Witsand leads the way as more Garden Route towns adopt bitcoin

Witsand, known for its fynbos, whale watching, and flatwater kiting spots, has become one of the first towns to adopt Bitcoin for everyday transactions. In this town, residents and visitors can buy petrol, groceries, surf lessons, and more using Bitcoin. This trend is growing along the Garden Route, particularly in Plettenberg Bay. In an interview with Biznews, Witsand resident Eldry Hill explained that this shift is a response to the significant depreciation of the rand against the dollar, providing a hedge against South Africa's monetary policy. Hill noted that Bitcoin is particularly suited for individuals in South Africa who are considered unbankable, as it does not require a traditional bank account and allows people to earn Bitcoin through work. Early adopters in Africa, she said, can benefit from Bitcoin's scarcity and it is an attraction for tourists from the Bitcoin community. .Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here..Support South Africa's bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here..If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here.Listen here.Edited transcript of the interview ___STEADY_PAYWALL___.Linda van Tilburg (00:00.416) .Several small towns in the Western Cape are beginning to adopt Bitcoin as legal tender. Plettenberg Bay, located on the Garden Route, is one of these towns. But the most notable example is Witsand, where Bitcoin has become an integral part of everyday transactions. Joining us to share more about this development is Witsand resident Eldry Hill. Hi, welcome to BizNews..So why is Bitcoin being adopted in Witsand?. Eldry Hill (00:00:31).We're a small fishing village with wonderful flat water kiting spots. We have whales in winter and canola fields. But at the end of the day, it's a tiny place. We can't change legal tender, so the legal tender is still the rand. But we can use Bitcoin as a tool for transactions..Linda van Tilburg (00:00:510.Why would you want to do that?. Eldry Hill (00:57.368) .It's just another way to send money around. It works incredibly easily and it's a newer technology—much like Zoom was during COVID or email is just technology. This is a new payments technology that eliminates the need for a bank, allowing direct transactions between people..Linda van Tilburg (00:01:26).And how many stores in Witsand now accept Bitcoin?. Eldry Hill (00:01:31).First, we need to consider how many stores there are in Witsand. We have two shops, and one of them accepts Bitcoin. We have four restaurants, three of which accept Bitcoin. Many accommodation places accept Bitcoin as well. You can get your boat serviced with Bitcoin, and you can even get fuel with it. There are smaller entrepreneurial movements popping up where you can tip staff in Bitcoin; they all have their own wallets. So, it's a nice real-life example of how it works, even though incredibly tiny. .Linda van Tilburg (00:02:16).Are there more towns on the Garden Route also accepting this kind of payment?.Eldry Hill (02:21.378).Yes, it has actually grown quite a lot. I think the first on the map was Bitcoin Akasi, which also has Surfer Kids. There, they focus a lot on financial literacy and banking the unbanked. It's fascinating what's happening. Further down in Plettenberg Bay, the adoption curve is incredibly high. Just three weeks ago, they had 20 shops accepting Bitcoin, then 40, then 50, and now they're at about 75. It keeps changing, so I'm not exactly sure how many it is today, but it's growing really fast. What's interesting is you can now visit the Garden Route without needing to exchange your currency; you can keep it in Bitcoin. We still have the rand, so everything is priced in rands and recorded in rands, but the underlying asset is different—it's Bitcoin..Linda van Tilburg (00:03:22).So, for those interested in adopting Bitcoin, how does the process work? Do you have to download an app?.Eldry Hill (00:03:27).It's as easy or as complicated as you want to make it. I've listened to IT guys explain it in detail for three hours, and even I get confused. But it's a bit like a microwave—you don't have to understand it; you can just use it. In South Africa, you can buy Bitcoin on exchanges like Luno and Valar. There are one or two others as well. We transact on a second layer, a layer two solution on Bitcoin. You've got the blockchain at the top and the layer two underneath. I suspect that one day, countries and governments will transact on the actual blockchain