Established in 1930, Tooting Market in South London is an iconic indoor market and the UK’s first food market.
It has garnered accolades such as Best Small Indoor Market at the 2017 Great British Market Awards and Tooting is listed among Lonely Planet’s ‘Favorite Lesser-Known Neighborhoods In The World’s Greatest Cities.’
And now it accepts bitcoin payments.
Bitcoin Integration
Local Bitcoin enthusiasts, led by a pseudonymous Bitcoiner known as Hashley Giles, have successfully introduced bitcoin payments at the market.
With support from Bridge 2 Bitcoin (UK-based Bitcoin circular economy builder), eight merchants — including restaurants, bars, and a vinyl record store — started accepting Bitcoin on June 18, 2024.
This event saw participation from notable Bitcoin community members and organizations such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers.
Impact and Future Prospect
This initiative could be a pivotal moment for Bitcoin adoption in the UK.
Local traders appreciate the simplicity and permissionless nature of Lightning payments, which offer a solution to banking challenges faced by cash-based businesses.
Nicholas Gregory, lead at Mercury Layer & Civkit, highlighted the potential impact.
“Local initiatives like this are key for Bitcoin,” explained Gregory. “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.”
Bitcoin Beach Moment for the UK
This could be the UK’s Bitcoin Beach moment, emulating the success seen in El Zonte, El Salvador.
Bitcoin Beach transformed El Zonte into a Bitcoin adoption hub, eventually leading to Bitcoin being recognized as legal tender in El Salvador.
Tooting Market could similarly become a mecca for Bitcoin adoption in the UK, driving broader acceptance and usage of Bitcoin across the country.
Tooting Market stands at the intersection of tradition and modern innovation, exemplifying how local communities can drive the adoption of new technologies like Bitcoin.
This blend of historical charm and cutting-edge finance could set a precedent for markets in other regions.
Source: bitcoinmagazine.com
