ADOPTING BITCOIN
Considerations for Central African Republic
biz@galoy.io
CONTENTS
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UNLOCKING BENEFITS OF BITCOIN ADOPTION
SECTION I
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BITCOIN: A BETTER FINANCIAL SYSTEM
Bitcoin possesses properties that solve fundamental problems of the current financial system
Bitcoin is better money than its alternatives: gold and fiat currencies
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Adapted from Fidelity Digital Assets report: https://www.fidelitydigitalassets.com/articles/bitcoin-first
LIGHTNING: UPGRADES BITCOIN TO �A NETWORK FOR EVERYDAY PAYMENTS
Layer 1 - “onchain” �Represents the first and only truly decentralized digital asset
Layer 2 - Lightning�Enables Bitcoin’s use as a retail payment network (Layer 2)
The Lightning Network matured Bitcoin to a global medium of exchange
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⚡
⚡
MACRO BENEFITS OF ADOPTING BITCOIN
Connectivity�Transmit value to anyone, anywhere, instantly and without 3rd parties
Financial autonomy�Reduce reliance on the permissioned traditional financial system
Financial inclusion�Unbanked communities can transact digitally and globally – and save money
Opting in to Bitcoin’s global, permissionless and open standard provides greater financial flexibility and freedom for all – from countries to companies to individuals.
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AN OPEN NETWORK CONNECTING THE WORLD
Unit of account need not be bitcoin. �Sender and receiver can denominate payment in any currency.
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A BRIGHT FUTURE: ATTRACTING BUILDERS, INVESTORS AND TOURISTS
Adopting Bitcoin has helped change the narrative about El Salvador.
The country is becoming known as a place to learn, a place to build and a place to visit.
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ECONOMIC BENEFITS: �EL SALVADOR CASE STUDY
Since adopting Bitcoin as legal tender in September 2021, El Salvador has seen historic impact:
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MORE COUNTRIES WILL FOLLOW
�On May 16, central bankers and financial authorities members from 44 countries (members of AFI) traveled to El Salvador for working group meetings on financial inclusion.
They spent an afternoon at Bitcoin Beach, learning how Bitcoin can be used to improve the lives of unbanked communities.
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Central bankers learned how to use Lightning wallets to make purchases, receive sats and withdraw money from Bitcoin ATMs
BENEFITS FOR CENTRAL AFRICAN REPUBLIC
The Central African Republic and its citizens will benefit from all Bitcoin company and developer efforts worldwide.
Expected secondary effects of Bitcoin-friendly regulation:
�
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Bitcoin aligns incentives for all who participate.
WHY FOCUS ON BITCOIN
SECTION II
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A TRUTH, OFTEN LEARNT PAINFULLY
Warren Davidson�US Congressman, Ohio
“There’s Bitcoin, and then there’s shitcoin”
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BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
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There’s no room for
subjectivity or
mismanagement
by human beings
BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
15
Bitcoin is controlled by the global community as a whole.
BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
16
99.99212%
Uptime since inception on Jan 3 2009 02:54:25 GMT
BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
17
Bitcoin has a predetermined inflation rate, which cannot be changed
BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
18
Bitcoin is a protocol for transfer of value, developed by a global community of open source engineers
BITCOIN IS THE BEST MONEY KNOWN TO MANKIND
No leader
Decentralized
Longevity
Monetary policy
Open protocol
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Everything is public and transparent.
No decisions are made behind closed doors.
PROOF OF WORK IS AN INNOVATION, �PROOF OF STAKE IS RIPE FOR CORRUPTION
PROOF OF STAKE
The rich control the rules
The rules determine who’s rich
PROOF OF WORK
Wealth has no influence on the rules of the network
Only work, in the form of energy expenditure, counts
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CRYPTO IS A TANK FULL OF SHARKS
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EXAMPLE: LUNA/UST IMPLOSION THIS MONTH
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PROTECTING CONSUMERS
FROM SCAMMERS AND PONZI SALESMEN
El Salvador: Consumer protection with strict adherence to Bitcoin-only
Bitcoin is complex and requires a steep learning curve. By eliminating crypto distractions, El Salvador helps citizens focus on Bitcoin and protects them from losing their money to sophisticated ponzi salesmen
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BITCOIN MINING
SECTION III
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NEW BITCOIN IS “MINED” WHEN A COMPUTER FINDS A BLOCK. THIS IS “PROOF OF WORK”
Mining is an open, global, inclusive process.
Its incentive system makes it resilient and incorruptible.
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CHINA BANS BITCOIN MINING
BITCOIN MINING: GROWTH HACKING THE ELECTRICITY GRID
�Bitcoin mining uses specialized computers to process transactions and maintain a decentralized ledger. This is also how new bitcoin are created.
Mining businesses seek out the cheapest electricity, which is often stranded renewable.
By increasing their own profitability, they bring electricity to previously disconnected areas of the world.
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Bitcoin mining can tap into stranded energy, connect remote areas to electricity, incentive the creation of power plants
BUILDING A BITCOIN BANK
WITH GALOY
SECTION II
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MAKE IT SIMPLE FOR ORGANIZATIONS TO UNLOCK THE BENEFITS OF USING BITCOIN AND LIGHTNING
OUR MISSION
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WHY BITCOIN BANKS ARE IMPORTANT
Open networks (like Bitcoin and Lightning) are changing banking and enabling a resurgence of community banking.
