A volunteer from Guatemala’s Bitcoin Lake project shares the rewards of working in 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 transforming the industry. Looking to contribute more, I embarked on a Bitcoin solo journey and joined the non-profit project, Bitcoin Lake.
Located in Panajachel, Guatemala, Bitcoin Lake 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 and banked merchants. in Guatemala, approximately 60% of the adult population does not have access to formal financial servicesand Bitcoin Lake’s initiative to onboard merchants has a significant impact on the local community.
I have seen first hand that this project has successfully onboarded over 60 merchants, 90% of whom are unbanked and only accept cash and bitcoin. The project continues to look for support and ways to improve the experience for Bitcoiners there. The Bitcoin tuk tuk (see figure one below) and the Bitcoin boat (cleverly named “Peer To Peer”) are examples of such initiatives.
Bitcoin Lake has made significant progress in a short period. Business owners are amazed by the ease of using Bitcoin and educational projects have been an extraordinary success. Joshua Educational Centerthe first school in Guatemala to receive the “my first bitcoinOf course, he has seen his 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 at Bitcoin Lake, my understanding and dedication to Bitcoin has grown significantly. As one of my first tasks, I collected data to assess the progress made in one year. As shown in figures two, three, and four below, the charts illustrate the flow of bitcoin into the project and the number of transactions completed over the past year, indicating significant growth.
I have also started teaching “My First Bitcoin” courses at the local school, where it has been rewarding to see the children understand the concept of money and the potential benefits of Bitcoin. In January, we had our first meeting with 10 attendees and we plan to host more events in the future. We have also been taking the orange pill from local merchants and meeting Bitcoiners from all over the world. All our 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 loss of confidence and a bear market that hit hard. However, we persevere 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 instantly, and locals are becoming more familiar with Bitcoin, making them more receptive to the idea of embracing this new technology.
Merchants like Pedro, the owner of Café del Arte, a small family business that accepts bitcoins, are reaping the benefits of using this technology. As Pedro explained, the act of accommodating credit card payments comes with a cost attached and a slow payment process, while opting for Bitcoin presents an instant, cheaper and more streamlined path with the Lightning Network.
We have seen many similar success stories from other merchants, which is gratifying. At the local school, Centro Educativo Josué, students are learning about Bitcoin, its value, and its ability to solve problems like inflation. On April 12, we will test our students’ Bitcoin knowledge and we are sure they will be well prepared. We invite you to be one of the commoners to test students by contacting Bitcoin Lake on Twitter.
Bitcoin Lake has made great strides in promoting a circular economy with Bitcoin. I encourage anyone interested in supporting adoption and experiencing the beautiful sights, culture, and hospitality of Panajachel to visit us. You will be amazed at the progress we have made, and the merchants will be happy to accept 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.
