code from their phone or a K1 Bitcoin ATM and pay using tools built by Salvadoran companies Tianki and Blink, with WhatsApp notifications and a dashboard that shows New Story who's falling behind so they can help. Many of these families are learning to use email for the first time, so the project is driving a digital transformation in a community that started with voice notes.

Then the conversation turns to legacy banking in Bitcoin country. A banker told Renato that any company with Bitcoin in its name goes to the blacklist, credit card payments stack up to 12% in fees while the Bitcoin page cost cents to run, and you still can't pay payroll taxes in Bitcoin in the nation that made it legal tender. They close with Stay at Bitcoin Beach, the vacation rentals running on a Bitcoin standard anyway: Punta Mango Villas open seven months and orange-pilling curious guests, plus the new Bitcoin Beach Suites in El Zonte, walking distance from the beach and priced for Bitcoiners who'd rather stack sats than splurge.

If this episode made you want to pay a mortgage by scanning a QR code, or at least book a surf trip, subscribe, share it with a friend, and drop a comment. Renato says the tienditas are asking to be paid in Bitcoin now, so the comment section should catch up.


—Bitcoin Beach Team


Learn more about Renato Salazar:
X: https://x.com/HolaIAmRenato
X: https://x.com/NewStoryHomes
Web: https://www.newstoryhomes.org/


Support and follow Bitcoin Beach:
X: https://www.twitter.com/BitcoinBeach
IG: https://www.instagram.com/bitcoinbeach_sv
TikTok: https://www.tiktok.com/@livefrombitcoinbeach
Web: https://www.bitcoinbeach.com

STAY AT BITCOIN BEACH:
https://www.stayatbitcoinbeach.com/punta-mango-villas


Browse through this quick guide to learn more about the episode:
00:00 Intro
00:57 How did Renato Salazar help launch Strike in El Salvador?
03:55 Can you actually build affordable housing on a Bitcoin standard?
06:12 How do families pay a mortgage over Lightning with a QR code?
09:11 What does a Bitcoin mortgage dashboard look like in the real world?
11:46 Does Bitcoin teach financial sovereignty better than charity handouts?
13:30 Is Bitcoin adoption pricing locals out of El Zonte or protecting them?
17:06 Who are the first families in the world paying mortgages in Bitcoin?
21:16 Why does the legacy banking system blacklist Bitcoin businesses in Bitcoin country?
27:49 Why pay 12% to credit card rails when Lightning costs cents?

Live From Bitcoin Beach

Transcript

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Renato Salazar: 0:00

That's the main goal because they they're gonna own the land and they're gonna own the house. So, and now getting a piece of land in El Zonte is crazy, you know.

Mike Peterson: 0:11

It's like the most expensive place in El Salvador.

Renato Salazar: 0:13

I would say it's the most expensive, yes. And now families are gonna be able to to own it. None of them own anything, so now they're gonna be home owners, and that's a changing their their mindsets, changing their gener the generation, right? So.

Mike Peterson: 0:57

Renato, we finally got you in here in the studio.

Renato Salazar: 0:59

Finally.

Mike Peterson: 1:01

So Renato is a long-time friend who's been involved in all kinds of different endeavors that we've done here at Bitcoin Beach, from being one of the I think the idea generators for the whole concept of Hope House in in the beginning, I know that was a passion of yours, to you taking on a role at at Strike for a while.

Renato Salazar: 1:29

Yes, and started Strike here. Yeah,

Mike Peterson: 1:31

And when Strike was in their crazy phase and figuring out how to pay all the bonuses there, sign up bonuses they were giving to people and all that that crazy time with strike and then you moved over and we're working with New Story. The New Story came down here to do a housing project. They actually they've done several in in El Salvador, but they wanted to do one specifically in El Zonte, and have the people be able to pay their, you know, their mortgage payments in Bitcoin. They're not going to denominate it in Bitcoin because they don't want they don't want their balance running up on them in fiat terms. But they'll be able to pay that, and we'll we'll talk about some of the details of that. But yeah, they you know heard about what was happening here, and they're okay. We want to be a part of that, and so you were with New Story for a long time, and continue to work with them. And then more recently, you've you've joined Peter, my good friend Peter, who has the the project that that I'm involved in with Stay at Bitcoin Beach, where we wanted to make sure that in El Zonte and Punta Mango we had some very Bitcoin-focused housing accommodations. I guess they're technically not hotels, so I'm not hotels.

Unknown: 2:53

No hotels. Vacation rentals. Vacation rentals.

