Hong Kong will always have a very special place in my heart. I spent about half of my adulthood there and am still very fond of the place and its people. I argue that around 2014-2018, Hong Kong was the most important city in the world for Bitcoin trading, and exchanges like BTCC, Binance, Bitfinex, Bitmex, Crypto,com, FTX, OKX, and many others have called Hong Kong their home at some point. The second Bitcoin ATM was installed at a Hong Kong bar called "Bitpoint," where one of the oldest still functional Bitcoin meetups convened regularly.

Today, the community is still somewhat there, but Hong Kong no longer plays an important role in Bitcoin globally. There are no relevant exchanges left, no large-scale events of global appeal, there are no noticeable startups, and I'm not aware of any exciting tech coming out of the city. However, I'm very positively surprised to see the local merchant economy is once again growing, particularly among the struggling bars, and so I refilled my Lightning wallet and went out to find them.

🪙Hongkongers have only limited access to apps and websites that let them buy Bitcoin with Hong Kong dollars, but it's still very easy to buy and sell Bitcoin with cash. There are dozens if not hundreds of in-person OTC brokerages around, many in prominent locations. In 2024 I wrote about a single mall that hosts 11 brokers alone. This time I'm heading to OneSatoshi in Chungking Mansions, partly because I expect them to accept deposits over Lightning, and partly because Chungking Mansions, the Ghetto at the Center of the World is such an insanely cool place. Here, in five blocks with 17 stories each you can find pretty much anyone doing anything, especially if it has to do with trade with Africa, India or the Middle East. At the counter I ask for a quote to sell Bitcoin over the Lightning Network, 5000 HKD. I'm asked to pay 462,881 satoshi, but first the woman behind the counter asks me to show my "Lightning address," so she can check if my funds are clean. I have to correct her that this is not how Lightning payments work, and she admits to never having witnessed one. She asks me to wait for a few minutes as she checks with her boss. As I wait I am approached by a man identifying himself as from India, who is visiting Chungking Mansions to buy refurbished iPhones that he will resell back home. He intends to pay for these phones with cash proceeds from selling his BNB, which he holds in his Binance wallet. He gets a quote, inquires about the process and vows to come back the next day. Meanwhile my situation has been somewhat resolved, as I am shown a photo of a Binance wallet, with a QR code of a Lightning invoice. I pay the invoice, which takes my node about thirty seconds for a 1149 satoshi fee. Once I pay I ask the clerk to check with her boss, who tells her over Telegram that my deposit was made and that she can pay out the cash. The woman seems deeply impressed over the speed, as usually it takes about 30-60 minutes until onchain funds are received and payouts can be made. She asks me why not more people are using Lightning, and I tell her that it's "still early." I calculate my fees and figure I paid about a 3% fee over the market rate for the service. I'm quite happy about that, and I know a bank debit card would charge you about the same, depending on the amount.

👔Just across the street from Chungking Mansions, on the 8th floor of a thin older building I find Montaj Tailors on BTCMap. They are co-located with a company specializing in trading luxury cars, and a jewellery company, and all accept Bitcoin payments. I walk in without an appointment, and after a short wait my measurements are taken. I choose the fabric and styles and order three shirts, for HK$3000 plus a $500 shipping fee. When it comes to paying the owner admits to have never taken a Bitcoin transaction, and that he would have to contact the person signing him up. No problem, as I won't be able to take my shirts with me right away anyway. I later message that person myself and learn there is a 20% discount for members of the Bitcoin Association of Hong Kong. That's great, as I am a member, so when my $3500 (~US$446) invoice finally arrives together with a Blink Lightning Address, I ask about it and request a fourth shirt. Now I'm quoted HK$4500 for four shirts (instead of $3700), and stupidly enough I'm on a bus as I get the email, so I do not double check as I dispatch the payment. After a short reclamation I am offered a fifth shirt, significantly more than I originally came for. After about two weeks the shirts arrive by mail in Canada, plus a US$43 surcharge for taxes, duties and fees. The embroidered Bitcoin symbols came out really well and I'm content with the quality.

