A volunteer from Guatemala’s Bitcoin Lake project shares the rewards of working on this circular economy.
Bitcoin is a disruptive technology that has emerged as a fundamental component of the financial industry. My work at bitcoin-friendly companies has allowed me to observe the many ways bitcoin is changing the industry. Looking to contribute more, I began my bitcoin-only journey and joined the non-profit project, Bitcoin Lake.
Based in Panajachel, Guatemala, Bitcoin Lake was launched just over a year ago. The project aims to create a circular economy powered by bitcoin, providing a novel and accessible solution for unbanked as well as banked merchants. In Guatemala, approximately 60% of the adult population does not have access to formal financial services, and Bitcoin Lake’s initiative to onboard merchants is having a significant impact on the local community.
I have seen firsthand that the project has successfully added over 60 merchants, 90% of whom are unbanked and only accept cash and bitcoin. The project continues to seek support and ways to enhance the experience for bitcoiners out there. Bitcoin Tuk Tuk (see picture below) and Bitcoin Boat (cleverly named “peer to peer”) are examples of such initiatives.
Bitcoin Lake has made significant progress in a short period of time. Business owners are amazed at the ease of using bitcoin, and education projects have been an outstanding success. centro educative josue”The first school in Guatemala to receive”mi primer bitcoin“Certainly, its students have gained an extraordinary understanding of bitcoin. The progress and impact of Bitcoin Lake are significant and serve as an inspiration to all.”
During my first month with Bitcoin Lake, my understanding and dedication to bitcoin has grown tremendously. As one of my first tasks, I collected data to assess the progress I had made over the year. As shown in figures two, three and four below, the charts show the flow of bitcoin into the project and the number of transactions completed within the past year, indicating significant growth.
I also started teaching the “Mi Primer Bitcoin” course at a local school, where the kids have been rewarded for understanding the concept of money and the potential benefits of bitcoin. In January, we held our first meetup with 10 attendees, and we plan to host more events in the future. We’re also Orange Peeling local merchants and meeting bitcoiners from around the world. All our efforts give me hope for a better future not only for the project but for the country as a whole.
The past year was a challenging one for the bitcoin industry, with a lot of lost faith and a bear market that hit hard. However, we persevered and continue to focus on growth and adoption. Even with the uncertainty and skepticism of those who don’t understand bitcoin, more people are taking the time to learn about it and recognize its value. Merchants are realizing that they can benefit from holding bitcoin instead of cashing it out immediately, and locals are becoming more familiar with bitcoin, making them more receptive to the idea of adopting this new technology. .
Merchants like Pedro, owner of Cafe del Arte, a small, family-run business that accepts bitcoin, are acknowledging the benefits of using this technology. As explained by Pedro, the act of adjusting credit card payments comes with an attached cost and a slower payment process, while the alternative to bitcoin presents a quicker, cheaper and more streamlined opportunity with the Lightning Network.
We have seen many similar success stories from other traders, which is gratifying. At the local school, Centro Educativo Josué, students are learning about bitcoin, its value and its potential to solve issues such as inflation. On April 12th, we will be testing our students’ knowledge of bitcoin, and we are confident they will be well prepared. Welcome to test by reaching out to students bitcoin lake on twitter,
Bitcoin Lake has made tremendous strides in promoting the circular economy with bitcoin. I encourage anyone interested in supporting adoption and experiencing the beautiful scenery, culture and hospitality of Panjachel to visit us. You’ll be amazed at the progress we’ve made, and traders will be thrilled to accept your satsang. Together, we can build a better future with bitcoin.
This is a guest post by Rudy Gallardo. The opinions expressed are solely his own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
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