Bitcoin crowdfunding is Lightning: El Salvador school program hits 1 BTC in donations

Geyser https://t.co/F4w29zXNYQ— Bitcoin Beach (@Bitcoinbeach) April 27, 2023

The Salvadoran not-for-profit program Mi Primer Bitcoin, or My First Bitcoin, has raised over 1 Bitcoin (BTC) in donations– not from endeavor capitalists and investors however from generous Bitcoin education advocates worldwide.Donations flooded in from nations like Venezuela, Poland and Canada as hundreds of people around the world sent out satoshis (Bitcoins smallest denomination) over the Lightning Network to fund the growth of My First Bitcoins Bitcoin Diploma program. We crowdfunded 1 BTC on @geyserfund in AprilA matching donation from @Bitcoinbeach put us over the top last night– what a way to end the month:) Huge THANK YOU to the 250+ donors who got us hereThis is a motion that we are all part of & & edu is how we will win– Mi Primer Bitcoin (@MyfirstBitcoin_) May 1, 2023

The Salvadoran nonprofit program Mi Primer Bitcoin, or My First Bitcoin, has actually raised over 1 Bitcoin (BTC) in contributions– not from venture capitalists and investors but from generous Bitcoin education advocates worldwide.Donations flooded in from countries like Venezuela, Poland and Canada as hundreds of people worldwide sent out satoshis (Bitcoins tiniest denomination) over the Lightning Network to fund the expansion of My First Bitcoins Bitcoin Diploma program. Cointelegraph reached out to John Dennehy, creator of My First Bitcoin, to comprehend how the crowdfunding campaign reached 1 BTC in less than three weeks. Dennehy described:” Bitcoin crowdfunding is an example of how Bitcoin enables individuals to take control of their own money.” The crowdfunding campaign was boosted by the efforts of Bitcoin Beach, the Bitcoin circular neighborhood in El Zonte on El Salvadors Pacific coast. MetaMick, the creator of Bitcoin crowdfunding platform Geyser– which My First Bitcoin used for its charity event– informed Cointelegraph, “Definitely the biggest instructional task on Geyser ever!

MetaMick, the founder of Bitcoin crowdfunding platform Geyser– which My First Bitcoin utilized for its fundraiser– informed Cointelegraph, “Definitely the greatest instructional job on Geyser ever! Related: El Salvadors My First Bitcoin: How to teach a country about cryptoIndeed, Geyser struck a new record in April, reaching over 2 BTC in contributions: Geyser fundraising levels per month. Publication: What its actually like to utilize Bitcoin in El Salvador.

Other Questions People Ask

What is the significance of Bitcoin crowdfunding for the El Salvador school program that hit 1 BTC in donations?

The Bitcoin crowdfunding initiative for the El Salvador school program, Mi Primer Bitcoin, highlights the power of community-driven support in education. By raising over 1 BTC through donations from individuals worldwide, it demonstrates how Bitcoin can facilitate direct contributions without relying on traditional venture capital. This approach not only empowers local educational initiatives but also fosters a global network of Bitcoin advocates committed to financial literacy.

How did the Lightning Network contribute to the success of the Bitcoin crowdfunding campaign for the El Salvador school program?

The Lightning Network played a crucial role in the success of the Bitcoin crowdfunding campaign for Mi Primer Bitcoin by enabling fast and low-cost transactions. Donors from various countries, including Venezuela, Poland, and Canada, were able to send satoshis quickly and efficiently, which helped accumulate donations rapidly. This technology not only made it easier for supporters to contribute but also showcased the potential of Bitcoin as a tool for global fundraising efforts.

Who were the key contributors to the Bitcoin crowdfunding campaign for the El Salvador school program?

The key contributors to the Bitcoin crowdfunding campaign included over 250 individual donors from around the world who supported Mi Primer Bitcoin's mission. Additionally, a matching donation from Bitcoin Beach significantly boosted the total contributions, helping the campaign surpass its goal of 1 BTC. This collaborative effort illustrates how community involvement can drive educational initiatives and promote Bitcoin adoption.

What lessons can be learned from the Bitcoin crowdfunding success of the El Salvador school program?

The success of the Bitcoin crowdfunding campaign for Mi Primer Bitcoin offers valuable lessons in leveraging cryptocurrency for social good. It emphasizes the importance of community engagement and grassroots support in funding educational projects. Furthermore, it showcases how innovative technologies like the Lightning Network can enhance fundraising efforts, making it easier for individuals to contribute to meaningful causes.

How does Mi Primer Bitcoin plan to use the funds raised through Bitcoin crowdfunding?

Mi Primer Bitcoin plans to utilize the funds raised through Bitcoin crowdfunding to expand its educational programs and provide more resources for teaching Bitcoin literacy. The donations will help develop their Bitcoin Diploma program, which aims to equip students with essential knowledge about cryptocurrency and financial independence. This initiative not only supports local education but also prepares future generations for a digital economy.