Bitcoin is now accepted at Tooting Market in south London.
Established in 1930, Tooting Market in south London is an iconic indoor market and the UK’s first food market.
Winner of awards including Best Small Indoor Market at the 2017 Great British Market Awards, Tooting was named one of Lonely Planet’s ‘greatest cities in the world’ Selected as a ‘Known Neighbor’.
Bitcoin payments are now also accepted.
Bitcoin Integration
Local Bitcoin enthusiasts, led by an anonymous Bitcoin user known as Hashley Giles, have successfully introduced Bitcoin payments to the market.
With the support of Bridge 2 Bitcoin (UK-based Bitcoin circular economy builder), eight merchants, including restaurants, bars, and vinyl stores, will begin accepting Bitcoin on June 18, 2024.
The event featured prominent Bitcoin community members and organizations such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers.
Impact and future prospects
This plan could be a pivotal moment for Bitcoin adoption in the UK.
Local traders appreciate the simplicity and permissionless nature of Lightning payments, which provide a solution to the banking challenges faced by cash-based businesses.
Nicholas Gregory, director of Mercury Layer & Civkit, highlighted the potential impact.
“Local initiatives like this are at the heart of Bitcoin,” Gregory explained. “The more traders accept Bitcoin, the more we can push for states to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency perspective.”
Bitcoin Beach Moments in 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 that eventually led to Bitcoin being recognized as legal tender in El Salvador.
Tooting Market could likewise become a mecca for Bitcoin adoption in the UK, promoting wider acceptance and use of Bitcoin across the country.
Tooting Market sits at the intersection of tradition and modern innovation and demonstrates how local communities can drive the adoption of new technologies such as Bitcoin.
This combination of historic charm and cutting-edge finance could set a precedent for other regional markets.
