Confronting the skepticism that Bitcoin is seldom accepted and dismissed as a practical medium of exchange, my colleague Cole and I ventured throughout Vancouver to challenge this myth.
Vancouver Bitcoin scene is thriving. The city is known as a hub of Bitcoin transactions, boasting what is the world’s best circular Bitcoin economy. Cole, who is responsible for business development at Coinos, a user-friendly lightning wallet service, knows the merchants well.
Coinos services over 500 merchants globally, with a significant footprint in Vancouver, where over 80 establishments (according to BTCMaps) are open for Bitcoin business.
On the morning of April 16th, fueled by a determination to showcase Bitcoin’s viability, we embarked on a marathon expedition, beginning with a simple coffee purchase.
Our journey expanded as Diego, a friend and fellow Bitcoin enthusiast, joined us. We collectively visited 23 diverse merchants. Not all participants entered each location, optimizing our time for the substantial driving required to navigate our list of targeted spots.
Our journey was a vibrant tapestry of the local commerce scene, from the aromas of artisanal coffee shops to the bustling kitchens of restaurants, breweries, and food trucks.
We went to corner stores, absorbed the welcoming glow of a local tanning salon, and went to a house of keys. In true Bitcoiner fashion we went to an amazing butcher who had some great cuts we purchased, and Cole even got a haircut at a barbershop.
Our day culminated at Poseidon Restaurant & Bar, a venue that’s close to my heart, as it’s the gathering place for the semi-monthly Bitcoin meetups that I host. There, I joined my friend @astupidmoose, to reflect on a day well spent.
The merchants we met shared a common sentiment: pride in their Bitcoin transactions and a strategy to HODL their earnings. Cole’s pitch promises new clientele for Bitcoin adopters, a claim that was affirmed throughout our day.
Remarkably, two-thirds of the businesses we visited were owned by immigrants, underscoring the universal appeal of Bitcoin, particularly to those from countries with less stable currencies.
I noticed their insights into the flaws of traditional monetary systems often surpassed those of lifelong residents.
Our tally for the day stood at over 30 lightning transactions, conducted in under 12 hours, all without incurring fees, a stark contrast to the approximate 3% fee and multi-day settlement period associated with credit cards.
Bitcoin’s reputation as a store of value is well-founded, yet as we’ve witnessed, it’s already functioning as an effective medium of exchange.
Envious of Vancouver’s Bitcoin ecosystem? The key is community action, the key is YOU.
Whether you’re a business owner, an employee, or an engaged citizen, question the status quo and consider the advantages of accepting bitcoin. Vancouver’s success story is the result of dedicated Bitcoiners shaping the future they envision.
Now, it’s your turn to fortify your community’s Bitcoin network.
