2022W21 - WTF happened in Bitcoin this week?
Bitcoin is the future of payments
TLDR: Strike donates $100,000 for bitcoin open source development, Stripe partners with OpenNode to allow customers receive bitcoin. Gamers can now buy and sell bitcoin, and more..
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
The price might not be representing the adoption and development we have been experiencing in the last couple of weeks, or even months. It is normal if you are “kind of new” into the space, and just recently dwelled deep into the rabbit hole by putting hours & hours, crunching books and podcast, to start wonder or even doubting, as the price does not reflect the potential you’ve found in all the newly gained information.
Seems weird now that people don’t see it, after we’ve had our “Ahaaa” moment. But this network is an open one, full of many people with multiple levels of understanding of it. As some might see the game changing potential of Bitcoin, as a means for freedom & inclusion, or as a tool for separating money from state for others is still just speculation.
One of the latest developments your uncle Bam finds pretty interesting is the release of CoinCorner’s new NFC card, allowing people to make payments by simply touching the Payment processor just as we normally do with our debit cards or even phones.
It seems that developers don’t stop getting creative, and little by little are gap is closing, in comparison to our traditional systems, to the point where Bitcoin just becomes simplier and more attractive for the average person.
THE NEWS!
1. Strike announced their latest contribution to making the bitcoin network more accessible and usable with a $100,000 donation to Human Rights Foundation in support of BTCPay Server.
2. Stripe, announced a partnership with OpenNode, which will allow businesses to convert fiat payments into bitcoin through the lightning network.
3. Gamers can now buy and sell bitcoin while gaming through a partnership between gaming fintech ZEBEDEE and payments firm MoonPay.
4. Balenciaga, a luxury fashion house, will begin accepting bitcoin and other cryptocurrencies as payment online and in select physical locations.
5. Sumitomo Mitsui Trust will partner with Bitbank to form a company focused on institutional custodial services for bitcoin and other cryptocurrencies.
6. Gafisa, one of the largest Brazilian real estate developers, now accepts bitcoin for real estate transactions through a partnership with Foxbit.
7. A survey from CoinsPaid saw respondents from Argentina, Brazil and Colombia positively view bitcoin as the future of money amid high inflation levels.
. The Giving Block and Shift4 have partnered for a Caring With Crypto nonprofit donation campaign to support Miami-based nonprofits.
. After adopting bitcoin as legal tender in April, the Central African Republic now wants to create a cryptocurrency economic zone – Sango.
. Turkish governing party is reportedly set to submit bills to parliament in the coming weeks to better regulate the Bitcoin and cryptocurrency markets.
. Drake, the legendary rapper, gave away $1 million in bitcoin during a livestream.
FUNDAMENTALS
The lightning network continues to display growth by adding 188% in extra capacity compared to a year ago.
As a summary note..
“Malawi on Thursday announced a 25% devaluation of its national currency, the kwacha, in a bid to shore up dwindling foreign exchange reserves and curb inflation.” – Africa News
Inflation has been experienced in not such a nice way even in developed countries, but clearly there are places who have suffered much more. Imagine waking up one day and experiencing a quarter of your wealth just vanishing due to a decision of a central planner. When these events happen, people usually respond by trying to escape the currency into harder ones, which usually its not easy due to capital controls. If the country allow the flee of capital, the value of its currency would only plummet even faster, hence the usual response is to hold the population hostage through coercion.
Bitcoin offers a way out, El Salvador just hosted the a summit on financial inclusion two weeks ago and just who do you think was part of the attendance list?
Yep, the Reserve Bank of Malawi.
All of these countries suffering double digit inflation, and currency collapses throughout the years, are learning that there is an alternative out there, Bitcoin.
Where anyone could get to learn what might the benefits look like through practice, and not only theoretical, as El Salvador is leading the way setting up the example.
Have a great weekend niblings.
Stay humble & stack sats.
Supported by:
How to buy bitcoin? (With Relai through Revolut)
If you are in Europe, I made a pretty simple guide with 3 steps, which avoids you having to set up an account on an exchange, give them all of your personal information, plus custody of your funds.
Did you find value on this? You want to contribute to Uncle Bam?
Then feel free to donate, a cup of coffee would be highly appreciated.
But more importantly, share this with your friends and family..
Lightning Address:
cherryskate01@walletofsatoshi.com