Autor Cointelegraph By Joseph Hall

The Costa’ Bitcoin on the rise: Major chains give Gibraltar a BTC boost

The Costa’ Bitcoin on the rise: Major chains give Gibraltar a BTC boost

Uverejnil používateľ | júl 26, 2022 |

“But you can’t buy a coffee with Bitcoin,” the Bitcoin (BTC) critics chanted. Gibraltar, a tiny British Overseas Territory in Europe just blew a hole in that FUD as popular coffee chain Costa Coffee now accepts Bitcoin over Lightning. Hotel Chocolat, the Card Factory and the Gibraltar bakery also accept Bitcoin as a currency in the British Overseas Territory. The well-known franchises take advantage of Bitcoin’s Lightning Network (LN) to accept customers’ money. The LN is ideal for microtransaction cappuccinos, postcard payments or ice cream investments as reporter Joe Hall found out during a Gibraltar shopping spree.Lightning-enabled Bitcoin merchants in Gibralatar. Source: CoinCornerPayments are instant, frictionless and charge merchants less than the typical Mastercard or Visa payment rails. Neil Walker, managing director at Sandpiper GI — the group managing the retail franchises — told Cointelegraph that when using a Lightning-enabled card, “It’s no different to using a contactless credit card.”“It is just as quick you can tap and pay contactless credit cards, you can tap and pay lightning, scan a QR code. And whilst I haven’t timed it, I reckon it’s almost exactly the same speed.”CoinCorner, a Bitcoin exchange on the Isle of Man, partnered with Sandpiper GI, to help in equipping merchants with Bitcoin Lightning point of sale (PoS) devices.RACE OF THE RAILS ‍♂️ Bitcoin #Lightning payments vs #fiat contactless payments at the #Gibraltar Bakery. £2.20 loaded up on both PoS. WHO WINS?? ⚡️ ⚡️ ⁦@CoinCorner⁩ ⁦@CoinCornerMolly⁩ pic.twitter.com/b3ezy7FIeq— Joe Hall (@JoeNakamoto) July 25, 2022Walker shared that even for Bitcoin naysayers, the ease with which customers and merchants can transact is a no-brainer. He told Cointelegraph, “whether you believe in Bitcoin or not, you can use the lightning network to cut your transaction costs and to pay via mobile.” Given that it’s a neutral payment rail, he said that customers can traverse currencies easily:“For a long time, the idea of paying with bitcoin seemed alien to both businesses and individuals, but with the launch of The Bolt Card and the ability to “tap and pay” via lightning, the user experience is quick, easy and familiar to everyone.”Gibraltar welcomes 8 million tourists onto the rock per year, from countries including the United States, Canada, South Africa and the United Kingdom. Plus, Walker estimates that roughly 15,000 cross-border workers cross over from Spain to work in Gibraltar on a daily basis. Gibraltar uses the Gibraltar pound while Spain uses the euro, so currency conversion, remittance and tourism could be strong drivers for adopting a global, borderless currency.To pay for a coffee in Gibraltar, customers can now scan a QR code or simply tap to pay using an NFC-enabled Bitcoin Lightning card. The most popular payment choice among Satoshi spenders is the Bolt Card, a CoinCorner innovation. Molly Spiers, head of marketing at CoinCorner told Cointelegraph that the “Bolt Card has been a driving factor for Bitcoin adoption.”Bitcoin adoption in British Overseas Territories is booming, boosted by the ease of tap-and-go payments. Over on the Isle of Man, an island whose population doubles Gibraltar’s 35,000, Bitcoin adoption “has exploded over the last 6 months,” Spiers told Cointelegraph. “We’ve gone from around fi businesses accepting bitcoin, to now nearly 10x that!”Related: Busking on Bitcoin: How Lightning Network outperforms Ethereum for tippingWhile the Isle of Man has made itself the mantle, “Bitcoin Island,” Walker quips that Gibraltar could be called “Bitcoin Rock.” Indeed, the household names of Costa Coffee and Hotel Chocolat join a growing list of merchants that accept Bitcoin in Gibraltar. Essardas Luxury, for example, has accepted Bitcoin since early 2021, while smaller independent shops accept Bitcoin and sometimes cryptocurrencies including stablecoins upon request.