Mike Peterson: 2:56

Vacation rentals. So yeah. So we'll kind of go go through that, but I guess maybe we'll start with New Story because I think they're getting close to completing the homes, and this has been it's been a challenging project. I mean, let's just be honest about it. It's it's run into different challenges as New Story has kind of switched models and switched gears. They were very tied in to the the Bitcoin space and some of their donors. I I think in the last Bitcoin winter, some of their their donors dropped off, and so it's it's been a challenge. But you guys have persisted, and still there, still there. The houses are are gonna be delivered, and so we're excited about that. We were talking before we started about maybe the the Bitcoin Beach team can can come in and help do you know some smaller things as part of that project, maybe a park or some other things to kind of beautify the area because we you know the homes the homes are very simple. They they need to make sure that they're cost effective to to be able to build that was 122. 122. 122. So you know the cost makes a big deal. So so the homes themselves are simple, but we want to find ways to make the community feel very you know warm and welcoming in a place that that people want to live, so it'll be exciting to kind of you know see what we can do to to spruce it up now that you know the main things are done. And I know they're still waiting on roads and some stuff that the government needs to do, the the sewer and the water. So if anybody from the government is watching, please make this a priority. We want to get these people in their homes,

Renato Salazar: 4:42

Please, please.

Mike Peterson: 4:44

So I, I don't know if you have anything to add to that, or if you want to just kind of run through the pictures, or you know what what things have been like from your guys' perspective as this program has progressed.

Renato Salazar: 4:56

Well, it's a lot of learning, a lot of challenges. Yeah. Yes, crazy times, you know, with construction materials, labor, and stuff. You know, I'm not coming from the construction field, so all all this was new for me at the beginning. Still new after a couple of years now, because,

Mike Peterson: 5:16

Yeah, between when the project was originally slated and and now, construction costs have gone crazy. I mean, that's that's not just here in El Salvador. That's everywhere in the world. But but you know specifically in El Zonte, there's challenges because there's so much other building going on here. So to even define,

Renato Salazar: 5:35

Workers and finding workers now, because we have like three buildings, you know, around here, and you know they're paying more, and we are as a nonprofit, we cannot match those standards. So it's been a challenge. It's been a challenge, but still, until the end, we're gonna finish that, and hopefully in the next couple months, we're gonna have you know completed the almost the final stage of it, and but also finding you know more people in on on this journey like Tianki and K1 and Blink you know because we are developing,

Mike Peterson: 6:12

All companies that started here in El Salvador.

Renato Salazar: 6:15

Yes, El Salvadorians, all Salvadorians. You know, developing tools for for this community because yes, people are gonna pay for their home using Bitcoin, but it's it's we wanna do more than that. We're developing a tool that where families are gonna, you know, using like anyone, you know, like QR code where they can scan and pay for their home right away, and there on their cell phones they're gonna get their balances. Yes, you can check your little,

Mike Peterson: 6:41

A simple a simple process like they'll have their QR code they can keep in their home or wherever is convenient for them and then they can just scan that with their phone and pay or if they need to if they don't have enough Bitcoin and they need to convert from fiat they can go to a Bitcoin ATM and and put fiat into the Bitcoin ATM and then pay it directly from the Bitcoin ATM.

Renato Salazar: 7:03

Yes, they can just scan it from the screen of the Bitcoin ATM K1. I have to say this one specifically because with K1 is the one that that we are developing this as well. Too, I'm sorry. And yes, right away they just scan it and pay, scan and pay. That's how we call it right now. It's pretty easy, easier for the families. This is avoiding more avoiding friction because our generation, the ones that is adopting Bitcoin, is kind of grown up, but the ones that are actually using it are the younger ones. Yeah. Right. So this is this is very interesting. So because right now we are in the middle of that curve, I would say so. We'll see this blue in, you know, in the next couple years.

Mike Peterson: 7:46

And you were explaining to me that there'll also be a website where they'll be able to see that their payments were made, or if they're behind on their payment, or if they're ahead on it. Yes, yes, it's what the balance of their loan is.

Hey guys, just reminder: 7:58

the best way to really understand how Bitcoin is impacting El Salvador and what's happening here is to get some boots on the ground and come visit. And of course, we're excited now to have locations both in El Zonte and Punta Mango where we have guest homes there that you can rent. That everything can be done in Bitcoin. So we have the Bitcoin Beach Suites in El Zonte, and we have Punta Mango Villas in Punta Mango, and you can find all that on the Stay at Bitcoin Beach website. So make sure that you check that out, and if you're planning on coming down, make sure you're staying at a place where Bitcoin is going to be welcomed, and that you'll be surrounded by other Bitcoiners.

