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Jimmy Chambrade and Aurore Galves Orjol, co-founders of Bitcoin-lyon, first heard about Bitcoin (BTC<\/a>) in 2014. Around that time, their close friend and now business partner, Bruce, mined Bitcoin using his laptop. However, it took three years and a face-melting bull run before the pair could set aside the time to engage with the technology.<\/p>\n Fast forward to 2017, and Chambrade and Galves Orjol had just returned from an around-the-world trip. Although ready to return to the world of work, they would rather avoid the traditional \u201cnine-to-five\u201d fiat lifestyle, or the \u201cm\u00e9tro, boulot, dodo<\/em>\u201d (subway, work, sleep) routine as it\u2019s known in France.<\/p>\n They began investigating Bitcoin and the cryptocurrency space, attending crypto meetups and testing out the tech. Their research and curiosity led to the creation of Crypto Lyon<\/a>. As their first foray into the world of crypto, Crypto Lyon is a catch-all community for crypto enthusiasts in France\u2019s third-most populous city.<\/p>\n On a deeper level, though, something about Bitcoin twigged during their encounters with fellow crypto enthusiasts \u2014 the pair was hooked. It could have been the philosophy behind Bitcoin, but the privacy, self-sovereignty and pseudonymous elements were also compelling, particularly for Chambrade. Either way, it soon became clear that working in Bitcoin was a fait accompli.<\/em><\/p>\n Galves Orjol noted that before committing to Bitcoin:<\/p>\n \u201cIt\u2019s important to get to grips with the entire crypto ecosystem. We examined the world of crypto through the eyes of individuals and later an association. We developed and deployed smart contracts, hosted events for traders, and mixed with developers and analysts. Ultimately, though, the path led to Bitcoin.\u201d\u00a0<\/p><\/blockquote>\n They met and engaged with a host of crypto-curious and crypto-obsessed individuals in France before opening the bureau for Bitcoin-lyon in 2019.\u00a0<\/p>\n Initially, Bitcoin-lyon was a space for customers in Lyon to buy over-the-counter Bitcoin. However, \u201cbeing profitable purely through the sale of Bitcoin on margin was tricky. Competing with the likes of Coinbase, Kraken and Binance was not enough,\u201d Galves Orjol explained. The business soon developed a budding consulting operation, particularly useful for francophones new to Bitcoin.<\/p>\n Galves Orjol details that a lot of their dealings with the consultancy space revolve around the \u201cblockchain not Bitcoin\u201d confusion, a term and trend first coined<\/a> by OG Bitcoiner Parker Lewis. In essence, entrepreneurs are often drawn to \u201cblockchain,\u201d the technology that\u2019s now ironically world-renowned thanks to Bitcoin. But because Bitcoin receives bad press, entrepreneurs are put off building on Bitcoin and are thus pulled away from the real revolution.<\/p>\n \u201cThe lion\u2019s share of our working day is speaking to clients about blockchain technologies, and more often than not, they realize that the killer app is the Bitcoin blockchain. Often, their big project doesn\u2019t need a blockchain, it needs Bitcoin!\u201d<\/p><\/blockquote>\n The Crypto Lyon association lives on as Bitcoin-lyon grows into a one-stop shop for all things Bitcoin. Whether Lyonnais wish to buy, sell, learn about or integrate Bitcoin payments into their businesses, the team working at Bitcoin-lyon is on hand to provide Bitcoin educational and consultative tools.\u00a0<\/p>\n Bitcoin-lyon also takes advantage of a considerable unique selling point: It is the only Bitcoin vendor in France that accepts cash for crypto.<\/p>\n An exceptional case among the Bitcoin vendors in France, customers of Bitcoin-lyon can swap their euro bills for Bitcoin. Galves Orjol and Chambrade were granted the license \u201cby jumping through each and every hoop established by the AMF [L\u2019autorit\u00e9 des march\u00e9s financiers],\u201d France\u2019s Anti-Money Laundering (AML) organization.