A Growing Trend
Since El Salvador adopted Bitcoin as legal tender, locations around the globe have become increasingly open to receiving Bitcoin and other Cryptocurrencies as payment for goods and services. In many other instances, it’s often an isolated store, tavern, or restaurant. However, in , located in the Western Cape of South Africa, Bitcoin Lightning transactions are a part of everyday life.
Bitcoin Witsand is a community-driven initiative that has grown significantly over the past few years. It’s important to note that Witsand is a small town along the coastline of the Western Cape and is home to approximately 500 people. The majority of the community is behind the initiative and supports the idea. To my knowledge, the last known count was 28 small businesses providing Lightning services.
In a town of 500 people, 28 stores are practically the entire town. Readers unfamiliar with small towns are likely unable to appreciate the significance of this particular statistic. Some further research revealed that neighboring towns have begun adopting Bitcoin in a somewhat reserved, yet growing capacity. When you think of it, small-town initiatives make for the perfect experiment.
Abandoning The Financial Grid
Many Witsand locals choose to live entirely on a Bitcoin standard, in favor of their local currency, the Rand. The Rand once stronger than the USD currently trades at 19 ZAR TO 1 USD. Bitcoin is a way to protect one’s capital over the long term, while simultaneously providing everyday transactional functionality. Some time ago, I published an article addressing nationwide Bitcoin adoption via one of the country’s leading supermarkets.
Pick n Pay has 1500 outlets across the country facilitating Lightning transactions. This enables South Africans to purchase groceries and many other everyday utilities. Momint, a South African-based startup has also since added Crypto payments incorporating approximately 10K stores, including Woolworths and Dischem. This is how adoption begins. However, it would be an idea to gain access to some recent data regarding transaction throughput.
It’s one thing to offer a service and another for consumers to utilize it. This is perhaps an idea for a future article. That being said, Bitcoin Witsand is most definitely taking advantage of the Bitcoin protocol. For one, they are implementing Lightning transactions independently and are not reliant upon larger brands shifting to, or enabling Crypto payments. This is a movement worth monitoring.
Many South Africans have been forced to leave the grid regarding their power supply. This is primarily due to ongoing rolling blackouts and loadshedding. Going off the financial grid appears to be the next trend to catch on. Adoption, regarding actual usage amongst larger entities and corporations, might require time. However, initiatives like Bitcoin Witsand are likely to experience increasing adoption.
Final Thoughts
Anyone looking for a quiet coastal holiday break might consider Witsand, especially since it can be a Bitcoin experiment simultaneously. Load up your Lightning wallet and give this Bitcoin economy a test run. I am watching Witsand’s progress, especially regarding how it fairs in a bear market. Given the appropriate education and implementation, a bear market should not be as trying as many may think.
It’s all about effective capital rotation and reloading. Anyway, that’s for another time. Enjoy the week ahead and I will see you in the next one! All the best!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto
- Earn yield on your BTC, ETH & stablecoins - https://shorturl.at/uyLT0
- Tokenized real estate / $20 Voucher - https://shorturl.at/joEN5
- Purchase R500 Crypto = Free R200 BTC - https://shorturl.at/dmyC9
- Earn free ETH & OP reading & creating - https://shorturl.at/JPW58
- Earn HIVE & HE tokens reading/creating - https://shorturl.at/fBHPX
- Earn free SLCL (SPL) reading/creating - https://shorturl.at/quvP3
- Trade & buy altcoins & micro-caps - https://shorturl.at/atuMS
- Trade Crypto assets & futures - https://shorturl.at/uwSY3
- Earn passive income - https://shorturl.at/gxCIP
- Earn passive BTC - https://shorturl.at/fgEK2
- Free BTC every hour - https://shorturl.at/beinD
- Free BTC & DOGE - https://shorturl.at/dfiK1
- More passive BTC - https://shorturl.at/ahjI1
- Trade & buy altcoin gems - https://shorturl.at/yDENP