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Community-initiated 'Bitcoin Stackchain' exceeds $160K in one week

Community-initiated 'Bitcoin Stackchain' exceeds $160K in one week

Uverejnil používateľ | júl 26, 2022 |

The Bitcoin (BTC) community, or “plebs” as they are affectionately known, are a force to be reckoned with. They banded together in less than 7 days to stack over $160,000 (7 BTC) in a “stackchain.”The so-called stackchain, a portmanteau of the blockchain (Bitcoin’s ledger) and stacking Sats (buying BTC), is a community-driven meme. The investment chain derived from one man’s desire to express the idea that buying Bitcoin every day and doing DCA (dollar-cost averaging) is essential to being a Bitcoiner.ArizonanHodl, the Bitcoiner in question, told Cointelegraph contained that he would “eliminate any excuses” by posting a $5 purchase. Here is the original tweet:Even on days when I’m broke as hell I still stack. Feel free to join me. pic.twitter.com/e8TRUXFxi6— AriZonan Stackchain #5 (@AriZonanHODL) July 18, 2022Bitcoin buyers from around the world supported the idea, so they took the idea by the scruff of the neck. The community began stacking sats in increasing increments of $1 at a time. $5 became $6, $7, etc until the cumulative total passed the $100,000 mark over the July 23 weekend. According to the stackchain’s official GitHub (because, of course, there is an official GitHub), Derek Ross explains that the stackchain is “just fun and shitposting with a little bit of Bitcoin lingo thrown in to make it more fun as we shitpost as we buy Bitcoin.”However, the “bit of fun” grew exponentially. While Arizonan had set a goal of $10,000 for the bear market tomfoolery, in a matter of days, the plebs had stacked a whole BTC ($22,000).“At that point, I thought people might think the goal had been reached and lose interest, but the exact opposite happened. Plebs started to FOMO into the stackchain!”By Monday 25th July, the stackchain passed $150,000. Each “stack” is now well over half a grand. The incremental amounts will soon approach four-figure purchases, and the hype around the stack chain has caught the eye of Bitcoiners around the world. EPIC STACKCHAIN MOMENT:-Money invested in the #Stackchain surpasses $150,000 with 548 incremental #Bitcoin purchases. pic.twitter.com/M3xQGFEEQG— MACE ⚡️TACKCHAIN (@macenymity) July 25, 2022

For those of humbler means, “stack joins” or combined efforts from Bitcoiners working together to reach large Bitcoin buys are possible. Plus, well-known Bitcoiners in the space, including Cory Klippsten, CEO of Swan Bitcoin have got in on the action:#stackchaintip $475@swanbitcoin represent!#stackchain pic.twitter.com/tMiPtWj8qx— Cory Klippsten (@coryklippsten) July 23, 2022

Klippsten told Cointelegraph:”The #stackchain is classic Bitcoin Twitter — something fun, exciting, just a tad competitive, and great for Bitcoin.”Behind the scenes, the stackchain core developers (a riff on the Bitcoin core developers) keep the stackchain in check. A Telegram group of ‘stackchainers,’ called the Lightstack Network aid the organization and shares memes; “We need fun too,” says ArizonanHODL. #stackchain https://t.co/KUMIA8WKJy pic.twitter.com/6q08WsxRo4— RABBINSTEIN #58 (@IwanRabbinstein) July 21, 2022

The Telegram group also endeavors to avoid stackchain forking. A fork occurs when the stackchain Twitter thread splits off and a stacker inadvertently “double spends.” An unwanted outcome, the forked stack can disrupt the orderly flow of stacks and must therefore be merged into the stack and validated by “nodes.” Incidentally, the Twitter thread has become so congested by stacks that reportedly, Twitter servers are buckling under the 1000-long thread load. ArizonanHODL sums it up succinctly:“The stackchain is actually quite complicated, but these plebs made it look effortless and had fun while doing it. It’s just such a cool thing to be a part of.”But why buy Bitcoin at all? Despite the price plummeting from the meme-worthy $69,000 to $17,000, analysts would suggest the macro backdrop is forming a healthy bottom. Bitcoin the asset is a savings technology and remains the best-performing asset of the past decade. ArizonanHODL that stacking sats is not just about money, though:   “I stack for so many reasons. I stack for fun. I stack for my mental health. I stack for my future. I stack for my kids. I stack to defy central authority.”Indeed, undeterred by recent bearish price action, the stackchain may surge to greater highs. At the time of writing, the cost to “mine” on the stackchain approaches $600.

