The Bitcoin bear market has led to a substantial increase in funding for the non-profit program My First Bitcoin, which raised over 1 Bitcoin (BTC) in donations from Bitcoin education advocates worldwide. The program is designed to educate individuals in El Salvador about the benefits of Bitcoin, and the funding received will be used to expand its Bitcoin Diploma program. The crowdfunding campaign was conducted over lightning-fast levels of generosity with hundreds of people around the world sending Satoshis to fund the charity, rather than venture capitalists and investors who usually provide funding.
Since its inception, My First Bitcoin has educated over 6,000 students in El Salvador, and Bitcoin Beach was responsible for ensuring Bitcoin was declared legal tender in the country, which occurred in 2021. The Bitcoin circular community located at El Zonte on the country’s Pacific Coast matched all donations made to the charity until the end of April, further boosting donations to the organization.
The crowdfunding campaign’s success was credited to Bitcoin’s censorship-resistant and self-sovereign properties, which make it one of the most efficient ways of sending money online, according to John Dennehy, the founder of the My First Bitcoin programme. Unlike Paypal or GoFundMe, Bitcoin allows anyone to participate, thereby revolutionizing the traditional fiat system which restricts participation to certain individuals. It is also far cheaper as money is sent over the layer-2 Lightning Network, which costs a fraction of legacy payment services.
Furthermore, Dennehy stated that Bitcoin crowdfunding is an example of how individuals can take control of their own finances. Despite the falling Bitcoin prices, the crowdfunding has helped build and educate the Bitcoin community. Metamick, the founder of Geyser, called the crowdfunding effort the biggest educational project on Geyser ever, with insane traction in just a day. In April, Geyser reached over 2 BTC sent in donations, which was also a new record for the Bitcoin crowdfunding platform.
Dennehy praised the Bitcoin community for its continued support, stating that “we are inspired every day by the support we receive from the Bitcoin community. We couldn’t do what we do without it.” The organization’s long-term goal is to promote cryptocurrency adoption in El Salvador by educating and training individuals on the benefits of Bitcoin.
Cointelegraph attended the second graduation ceremony of My First Bitcoin’s program in San Marcos, El Salvador, in November 2021. The successful crowdfunding campaign shows the immense potential of Bitcoin to empower individuals and organizations, regardless of whether the market is in a bear or bull state. Bitcoin crowdfunding is an example of how Bitcoin allows people to take control of their own finances and participate in a new financial world that is censorship-resistant, self-sovereign and inclusive.