Paxful Opens La Casa del Bitcoin in Heart of El Salvador

Bitcoin El Salvador

Paxful, the global peer-to-peer crypto platform, announced the launch of ‘La Casa del Bitcoin’, a new education and training center in El Salvador providing free and accessible learning opportunities around Bitcoin.

February 2, 2022 // CryptoEvents

El Salvador became the world’s first country to officially recognize Bitcoin as legal tender last year, allowing businesses to accept cryptocurrency as a payment.

However, many people are still confused about using crypto, and this is the problem Paxful wants to help overcome.

La Casa del Bitcoin, which is opening doors in San Salvador, will be hosting events and meetups to build greater community participation and education. It will also be home to the Built With Bitcoin Foundation, a non-profit organization devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support—all funded by Bitcoin and cryptocurrencies.

“It’s no secret that Bitcoin is shaping the future of finance in El Salvador and beyond,” said Ray Youssef, CEO and co-founder of Paxful. “Education continues to be a key driver of global Bitcoin adoption and this new center represents its importance to the creation of an inclusive financial system. From the small merchant to the Bitcoin enthusiast, we’re excited to learn from the people and share the power of Bitcoin for freedom and equal financial access.”

Speaking to CryptoEvents, Will Hernandez, Paxful’s director of growth for Latin America, said that “everyone should have access to Bitcoin education”, and that the new initiative is the “first step in making that a reality.”

“La Casa del Bitcoin is a resource for the community to learn about Bitcoin as a means of exchange,” said Hernandez. “Ray first visited El Salvador in June 2021, when it was announced that Bitcoin was to become legal tender. After speaking with small merchants and entrepreneurs across San Salvador, we knew that the most important step in adoption would be education, starting from the ground level.”

According to Hernandez, Paxful wants to make the educational process at La Casa del Bitcoin as useful and applicable to the community as possible, offering students an ability to participate in one of three tracks: Basic, Intermediate, and Advanced, earning certificates along the way.

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“Basic classes will focus on the fundamentals of Bitcoin, and the history and technology behind it. Intermediate courses will cover consensus algorithms, types of blockchain, the importance of miners, and much more. Finally, advanced students will learn about types of wallets, transfer capabilities, risk management, and other lessons that will prepare them for graduating from the class track,” he said.

Outside of classes, Paxful plans to offer special courses and workshops covering such topics as instructions on receiving Bitcoin for humanitarian purposes, law application, marketing with Bitcoin, mining, and more.

“We opened our first educational center in Nigeria, PaxNaija, because we knew that education would be a crucial step to global Bitcoin adoption,” added Hernandez. “Our work in collaboration with the Built With Bitcoin Foundation played an important role. We are dedicated to providing educational opportunities that expand financial literacy around Bitcoin for the 100% in the countries that need it most,”

El Salvador has some tense relationships with the International Monetary Fund, which believes that crypto poses “large risks” to financial stability and has repeatedly urged the country’s president Nayib Bukele to ditch Bitcoin as legal tender.

“The days of seeing Bitcoin for pure speculation are numbered. As countries like El Salvador pave the way in adopting Bitcoin as a legal tender, pushback to change is expected,” Will Hernandez told CryptoEvents.

But the reality, according to him, is that “Bitcoin is bridging economies and expanding opportunities for the billions of people, unbanked and underbanked, across the world.”

“Despite the IMF’s concerns, it’s great to see El Salvador’s continued push for Bitcoin adoption. New innovations are further strengthening the utility of Bitcoin way beyond what we’ve imagined,” added Hernandez.