Bitcoin World #2 - Bitcoin Youth Programme in El Salvador with Michael Peterson
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“I think the key for Bitcoin adoption is just getting people in the door. Once they see how well it works, then they are willing to put the effort in.”
SHOW DESCRIPTION
Location: El Salvador
Date: Thursday, 19th December
Project: Bitcoin Beach
Role: Founder
El Salvador is a country gripped by gang violence. It consistently ranks among countries with the highest murder rate per capita and is one of the deadliest countries in the American subcontinent. Gangs are prolific, and unlike other Central and South American countries, the drug route through Central America misses El Salvador, so instead, the gangs here turn to extortion and murder.
Jobs are scarce, and a considerable percentage of men leave the country in search of work, others are pulled into gang life, imprisoned or murdered. The breakup of the family and the difficulty of finding a job makes recruiting new gang members easy, perpetuating the gang culture.
Bitcoin Beach is trying to help. The organisation is building a Bitcoin economy in Punta Mango, a small beach town in El Salvador. Bitcoin Beach offers free Bitcoin classes and pays young people in Bitcoin to do work such as clean the polluted rivers and streets and stay in education. Local businesses are incentivised to accept Bitcoin, creating a local Bitcoin circular economy.
In this interview, I speak to Michael Peterson founder of Bitcoin Beach, to discuss the project, creating a Bitcoin economy, custodial vs non-custodial solutions and the gangs and violence that plague El Salvador.
TIMESTAMPS
00:05:25: Introductions
00:06:38: Michael’s Background
00:10:09: Michael’s initial Bitcoin project
00:12:45: Children that work with Michael
00:18:48: How Michael explains Bitcoin to children
00:21:41: Culture of saving in the community
00:22:33: Uses of Bitcoin and Lightning
00:24:36: Private key management in the third world
00:30:50: Spending Bitcoin in the community
00:36:26: Dealing with volatility
00:38:35: Project challenges
00:42:25: Regulation and government
00:44:24: Project expansion plans
00:46:14: Gang culture in El Salvador
00:53:02: Final comments
00:54:49: Project overview with Michael’s colleague Jorge
00:59:08: Thoughts on Bitcoin
01:03:27: Why Bitcoin is better than dollars for the project
01:05:11: Final comments
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Connect with Bitcoin Beach:
Their Website