network, while individuals will only transact on layer two. To start using it, you just download an app called Blink. There are many layer two app solutions; you could also use Wallet of Satoshi or Aqua. I prefer Blink because it's super easy. You download the app, enter your phone number, and you have an account with them. That app allows you to accept Bitcoin..Linda van Tilburg (00:04:44).Are there privacy concerns? People use Bitcoin because they don't have to reveal their identity, but if you download the app, you have to share personal details..Eldry Hill (00:04:59).That's an interesting point about Bitcoin. There are many reasons to use it, and I don't think everyone's reasons are the same. Security and privacy were initially highlighted as big reasons for Bitcoin, but I think it's matured a bit. People are starting to understand that the use case isn't just about privacy or security; it's more about superior payment technology with an underlying asset that serves as a good store of value..Linda van Tilburg (00:05:43).And it is all legal?.Eldry Hill (00:05:48).The legal tender is still the rand, and all transactions are recorded in rand. Taxes and VAT are payable in rand, so that remains at the rand level. Bitcoin becomes a bearer asset, so it's a bit like barter..Linda van Tilburg (00:06:17).Does it mean South Africa is moving off the financial grid like they moved off the power grid?.Eldry Hill (00:06:27).That's a very good question. We have to consider that we live in South Africa, and the rand has lost a shocking 50% of its value against the dollar in the past decade. That's a significant loss. The nice thing about Bitcoin is that it acts as a hedge against irresponsible monetary policy. And that's not just me saying it; that's actually BlackRock and Larry Fink. It's because of the technology behind Bitcoin—whether you call it IT or the math program—it is deflationary by nature and tends to keep its value better. Living in South Africa, I think Bitcoin is a very good alternative tool for our country. I love my country and want to help build it. I want South Africa to flourish, and I want the people here to flourish. One way to do that is to create a stable economic system. It's very difficult to establish an economically sound system if your money fluctuates. Just next door, we have Zimbabwe, and we all know what happened there—that's a disaster. I don't think South Africa is heading in that direction at all. However, I do think it's responsible to consider Bitcoin as an alternative asset class and to diversify into it..Linda van Tilburg (00:07:59).The shops are offering this; are consumers actually arriving with their Bitcoin apps at the shops?.Eldry Hill (00:08:05).I don't know the exact stats, but at the Bitcoin conference in Cape Town in January, they mentioned that Pick 'n Pay was seeing something like a million rand a month being paid in Bitcoin. So, it's definitely growing. It's also a big tourism incentive, as there are Bitcoin tourists traveling all around the world who don't believe you can live off Bitcoin..Linda van Tilburg (00:08:23).You mentioned Pick and Pay. Are there other retailers also accepting Bitcoin? Eldry Hill (08:27.438) .I think adoption is growing really fast. They're projecting an S-curve adoption, and apparently, it's happening faster than the internet did. So, I'm expecting a lot of people to come on board very quickly. Right now, Pick and Pay is the big one, but there's also a site called Bitreful where you can buy vouchers with your Bitcoin and then use those vouchers at shops. There are quite a few things you can do without ever having to convert to rand, even though you're still using rand values when buying and selling..Linda van Tilburg (00:09:09) .Is there a certain demographic that is adopting this? In other words, young people? You mentioned township kids..Eldry Hill (00:09:20).Yes, banking the unbanked is a huge issue. This project is amazing because you don't need a bank account; you just need a cell phone number to get started, which makes it very easy for people, even in townships, to create accounts and start transacting. But all of this is layer two. This isn't the Bitcoin blockchain, but it is Bitcoin. It's almost like a transactional account versus a home loan account. If you're talking about 10 rand or 20 rand here and there, you can use layer two without a problem. But if you start moving millions around, it becomes more like a home loan account where you want to go onto the blockchain..Linda van Tilburg (00:10:07.146) .A