Established in 1930, Tooting Market in South London is an iconic indoor market and the UK’s first food market.
It received accolades such as Best Small Indoor Market at the 2017 Great Britain Market Awards and Tooting was ranked among Lonely Planet’s ‘Little-Known Favorites in the World’s Big Cities.’
And now accept bitcoin payments.
Bitcoin integration
Local Bitcoin enthusiasts, led by an anonymous Bitcoiner known as Hashley Giles, have successfully introduced bitcoin payments to the market.
With support from Bridge 2 Bitcoin (a UK-based Bitcoin circular economy builder), eight retailers – including restaurants, bars, and a vinyl record store – began accepting Bitcoin on June 18, 2024.
The event saw the participation of notable Bitcoin community members and organizations such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers.
Impact and the Future
This move could be an important moment for the adoption of Bitcoin in the UK.
Local merchants appreciate the convenience and ease of use of lightning payments, which provide a solution to the banking challenges faced by cash-based businesses.
Nicholas Gregory, lead at Mercury Layer & Civkit, highlighted the potential impact.
“Local systems like this are the key to Bitcoin,” Gregory explained. “The more merchants accept Bitcoin, the more we can push the government to recognize it as a legal payment method, making it easier to use in terms of tax efficiency.”
The UK’s Bitcoin Beach Moment
This could be the UK Bitcoin Beach moment, mimicking the success seen in El Zonte, El Salvador.
Bitcoin Beach turned El Zonte into a hub for Bitcoin adoption, eventually leading to Bitcoin being recognized as legal tender in El Salvador.
Tooting Market can likewise be the mecca of Bitcoin adoption in the UK, driving the widespread adoption and use 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 such as Bitcoin.
This combination of historic charm and high-quality finance could be a model for markets in other regions.
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