• Bitcoin communities are growing in the south of Portugal, with initiatives such as meetups, study groups and workshops.
• Captain Sidd’s article “Homesteader Conversations” highlighted the Monchique market where people trade goods peer-to-peer.
• Holly Young suggested using bitcoin at the market and opened a Telegram group to educate merchants on how to use it.
Rise of Bitcoin Communities in Portugal
Holly Young, a Portuguese resident who operates the Bitcoin Tribe Algarve meetup, has noticed an increase in Bitcoin communities in the south of Portugal. Initiatives such as meetups, study groups and workshops have been established to strengthen and grow these communities.
The Monchique Market
Captain Sidd’s recent article “Homesteader Conversations: Feeding Your Family And Building A Bitcoin Community In Southern Portugal,” highlights the Monchique market which is a marketplace where people can trade goods peer-to-peer. During COVID-19 lock downs when there were restrictions on gathering places, this market sprang up as an act of freedom for merchants and shoppers alike. The commodities available include edible products such as honey, mushrooms, tinctures and eggs but also clothes, handmade jewelry and biochar stoves amongst other items. Transactions here are usually under 20 euros so cash is king here.
Holly Young saw an opportunity for bitcoin to be used at this market due its suitability for small transactions with its Lightning Network payment layer. She started a Telegram group to educate merchants on how to make and accept Lightning payments for their goods and services sold in the market or by small businesses free of charge.
Advantages of Using Bitcoin
Bitcoin offers several advantages over cash payments including eliminating transaction fees, providing more security through encryption technologies and enabling fast global transfers without relying on third parties like banks or governments that control currencies internationally. Additionally merchant’s profits could be stored securely since bitcoin values tend to rise over time due its limited supply thus providing them with long term benefits which wouldn’t be possible with traditional currencies .
In conclusion it is clear that bitcoin provides many advantages over traditional payment methods which makes it particularly suited for local markets like Monchique where most transactions are small amounts . Through educational initiatives such as Holly Young’s Telegram group , merchants can become informed about these benefits thus increasing their chances of success .