Bitcoin Ekasi: The Township One Year Later

It didnt take long to recognize that, whatever this thing was, if what was written in that magazine were real, those individuals would not have had their cash arbitrarily taken if their cash had been in self-custodied bitcoin rather than a Cypriot bank.After having purchased a little bitcoin near the top in 2013 and doing my research when the price crashed, we began accepting bitcoin payments from surf-trip clients in mid-2015. I continued to inform Luthando about all things Bitcoin and he would go into the area, spend his bitcoin salary buying groceries at Kwallos and speak to other shop owners, demonstrating and explaining the practical benefits of Bitcoin.Kwallos Shop, Nosihle and Luthando – January 2022It took about 3 months to onboard the 2nd and 3rd shop owners and, in the interim, we started paying bitcoin incomes to our 3 junior coaches who assisted Luthando in running The Surfer Kids program. The meme “Bitcoin repairs this” suddenly became genuine, as I saw it affecting seemingly unrelated social problems in favorable ways.And the more I experienced this, the more determined I became to drive this task forward as far as possible– because its one thing to think that Bitcoin can alter the world, however to see it and experience it right in front of me, that really lit the orange fire inside of me.It was around that time when some momentum began constructing, both on the ground and on our Bitcoin Twitter profile, that Michael Peterson contacted me and provided the support of Bitcoin Beach.

Their eventual success later on that afternoon (when they bought 2 cool beverages with sats sent over the Lightning Network) could be called the moment Bitcoin Ekasi was born.Above: Aug. 5, 2021– Bitcoin Ekasi is born.But the seeds that grew the task were sown long previously. It didnt take long to recognize that, whatever this thing was, if what was written in that publication were true, those individuals would not have had their money arbitrarily seized if their cash had been in self-custodied bitcoin rather than a Cypriot bank.After having actually purchased a little bitcoin near the top in 2013 and doing my research when the cost crashed, we started accepting bitcoin payments from surf-trip customers in mid-2015. I continued to inform Luthando about all things Bitcoin and he would go into the area, spend his bitcoin salary buying groceries at Kwallos and speak to other store owners, demonstrating and explaining the useful benefits of Bitcoin.Kwallos Shop, Nosihle and Luthando – January 2022It took about three months to onboard the second and third shop owners and, in the interim, we started paying bitcoin wages to our three junior coaches who assisted Luthando in running The Surfer Kids program. Bitcoin put him in the position where he could decide what– and when– he would contribute to the household.Above – The Surfer Kids Junior Coach – LukhangeleThese sorts of experiences and practical usage cases energized me since for the very first time I personally saw a really real-world effect of what bitcoin could do in someone elses life. The meme “Bitcoin repairs this” unexpectedly became real, as I saw it impacting relatively unrelated social problems in positive ways.And the more I experienced this, the more inspired I became to drive this project forward as far as possible– because its one thing to think that Bitcoin can change the world, however to see it and experience it right in front of me, that really lit the orange fire inside of me.It was around that time when some momentum began constructing, both on the ground and on our Bitcoin Twitter profile, that Michael Peterson contacted me and provided the support of Bitcoin Beach.

Other Questions People Ask

What impact has Bitcoin Ekasi had on local businesses one year later?

One year after its inception, Bitcoin Ekasi has significantly transformed local businesses by enabling shop owners to accept Bitcoin payments. This shift has not only increased customer engagement but also provided a more secure and efficient way for transactions. As shop owners like those at Kwallos have embraced Bitcoin, they have witnessed firsthand the practical benefits, including reduced transaction fees and increased sales from tech-savvy customers.

How has Bitcoin Ekasi influenced the community's financial literacy over the past year?

Bitcoin Ekasi has played a crucial role in enhancing the community's financial literacy by providing hands-on experiences with cryptocurrency. Through initiatives like paying junior coaches in Bitcoin, community members have learned about self-custody and the advantages of digital currency. This educational approach has empowered individuals to make informed financial decisions and understand the broader implications of using Bitcoin in their daily lives.

What challenges did Bitcoin Ekasi face in its first year of operation?

In its first year, Bitcoin Ekasi encountered challenges such as onboarding local businesses and overcoming skepticism about cryptocurrency. Initially, it took time to convince shop owners of the benefits of accepting Bitcoin, requiring persistent education and demonstrations. However, as success stories emerged, momentum built, leading to increased acceptance and enthusiasm within the community.

How did the support from Bitcoin Beach contribute to Bitcoin Ekasi's growth?

The support from Bitcoin Beach was instrumental in accelerating Bitcoin Ekasi's growth by providing resources and a proven framework for success. This collaboration helped establish credibility and encouraged local participation in the Bitcoin ecosystem. The moment when community members successfully made transactions using the Lightning Network marked a pivotal point, showcasing the potential of Bitcoin in everyday life.

What are the future prospects for Bitcoin Ekasi as it moves into its second year?

As Bitcoin Ekasi enters its second year, the prospects look promising with plans to expand educational initiatives and increase merchant participation. The foundation laid in the first year has created a strong community that is eager to explore further applications of Bitcoin. With continued support and engagement, Bitcoin Ekasi aims to become a model for other townships looking to harness the power of cryptocurrency for economic empowerment.