Now, any company, government or community can be their own bank and provide a reliable tool their constituents can use to earn, send, spend, and save money.
In order to launch a community Bitcoin bank, a well-rounded solution that satisfies many different use cases across a spectrum of users is necessary.
Galoy is focused on building this well-rounded solution.
Galoy has been building in El Salvador longer than any other Bitcoin company.
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BITCOIN BEACH WALLET:
BUILT BY GALOY
The first successful launch of a community Bitcoin bank, bringing El Zonte from a cash-based economy to a Bitcoin Standard. The circular economy that it ushered in inspired nation-state adoption.
Saved contacts
Earn sats to learn
Transact onchain & Lightning
Merchant map
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THE FULL BITCOIN BANKING PRODUCT SUITE
Core Bitcoin Banking Platform�Enables deployment of banking and payments services using Bitcoin and Lightning
Galoy-hosted Implementation�Instrumentation and management of FOSS platform for clients
Add-on Modules�Modules available for compliance and scale
* Currently under development
The choice is yours: deploy on your own or host with Galoy. Add on as needed.
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FOSS CORE BANKING PLATFORM
Core Bitcoin Banking Platform�Enables deployment of banking and payments services using Bitcoin and Lightning
Galoy-hosted Implementation�Instrumentation and management of FOSS platform for clients
Add-on Modules�Modules available for compliance and scale
* Currently under development
The GaloyMoney open source core banking platform contains the necessary modules for deploying a community Bank on Bitcoin, just like the Bitcoin Beach Wallet.
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SIMPLE, POWERFUL MOBILE WALLET
The GaloyMoney mobile wallet is known for a great user experience that makes using Bitcoin simple:
Within weeks, your team can have a white labeled wallet ready to deploy into app stores.
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FOSS CORE BANKING PLATFORM
END-USER AND MERCHANT EXPERIENCES
Point of Sale App�Browser-based app for accepting Bitcoin
Web Wallet�Send & receive Bitcoin via mobile or desktop browser
Mobile Wallet�Mobile application can be deployed in app stores
Make it easy for end users to send and receive payments from any device.
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FOSS CORE BANKING PLATFORM
DIGITAL TOOLS FOR ALL PARTIES
Businesses�Simple apps for accepting Bitcoin
Administrators�Manage accounts and provide service
Citizens�Mobile and web apps for transacting and saving Bitcoin
Onboarding a country to Bitcoin requires the right tools for all involved.
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CLIENT ADMINISTRATOR EXPERIENCE
Admin Panel�Enable clients to service and manage and support user and merchant accounts.
Dashboards�Insight into transactions, performance, usage, and other data important for diagnosing issues and maintaining performance.
Monitor usage and service users with dashboards and admin panel.
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FOSS CORE BANKING PLATFORM
PROVIDING STABILITY: USD OVER LIGHTNING
Provide users dollar-like stability without the use of stablecoins, and without connecting to the traditional financial system.
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FOSS CORE BANKING PLATFORM
GALOY-HOSTED IMPLEMENTATION
Engage Galoy to configure, host and maintain an implementation of the GaloyMoney platform.
Galoy-hosted Implementation�Instrumentation and management of FOSS platform for clients
Add-on Modules�Modules available for compliance and scale
Core Bitcoin Banking Platform�Enables deployment of banking and payments services using Bitcoin and Lightning
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ADD-ON PRODUCT MODULES
Add-on Modules�Modules available for compliance and scale
* Currently under development
Optional add-on modules are available for compliance, scale, efficiency and productization. Custom modules may be built upon request.
Core Bitcoin Banking Platform�Enables deployment of banking and payments services using Bitcoin and Lightning
Galoy-hosted Implementation�Instrumentation and management of FOSS platform for clients
39
THE FULL BITCOIN BANKING PRODUCT SUITE
Core Bitcoin Banking Platform�Enables deployment of banking and payments services using Bitcoin and Lightning
Galoy-hosted Implementation�Instrumentation and management of FOSS platform for clients
Add-on Modules�Modules available for compliance and scale
* Currently under development
The choice is yours: deploy on your own or host with Galoy. Add on as needed.
40
PIONEERING PROJECTS USING GALOY
Communities and companies from different geographies are already building on Galoy software, and using Galoy-powered wallets for daily purchases.
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GALOY: A TEAM OF EXPERTS
Team Galoy
Galoy is a nimble, globally distributed team of engineers, researchers and designers.
17 employees
9 Countries
12 Engineers
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ADOPTING BITCOIN: A LIGHTNING SUMMIT IN EL SALVADOR, NOVEMBER 2022
Galoy will be hosting Adopting Bitcoin for the second year in El Salvador on 15-17 November, 2022.
We would love to invite you to join us!
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LET’S BRING A BETTER FINANCIAL SYSTEM TO THE WORLD
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BUILD WITH AN ECOSYSTEM OF SPECIALISTS DEVELOPING THE FUTURE ON BITCOIN
Galoy specializes in Bitcoin and Lightning payments solutions and is connected to a network of specialists bringing the global, permissionless digital economy to life.
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GETTING STARTED: BUILD WITH GALOY
Galoy, Inc is on a mission to make using Bitcoin as money as easy as possible.
GaloyMoney is a Free and Open Source project that includes foundational parts for launching a Bitcoin bank.
Be part of the community:
Email with questions or to book a demo:
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biz@galoy.io