Entrepreneur in Medellín Launches Bitcoin-Focused Coffee Brand to Promote Adoption
Summary:
José Luis Garcia, an entrepreneur in Medellín, Colombia, has launched Lightning Koffee, a coffee brand aimed at promoting Bitcoin adoption. The coffee beans known as "The Bitcoiners Coffee" are locally sourced and have a sweet aftertaste. Garcia hopes that by showcasing Bitcoin through his brand, other businesses will follow suit. Despite not accepting fiat, Lightning Koffee accepts various cryptocurrencies, with a focus on Bitcoin. Garcia plans to integrate fiat payments in the future. This initiative aligns with other Medellín businesses combining crypto and consumables to create a Bitcoin circular economy.
A coffee enthusiast and entrepreneur named José Luis Garcia is making waves in Medellín, the birthplace of Colombia's coffee industry, with his start-up Lightning Koffee. Garcia aims to not only create a great cup of coffee but also spread awareness about Bitcoin. He sources and processes his coffee beans locally, resulting in a sweet aftertaste that he calls "The Bitcoiners Coffee." His goal is to use his Colombian coffee brand as a way for locals to reduce their reliance on the unpredictable Colombian peso and embrace Bitcoin. Garcia believes this will contribute to the Bitcoin circular economy, where goods and services are traded exclusively in Bitcoin.
Currently, Lightning Koffee does not accept traditional fiat currency, but it does accept other cryptocurrencies besides Bitcoin. However, Garcia is a self-proclaimed Bitcoin maximalist and promptly converts any other tokens he receives into Bitcoin. He plans to start accepting fiat payments through Mastercard and Visa in the near future and will then stop accepting cryptocurrencies that are not Bitcoin.
Lightning Koffee is joining other businesses in Medellín that are merging crypto and consumables. Mind Cafe, also known as "Crypto Cafe," was one of the first restaurants in Medellín to focus on cryptocurrencies. In addition to accepting Bitcoin and Lightning payments, the cafe offers customers a metaverse-themed environment where they can create avatars and purchase coffee or traditional Colombian food with Bitcoin.
Garcia is part of a group of local Bitcoin enthusiasts working together to promote Bitcoin's circular economy in Medellín, and more individuals are joining their efforts every month. They organize meetups and engage with the Bitcoin community in the city.
Bram Kumuly, an independent Lightning developer who previously lived in Medellín, has noticed a new energy among the Bitcoin community during his recent visit to the city. He believes that Bitcoin's presence in Medellín will endure in the long run. However, Kumuly acknowledges that Medellín also has a broader crypto, nonfungible token (NFT), and blockchain culture that may not align entirely with traditional Bitcoin enthusiasts.
Despite these efforts, convincing everyone in Medellín of Bitcoin's benefits has been challenging. Kumuly attributes this to a lack of understanding among Colombians regarding money, the challenges they face with the Colombian peso, and the alternative solutions offered by Bitcoin. Many Colombians still view Bitcoin as a means of trading and getting rich quickly rather than a financial tool that can empower individuals and reduce reliance on politicians.
This knowledge gap is reflected in the limited growth of Bitcoin's circular economy in Medellín, which is primarily confined to Bitcoin enthusiasts. While there are some businesses accepting Bitcoin, the number remains relatively low, and there hasn't been significant expansion in this regard. In contrast, El Salvador leads the region in Bitcoin-friendly establishments, with 451 stores accepting Bitcoin compared to Colombia's 106, according to BTC Map. The majority of Bitcoin spending in Medellín comes from digital nomads and foreigners, while local businesses are hesitant to accept Bitcoin due to its price volatility.
However, there are signs of progress on the technical side of Bitcoin and Lightning development in Medellín. This progress could potentially lead to increased Bitcoin spending in the area. Kumuly suggests that local Bitcoin enthusiasts should continue building on the Bitcoin culture and focus on creating Bitcoin-only tech companies that develop products specifically for the people and merchants of Medellín.
Published At
9/6/2023 3:47:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.