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Prince Philip of Serbia calms rumors of Arab country Bitcoin adoption

Prince Philip of Serbia calms rumors of Arab country Bitcoin adoption

Uverejnil používateľ | júl 22, 2022 |

Prince Filip Karađorđević, known as Philip Karageorgevitch in English, placated rumors that an Arab country would “soon” adopt Bitcoin (BTC) as legal tender. In an interview Philip delivered from Serbia, the prince explained that Bitcoin adoption is an inevitability for all countries.As a result of the thesis he first shared on a Bitcoin Reserves podcast, some news outlets jumped at the comments. Headlines that an Arab country would soon adopt Bitcoin quickly disseminated. However, as a Bitcoin advocate, Philip expounded that Bitcoin adoption is, in fact, inevitable for all countries and not just Arab states: “It’s definitely going to happen. But I don’t know which country or who is going to do it where or anything like that, but it’s bound to happen. Every country will eventually adopt Bitcoin.” The Prince shared that Bitcoin is an excellent fit for Muslim countries because “it makes perfect Sharia money.” Islamic law, known as Sharia, is based on Quran teachings and dictates whether something is permissible (halal) or illegal (haram). In the case of money, Philp would argue that Bitcoin is, in fact, halal and a perfect form of Islamic finance:“It’s only a matter of time before a Muslim country that follows Sharia law would have to adopt it. Some people grab that and make it as a selling item, saying that of course, if a prince knows it, that some Arab or Muslim country is going to adopt Bitcoin soon, then it’s going to happen.”Prince Philip is technically the prince of Serbia and Yugoslavia because when the monarchy was abolished, Serbia as a country had not been created. “But today, obviously, Yugoslavia doesn’t exist. And since we are Serbian origin, then it’s of Serbia,” Philip clarified. Nowadays, Serbia is a parliamentary republic, although some Serbs support the creation of a parliamentary monarchy, similar to the United Kingdom. Philip burst onto the Bitcoin scene in March this year when he appeared on a chat show. He explained the difference between Bitcoin and crypto, adding that “Bitcoin is freedom, and this is something that I want for everyone.”[embedded content]Philip told Cointelegraph that the three-minute video changed his life. He was a guest at the Bitcoin Miami 2022 conference and even played a role in the President of Madeira’s journey into Bitcoin.Regarding Bitcoin adoption in Serbia, sadly, the prince cannot wave a royal wand and create a Serbian-style El Salvador in Europe. Nonetheless, there are certain benefits to Serbia adopting Bitcoin, the Prince notes:“There’s a lot of Serbs around the world. It’s a huge diaspora. I think the biggest concentration or the biggest diaspora is in Canada, then Chicago.”The remittance use case for the approximately 5 million Serbs living outside of Serbia who regularly send money to their home country is convincing. Given that Bitcoin transcends borders, offering people a way to instantly send value across the world without a middleman, it could bolster Serbia’s economy. For El Salvador, in the first year of adopting Bitcoin, remittances into the country exceeded $50 million. Related: Mercado Bitcoin plans to expand to MexicoFurthermore, Serbia neighbors The Free Republic of Liberland. A micronation nestled upon a thin stretch of land on the Danube river, Liberland adopted Bitcoin as currency over seven years ago. There is evidence of grassroots Bitcoin advocacy in the Balkans. Plus, one of the world’s most decorated tennis players, Novak Djokovic is a Serb. He’s also a freedom-lover and has staunch anti-state views. In the Prince’s eyes, he’s an “obvious orange pill that needs to happen, 100%.”

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Packed your Bitcoin? A BTC holiday in Costa Rica goes fiat free

