Does the volatility of Bitcoin affect families?
Families are equipped with tools that help them stay protected from the volatility of Bitcoin. For instance, many Salvadorans use dollar-pegged stablecoins and have the option to quickly convert bitcoin to U.S. dollars. Additionally, some local businesses are choosing to immediately convert any bitcoin they receive into dollars to mitigate any potential losses.
What if the families don’t make their monthly payments?
In any housing program, it’s important to recognize that unforeseen circumstances can make it difficult for families to repay their loans. With our local partners, we’ve put measures in place to help families who struggle to make their loan payments. If a family is experiencing financial hardship and is unable to make their repayments, the program provides various ways to help them stay on track. This could include adjusting the loan terms or providing financial counseling. By offering a range of solutions to help families stay on the program, we can ensure that the social housing initiative remains accessible and beneficial for all involved.
Are families required to use a certain wallet?
Families are not required to use a specific bitcoin wallet to use the cryptocurrency. Instead, they can select a bitcoin wallet that meets their needs, whether it’s based on security features, ease of use, or other factors. The freedom of choice encourages the adoption of Bitcoin in El Salvador is accessible and inclusive for all.
Can I donate hashrate?
Our team is now accepting hashrate donations to support donors who want alternative routes to support our work. We have a history of accepting Bitcoin donations of various forms, and this method is an expansion.