<\/p>\n Indeed, French regulatory laws concerning Bitcoin are harsher than Zinedine Zidane when he\u2019s all riled up. Know Your Customer (KYC) is required from amounts of just 1 euro. In practice, it means that an 18-year-old with 50 euros in their pocket thanks to a generous birthday gift must disclose their name, address and contact details to buy a petite amount of Bitcoin.<\/p>\n A mere 100 miles away, in neighboring Switzerland, customers can buy 900 euros of Bitcoin a day \u2014 no questions asked. Chambrade laments France\u2019s overbearing rules for crypto, \u201cRegulations are killing us. In 10 years\u2019 time, there will not be a Bitcoin vendor left in the country.\u201d<\/p>\n To make matters worse, compliance and AML requirements dictate that transactions must be traced. The combination of traceability and regulation stymies the ease of doing Bitcoin business:<\/p>\n \u201cCompliance is expensive for Bitcoiner companies in France, whereas nearby in Switzerland, the rules are far more relaxed. Sometimes, we are not able to accept customers\u2019 money here in France because we are very careful with AML and KYC laws. Yet we know that when we finish speaking with what could have been our customer, they can drive for one hour to buy Bitcoin without the same restrictions in Geneva.\u201d<\/p><\/blockquote>\n The situation is exacerbated by the French government\u2019s treatment of Bitcoin businesses. Whereas \u201cblockchain-focused\u201d projects receive wild investments and incentives, Bitcoin-related projects in France are hamstrung by regulation. The country\u2019s widely lauded \u201cLa French Tech\u201d startup scene has still not accredited a Bitcoin startup despite the relative success<\/a> of companies such as StackinSat<\/a>.\u00a0<\/p>\n The well-known French crypto unicorn Ledger is an exception, but it started out as a hardware company in Paris. Chambrade explained:<\/p>\n \u201cLedger hit a critical mass for revenue and customers in hardware before it turned to software and retail avenues. Plus, hardware and R&D is a well-funded area of industry in France.\u201d<\/p><\/blockquote>\n As Bitcoin-lyon is the only physical retail outlet for Bitcoin in France, its clientele reflects the growing trends and demographics of Bitcoin buyers in the region. Broadly speaking, there are two clearcut groups of buyers: those in it for the technology (accumulators) and those in it to get rich (speculators).<\/p>\n There are those \u201cwho want to buy it now and sell it once it does a 4x,\u201d Chambrade explained, and there are \u201cthose that have a real need for Bitcoin.\u201d<\/p>\n Worth noting is that while French crypto regulations are strict, French tax laws are tighter still. A whopping 30% tax is imposed on all crypto sales for any profit over 300 euros. It pales in comparison to the United Kingdom\u2019s 14,000-euro tax-free limit. Over in Switzerland, it\u2019s a different ballpark: There is zero tax on personal crypto gains.<\/p>\n Notwithstanding, the rise of nonfungible tokens (NFT) has enticed a growing number of speculators into the space. The \u201cget-rich-quick\u201d crowd often calls for appointments at Bitcoin-lyon to shill their next big NFT, assuming that Bitcoin is somehow required in their plan.<\/p>\n Similarly, the flavor-of-the-month altcoin, \u201cwhether it\u2019s Solana, Cardano or DOGE that\u2019s mooning; it often leads to phone calls from potential clients who just want to buy the next big thing.\u201d<\/p>\n Often, investors are simply impatient to part with their money. Galves Orjol sighed, \u201cPeople don\u2019t even understand what they are trying to buy.\u201d<\/p>\n Chambrade is frank with these kinds of requests. First, he sets up a consultation to explain Bitcoin. He patiently illustrates the properties and history of Bitcoin, underlining the risks associated with any kind of crypto investment.<\/p>\n Following the consultation, if the customers are still keen to buy NFTs or altcoins, Chambrade helps them to set up a wallet to receive Bitcoin and shows them how to swap for Ether (ETH<\/a>), Solana (SOL<\/a>) or otherwise.