WTFBitcoin Week 43,2022
Bitcoin is proving a point.
TLDR: CashApp onboards 40m users to bitcoin, Bitcoin Island in Philippines counts 290 merchants, Costa Rica trying to waive Bitcoin tax, Stone Ridge launches Lightning accelerator.
Hey there locos, 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.
Today is one of those days which as i’m writing this the price is ripping. So naturally I got all distracted and forgot which cool thing I was going to try to say for the intro of this piece.
All I can say, is I feel so bullish for bitcoin due to the vast amount of development in happening in the space in parallel. As the infrastructure for Lightning, gets better, companies as CashApp come out and announce a full integration with Bitcoin, putting 40 million users now being able to interoperate with the bitcoin network.
But what does it mean? Do all of these people need to use bitcoin? No, they don’t, but as a bitcoin user, from anywhere in the world, we can now:
Go to USA and interact with all millions Strike, CashApp, and bitcoin users.
Go to El Salvador and interact with the millions of Chivo, BitcoinBeach and other bitcoin wallet users.
Go to Nigeria and interact with all Bitnob users & bitcoin users.
Go to the Bitcoin Island in the Philippines and interact with all Pouch users.
The majority of these people would potentially not be attempting to transact bitcoin, but due to its programability, it can be simply used as rails, where the recipient receives the local currency of their desire.
Now lets drop the news, but please subscribe & share with friends and family.. Do it for your boy Bam.
THE NEWS!
1. 40 million Cash App users can now send and receive bitcoin payments instantly via the Lightning Network.
2. The Bitcoin Island in the Philippines onboarded 30 new merchants into adopting bitcoin. As of this week, there were 245 businesses and 45 taxis or “trikes” accepting bitcoin.
3. Canaan Inc. unveils two new ASIC models of the Avalon Made "A13" series; the A1346 with a hash rate of 110 TH/s and a power efficiency of 30J/TH; the A1366 with a hash rate of 130TH/s and a power efficiency of 25J/TH
4. Michael Saylor shows off who’s got it larger..
”MSTR vs. Big Tech since MicroStrategy adopted a Bitcoin Standard.” - Michael Saylor
5. Zion announces their vision for their version 2 of the Web5 App, which includes an integration with the newly released Decentralized Web Platform from Block.
6. Synonym, Tether, and Holepunch announced Pear Credit, a new P2P open protocol that allows anyone to issue centralized credit tokens without a blockchain, using cutting-edge Hypercore desgins.
7. Charles Schwab research: 46% of GenZ want to invest in bitcoin and crypto via their 401(k).
8. Stone Ridge, a $4 billion asset manager, launches first ever Bitcoin accelerator focused on Lightning!
9. Amboss launched a Network and Node Stats Dashboard, where users can identify their node status, channel balances and find better insights & arbitrage opportunities.
10. Wasabi Bitcoin Wallet releases update to restore services amid tor attack.
11. In partnership with Swan Bitcoin and BTC Direct, Trezor Suite users can DCA bitcoin and have it automatically placed on the hardware wallet.
12. Grand Opening of the Bitcoin Building in Windsor Ontario, an AirBnB luxury hotel.
13. Costa Rican lawmakers propose nixing almost all taxes on Bitcoin . Bill wouldn’t allow taxes on BTC used to buy goods or sitting in cold storage. BTC mined wouldn’t be subject to profit tax either.
FUNDAMENTALS
This week the price has experienced a sudden appreciation.
14. A record 55,000 Bitcoin, or over $1.1 billion, was withdrawn this week from Binance. This is the most BTC leaving major exchange Binance in a single day than ever before.
15. Added to this, this week we hit 66.3% of all bitcoin’s not being moved on over a year, another all time high.
If we want to see it on a different perspective, Maartunn shared another perspective of Long-term holders (which include wallets more than 6 months old), are holding more than 75% of all existing Bitcoin. A metric not hit since October 15th. Yep before a bull run.
All of these while miners keep crushing hashes.. Despite the low price and the struggles of managing the business for some of the Public Miners, as we saw this week (eyes on you Core Scientific.)
No one is more bullish than bitcoin miners. 👀
As a summary note..
Little by little bitcoin becomes normalized into our everyday lives. As we make a shift into the digital realm, the new era, we will start seeing more examples like this one found in Turkey.
If you would use one of these for the first time, which one would it be? ;)
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.
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: rustybeam47@walletofsatoshi.com
Rad! Thanks Dude!!