Expert Advice on Setting Up Bitcoin Circular Economies
Several circular-based Bitcoin community projects and economies are springing up in different geographical locations. The leaders and teams responsible for each project are Bitcoin community builders. Sign up now to get started trading Bitcoin if you are interested in it.
Cointelegraph approached them, requesting them to shed some light on this growing, global phenomenon. The people involved are Bitcoiners, who are focused on their tasks. The outcomes have always been successful thus far. Therefore, they are enthusiastic experts who can offer valuable advice regarding starting up a Bitcoin circular economy.
It is necessary to conduct personal interviews for such advice.
What is a Bitcoin Circular Economy?
It simply refers to a Bitcoin ecosystem or a peer-to-peer electronic cash system. In other words, the system is the economy. Here, partners belonging to the Bitcoin network engage in trading with one another. They may have earned their coins. Alternatively, they may have received the coins via donations.
The term, circular, does not convey anything useful/valuable. However, it serves well to define a Bitcoin economy and its trading habits. It does not touch upon a description of all the transactions going on in the P2P network.
Surprisingly, the scale of the Bitcoin circular economy is small. The minimum number of participants could be a mere threesome. They consist of a system and a network. The maximum number could be anything.
The economy cannot compare with the size of a state in a nation. Therefore, it cannot replace an economy that is dependent upon a Central Bank. Thus, a Bitcoin circular economy is akin to the fiat financial system.
The Bitcoin Beach Project at El Zonte
Mike Peterson is the leader/pioneer of a Bitcoin community project. This project was the Bitcoin Beach Project. The location for the venture carries the label of a sleepy surf town. The town is El Zonte in El Salvador. The circular community awakened the entire nation. Ultimately, El Salvador agreed to recognize BTC as a legal tender in 2021.
According to Peterson, the magic lay in utilizing the Bitcoin Lightning Network. It helps people to undertake transactions, thereby leading to the setting up of a circular economy. The BTC Lightning Network is a layer-2 payment solution. It is set up on top of the Bitcoin platform. It permits people to go for Lightning-enabled Bitcoin wallets. The most popular wallet, thus far, has been El Chivo. Other wallets include Muun Wallet, Blue Wallet, etc.
The first transaction must go through smoothly and rapidly. Then, the individual can appreciate the value that has been transferred from one person to another. There is also an appreciation of the less time taken (just seconds) for a single transaction and the low fees.
The Bitcoin Ekasi Project
Hermann Vivier is its founder. The project took off in the Western Cape, South Africa. According to him, it was important to have the courage to make a start. However, it was equally important to ensure that the project had the backing of a pre-existing community.
To illustrate, Bitcoin Ekasi had the support of something that was already in existence. Therefore, all that the team had to do was to set up a Bitcoin community on top of it.
Initiated as a township project, Bitcoin Ekasi assists in keeping school children away from joining street gangs. Furthermore, they are encouraged to learn surfing and lifeguarding skills. They use the Atlantic Ocean in South Africa for this purpose.
The project also owes its success to simplicity. To Vivier, BTC is the ultimate in digital currencies. It is safe, trustworthy, and easy to handle. Therefore, he has taken it upon himself to teach children everything about Bitcoin.
Advice from Other Experts
The Bitcoin Senegal project owes its origin to Nourou. He believes that extensive knowledge, and the capacity to clear people’s doubts, are the keys to acquiring success. He also advises interacting with family members in alignment with regional cultural practices, the environment, and business practices in that area.
Iman Yudha, a Bitcoin enthusiast from Indonesia, agrees with Nourou, about self-education. Similarly, Lukas, the co-founder of Global Bitcoin Fest, urges the Bitcoin community to focus on connecting with people. He is famous for holding marathon Twitter Spaces across the globe, too.