2022W29 - WTF happened in Bitcoin this week?
Bitcoin continues to grow.
TLDR: Gibraltar’s businesses adopt bitcoin, ,First Female UFC fighter to accept bitcoin as payment, Guatemala gets access to low-cost bitcoin payments through Lightning.
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.
This week I’ve been fascinated to find about the increasing adoption of bitcoiners willing to accept bitcoin on their businesses. Some weeks ago I wrote about CoinCorner’s release of their NFC card, and since then, there has been seeing several places adopting it and accepting bitcoin through their checkout system.
At the beginning the places were local businesses in the Isle of Man, and suddenly expanded to places around the area. Now it seems Gibraltar is getting orange pilled.
This week Costa Coffee announced to begin receiving bitcoin lightning payments in their three branches, and since uncle Bam loves seeing adoption taking place, here is a little video so you can get hyped and if you happen to be in the area drop them a visit and buy yourself a coffee by spending some sats.
Spending bitcoin is often controversial, but it should be seen as a way of increasing adoption, a kind of marketing, and a display of a user demand. This signal is needed for improving the tool set around integrating bitcoin in the circular economy, it becomes an incentive. So if you are in doubt, just remember it as simple as to spend and replace.
The easier it becomes to accept bitcoin, the more bitcoiners will be incentivized to implement it in their businesses. The more businesses start to accept bitcoin, other businesses will start to find interest in doing so too.
The network effect is beautiful.
THE NEWS!
1. Bitcoiners created the #stackchain in twitter, which the last block, person or group, had purchased $513 worth of bitcoin, at the time of writing. Bitcoiners have accumulated $131,328 worth of bitcoin.
2. The Bitcoin Mining Council released their numbers, where:
Efficiency surged 46% year over year (YoY).
Sustainable power mix reached 59.5%
The network is 137% more secure YoY, only using 63% more energy.
Bitcoin Mining consumes 0.15% of the worlds energy production but 0.086% of the CO2 Production.
3. Southland Credit Union, a billion dollar institution, is now the second credit union in Southern California to enable its customers to purchase bitcoin through its mobile banking app.
4. Luana Pinheiro will become the first female UFC fighter to be paid in bitcoin, through a partnership with Bitwage.
5. Fedi raised $4 million to accelerate the development of the Fedimint protocol and its companion app Fedi — tools that can improve and scale bitcoin custody. Find out more about Fedi and the fedimint protocol.
6. Zebedee, the bitcoin gaming company, raises $35 million to scale its expanding demand in partnership with multiple investors including AAA gaming studio, Square Enix.
7. OSMO Wallet partners with IBEX to allow Guatemalans to have access to instant, low-cost bitcoin remitances and payments with cash-out locations.
8. Chub Cay, an island in the Bahamas, is actively looking for a Lightning Network wallet provider to launch a bitcoin standard to pioneer financial inclusion.
9. ₿trust, a non-profit organization dedicated to furthering the open-source development of bitcoin, is funding development and education of new developers for Bitcoin in Africa.
10. Costa Coffee, Hotel Chocolat & Card Factory now accept bitcoin using CoinCorner’s tap & pay via lightning. Naturally one can use a normal invoice QR code too.
FUNDAMENTALS
11. Entities with 0.1 to 1 Bitcoin are accumulating in an exponential manner.
According to uncle Bam, could be a possible way to frame what is happening.
HYPE: (2017)
Bitcoin price went parabolic and mainstream, where new people entered the market because of the highly appreciating price, driven by hype.EDUCATION: (2018-2021)
Bitcoin remains “mainstream”, education becomes widely available with books, podcasts, internet articles. New people and even institutions entered the market.OPPORTUNIITY: (2022-present)
Price started continuing a downtrend. Not all new entrants were highly educated, but came in with a lot of money, and became confident, leading to massive amount of capitulations and nefarious institutions.
But this with more education, people are accumulating the massive opportunity, driven by education.
12. Lightning Network continues to push to new highs reaching a total capacity over 4,290 bitcoin, an increase of 34% from bitcoin’s price peak in November 2021.
As a summary note..
I can’t remember who said this but it is one of the few quotes that always comes back when we are experiencing a “bitcoin dip”, which now I would just call stacking opportunity.
“Bitcoiners are the people with the most conviction on their asset, when the price goes down, they even get happy and buy more. While in other currencies or assets, people tend to flee and seek refuge in alternative”.
Well a great example of this is happening right now with the #Stackchain movement in twitter, where users have been “building blocks” to fill the chain posting in twitter:
Someone buys $1 worth of bitcoin post it in twitter and initiates the chain.
Someone buys $2 worth of bitcoin and post it under the previous tweet.
On and on up to $513 so far and increasing..
In under 3 days, bitcoiners have accumulated more than $130,000 worth of bitcoin, not only saving in the hardest money ever existed, but displaying to the crowd that the conviction is there, and we are not stopping due to a little price volatility.
Find the latest purchase by searching #stackchaintip, join the movement and careful with the forks!
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.
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Lightning Address:
cherryskate01@walletofsatoshi.com