☕Right at the heart of the newly renovated Central Market is Chart Coffee, a small coffee shop primarily serving the many commuters passing through this building on their way from the Mid-levels Escalator to the ferries, trams and trains intersecting nearby. Chart Coffee sports their many prizes and medals next to their "We Accept Bitcoin" sign. The barista handles my payment swiftly, but the process still feels a bit clunky, as they have to log into their OpenNode web interface to generate a QR code for me.

🌴Treehouse is an upscale vegan fast food outlet with three outlets across Hong Kong. They expect you to order through their giant touch screens, but if you want to pay with Bitcoin you have to approach them at the counter. The clerk takes a while to find the "Basics" point of sale device behind the counter, turn it on and ask a colleague for how to use it. I pay my invoice promptly and walk away with a cold kambucha, wondering whether it would be easy to implement something like BTCPay directly into the giant payment terminals.

🍹I join the local Bitcoin community at Migas, a fancy bar that allegedly also serves Mediterranean food. The venue is advertised in the event description as accepting Bitcoin, but we have to wait for the meetup host to show up. They carry the Basics payment terminal with them, it will be Migas' first time accepting Bitcoin payments. The process however is very clunky, as every time I want to make a payment, I have to find the person with the terminal, walk with them to the bar, order, pay to the terminal, before they can pay the bar by card, and my drink is served. I think generally it's a great idea to host events like this and get merchants comfortable to accept Bitcoin, but is it still valuable if the merchant never gets to experience the ease of processing Lightning transactions?

🎤Not far away is Beats, a late-night karaoke venue and bar. They have a massive glowing Ethereum symbol behind the bar, where I am the only customer. I get to chat with the owner, who is hanging out at the bar with a friend, and talk about payments. Bitcoin over the Lightning Network is the only "crypto" they accept, but they don't like to host Bitcoin meetups anymore, as none of the attendees orders any drinks or pay with Bitcoin. The discussion is quite interesting, and I pay my bill to their Blink wallet.

🎷Just next door are two more venues that accept Bitcoin. One is the comedy club The Aftermath, but I was never able to make a payment there as there was always something happening that made it impossible for me to just walk up to the bar and have a drink, such as ticketed or private events. The other is Frank's, which consists of an Italian-American restaurant and a cocktail bar at the very top of the building. Only the cocktail bar takes Bitcoin, and there's quite a nice atmosphere, good music, and a lovely rooftop. They also use the Basics payment terminal, which runs on the Blink node.

🪩Again just a few steps away is Lan Kwai Fong, which used to be one of the busiest places in Hong Kong. Today it feels like a sad abandoned part town where the places that used to be clubs with strict bounders host quiz nights for aging Brits. One of these places is Meme, which immediately catches my eye through it's massive Bitcoin symbol by the entrance. I ask about Bitcoin payments, but the staff doesn't seem to know what I am talking about, even after pointing at the sign. It's weird and funny to me that the place with the Ethereum sign accepts Bitcoin payments, but the place with the Bitcoin sign does not.

🤖In Tin Hau on the beautifully named Electric Road I find CAI, a robot-AI-crypto cafe with Ethereum and Bitcoin signs outside. The place is not on any Bitcoin map and I don't expect them to accept it, but I am curious. At the entrance is a beautiful transparent LCD screen, where I can order a coffee that will be prepared to me by a robot. Like from a vending machine, but more fancy. I can choose to customize what pattern will be printed on the foam, and there are Ethereum and Bitcoin logos as templates. The terminal accepts a lot of electronic payment methods like the Octopus (transit) card, credit cards, Alipay and Wechat. I ask about Bitcoin payments at the counter and am told that they cannot accept it because that would be illegal.

A smooth LCD screen and appealing coffee, but why can't I pay with Bitcoin? Who is this for?

This bar does not take Bitcoin.

This bar takes Bitcoin. Make it make sense.

Best drinks for sats are at the top of this building in Central.

The "Basics" Bitcoin terminal.

"We accept Bitcoin" at a coffee shop in Central.

Signs at an OTC broker in Chungking Mansions. Eventually French might become the third official language of the city /s.