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Sam, a barber in Malta, uses Bitcoin for payments, finding it a revolutionary way to transact. Discover how his barbershop "PlanB" embraces Bitcoin and why Malta is becoming a Bitcoin hotspot.
Plan B is a barbershop in Malta which accepts Bitcoin to receive payments from tourists and local clientele.
Its founder came to Malta in 2016 to start a new life. Having worked as a hairdresser he decided to start his own shop and named it Plan B.
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He first heard about Bitcoin, when a friend told him that he had made a lot of money off a bitcoin purchase. The more he learned about this fascinating new way to transact value over the internet, the more he became convinced that it’s a ‘revolution in progress’.
“When I heard about Bitcoin, I thought wow, that’s a cool idea, I can send money completely without banks, I need to learn more”.
He believes that Bitcoin can help entrepreneurs as well as individuals to get ready for the future of money which is about to drastically change. In his eyes, everyone should have a non-judgmental approach to Bitcoin, in order to learn about it.
At Plan B, clients can pay on-chain or via the Lightning Network.
To accept bitcoin, Wallet of Satoshi or blink wallet’s merchant feature is used, creating QR codes customers scan to pay.
Both apps enable instant settlement over the Lightning Network. One advantage is the fact that fees on the Lightning Network are a fraction of what credit card processing costs per transaction.
Also speed is a great advantage. While counting cash and handing change to clients can take up a couple minutes, Lightning is instant. When clients are waiting, time is precious.
At PlanB, there are now also less payment errors compared to credit cards. Sometimes clients bring foreign cards and they don’t have tap-to-pay or their cards are broken or dirty and cannot be read by the cardreader. Lightning transactions hardly have such issues.
Plan B has used Bitcoin for payments as one of the first businesses in Malta. It helps to make transactions easy and reliable and cut down processing fees.
Some of the clients are real enthusiasts and love spending bitcoin. However, the owner of Plan B believes the scarcity of bitcoin makes it a good long-term store of value.
Adam Back, who has been spotted in Malta, hasn’t yet shown up for a haircut but perhaps the day will come.
Malta has seen bitcoin meetups as early as 2014. Bitcoin Club Malta, a local community initiative, has organized dozens of meetups over the years and recently launched a merchant adoption map.
The Maltese Islands have withstood the test of time for millions of years. In the southern part of the Mediterranean Sea, located between Tunisia and Sicily, the little known nation of about 400.000 inhabitants is living a laid back and sometimes busy Island life.
With influences from the Osmanic Empire, Napoleon and the Brits, the Maltese have a proud history of adaptation, resilience and changing circumstances.
Malta’s history is full of invasions and sieges. But the Islanders always knew how to defend and defeat.
Vast catacomb mazes were built under the city of Valletta to flee from attacks. Citadels, fortresses, defense towers, outposts and castles can be found all over the countryside. Perhaps this history is part of the reason why the Maltese are proud of their independence, which they only attained in 1964.
A country of resilience, independence and autonomy - perfect soil for Bitcoin adoption?
The number of tourists visiting Malta is constantly increasing every year and so does the number of Bitcoiners who make a trip
With conferences such as “Understanding Bitcoin” and many meetups taking place every month, Malta has become an attractive spot for Bitcoiners to do business and enjoy life.
In a beautiful way, Plan B barbershop reflects the individuality and willingness to adapt that is so common among Maltese entrepreneurs. Malta has the highest density of population per square meter in Europe and commercial real estate is hard to obtain and rare. Finding clever ways to make a profit has been a quest for business owners for centuries.
Bitcoin can bolster the Maltese economy if more businesses adopt it. Some years ago, former Prime Minister Joseph Muscat had proposed Europe to become a Bitcoin continent and Malta to lead that shift with innovation and ideas.
During the bullrun of 2017 the Bitcoin Club Malta, saw its regular bitcoin meetup attract over 200 people which is significant given Malta’s relatively small population. And already back then, Malta welcomed its first Bitcoin Tourist from Japan who booked a kayak tour with bitcoin.
More and more businesses like PlanB started to accept Bitcoin over the years. A local bar, a coffee shop, a coworking space and boat charter all welcome bitcoin payments.
At Plan B optimism is strong that more businesses will adopt bitcoin soon. “When people see the value increase, they will want to join the movement” concludes the owner.
Check out Lee's website leonsiegmund.com