Renato Salazar: 8:41

Yes. The idea is to be transparent with them because now they can see just the transactions on their wallets, which is good. But with this tool, they can access to this website, your user and password. You know, safe security, right? And so they they will see all transactions. They will see, yeah, I'm behind ahead of the payments, and you know, the idea is to get them on a on a safe pace of payments for their for for for their homes.

Mike Peterson: 9:10

Yeah,

Renato Salazar: 9:11

And on the other hand, new story is going to be able to to have a dashboard with the same thing. We're going to be able to see how many families are going behind, and why they are they are falling behind. We can help them to get jobs just in case it's the work, the stuff that that they are lacking of. So yes, so the idea is,

Mike Peterson: 9:31

Well, and one of the good things about that is there's so much demand for for labor now with all the growth happening here.

Renato Salazar: 9:38

Exactly.

Mike Peterson: 9:39

That I I don't think anybody will have trouble finding jobs.

Renato Salazar: 9:42

Yeah, that's right. That's right. So yeah, we're developing new tools for this, and also you know sending their notifications to their WhatsApp because we started sending. Remember the the community we serve; they started without without a need. So they don't know what an email is. They barely know how to text, right? They are more used to voice notes. So starting with that, teaching them how to how to how to start how to get an email, and now they are browsing the web to get their balances. So we are you know small steps, but towards a new, a new digital transformation, new digital culture for them. Yeah,

Mike Peterson: 10:28

Yeah, I I love that and the area. It's hard to tell from this picture, but it's actually very beautiful in that area. Beautiful views of all the hills, and it's. I think if if the little extras can be done right, and we can find ways to to make it a place where the community wants to hang out, and you're saying they're going to put some basketball courts in and some other things. I think it can really become a quite a dynamic community back there.

Renato Salazar: 10:58

Yes, we are. Remember also, this is part of the news story background and experience. New story has built almost 1000 homes here in El Salvador. So when a community gets together like this, because they're remember this is people that is not that they they are not living together right now. So it's going to be new neighbor neighbors neighbors. It's going to be a new neighborhood. So new customs, new cultures and habits, putting in the on the same place. So the the experience has shown that they start like small businesses, like a pupuseria, tortillaria, and a carpenter shop and stuff like that. So now the whole community has their own resources to keep growing and keep learning how to move together for their own benefits.

Mike Peterson: 11:46

Yeah,

Renato Salazar: 11:46

And the the fact that they that we are not giving away the homes that they have to pay that small mortgage is because this is this brings financial education for them. So they now can they see can accomplish you know payments, and they see oh now I can get a motorcycle or a car. That's why there are spaces in between the homes because the that's even though on the picture it looks very small, but you can feed a car right there, or they can expand the home and make a small restaurant or stuff like that.

Mike Peterson: 12:18

Yeah, no, I love that. It's been, like you said, it's been a long process. We got hit. We got hit with some torrential rains and some had some erosion issues and different things. So it's it's it's been a it's been a battle. It has, but I think 10 years from now, it's we're going to be amazed for the the impact that it has on the the community as a whole.

Renato Salazar: 12:46

Yes, it's it's it's amazing how you know how that mountain is becoming you know the the home of 122 families.

Mike Peterson: 12:55

Yeah,

Renato Salazar: 12:55

And looking at their faces when when they see their home, because right now these families is not that they are living in in a in a in a home like that. Some of them are are living in like small bedroom bedroom like four people in one small place, and so on. So,

Mike Peterson: 13:14

Well, a lot of them just in little shanties made of yes,

Renato Salazar: 13:18

shacks and stuff like that. Like you know when it's rainy season

Mike Peterson: 13:20

and

Renato Salazar: 13:21

it's hard

Mike Peterson: 13:22

Bent that metal, yeah.

Renato Salazar: 13:23

Yes, or they are being displaced, yeah, because they don't own the land where they live now. So yeah, and,

Mike Peterson: 13:30

That's been an issue that comes with development, as we've seen, you know, this crazy development happening in El Zonte. The the kind of the downside of that when you have a place start to grow is that that there are people, especially in El Salvador, we have a lot of people who have historically squatted on abandoned lots or you know in riverways and things like that. You know now we're having owners come back because their lots are valuable, and so you know they're moving the families. So the the to be able to make sure that the people that have you know are part of the community here in El Zonte have a place to call home is huge.

