A Bitcoin hostel being built in Portugal highlights a growing trend of businesses being created with more than simply a digital currency in mind.
A Bitcoin (BTC) hostel is on its way to Portugal. We met with the owners of Europe’s first Bitcoin-only hostel to learn how Bitcoin impacts the business strategy, from planning to design to community. The Bitcoin Hostel is a hostel and hangout where Bitcoin (Lighting or on-chain) is the sole accepted payment method — a venue where “the spirit of Bitcoin” influences decision-making.
Albert Wolframm and his girlfriend, Valeria Padimiglio, built the hostel in Berlin. “She’s the business part, and I’m the architecture part,” he says, “but I’m also more into Bitcoin.” Wolframm’s abilities and interests are combined in the Bitcoin Hostel: “travelling, Bitcoin, and architecture.” At each stage of development, the Bitcoin Hostel communicates with the Bitcoin community, taking into account Bitcoiners’ requests and advice in a “open-source style” of governance.
When it came to soliciting funds, for example, the hostel took Tiago Vasconcelos’ advice and used Tallycoin. Vasconcelos is the Portuguese Bitcoiner behind the artificial intelligence trading bot that advised readers to hodl, as well as a co-founder of Portugal’s A Seita Bitcoin, a Portuguese pun that translates to “the Bitcoin Cult,” which was accepted.
What is the best way to accept #Bitcoin donations?
— Bitcoin Hostel⚡️ (@bitcoin_hostel) April 4, 2022
According to Vasconcelos, establishing a business on Bitcoin principles is “very disruptive.” He explained that firms like Bitcoin Hostel demonstrate:
“The genuine Bitcoin spirit is decentralised, community-driven, and open-source!” I believe it is the beginning of a new method of doing business that will catch on in the future!”
Indeed, the Bitcoin approach to business is gaining steam, from Jack Dorsey’s Trust, which has no oversight, to Bitcoin podcaster Peter McCormack’s football club, which he hopes to run on a Bitcoin standard. Paco De La India is travelling the world with only a Bitcoin seed phrase in his pocket, while “Nourou” in West Africa strives to put Bitcoin-based decisions at the heart of the Senegalese restoration community.
While engaging in Twitter Spaces and updating Bitcoiners and interested parties in real time, the hostel is conducting a competition to pick the design of the hostel. Although Wolframm’s professional architecture talents will be useful in the design competition, the website joked that the design “with the greatest Hash… uh sorry, Design-Power will win!” Wolframm supports autonomy and “bringing power back to the people,” which is consistent with Bitcoin philosophy. Taking inspiration from his master’s degree, in which he discovered that people are happier and more prosperous when they have more autonomy and a vision for the future, he believes that Bitcoin is the tool that will allow for greater freedoms.
To date, the Bitcoin Hostel has had a “incredible reaction from the Bitcoin community,” with Bitcoiners from all over the world eager to help.
“We got over 1,000 followers and a tonne of private messages from individuals wondering where we are, what status we have, and if they can help us in any way.”
The Bitcoin Hostel couple has gotten a fiat loan — “we don’t want to sell any Bitcoin” — and has began investigating options for the project in Portugal. Wolframm stated that he has received a significant amount of value from Bitcoiners in the space, which motivates him to continue growing out the firm in a Bitcoin-centric manner.
“MTC,” the inventor of Sats Ledger – a Bitcoin savings book for kids — told that when he first started his Bitcoin side hustle, he was also thrilled by the enthusiastic response from the Bitcoin community. MTC also told that the Bitcoin community’s reaction has been “phenomenal,” and shared the following advice:
“If individuals have an urge to contribute anything or do a side project in this arena, I would say, ‘Throw your heart into it,’ because you’ll get feedback, connections, insights, and experiences you never dreamed of.”
The Bitcoin Hostel architecture competition is underway, the campervan has been secured, and construction is scheduled to begin in early 2023.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.