Connect with us


CEO shares an early adoption story about selling Bitcoin inside various Taco Bells



Following an earlier endeavor selling Bitcoin (BTC) at a premium on eBay in 2015, Chris Maurice, CEO of African crypto exchange Yellow Card, made a small business selling the asset at multiple Taco Bell locations. Maurice worked with his friend Justin Poiroux on the endeavor. Poiroux, who later co-founded the Yellow Card exchange, first explained Bitcoin to Maurice about two years prior.

“We would post on Craigslist and on LocalBitcoins, and we would say, ‘Hey we have Bitcoin, come meet up with us and give us cash and we’ll give you the Bitcoin,'” Maurice told Cointelegraph in an interview. LocalBitcoins serves as a popular method for selling Bitcoin from person to person, also called over-the-counter, or OTC transactions.

Finding their online posts met with demand, the pair of college entrepreneurs chose Taco Bell as their meetup location for the BTC sales transactions, Maurice said. 

“Every Wednesday at about 7 p.m. you could come to the Taco Bell on Gay Street in Auburn Alabama. You could find Justin and I in the back corner table eating our Doritos Locos Taco 12-pack and you could slap a couple hundred dollars cash on the table and we would scan your QR code and give you Bitcoin.” 

After approximately two weeks of sales, the two visionaries expanded their outfit, recruiting pals from colleges such as Yale and Georgia for the venture. “Within another three weeks, we had seven Taco Bells on the eastern United States where you could walk in and buy Bitcoin,” Maurice said.

“We did that for about two and a half months before deciding we should probably do something less sketchy with our lives,” he said, adding, “That was when we started Yellow Card.” 

Crypto has come a long way since its inception in 2008, gaining further traction with mainstream finance recently, in tandem with a wild 2020 thus far. 

Source link


El Salvador to airdrop $30 in Bitcoin to every adult citizen




The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.