Renato Salazar: 14:10

That's the that's one of that's the main goal because they they're gonna own the land and they're gonna own the house. So and now getting a piece of land in El Zonte is crazy, you know.

Mike Peterson: 14:23

It's like the most expensive place in El Salvador.

Renato Salazar: 14:25

I would say it's the most expensive, yes. And now families are going to be able to to own it. Yeah,

Mike Peterson: 14:30

They'll have something they can build generational wealth. They can pass on. And even though it looks like a you know a very humble home, just the fact that they own the land and they own that, they're actually able to build wealth for the first time.

Renato Salazar: 14:42

Yes, because actually they, most of them, I would say no. Well, none of them own anything, so now they're going to be home owners. Yeah, and that's a changing their their mindsets, changing their gener the generation, right? So,

Mike Peterson: 14:57

And I think it changes their view of the community too. Because now they feel like they have an ownership stake here, so they'll they're more likely to to pitch in on civic, you know, activities and those type of things because it's it's the place that they own their owners.

Renato Salazar: 15:13

Exactly. So they're not afraid of they're gonna be you know kicked kid out of the kicked out of the place. They're gonna sleep well and talking about again the homes. And right now, a lot of those kids are growing on dirt, so stomachal diseases, breathing diseases. Now they are off the table. Now they can, you know, they're the girls now are able to go to the bathroom because the bathroom is inside the house. Because here in El Salvador, probably you know this, and they have to go to the lettrina, which is like a couple 100 meters away from the house in the middle of the night. You have to send your little girl, you know,

Mike Peterson: 15:54

Yeah,

Renato Salazar: 15:54

Walking, and so different habits are gonna are gonna be gonna be better, yes, for a better life.

Mike Peterson: 16:02

Yeah, no, it's it's super exciting, and I'm I'm glad that New Story has pressed pressed through all the challenges and has continued to you know seek to to meet the commitments to the families. Yes, because at times it's fell. Is this gonna happen? And so the the fact that it's actually come through.

Renato Salazar: 16:23

Yes, and and I have to say, you know, the help with the help with the with other partners, local partners, the Ministry of Housing, you know, they've been very helpful, and with different projects. It's not just this one with different projects. So, but yeah, we hope to see this community completed in next in the next few months.

Mike Peterson: 16:42

Yeah, no, that's that's amazing. So lately, I know you've been spending more time on the the stay at Bitcoin Beach project. Well, did we have any? Did is there anything more that we wanted to go through as far as the process? Why don't we run through the the pictures before we switch topics? So these are the the cards where they'll be able to pay.

Renato Salazar: 17:06

Yes. We just we just had the the first training,

Mike Peterson: 17:10

And that was the the trains happening at the community center that yes that that we got built and and right now we're actually in the second phase of kind of beautifying the community center, but it's amazing having that that space in the community to use.

Unknown: 17:26

Yes, I have to say this and clarify. We started the the this project, the housing project, with eight families, which we call El Zonte Pilot.

Mike Peterson: 17:36

Yeah.

Renato Salazar: 17:37

So these families are already living in their homes and they're already paying for their homes using Bitcoin, so we are the tool that we just developed with Yankee and Blink. They are the first users.

Mike Peterson: 17:50

Okay.

Renato Salazar: 17:50

Right. So we are seeing Carito, Engara, the Oscar's wife. So they're going to be the first families using this tool. They've been paying for their home almost two years now, so we have, you know, more more more knowledge on how to manage this information, how to gather it, how to actually teach them how to use these tools. Yeah, and this is going to help us to improve this tool for the 122 families at the end of the day, that's the goal. But yes, we had the training with Darvin from Tianki and Freddy from Bitcoin Beach in the community center. Yeah.

Mike Peterson: 18:39

All right, so we'll switch gears since you're a man with that wears many hats. So we we brought you on as we you know we're developing this project to transform a property that we've had in in Punta Mango for about 15 years. We've used it as a place of respite for missionaries that that are serving here, and the the long term goal to kind of make it self sustaining was like, hey, why don't we turn this into a what what are we calling it? We we can't call it a hotel. Vacation rentals. Vacation rentals, and so we did. It's a beautiful property down there. I mean, it's it's amazing. I I just spent the last week down there. It was actually usually when I go down there, it's always for work. And so I was like, it's probably been eight years since I've actually gone on vacation there. And so I was like, okay, I'm just blocking off a week, and I'm gonna go down there and surf. And actually, threw up my back the first day surfing, so I mostly just laid in the hammock. But I think that's what I needed while I was there. So it was locking your back. Yes, but it's it's so fun now seeing all these guests come down there, and it's it's been interesting the mix of people that are coming visiting. We're we're in. El Zonte, you know, it's mostly Bitcoiners or surfers there. You get this wide mix of people that are that are coming through, and not too many Bitcoiners yet. So even though the hotel is very Bitcoin focused, we're we're doing a lot of educational work with the the guests that are coming down, and obviously we hope more Bitcoiners will will make it down there because it is such a beautiful place to to be.

