The South African town embracing Bitcoin
“Bitcoin Witsand” is changing the game in South Africa. Here’s what we know…
In the picturesque coastal town of Witsand, Western Cape, a financial revolution is underway.
Spearheaded by resident and programmer Edwin Jones, the "Bitcoin Witsand" movement has transformed this small town into a hub for cryptocurrency adoption in South Africa.
Today, an impressive 45 establishments in Witsand accept Bitcoin, making it a beacon for crypto enthusiasts and businesses alike.
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Jones' initiative began with a slow but steady growth, with only three merchants agreeing to accept Bitcoin in the first three years.
However, 2023 saw a significant surge in adoption, with around 28 merchants joining the Bitcoin Witsand network.
This rapid growth can be attributed to the town's businesses driving the movement, with Jones downplaying his role in its creation.
"Bitcoin Witsand existed long before we gave it a name," he said in an interview.
According to My Broadband, one of the significant concerns for businesses considering Bitcoin adoption was the volatility of the cryptocurrency and the need for conversion to fiat currency.
To address this, Bitcoin Witsand introduced initiatives such as small Bitcoin-based loans to local businesses and a guaranteed exchange rate for swapping Bitcoins for rands.
These efforts have helped alleviate fears and encouraged more businesses to join the network.
With its innovative approach and community-driven initiative, Bitcoin Witsand is poised to inspire other towns in South Africa and beyond to adopt cryptocurrency.
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The current Bitcoin price stands at $94,873.32 (approximately R1,760,455.09).
As
the cryptocurrency market fluctuates, Witsand's Bitcoin Witsand remains
committed to promoting the use of Bitcoin in everyday transactions.
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