<\/p>\n Galves Orjol noted that the prosaic \u201ccrypto bro\u201d demographic has been improving over the years. Currently, their customers are about 70% male, 30% female. The stand-out age group is 35- to 55-year-olds. They tend to have some disposable income and a desire to understand the technology and represent one basket among the \u201caccumulators.\u201d<\/p>\n Common convincing arguments to orange pill this demographic are the rising prices in France (inflation sits at around 5%\u20136%) as well as wealth diversification strategies. Plus, these people have worked and lived through the 2007\u20132008 financial crisis in which banks\u2019 predatory lending and malpractice crippled the global economy. In this context, Bitcoin is the life raft.<\/p>\n At the graying end of the demographic spectrum, there are internet-phobic, savvy pensioner customers. This group is keen to protect its wealth in \u201cdigital gold.\u201d While the older generations may struggle to set up a Bitcoin wallet, \u201cthey understand money on a deeper level than younger people,\u201d said Chambrade.<\/p>\n For example, the over-60s have lived through two periods in history where the French franc (the former national currency) lost purchasing power, so they understand what a devaluing currency means for wealth preservation.<\/p>\n The current macroeconomic background is enough to convince them that a currency with a fixed supply is a good hedge. Plus, they\u2019ve seen money die, such as when the euro took over as the national and, indeed, Europe-wide currency in 1999.<\/p>\n Finally, there is the remittance camp of Bitcoiner customers: immigrants, expats or francophone diasporas who want to send money abroad cheaply and simply.<\/p>\n At the foot of the alps, Lyon is an economic engine and metropole with high employment rates. It\u2019s an increasingly attractive destination for jobseekers traveling from the Maghreb (Algeria, Libya, Mauritania, Morocco and Tunisia), as well as France\u2019s former colonies, from Haiti to Djibouti.<\/p>\n Chambrade illustrates the situation, telling the story of the Algerian truck driver who transports and sells construction materials in Algiers. The trucker keeps Bitcoin \u201cin his pocket\u201d as opposed to bags of cash because it\u2019s safer. If he were to transact with cash, he\u2019d have to keep thousands of Algerian dinars on his person, which just isn\u2019t worth the risk.<\/p>\n He said, \u201cAlthough Bitcoin is still illegal in certain Maghreb countries, as long as you\u2019re not winding up the authorities and, provided the sums aren\u2019t astronomical, you can use Bitcoin without a hitch.\u201d<\/p>\n Moreover, Bitcoin is an outlet that sidesteps the \u201cmonopoly money\u201d risk. Sadly present in many African countries, but most well-known to Venezuela, currencies become monopoly money when hyperinflation takes over. Traders are forced to use stacks and stacks of cash to do business as the money devalues faster than ink can dry on the freshly printed notes.<\/p>\n Finally, for those without banking services, Bitcoin enables a certain level of financial freedom. And with the rise of the lightning network on Bitcoin, transactions from a fraction of a penny and up can be sent instantly and globally at a negligible cost. Customers can come in, set up a wallet, and easily send Satoshis to family members based in Africa or in developing countries around the world.<\/p>\n At home in Lyon, the footprint for merchants accepting Bitcoin and Bitcoin Lightning payments services is swelling. Bitcoin-lyon\u2019s payment solution for merchants and e-commerce retailers has opened up the Bitcoin economy in the city.<\/p>\n Currently, there\u2019s a barber, a few bars, a Lyonnais-style restaurant known locally as a \u201cbouchon,\u201d a T-shirt seller and an IT store. While the bull market ebbs and flows, the rendezvous list for new businesses is expanding every week.<\/p>\n<\/div>\nThey\u2019re not \u201cLyon\u201d about Bitcoin<\/h2>\n
Regulation, regulation, regulation<\/h2>\n
Speculation vs. accumulation<\/h2>\n
Bitcoiners in Lyon<\/h2>\n
Remittance is a beret good idea<\/h2>\n