Renato Salazar: 20:23

It's amazing. It's amazing. Turn out pretty incredible place. Every every every people that we have there is like they're amazed. It's it's it's a very nice place. The people, Juan, his family are like all the staff. It's amazing. There they make the place more you know, incredible. I would say the experience, right? Because they are very, very nice people. It's been quite of the venture as well, you know, stayed Bitcoin Beach. Because when I started, it was almost the construction, the final construction phase. So we started to build the brand, build the channels, you know, the website, you know, all the the booking system, the invoicing, you know, to make it all legal here. I don't. We can make a pause here because I want to talk. Some I don't know because it's been,

Mike Peterson: 21:16

Yeah no no let's let's talk about the challenges because it's it's challenges that that right now, while this is Bitcoin country, the yeah, that's what I wanted. Very unfriendly to to Bitcoin, and so it's it, and that was part of the reason for for this project was we kind of wanted to like pave the way to show how people can run their businesses on a Bitcoin standard, and and I think for us, it's it's even been surprise. I knew it'd be challenging, but it's been even more challenging.

Renato Salazar: 21:47

Yeah, yeah. Every day or every week, you know, we would have a meeting with Pete. You know, and okay, like how's the bank situation? You know, like until after a couple months, a guy from the bank he'd say like, when your name starts with Bitcoin, you're you're you're going to the black list, just like that. I was like, what do you mean when your name starts with Bitcoin? Because the company, you know, you see this this group of Bitcoin Beach, right? So when your when your name has Bitcoin, forget it. You're gonna be the last priority of the bank, and that's which is

Mike Peterson: 22:23

insane in El Salvador. The the dealer in Bitcoin that the banks are so backward and behind. So anybody from the government there, you guys you guys need to work on this because it's it's a real challenge. It really is.

Renato Salazar: 22:37

It is a challenge, and and why we were talking to the banks because we needed to have different options to receive payments, you know, credit card payments. Because yes, we our core is Bitcoin, but of course the market is,

Mike Peterson: 22:50

Yeah credit card, especially down there. And you have a lot of people that are coming that are not exactly really bit. You know, they're not necessarily Bitcoiners because it's you know in this region it's Bitcoin Beach, so you know you have, but

Renato Salazar: 23:01

on the other side of the country is different. It's different story, but yes, it's been a challenge and being you know like rejected, almost rejected because at the end of the day we we we made it. You know we have a bank account, we have all the resources and you know all the devices for all the bank systems, but yes, it was a challenge. It is still a challenge for us. But at the end of the day,

Mike Peterson: 23:27

Well, and another thing, even to be able to pay the like the payroll taxes for the for the employees,

Renato Salazar: 23:33

Yes,

Mike Peterson: 23:33

They can't pay with Bitcoin, which to me is insane that that they haven't figured this out yet. Like I understand that there's issues with with the IMF, and they agreed to certain terms. But there's no reason they can't be a third party that comes in. Just like in the U.S. that you can't you can pay your tax with a credit card, but you're not really paying the government directly with a credit card. There's an intermediary that charges a fee to to for the convenience of being able to do that, but that allows you to pay your government fees. You know whether it's the DMV or your income taxes. So I, I'm very frustrated that there's not something in place for that here right now. And who who did we have on here the other day that I was I challenged them that that was their the their task. I can't remember. We had we had somebody on here the other day, and it was oh Will from Aso Bitcoin. Yeah, Willerandes.

Renato Salazar: 24:35

Yeah,

Mike Peterson: 24:36

I said, hey, you're the head of Aso Bitcoin. Like,

Renato Salazar: 24:38

Yeah, what's going on?

