July 17, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Bitcoin now accepted at South London's Tooting market

Established in 1930, Tooting Market In south London there is an iconic indoor market and the UK's first food market.

He has earned accolades such as Best small indoor market at the Great British Market Awards 2017 and Tooting is among Lonely Planet's 'Favorite Lesser-Known Neighborhoods in the World's Biggest Cities.''

And now it accepts payments with bitcoins.

Bitcoin integration

Local Bitcoin enthusiasts, led by a pseudonymous Bitcoiner known as Hashley Gileshave successfully introduced bitcoin payments to the market.

With the support of Bridge 2 Bitcoin (UK-based Bitcoin circular economy builder), eight merchants, including restaurants, bars, and a vinyl record store, began accepting Bitcoin on June 18, 2024.

This event featured notable members of the Bitcoin community and organizations such as Trading Block, Mercury Layer, CoinShares, civil kitBitcoin Core developers, underground plebsand Lightning Network developers.

Some Tooting Market restaurants and bars now accept bitcoins.

Impact and future perspective

This initiative could be a pivotal moment for Bitcoin adoption in the UK.

Local merchants appreciate the simplicity and permissionless nature of Lightning payments, which offer a solution to the banking challenges faced by cash-based businesses.

Nicholas Gregory, leader of Mercury Layer & Civkit, highlighted the potential impact.

“Local initiatives like this are key for Bitcoin,” Gregory explained. “The more merchants accept Bitcoin, the more we can pressure the State to recognize it as a legitimate form of payment, facilitating its use from a tax efficiency perspective.”

Certain Tooting Market merchants now accept bitcoins.

Bitcoin Beach Moment for the UK

This could be the UK's Bitcoin Beach moment, emulating the success seen in El Zonte, El Salvador.

Bitcoin Beach transformed El Zonte into a Bitcoin adoption center, eventually leading to Bitcoin being recognized as legal tender in El Salvador.

Similarly, Tooting Market could become a mecca for Bitcoin adoption in the UK, driving greater acceptance and use of Bitcoin across the country.

Tooting Market sits at the intersection of tradition and modern innovation, and exemplifies how local communities can drive the adoption of new technologies like Bitcoin.

This combination of historic charm and cutting-edge finance could set a precedent for markets in other regions.

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