National TV Exposure: “60 More Minutes” About Bitcoin Beach Wallet

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As it turns out, the “60 Minutes” report on Bitcoin Beach that we recently covered had a hidden segment. The title is “The technology behind the Bitcoin Beach Walletand the 60 Minutes website describes it as “A small town in El Salvador is fostering a bitcoin economy, in part because the technology meets local needs.” Of course, Bitcoinist has already put Spotlight on the Bitcoin Beach Wallet himself. In this report, we said:

“The Bitcoin Beach Wallet has unique features that meet El Zonte’s specific needs. The people of Galoy describe it as follows:
“Bitcoin Beach Wallet is an open-source bitcoin community banking solution. One that was designed to meet the needs of merchants and members of the community of El Zonte. It uses a multisig shared custody model that provides an alternative to the standard non-custodial and custody solutions that are most widely available today.

However, the “60 Minutes” report contains new details and stories that were not present in ours. Let’s see what the legendary TV show and its host Sharyn Alfonsi unearthed.

What can “60 minutes” tell us about the Bitcoin Beach Wallet?

This time around, the interviewees are Bitcoin Beach founder Mike Peterson and tech entrepreneur Chris Hunter, one of Galoy’s co-founders. The company that built the Bitcoin Beach Wallet was crucial to the success of the project, and through the “60 Minutes” report, we learn why. First, they were working pro bono. Second, according to Hunter, it was Galoy who proposed using the Lightning Network.

But let’s not rush. First, Peterson explains that after receiving the donation that started it all, their goal was to create a bitcoin circular economy. “The store accepts it, but then it turns around and pays its employee in bitcoin. And then their employee can pay their water bill in bitcoin and do it electronically,” Peterson described to “60 Minutes.”

Next, Hunter explains that El Zonte was primarily a cash economy. And when bitcoin hit the scene, everyone involved was using on-chain transactions. This was not optimal, as validation of these takes at least 10 minutes. Galoy understood that they had to deliver a phenomenal user experience to get people to adopt bitcoin.

Their goal was to create “a simple, easy-to-use wallet that allowed them to do two things; First, save their money and then spend their money,” Hunter explained. They wanted to offer an experience similar to Venmo or ApplePay, and Bitcoin’s Lightning Network promised much-needed speed. However, the second layer protocol was largely unused at the time.

BTC price chart for 04/20/2022 on BinanceUS | Source: BTC/USD on TradingView.com

What does the Bitcoin Beach wallet provide?

According to Hunter, the Bitcoin Beach Wallet is more advanced than anything people use in the United States. “It’s a postcard from the future to show the world that bitcoin is money and ordinary people can use it as such,” Hunter said. In addition to sending and receiving sats, the app “also includes a map that shows users which providers accept bitcoin.”

This functionality has been a game changer for the Bitcoin Italia podcast‘s hosts, which were basically lost before downloading the wallet. We quote them saying:

“They immediately invite us, for example, to download the wallet developed by Bitcoin Beach because inside you can find a map – continuously updated – that lists all the activities that accept BTC. It’s a real relief! This will be the most useful.

Not only that, they find an even more useful feature that “60 Minutes” hasn’t even mentioned. Bitcoinist describes it as follows:

“The Bitcoin Beach Wallet provides the bitcoin education that they noticed was lacking in El Salvador. And it pays users a small amount of sats for completing each of the information modules. »

Additionally, the wallet and its “multisig shared custody model” are open-source. The code is already doing the trick and, for example, Bitcoin Jungle in Costa Rica used to create their own wallet. That of Bitcoin Jungle has different characteristics, it is adapted to the “local needs” of this community.

In any case, “60 Minutes” did an excellent job on this short segment. Keep the Bitcoin hedging coming.

Featured Image: Sharyn Alfonsi screenshot from the report | Charts by TradingView
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