lot of people don't really understand it and don't even grasp the language around it. So what could entice them to join?.Eldry Hill (00:10:12).Here in Witsand and on the Garden Route, where Bitcoin is growing, there are many examples and passionate people. Visiting this area could be a nice idea because it's a much less intimidating way to learn about this new technology. It's scary, and people don't like change. Enticing people to adopt it is actually quite difficult. I think it's a good idea because Bitcoin is a very good store of value. I believe it's a trend, not a fad, which means it's moving towards becoming more stable and less volatile. What's interesting is that there will only ever be 21 million Bitcoin. We are still very early, and many people don't realize how early we are. .One reason we're doing this in Witsand is for education and awareness. We want to create awareness in South Africa so that South Africans can buy into this idea and lead the growth. Because of the scarcity of Bitcoin, early adopters benefit proportionately more. I would like Africa to be a pioneer in this. I want Africa to take the lead, take more interest, and figure out what's going on. If we don't, we'll be late and will wonder why Europe, America, and Asia have more. So, as an incentive, I'd like to emphasize that we're still very early. Many people don't know about this, and a lot of people don't want to learn about it, which is almost an incentive to get going. The first mover advantage here is massive..Linda van Tilburg (00:12:15).What is your interest in this? You often mention "we" in the interview—who is 'we'?. Eldry Hill (00:20).So, it is a "we," a collective "we." Bitcoin Vincent, the Garden Route, Bitcoin Akasi, Bitcoin Plet—Bitcoin becomes a community. When I speak of "we," I mean Bitcoin in its entirety. Bitcoin is decentralized, so there's no single head, CEO, or board running it. This is what makes Bitcoin completely different from crypto. I feel strongly about this—it's Bitcoin, not crypto. The crypto guys looked at the technology underlying Bitcoin and saw that it was a good idea, something that could really work and change the future. Then they decided they wanted to profit or enrich themselves. I have no problem with that; that's how things work. I like it when people make money—go make money! But not at my expense. It's not a risk I'm willing to take. They have access to the code, and everything about Bitcoin is decentralized and has no head..In contrast, every other cryptocurrency has a CEO and a marketing department, and they have the power to change the code. Even though they promise they won't change it, they make those pinky, pinky promises, and that's not a risk I'm willing to accept. I actually don't like risk. It might sound like I'm open to it because I'm so keen on Bitcoin, but I prefer to avoid risk. That's why Bitcoin is the only option for me. Coming back to your question of "who's we," it's all of us together. Bitcoin is a network across the globe. Here in the Garden Route, we have a very nice network. There's not one person who started this; it's just working. There's no group with a leader— we're all working together..Linda van Tilburg (00:14:24).So, I've been wondering, if you don't have a bank account, how are you supposed to transform money into your Bitcoin account?. Eldry Hill (00:14:33).That's an excellent question. At the moment, there are two ways to get Bitcoin: you either have to buy it or earn it. You have to work for Bitcoin. Buying it is obviously done on exchanges. But if you want to earn Bitcoin in our small economy, it could be something practical, like washing a car and getting paid in Bitcoin, or selling a product for Bitcoin. That's how you get started..Linda van Tilburg (15:00.162) .Well, Eldry Hill, thank you so much. That was really interesting. You taught me a lot about Bitcoin.. Eldry Hill (00:15:03).Thank you! I'm extremely passionate about it, and I'm sorry if I spoke too much. I just get so excited when people are interested. A lot of the time, people shy away from anything new, preferring the familiar. So, thank you; I really appreciate it. I hope someone listening comes to visit the Garden Route..Read also:.🔒 Bitcoin's 28% slide: Macro fears and the biggest Crypto hack everBitcoin buzz: Melania Trump, crypto craze, and a market on the moveBNC#7: Stafford Masie – Bitcoin, AI, and the birth of a New World Order

Witsand leads the way as more Garden Route towns adopt bitcoin

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