{"id":28568,"date":"2023-05-04T06:44:34","date_gmt":"2023-05-04T13:44:34","guid":{"rendered":"https:\/\/coinnetworknews.com\/el-salvador-school-program-hits-1-btc-in-donations\/"},"modified":"2023-05-04T06:44:34","modified_gmt":"2023-05-04T13:44:34","slug":"el-salvador-school-program-hits-1-btc-in-donations","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/el-salvador-school-program-hits-1-btc-in-donations\/","title":{"rendered":"El Salvador school program hits 1 BTC in donations"},"content":{"rendered":"
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There\u2019s a beacon of light in the bear market tunnel. <\/a>The El Salvador nonprofit program, \u201cMy First Bitcoin\u201d (Mi Primer Bitcoin<\/em>), raised over 1 Bitcoin (BTC<\/a>) in donations-not from venture capitalists and investors\u2013but from generous Bitcoin education advocates worldwide.<\/p>\n

Donations flooded in from Venezuelans, Poles and Canadians as 100s of people around the world sent Satoshis (small parts of Bitcoin) over the Lightning Work, to fund the expansion of My First Bitcoin\u2019s Bitcoin Diploma program. <\/p>\n

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We did it! We crowdfunded 1 BTC on @geyserfund<\/a> in April<\/p>\n

A matching donation from @Bitcoinbeach<\/a> put us over the top last night–what a way to end the month \ud83d\ude42<\/p>\n

Huge THANK YOU to the 250+ donors who got us here<\/p>\n

This is a movement that we are all part of & edu is how we will win<\/p>\n

\u2014 Mi Primer Bitcoin (@MyfirstBitcoin_) May 1, 2023<\/a><\/p><\/blockquote>\n

Cointelegraph wrote to John Dennehy, founder of the My First Bitcoin program to understand how the crowdfunding campaign reached 1 BTC in less than three weeks. Dennehy told Cointelegraph, “Bitcoin\u2019s greatest potential is empowering the individual and making it easy to donate value is a big part of that.\u201d <\/p>\n

\u201cBitcoin crowdfunding makes it possible for anyone to participate, which is revolutionary when compared to the existing fiat system that restricts who can participate. This is a way to level the playing field.\u201d<\/p><\/blockquote>\n

As opposed to Paypal or GoFundMe, Bitcoin’s censorship-resistant and self-sovereign properties make it one of the most efficient ways of sending money online<\/a>. Plus, it\u2019s far cheaper. Money is sent over the layer-2 Lightning Network, which costs a fraction of legacy payment services. Dennehy explains:<\/p>\n

\u201cBitcoin crowdfunding is an example of how Bitcoin allows people to take control of their own money.\u201d<\/p><\/blockquote>\n

The crowdfunding campaign was boosted by efforts made by Bitcoin Beach, the Bitcoin circular community in El Zonte, on El Salvador\u2019s Pacific Coast. Bitcoin Beach was the spark that led to Bitcoin being declared legal tender in El Salvador in 2021. On April 27, Bitcoin Beach declared it would match all donations to the project until midnight on April 27:<\/p>\n

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For those of you waiting to donate till #BTC<\/a> goes back to $60k You can effectively do that for the next hour\u2014\u2014-For the next hour we will match your donations to \u2066@MyfirstBitcoin_<\/a>\u2069 so double your giving power Primer Bitcoin 2- 2023 Expansion | Geyser https:\/\/t.co\/F4w29zXNYQ<\/a><\/p>\n

\u2014 Bitcoin Beach (@Bitcoinbeach) April 27, 2023<\/a><\/p><\/blockquote>\n

However, the campaign had begun with lightning fast levels of generosity. Metamick, the founder of Geyser, told Cointelegraph it\u2019s \u201cDefinitely the biggest educational project on Geyser ever! Insane traction in just a day!\u201d Adding that it’s also the third largest crowdfund ever on Geyser after one day. <\/p>\n

Related: <\/em><\/strong>El Salvador\u2019s \u2018My First Bitcoin\u2019: How to teach a nation about crypto<\/em><\/strong><\/a><\/p>\n

Indeed, in April, the Bitcoin crowdfunding platform Geyser hit a new record, reaching over 2 BTC sent in donations:<\/p>\n

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Source:@kerooke Twitter\u00a0<\/em><\/figcaption><\/figure>\n

In all, despite the fact that the Bitcoin price grinds lower\u2013and wipes out traders<\/a>\u2013the Bitcoin community continues to build and educate. Dennehy sums it up: <\/p>\n

\u201cWe are inspired everyday by the support we receive from the Bitcoin community. We couldn\u2019t do what we do without it.\u201d<\/p><\/blockquote>\n

To date, My First Bitcoin has educated 6,000 students in El Salvador. Cointelegraph attended the second graduation ceremony in San Marcos in November 2021<\/a>. <\/p>\n

Magazine: <\/em><\/strong>What it\u2019s actually like to use Bitcoin in El Salvador<\/em><\/strong><\/a><\/p>\n