Mi Primer Bitcoin, a nonprofit program in El Salvador, has gathered more than 1 Bitcoin in donations. However, these donations haven’t come from venture capitalists or investors, but rather from altruistic supporters of Bitcoin education across the globe, facilitated through the lightning network.
Numerous donations poured in from various countries, including Venezuela, Poland, and Canada. Hundreds of people globally contributed satoshis via the Lightning network to support the growth of My First Bitcoin’s Bitcoin Diploma initiative.
The swift attainment of 1 BTC within just three weeks through the crowdfunding campaign is made possible thanks to bitcoin and the Lightning network. Bitcoin’s ability to enable individuals and facilitate seamless value donations is a contributing factor. The power of Bitcoin crowdfunding lies in its inclusivity, since anyone can participate, in contrast to the limitations imposed by the traditional fiat system. Consequently, this feature has the potential to promote greater equality of opportunity for everyone.
As opposed to payment platforms such as PayPal or GoFundMe, Bitcoin offers a censorship-resistant and self-sovereign system, making it highly effective for online money transfers. Additionally, Bitcoin transactions are considerably less expensive, thanks to its use of the Lightning network, a layer-2 protocol that incurs significantly lower costs than traditional payment services.
Bitcoin Beach, a Bitcoin-focused community located in El Zonte on the Pacific coast of El Salvador, played a crucial role in the success of the crowdfunding campaign. The community’s efforts were instrumental in the country’s adoption of Bitcoin as legal tender in 2021. To further boost the fundraising initiative, Bitcoin Beach pledged to match all donations made to the project until midnight on April 27.
Mi Primer Bitcoin reports a significant expansion in its program, stating, “We’ve already taught over 10,000 students this year — which is 25x what we did last year. We expect to do AT LEAST another 25x next year, which would be 250,000+ students.”