FAQ
Q: What is a Digital Bitcoin Wallet?
A: A Bitcoin Wallet is a free and simple app you download onto your phone which can be used to make fast and very cheap, peer-to-peer payments on the Bitcoin Lightning Network. More information on wallets here.
Q: What is the Golden Triangle?
A: The Golden Triangle is an area of south western Costa Rica with a special life energy for this time in human history, where people from all over the world come to reconnect with nature, food, community and themselves. It is a hub of self-development and education for life travelers, digital nomads and tourists. We believe this area is primed to embrace sound, digital money via the Lightning Network.
Q: What is the Lightning Network?
A: The Lightning Network is a second layer technology applied to Bitcoin that facilitates fast and direct micropayments from peer-to-peer. It cuts out all middle men, so that transaction fees are almost zero, therefore maximising any transaction for both the seller and buyer. See https://lightning.engineering or more information here.
Q: What is Bitcoin?
A: Bitcoin is an innovative payment network and a new kind of money. See www.bitcoin.org for more details.
Q: Has a project like this been done before?
A: Yes, in El Zonte, El Salvador, also known as Bitcoin Beach, digital payments have been integrated throughout all levels of society, from street vendors to surf shops. Bitcoin Beach is an open source project. Bitcoin Jungle will be based on the same model. See www.bitcoinbeach.com for more details
Q: Will I need any special equipment to use Bitcoin Jungle?
A: No, neither a buyer or a seller will need any special equipment to make financial transactions. It will all be done instantly via smart phones, the App and QR codes.
Q: Who owns Bitcoin Jungle and who is making the money?
A: The app Bitcoin Jungle is owned by a small team and is completely FREE to download however, all the transaction fees are being processed and received on Bitcoin Lightning Nodes. Anyone can operate a node and start taking fees. Bitcoin Jungle is not a closed system like PayPal, Visa etc.
Q: Do I have to hold Bitcoin if I accept transactions on Bitcoin Jungle?
A: The money held in your wallet is in Bitcoin but you can cash it through the Bitcoin ATM networks (coming shortly) or through a network of people that Bitcoin Jungle can connect you with for exchanging it to Colones.
Q: Is the Bitcoin Jungle only for a small area?
A: No, Bitcoin Jungle will eventually be used all over Costa Rica. The Golden Triangle is the pilot area.
Q: How is Bitcoin Jungle better than SINPE?
A: SINPE is a back led initiative to provide quick and free payments to residents with a bank account. The costs of the small payments are subsidized by larger payments made through the banking system. On the Lightning Network, fees will tiny regardless of the transaction amounts. We force that the Lightning Network will eclipse this new banking initiative as people transferring larger amounts will naturally migrate to cheaper ways to move around their money.