WTFBitcoin Week 42,2022
Bitcoin hitting world records on many categories.
TLDR: Miners accumulate hashrate, Stackers hold 66% and don’t let go, Bitcoin enters the Guinness Book of World Records.
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.
Living in a developed country could make it harder to appreciate the freedom bitcoin allows, and the power of a decentralized network where no one holds authority over it, or the power to increase its supply at will, until they start to confiscate or one gets censored.
Last week we saw JPMorgan one of the largest banks in the world, taking away its services to Kanye West and his multibillion dollar company just for the sake of proving a point, and not agreeing with some comments the artist made to the public.
One could argue its a private company and it may do as it wants, but in a way, banks are almost the only way we can transact & live our lives as cash culture is being slowly diminishing, and not to mention the unlikely hood (or impossibility) of it to be used for big transactions.
While these censorship examples become more popular, bitcoin continues to operate block by block allowing users to do HUGE transactions without any counter party risk at little to no cost.
Just this week ~$60,000,000 was just sent for a mere $0.29 fee using bitcoin.
Now let’s get into the news now! 👇🏼👇🏼
THE NEWS!
1. Bitcoin joins the Guinness Book of World records with multiple entries:
First commercial Bitcoin transaction: Marked by Lazlo's pizzas purchase with 10,000 bitcoin.
First country to adopt Bitcoin as legal tender: El Salvador in 2021.
Most valuable cryptocurrency
Oldest cryptocurrency
First NFT
2. Relai is also expanding its UX to make purchasing bitcoin easier as Europeans can now instantly buy bitcoin 24/7 with Visa, Mastercard and Apple Pay.
3. Bitcoin Mining Council Q3 Reports:
Members - 105 EH in Q3 making up 45.4% of global hash across 5 continents.
BMC 67.8% sustainable power mix, estimated 59.4% global mix, making it one of the most sustainable industries globally
4. N26, $9 billion european digital bank, enables bitcoin trading. Users cannot transfer funds off the platform due to the bank not supporting custodial wallets, but there are lower fees for bitcoin than other digital assets.
5. No Big Deal, a bitcoin development non-profit was announced by ZEBEDEE. The project is currently focused on Lightning infrastructure and supporting hosted channels to remove the need of custodial users on Lightning.
6. Bitfinex’s improved his API/PlugIn service to receive payments in Lightning by reducing 70% time required to identify and process payments. Payments are now nearly instant averaging 1 second.
7. Coinbase filed an amicus brief against the SEC to support Grayscale's spot Bitcoin ETF.
8. Hodlonaut wins in Norweigan court, and Wright must pay for court costs, and the court determined there is sufficient evidence for Hodlonaut to debate whether or not Wright is Satoshi Nakamoto.
9. Lightning app Strike featured in Times Square, NYC.
10. The humanitarian work being done by Agua x Vida is another example of the power of permissionless money.
11. By adopting bitcoin, the Benedictines of Mary, Queen of Apostles from Kansas City were able to build their church and focus on preserving Catholic traditions.
12. Kollider shared a preview of their wallet, where one can hold synthetic Stablecoins which use derivatives on the Kollider exchange. In essence, the exchange allows users to hedge their price exposure to bitcoin by pegging all or a part of their balance to a fiat currency. By using perpetual swaps, users can hold USD. In other words, by shorting or going long bitcoin, the user can experience a synthetic stable USD or Euro.
13. Despite bitcoin mining economics are currently at rock bottom, public miners still plan to expand their mining capacity for the end of THIS YEAR.
FUNDAMENTALS
14. A bitcoin address bought bitcoin this month, has been buying for the past 10 years and not spent anything at all.
15. More than 66% of the existent bitcoin supply has not moved in more than a year, and it continues raising.
16. Additionally, the hashrate continues hitting all-time-highs after all-time-highs.
And the number of addresses containing more than 0.1 bitcoin is on the rise as well. Price might not reflect it, but bitcoin is being normalized, accepted and accumulated by a bunch of crazy people like.. you and me ;).
As a summary note..
Its always nice to see people spending bitcoin and promoting this new alternative to the fiat system. Here a bunch of people traveled to Bulgaria after the Amsterdam meetup, and seem to be spending on a little grocery store.
Bitcoin is being built from the ground up, by the people and for the people.
Have a great weekend niblings.
Stay humble & stack sats.
Want to learn how to buy bitcoin?
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.
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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: rustybeam47@walletofsatoshi.com