#Circular #economies based on #Bitcoin
After 15 years from its creation, people in the world which have an understanding of Bitcoin or have used it so far are still far below 10% of the global population. Many still don’t know, or better, don’t mind knowing, that the problems society is currently facing are brought by #broken #money. By not understanding the concept of money, people don’t feel the need to acknowledge Bitcoin and its value proposition.
Things are running decently smooth in the Western world, people have good ways to transfer money nationally for goods and services and Bitcoin is used by few as a saving vehicle, to keep some assets outside of the system. But in other parts of the world Bitcoin is used primarily as a medium of exchange for daily payments.
Despite #adoption rates are still low globally, the number of local bitcoin communities is steadily growing and it’s allowing the creation of circular economies.
In Central America, the case of @BitcoinBeach in El Salvador can be considered as the first attempt of people to use bitcoin for payments. Considering the high level of unbanked in the country, bitcoin and the #lightning network represent a way to allow the exchange of value for goods and services at high speed and very low cost. Needing only a phone and internet connection, bitcoin allows for inclusion to everyone, close to zero onboarding process and no need for a credit history.
In Uvita, Costa Rica, @BitcoinJungleCR is doing a similar job and is focusing on educating people about the benefits of bitcoin and the personal empowerment it allows. Many merchants are accepting bitcoin as payment and local bitcoin meetups are organized frequently.
In Lake Atitlan, Guatemala, @BitcoinLake and @Lakebitcoin are trying to teach merchants about bitcoin on onboard them on the lightning network. Hostels, restaurants, shops and tuk-tuk drivers are accepting Bitcoin for payment.
In South America, @BitcoinBeachBR is working on adoption in Jericoacoara, Brazil. Many merchants have embraced bitcoin and use Bitcoinize pos terminals to present bills to their customers and receive direct payments to their business wallets.
In South Africa, @BitcoinEkasi is training kids to surf and is educating them on the powers of a #decentralized money network, outside the reach of the state. Ghana has organized the first bitcoin conference in Africa and many local and international bitcoiners have gathered to understand the adoption and #innovation happening in Africa.
In Boracay, Philippines, and Danang, Vietnam, @BitcoinBeachPH and @BitcoinBeachVN are trying to follow El Salvador’s example and build a circular economy based on bitcoin. Neutronpay is used to onboard people on lightning.
The trend is clear and with #halving and institutional adoption coming in Bitcoin in 2024, I believe we will see the development of many more communities like these ones, as well as significant growth in the existing ones.