Mike Peterson: 24:40

You need to make. You got three months to make this happen. Like, there's no reason that there can't be. You know, whether it's Diddle Banks or Blink or or who else is the big yeah or Sat Street. And the the Guatemalan company yeah there's there's all these options so why isn't there a simple thing for people when they want to pay whatever their their payroll taxes there are other things that they go to the site and it gives the option how do you want to pay do you want to do a bank transfer do you want to pay with Bitcoin I mean it's and and for the government, it'd be more likely that they get paid if they have more options. I mean, you want to make it easy for people to pay their bills. So

Renato Salazar: 25:28

Yes, it's crazy. It's crazy when we when we're going through all the paperwork for paying stuff and fees. Like, yeah, we have we had the Bitcoin to pay for it, but they say no, we don't accept Bitcoin. We are in Bitcoin country. What are you saying? Why? No, no, the system is not working.

Mike Peterson: 25:47

And I mean, the reality is, anytime you have a major shift, it takes years. It never happens overnight. I mean, even when when credit cards came on the scene in the U.S. it took decades really before it became seamless for them, and they still like I has had a business in the U.S. for you know the the last 25 years, and and using credit cards is still a frustrating thing as a business owner. Like the systems are still barely functional, so I think we do need to be realistic that it's going to take some time, but there's no excuse that that we can't pay our taxes. And we're in Bitcoin country. Come on. And if the government makes it easier, there's more likely people will pay more. Because right now, the easiest thing for them to do is just take Bitcoin on the side, and kind of that's like their little side thing. And so, if the government helps regularize it and makes it easy for businesses, then they'll they'll have less of that. They'll get more tax revenue in.

Renato Salazar: 26:49

Yes, and well, that was like doing the old paperwork, right? And we we we have we now have our website, so we develop with Blink and Tianki here as well. Now you're able to pay using Bitcoin on our website. That was the easiest and fastest, you know, section of the website that was developed. So now we have to have the credit card payment. It has been months with that, and still it's not as friendly as Bitcoin, because Bitcoin it was just you know want to pay this QR code, scan it,

Mike Peterson: 27:30

done, done, yeah,

Renato Salazar: 27:31

And the credit card. Gee, wow, this is Paco.

Mike Peterson: 27:37

No, I mean I know even in the U.S. Like I said, taking credit cards is super frustrating. You don't, you don't even, you never know upfront how much fees you're gonna pay because every card charges a different.

Renato Salazar: 27:49

Oh wait, wait, and the fees, and the fees, because okay, we work with this booking platform, right? With this, which is very famous around here, almost 200 hotels and blah blah blah. booking.com It's called no is CloudBets.

Mike Peterson: 28:03

Oh, CloudBets. Okay,

Renato Salazar: 28:05

CloudBets. That's the system. So they they work with all U.S. you know platforms to for payments, digital payments, and credit cards, blah blah. But for Central America, there's nothing. There's maybe one intermediary to talk to this bank, but this bank has to charge to develop this section, and then this other one charges as well. But on the other side, you have two other partners. All of them charge.

Mike Peterson: 28:31

Yeah.

Renato Salazar: 28:31

For one payment, you have to pay like 12% for credit card payments. It's like, and it's gonna take three months to develop the whole piece, but like, with I mean, Tanki did it in two weeks.

Mike Peterson: 28:46

Yeah,

Renato Salazar: 28:46

And it was like, and of course it's like cents, you know, fees or something, right? But with the credit card, it's like we're still struggling with that. Yeah, we're still struggling with that, and but we.

Mike Peterson: 29:00

I guess the solution is just more Bitcoin adoption, so we don't have to even bother with the credit cards. At some point, the credit cards will will be put out of business because of Bitcoin because there's,

Renato Salazar: 29:12

It's too expensive. I mean, business is like on the business side is it's crazy. It's too much, too much money.

Mike Peterson: 29:18

I mean, in my business in the U.S. I would usually pay on an average year between 40 and $50,000 in credit card fees, and those are like profits right off the top. Like, and it's and I was in a food service business. It wasn't like a highly profitable business, but and you pay that big chunk. So, the the fact that the the credit card companies kind of can sit in the middle and just suck siphon off the profits from the business owners is not going to be sustainable in the long run, especially with Bitcoin. And so I think, as business owners kind of wake up to the possibilities that come with Bitcoin, I think we'll see a lot more adoption.

Renato Salazar: 29:58

Yes, and there there are. There have been a couple guests at Punta Mango that they they they have been orange peeled by the staff because they show them how to how to pay like hey you because they ask because they see the signs you know the logo and what is this what is Bitcoin and yeah I'm curious I wanna and and you know the the they're they're like yeah you just scan here, you know. Download link or these are the wallets, and you put money right here, and and that and that's it. And they're like, oh, can I pay here? Can I pay there? And can I pay some other place? And yes, you can pay Punta Mango. There are a lot of

Mike Peterson: 30:35

yeah, a lot of businesses in Punta Mango. We're actually gonna send a K1 machine down to to Punta Mango. I talked to we did a podcast with Edgar from K1 yesterday, and so I was like, "All right,

Renato Salazar: 30:49

thank you, thank you, Edgar.

