Bitcoin payments are now accepted at the Tooting Market in South London, marking a huge milestone in the adoption of Bitcoin in the UK. Several merchants at the market started accepting Bitcoin transactions at the iconic indoor marketplace.
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Merchants at the market started accepting Bitcoin transactions on June 18. The eight merchants including bars, restaurants, and a vinyl record store started accepting crypto payments with support from Bridge 2 Bitcoin.
Enthusiasts integrate Bitcoin into Tooting Market
Led by Hashley Giles, a bitcoin enthusiast successfully integrated bitcoin transactions into the almost century-old market, with support from Bridge 2 Bitcoin. Bitcoin community members and organizations including CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin core developers, Pleb Underground, and Lightning Network developers participated in the event.
With this latest development, Tooting Market could easily transform into a Bitcoin adoption hub for the UK, just like El Zonte in El Salvador.
It has also been described as a perfect example of how local communities accelerate the adoption and acceptance of new technologies like Bitcoin, setting a precedent for other markets.
Bitcoin now accepted at South London's Tooting Market! Eight merchants at this historic market now let customers pay with BTC, blending tradition and innovation. #Bitcoin #BTC #TootingMarket #Adoption
— Ox HaK (@oxhak) June 19, 2024
The move could drive broader adoption of Bitcoin across the country
Nicholas Gregory, lead at Mercury Layer & Civkit highlighted the potential this development has on the adoption of Bitcoin in the country and region as merchants at the market have already started accepting Bitcoin payments.
“Local initiatives like this are good for Bitcoin,” explained Gregory. He added that:
“The more traders accept Bitcoin, the more we can push the state to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency perspective.”
Tooting Market was established in 1930, becoming UK’s first food market. The market has received several awards such as the Best Small Indoor Market in 2017 at the Great British Market Awards.
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It has also been featured in Lonely Planet’s “Favorite Lesser-Known Neighborhoods in the World’s Greatest Cities.”
The latest initiative could signal a significant milestone in the UK’s bitcoin adoption as local traders appreciate the simplicity “and permissionless nature of Lightning payments as a solution to banking challenges faced by cash-based businesses.”
Cryptopolitan reporting by Enacy Mapakame