Packed your Bitcoin? A BTC holiday in Costa Rica goes fiat free

Uverejnil používateľ | júl 21, 2022 |

Passport, sunglasses, beach towel and Bitcoin (BTC)? A BTC enthusiast on vacation demonstrated that the world’s largest cryptocurrency could soon become a holiday essential. Eugenio, a Costa Rican Bitcoin maximalist, paid his way on holiday with just Bitcoin in his wallet during a long weekend on Costa Rica’s Pacific coast.A hotspot for Bitcoin adoption and real-life whale spotting, the towns of Uvita, Dominical and Ojochal are home to Bitcoin Jungle, a Bitcoin-beach-inspired project, as well as a budding community of Bitcoin-friendly merchants. Eugenio documented his entire Bitcoin holiday to the destination on Twitter. He told Cointelegraph, “The only fiat I had to use was filling the tank [of the car] before departing.” I just had a 100% #Bitcoin vacation in Uvita, Dominical and Ojochal #CostaRica thanks to the work of @BitcoinJungleCR creating a circular economy and supporting many merchants and business. Zero fiat was used, no banks involved, no trusted third parties, just real hard money. pic.twitter.com/YrcQfIumfx— Eugenio Crypto Disrespecter (@E_moonwatcher) July 18, 2022Eugenio explained that he wanted to support the adoption and to show that anyone can do the same, in a convenient and fun way, “using Lightning Network seamlessly with no payment processors or banks involved:”“I wanted to be able to pay for my little sister’s gelato while I was at the beach, for example.”Eugenio paid for more than his sister’s ice cream: he paid for pizzas, coffees, steaks and even a trip to the market for kombucha with Bitcoin. Eugenio at the market. Source: EugenioReportedly, merchants asked, “would you like to pay with Lightning or on-chain?” On-chain transactions take on average 10 minutes to confirm, are slow, and sometimes costly. Lightning transactions are near-instant, near-free and are a “win-win for me and for the merchants,” Eugenio explained:“It is extremely convenient, Bitcoin is money. You can use it to spend and can use it to save, you can do both in an easy way without the fees and hurdles embedded in the legacy system, plus you can always buy back the sats with the fiat you were going to use in the first place.”The Lightning Network is quietly catching on, and examples of its adoption slowly spread like roots reaching across the globe. From British families to Senegalese surfers, the appetite for transactions over Lightning means more and more Bitcoin is used on the layer-2 platforms. Related: Andorra green lights Bitcoin and blockchain with Digital Assets ActEugenio shares some advice for those reluctant to use the LN or event to visit Costa Rica. A proud Tico (Costa Rican local), he suggests, “Don’t overthink it. The place is stunning, safe, full of nature and adventure. Use the Bitcoin Jungle Business map for guidance and a Lightning Wallet.” Costa Rica’s pacific coast showing places accepting Bitcoin. Source: BitcoinjungleThe place is adopting Bitcoin “organically,” and some of the locals have taken pride in accepting Bitcoin, Eugenio told Cointelegraph. As per the above map, there are a growing number of merchants across Costa Rica accepting Bitcoin “with a smile.” With the summer holidays in full swing, Bitcoin wallets might be on packing lists around the world, alongside passports, sunglasses and sunblock.

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Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors

Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors

Uverejnil používateľ | júl 20, 2022 |

Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a “combination of circumstances” beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as “rumors” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.— ZIPMEX (@zipmex) July 20, 2022Coinbase made an offer to acquire the Thai cryptocurrency exchange Zipmex early in quarter one 2022. On June 9, the acquisition fell through. Instead, Coinbase made a “strategic investment” into the company — the amount has not been disclosed. Lim told Cointelegraph that while Coinbase is an interesting partner, “an investor makes more sense at this stage.” He explained that the group speaks to a number of different parties at any point in time, citing the bear market as the reason why Coinbase opted out of the acquisition:”The acquisition fell through due to market conditions. They’ve pulled out in many countries around the world such as Turkey and in Latin America. Coinbase is a great strategic partner to the business.”According to the Block, Zipmex is working on a Series B+ raise that could value it at $400 million. Cointelegraph reported that Zipmex has compliant operations in Thailand, Indonesia, Singapore and Australia. In August 2021, Zipmex’s user base reached 200,000, while it has reported over $1 billion in gross transaction volume since its launch in late 2019. According to Zipmex press releases, the company’s Thai subsidiary has a Digital Assets Exchange license and Brokerage license issued by the Ministry of Finance of Thailand, while the group is regulated by the Securities and Exchange Commission. However, a source close to the exchange explained that Zipmex could be in trouble prior to freezing customers’ funds. According to the source, who chose to remain anonymous, Zipmex “has a Thai exchange license and an exempt status in Singapore.”“Under the Thai License they are strictly not allowed to touch customer funds. However, Zipmex has a product on the exchange called zip-up that effectively lets users move funds under the Singapore entity to earn yield.”The source explained that the “funds were given to Babel to generate the yield. About $100m was lent to Babel, which is now at risk of default.” In June, Hong Kong-based asset manager Babel Finance halted withdrawals, due to “unusual liquidity pressures.”South East Asia has not been shielded from the bear market crypto contagion, as in Singapore, Vauld exchange recently froze customers’ funds. Nexo has reportedly offered a buyout but the group also offered to buy out Celsius.Related: Half of Asia’s affluent investors have crypto in their portfolio: ReportWhen pressed on whether Zipmex could face the same consequences as Celsius, the source commented that “it’s possible. Babel hasn’t settled their default yet, and it’s a 100 million dollar hole.” Celsius froze users’ funds on June 13 and many fear the exchange could suffer the same fate as Mt. Gox. In response to the allegations, Lim told Cointelegraph that it was “business as usual.” Lim emphasized that the group “doesn’t comment on rumors.”Source: @Drumiskl TwitterHowever, as per reports from customers of Zipmex and the official Zipmex Twitter account, the firm has since frozen customer withdrawals. 

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