Mike Peterson: 30:50

We have we have one right there.

Renato Salazar: 30:52

Thank you.

Mike Peterson: 30:52

That's the one we're sending over to the.

Renato Salazar: 30:54

I'll take it. I'll take it.

Mike Peterson: 30:55

We're sending that one over to the the Bitcoin Beach office. I think that's the one that they'll use for the housing project to be able to, but we're going to get another one for for Punta Mango, so I'm excited about that. Yeah,

Renato Salazar: 31:07

Super cool, super cool. Yes.

Mike Peterson: 31:09

So the the Punta Mango property has been open for six months.

Renato Salazar: 31:15

Yes, six months, seven months,

Mike Peterson: 31:17

seven months, seven months. So it's been fun that you know, like when I was down there, just seeing all the guests come in, and it's the whole mix. Yeah, and it's such a such a beautiful space down there. I mean, the that part of the country, I love it. And then we're now just kind of in the soft opening process here in El Zonte. So this is the this is the outside. So it has like this cool courtyard with with rooms on both sides. They're kind of like suites set up for families.

Renato Salazar: 31:50

Yeah, we call it Bitcoin Beach Suites. Yeah, we have seven suites there, one studio, and yes, we're walking distance to the beach. Have a pool, a common area.

Mike Peterson: 32:03

It's right next door to to what was Hope House at one time, and it's you got local businesses there that you can walk across the street to to eat at.

Renato Salazar: 32:15

You can get pupusas, pizza,

Mike Peterson: 32:17

yeah,

Renato Salazar: 32:17

Using Bitcoin, and yes,

Mike Peterson: 32:20

I think it's going to be a very popular destination for for Bitcoiners, and and and the rooms are very reasonable, also.

Renato Salazar: 32:28

Yes, they're not even even though they're like super super nice. It's not expensive. Yeah, it's not expensive,

Mike Peterson: 32:33

Because some of the places in El Santa have gotten crazy expensive. Yes,

Renato Salazar: 32:36

I would say something smaller than you know like the one of those bills, super expensive here in South Wales. Yeah,

Mike Peterson: 32:42

So we wanted to do something that was reasonable for for people that are coming because, you know, people assume that Bitcoiners are all rich, but a lot of people have just gotten into Bitcoin recently, and they're they're savers. They're trying to to save Sats, and so you know they they're on more of a budget, and so we wanted to have something that was nice. You know, we didn't we didn't want to scrimp, but and you can see, you know, by the the the design there, that and this is the this is kind of the bigger unit that has like a full kitchen. Most of them just have like a little wet bar area, but there the the other rooms. Do we have pictures of the other rooms, Paco. They have a bunk bed and a queen, so we wanted to have something that for like families or like a group of friends. If if it's too hard, don't worry about it. But

Renato Salazar: 33:40

El cuatro room four. There you go.

Mike Peterson: 33:45

There you go. Can we make that bigger? Yeah. So you see, it's it's you know if if you got a couple that's that's bringing you know a couple kids down with them, or if it's just a group of friends, you got three friends in there that you know want to stay. So, yeah, excited about that, and it's it's been good for me, and then good for us. I think on the Bitcoin Beach team to see the challenges that the businesses are facing because we're the ones out there always onboarding businesses, and yes, like, hey, you need to accept Bitcoin. You're missing out, and and you know sometimes you get some pushback, and and to for us to understand where that pushback comes from and what the real challenges are, because as a business owner, they're just oftentimes just in survival mode, just trying to keep things going, and so they don't want to, you know, add one more complication to their business, and so for us to understand where the kind of bottlenecks are still for businesses, and then push the Bitcoin companies out there when it's something that they can develop, or if it's something that that the government needs to move on, kind of push them. So that we, you know, kind of see adoption increase across all the businesses.

Renato Salazar: 35:05

Yes, and it's it's interesting because, sorry, right now we have the the the world tour here, the WSL contest, and I was surprised that a couple of guys. I went to Punta Roca. Waves are huge, huge, huge! It was super huge, and you know, a couple pros were you know surfing and you know it was a master class, right? You know, like flying and all the spins and you know and talking and and and their their coaches and their photographers or their crews, you know, talking like, hey, we're going to Bitcoin Beach to have lunch, and then we're going to Bitcoin Beach. Do you have Bitcoin? And it was like, you know, even now it's like going there that direction, even because they do WSL. I mean, that never.

