Bitcoin’s circular economy is booming in Africa. They use cryptocurrencies to instill optimism in their community.
South Africa has fallen into economic stagnation for so many years that much of its population has lost hope; although some communities are changing their minds on bitcoin (BTC). They take the first cryptocurrency as a basis to develop economy projects parallel to the traditional financial system.
The Citadel or circular economy, Bitcoin Ekasi and Bitcoin Ubuntu, growing in the Western Cape province of South Africa, has been shaped by similar initiatives emerging in Latin America. This is the case of Bitcoin Beach in El Salvador and Bitcoin Beach in Brazil, which are examples of hyperbitcoinization gaining momentum, separating their economies from fiat money.
Essentially, these bitcoin bastions use the cryptocurrency as a peer-to-peer monetary system and as a “useful financial tool to empower the most insecure and vulnerable in our community.” Therefore, they sought to accelerate the adoption of digital currency by promoting education and financial inclusion.
Under this premise, Bitcoin Ekasi operates as a donation-based organization through which it supports a local government program aimed at helping the most disadvantaged children. Surf coaches, children, businesses and the general public will learn about the benefits of creating a circular economy based solely on Bitcoin. Nowadays, many people know that BTC can be paid even without a bank account. As adoption grows, more merchants are accepting payments from the cryptocurrency pioneer.
Bitcoin boosts economic optimism in South African strongholds
In the underdeveloped economy of western South Africa, where unemployment is rampant and inflation is a constant threat to savings, many dreams are often out of reach. In fact, for some children and teenagers, wanting to practice a sport like skateboarding or surfing may just be an illusion.
However, Bitcoin Ekasi has found a formula to convey a positive message to locals by proving that BTC can achieve its goals. Thanks to the support they received from companies and organizations, they were able to build a skateboard.
The facility is ready for training, but “kids aren’t skating because they don’t have skis, protective gear, or even proper shoes,” the Ekasi Bitcoin team noted on Twitter. For this reason, they approach anyone who wants to work with them to purchase the necessary skate kits in their area.
The pioneering cryptocurrency is also fueling optimism in Ubuntu’s Bitcoin stronghold, located in the same Western Cape province in South Africa. There, the cryptocurrency-focused organization announced its decision to offer support to the small Swellendam Spurs team.
Non-profit football project Swellendam Spurs has been running a youth education program since 2018, run entirely by community volunteers to help disadvantaged children in their community.
Vanci, M. (2023). Bitcoin helps the sports development of citadels inspired by Latin America. CriptoNoticias – Bitcoin, Ethereum And Cryptocurrency News. https://www.criptonoticias.com/comunidad/adopcion/bitcoin-ayuda-desarrollo-deportivo-ciudadelas-inspiradas-america-latina/