• Bitcoin Lake is a non-profit project in Panajachel, Guatemala that seeks to create a circular economy powered by Bitcoin.
• The project has onboarded more than 60 merchants, of whom 90% are unbanked and solely accept cash and bitcoin.
• The project has seen significant success through initiatives such as the Bitcoin tuk tuk and the Bitcoin boat, as well as the “Mi Primer Bitcoin” course at Centro Educativo Josué.
Overview of Bitcoin Lake
Bitcoin Lake is a non-profit project located in Panajachel, Guatemala that seeks to create a circular economy powered by Bitcoin. By onboarding merchants and providing educational courses on how to use cryptocurrency, this initiative provides an accessible solution for both unbanked and banked individuals. In one year alone, the project has seen great success with over 4,674 transactions made in 2022 and a volume of 7.39 BTC.
The Impact on Merchants
Over 60 merchants have been successfully onboarded by Bitcoin Lake since its launch, 90% of which are unbanked and only accept cash or bitcoin for payment. This initiative has had a tremendous impact on the local community by giving them access to financial services that were previously unavailable. Additionally, businesses owners have expressed their appreciation of the ease with which they can now use cryptocurrency when conducting transactions.
In order to enhance users’ experience with cryptocurrency in Panajachel, several innovative initiatives have been undertaken by Bitcoin Lake including a “Bitcoin Tuk Tuk” (see figure one) and “Peer To Peer” boat (cleverly named “Bitcoin Boat”). These projects help raise awareness about cryptocurrency while also making it easier for users to access digital assets without traditional banking methods or infrastructure.
“Mi Primer Bitcoin” Course
An especially successful endeavor of this organization is its “Mi Primer Bitcoin” course at Centro Educativo Josué—the first school in Guatemala to receive such instruction—in which students gain an exceptional understanding of bitcoin technology. Through this program, children are able to understand money systems better while simultaneously being introduced to cryptoassets like bitcoin.
The progress made within one year from launching this project is inspiring; not only does it offer an accessible solution for those who don’t have access to formal financial services but it also provides innovative ways for users with any level of knowledge about cryptocurrencies can participate in the ecosystem safely and securely. With initiatives like these growing each day, there’s no doubt that blockchain technologies will continue transforming our current economic system for years to come!