Volunteers from the Bitcoin Lake Guatemala project share the rewards of working with 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 many ways that Bitcoin is changing the industry. Looking for another contribution, I started a Bitcoin-only journey and joined the non-profit project, Bitcoin Lake.
Located in Panajachel, Guatemala, Bitcoin Lake launched over a year ago. The project aims to create a circular economy powered by Bitcoin, providing a novel and accessible solution for both unbanked and 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 traders has had a significant impact on local communities.
I have seen firsthand that this project has successfully signed up more than 60 merchants, 90% of whom do not have a bank and only accept cash and bitcoin. The project continues to seek support and ways to improve the experience for Bitcoiners there. Bitcoin tuk tuk (see figure one below) and Bitcoin boat (cleverly named “Peer To Peer”) are examples of such initiatives.
Bitcoin Lake has made significant strides in a short period of time. Business owners are amazed at how easy it is to use Bitcoin, and educational projects have been incredibly successful. Joshua Educational Centerthe first Guatemalan school to receive “Mi Primer Bitcoin“Undoubtedly, it has seen its students gain an exceptional understanding of Bitcoin. The progress and impact of Bitcoin Lake is significant and serves as an inspiration to all.
During my first month volunteering with Bitcoin Lake, my understanding and dedication to Bitcoin grew. As one of my first tasks, I collected data to assess the progress made over the course of a year. As shown in figures two, three and four below, the chart shows the flow of bitcoins in the project and the number of transactions completed in the past year, showing a significant growth.
I also started teaching a “Mi Primer Bitcoin” course at a local school, where kids can learn about the concept of money and the potential benefits of Bitcoin. In January, we held our first meeting with 10 participants, and we plan to host more events in the future. We have also orange pilling local merchants and meeting Bitcoiners from around the world. All efforts give me hope for a better future, not only for the project but for the whole country.
Last year was a challenging one for the Bitcoin industry, with a lot of lost trust and a very difficult bear market. However, we remain and continue to focus on growth and adoption. Even with the uncertainty and skepticism of those who don’t know Bitcoin, more and more people are taking the time to learn about it and understand its value. Merchants realized that they could benefit from holding bitcoin instead of cashing out quickly, and local residents became more familiar with Bitcoin, making them more receptive to the idea of using this new technology.
Merchants like Pedro, owner of Café del Arte, a small family business that accepts bitcoins, benefit from using this technology. As explained by Pedro, the act of accepting credit card payments comes with attached costs and a slow-down payment process, while opting for Bitcoin presents a fast, cheaper and streamlined avenue with the Lightning Network.
We have seen many similar success stories from other traders, which is heartening. At a local school, Centro Educativo Josué, students learn about Bitcoin, its value and its ability to solve problems like inflation. On April 12, we will test our students’ knowledge of Bitcoin, and we are sure that they will be ready. You are welcome to be one of the plebs to try students by reaching out Bitcoin Lake on Twitter.
Bitcoin Lake has made great strides in promoting the circular economy with Bitcoin. I encourage anyone interested in supporting adoption and experiencing the beautiful views, culture and hospitality of Panajachel to visit us. You will be surprised by the progress we have made, and traders will be happy to receive your sats. Together, we can create a better future with Bitcoin.
This is a guest post by Rudy Gallardo. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.