• Bitcoin Lake is a non-profit project in Panajachel, Guatemala that seeks to create a circular economy powered by Bitcoin.
• The project has successfully onboarded over 60 merchants, 90% of whom are unbanked and only accept cash or bitcoin.
• The success of the project has been demonstrated through the data collected, with 4674 transactions made and 7.39 BTC volume in 2022.
The Emergence of Bitcoin
Bitcoin is a disruptive technology that has revolutionized the financial industry. My work at Bitcoin-friendly companies gave me insight into the many ways this technology is transforming our lives. Seeing its potential, I decided to join the non-profit project, Bitcoin Lake, located in Panajachel, Guatemala.
Creating a Circular Economy
The goal of Bitcoin Lake is to create a circular economy run entirely on Bitcoin. This initiative brings new possibilities for both banked and unbanked merchants alike – approximately 60% of adults in Guatemala don’t have access to formal financial services. Through this project, more than 60 merchants have been onboarded so far; 90% are unbanked but accept cash or bitcoin as payment methods.
The progress of this project has been remarkable over a short period of time. To assess its success further, data was collected throughout the year which showed 4674 transactions were made and 7.39 BTC volume achieved in 2022 (see figures two and three). Furthermore, education projects such as “Mi Primer Bitcoin” courses have been implemented at local schools with great success – students gained an understanding of how money works and what possibilities cryptocurrency can bring them in the future.
To continue enhancing experience for users here, new initiatives have been taken such as the ‘Bitcoin tuk tuk’ (a common vehicle in Panajachel) and ‘Bitcoin boat’ cleverly named “Peer To Peer”. My first month volunteering with Bitcoin Lake has allowed me to witness first hand just how successful it is becoming – business owners are amazed by this cryptocurrency’s ease of use!
The progress made by Bitcoin Lake serves as an inspiration to all those interested or invested in cryptocurrency – it demonstrates how powerful digital currency can be when used properly! During my time here I’ve seen firsthand how successful this venture has become and am excited to see what other projects may come out of this initiative!