Colombian entrepreneur José Luis Garcia is on a mission to infuse the love of Bitcoin into fellow coffee aficionados, one bean at a time. The fledgling CEO of Lightning Koffee, a startup that deals exclusively in cryptocurrencies, seeks not only to provide a quality cup of Joe but also to promote the adoption of Bitcoin and its more stable value compared to the unpredictable Colombian peso.
Garcia, a self-proclaimed Bitcoin maximalist, accepts a range of cryptocurrencies for payment but is quick to convert these to BTC due to his conviction in its value. Apart from cryptos, he plans to incorporate conventional payment methods into his business but hints at the possible discontinuation of non-Bitcoin cryptocurrencies.
Despite enthusiastically contributing to the Bitcoin circular economy, Lightning Koffee’s Bitcoin-only insistence could limit its consumer base. As per Bram Kumuly, an independent Lightning developer, Medellin’s crypto culture is intertwined with nonfungible tokens (NFTs) and blockchain, values that do not necessarily align with Bitcoin maximalists.
Furthermore, Kumuly observes that the mass adoption of Bitcoin within Colombia remains challenged by a lack of understanding surrounding its functionalities and potential to provide a financial solution to a weakened peso. This, coupled with Bitcoin’s historically volatile price, can discourage potential traders and businesses from adopting the digital currency.
Interestingly, the number of establishments accepting Bitcoin as a form of payment within Colombia is comparatively lower than that of El Salvador, a country renowned for its Bitcoin-positive legal environment. This could, however, change with the entrance of “local Bitcoin-only tech companies who build Bitcoin products”, according to Kumuly.
Intriguingly, the article expresses a sense of optimism despite the highlighted downsides of the adoption of Bitcoin. As more Bitcoin enthusiasts emerge in Medellin every month, it’s clear that this South American city is rapidly becoming a hub for crypto innovation and adoption. Undeniably, it’s a city to watch as the future of Bitcoin continues to evolve and make inroads into the global economy. In the grand scheme of things, it remains to be seen how coffee and Bitcoin will mingle in the hands of Garcia and his ilk, and whether this unusual combination will brew a revolution or just a daily cup of Colombian flavors.
Source: Cointelegraph