Mike Peterson: 35:53

For people don't know, that's the World Surf Surf League. I think that's what it's. Yes,

Renato Salazar: 35:56

World Surf League. I'm sorry. Yes,

Mike Peterson: 35:58

It's the the the highest level of competition in the surfing world.

Renato Salazar: 36:02

Exactly now, there you know, Bitcoin is is in their conversations now. Coming here and you know, like just to to understand how how it works, you know, and into as they're curious, and I was like, this is good,

Mike Peterson: 36:14

Yeah,

Renato Salazar: 36:14

This is good, this is good. So yeah, hopefully we'll see more fluent. I don't know, like more fluent movement or you know culture. Yeah, for for this, and without filters and without you know anything. I was about to say a word that might not be good, but yes, more more food. Yeah.

Mike Peterson: 36:46

No, I I think as we work out the the the kinks and you know any time when there's new technology, but it's all it's not just a new technology. It's a it's a new way of thinking about money too. And so for a lot of people, that's there's the technical side and the hurdles there, but there's also the side of them understanding why Bitcoin is actually money, and so you kind of bring those two together, and it's amazing. You know, I always wanted to happen faster, but when you step back and look at you know what has happened in the last five years, oh yeah, it's crazy like the transformation that's happened.

Renato Salazar: 37:22

Yes, because what everyone when all the conversations that I have had, people asking me like, "Hey, El Salvador is you know bankruptcy because Bitcoin is going down. It was like, no, it's not that way. But what what I try to say is like, at least from our side, right? From the whole projects that I've been involved with, we don't promote the investment. We don't. I mean, we're not telling you make you're going to be rich using Bitcoin, right? We use the technology. We're we're helping the communities to use the technology so they can they avoid to take a bus to take a four hour trip. You know, to to go

Mike Peterson: 38:00

Pay a bill,

Renato Salazar: 38:00

To pay a bill, under the rain, or you know, leave their kids alone,

Mike Peterson: 38:04

Or have to deal with the horrible banks here,

Renato Salazar: 38:06

Or deal with the banks. Yeah, so we are teaching them how to get money for their families from the U.S. or from remittances, you know, right away, instead of paying 70- for$200 because it was an emergency. There was a real example, you know. A guy from the U.S. needed to send money for medicines, and he had to pay 70-$5 And it wasn't right away. It took 20-four hours. Wow! It was like, oh gosh. So, yes, and and remember, I don't know if this is still the same number. You know, $400 million on fees, on remittances. So, who's getting that money? You know, all these companies.

Mike Peterson: 38:47

I think it is less now because a lot of the companies dropped their fees when Bitcoin was was was legalized here because they they saw the writing on the wall and they're like, okay, we need to be more competitive. And so, so even the people that aren't using Bitcoin are benefiting from this being Bitcoin country because the the Western unions and the you know MoneyGrams have have actually dropped their fees in El Salvador compared to other places that you know where Bitcoin isn't an option.

Renato Salazar: 39:15

Yes, and now when when you go here through the tenditas or you know some of them will say, "No, I would rather pay me in Bitcoin, and that's the whole mindset changed. And it's like they're not just because we are telling them to to receive the payment; it's coming from them. Like, I I want to have Bitcoin. You know, I want to save. I want to have this for my family. And now that they understand that, and you know, you know more examples that that I do, like you know, people they have improved their homes, they have their health. Now they have a motorcycle and so on. You know, people they have improved their lives.

Mike Peterson: 39:52

Definitely. Well, now where where can people follow you? Is there a place where they can follow the progress? With the the new story project,

Renato Salazar: 40:02

Yes, they can follow on X or Twitter. Still, for those who call it like that, news story homes, and they can find me. Hola, I am Renato.

Mike Peterson: 40:13

Okay, perfect. And then stay at Bitcoin Bitcoin

Renato Salazar: 40:17

Beach. Yes, Instagram and TikTok if you wanna enjoy, you know Punta Mango, send us a message, and we'll take care of you.

Mike Peterson: 40:28

Perfect. Or El Zonte.

Renato Salazar: 40:29

Or El Zonte, Yeah.

Mike Peterson: 40:31

Yeah. Awesome. All right. Thanks, Renato.

Renato Salazar: 40:33

Thank you.