Autor Cointelegraph By Joseph Hall

While the banks were closed, Bitcoin reached 5,000 days online

While the banks were closed, Bitcoin reached 5,000 days online

Uverejnil používateľ | sep 12, 2022 |

The world’s largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The network has functioned almost without a hiccup for 13.69 years. In Bitcoin speak, the blockchain has been online, confirming a valid block of transactions every 10 minutes, on average, for 753,782 blocks (5,000 days). Plus, 3,464 days have passed since the last downtime incident. The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until what is known as the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions more Bitcoin. Five hours later, during block 74,691, the blockchain was soft-forked, and nodes reached consensus.In 2013, Bitcoin software split, and the chain forked into two. The blockchain was down for 6 hours and 20 minutes causing a price drop of more than 23%, hitting lows of $37. Combining the downtime of the Bitcoin network between 2010 and 2013 creates roughly 0.01% of the total time.Bitcoin uptime by year. Source: buybitcoinworldwide.comBitcoin influencers (Bitfluencers?) were quick to honor the occasion with celebratory boating accidents, events in which Bitcoiners lose their private keys. Others expressed their gratitude for the anonymous creator of the protocol:5000 days of #Bitcoin pic.twitter.com/oTdbmJG0Tk— Lina Seiche (@LinaSeiche) September 11, 2022Popular cryptocurrencies such as Solana (SOL) or Ether (ETH) cannot currently compete with the uptime nor decentralization for which Bitcoin is known. Solana regularly experiences outages, labeled a “curse” to the network by its cofounder, while Ethereum’s creation was the result of a hard fork. Related: The Fed, the Merge and $22K BTC — 5 things to know in Bitcoin this weekVitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin is still some way from reaching Nakamoto’s promise of a peer-to-peer cash system that removes third parties: Scaling payments on layer-2 are an uphill battle. In the meantime, Bitcoin will have to settle for being the most secure, most decentralized and most popular cryptocurrency solution. 

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Bitcoin on the streets: the trick to onboarding UK merchants into BTC

Bitcoin on the streets: the trick to onboarding UK merchants into BTC

Uverejnil používateľ | sep 9, 2022 |

“Do you accept Bitcoin? Would you Like to?” These questions echoed around the streets of Reading, near London, United Kingdom, over a hard day’s graft for two British Bitcoin (BTC) advocates. James Dewar, founding partner of Bridge2Bitcoin, and MSW, a business developer for CoinCorner, took to the streets of Reading in a marathon mission of merchant adoption. In just six hours, they spoke to 63 shops, cafés and restaurants, hoping to persuade them to accept BTC. Armed with flyers, sales experience and oodles of enthusiasm for the world’s largest cryptocurrency, the Bitcoiners detailed the data and their experiences interacting with the general public. Of the 63 merchants they spoke to, around 50% were a straight rejection, and 10 of the 30 were “worth a follow-up,” Dewar told Cointelegraph. Three businesses were onboarded on the spot or quickly afterward. Dewar continues: “It’s a 3% hit rate within two weeks, from my point of view from a standing start is pretty good if you think about the adoption curve.”Indeed, while 3 out of 63 merchants may seem trivial, it’s representative of where the world is in terms of Bitcoin adoption. Bitcoin adoption worldwide is still around 3%Dewar explains that Bitcoin awareness is currently low as we sit at the lower end of the Bitcoin adoption threshold. However–it’s still worth giving it a shot and asking your local merchant if they take Bitcoin. Dewar jokes that even if he were to hand out £10 notes on the street, people might still be reluctant to accept the offer or reject them–as it’s like “Sales in general,” he explains. “We think it’s an obvious no-brainer, right? There is literally no downside to doing it. But getting that message across; you’ve got to be fairly thick-skinned to understand that people don’t [get it] –it’s like handing out tenners on the street!”MSW, who accompanied Dewar explains that accepting Bitcoin makes commercial sense for many merchants. “One of the benefits for many is that you can just accept pounds. It’s like a cheaper version of Sump with Bonus marketing.” SumUp is a point-of-sale solution popular in bars and restaurants across the country. But why not onboard businesses onto other cryptocurrencies? MSW, who accompanied Dewar on his journey, explains that “the Lightning Network is the best way to send value, for low fees and instantly. No other network comes close.” Indeed, the Lightning Network outperforms Ethereum (ETH) and other cryptocurrencies as a payments network. MSW has since embarked on Bitcoin merchant adoption walks in Edinburgh and Oxford to varying degrees of success. Coach Carbon, a Bitcoin football coach partnered with MSW in Oxford a few weeks later, while in Edinburgh, Jordan Walker, CEO of the U.K. Bitcoin collective, joined MSW. Walker and MSW spent a day onboarding merchants ahead of the United Kingdom’s first Bitcoin-only conference. Source: Bitcoin CollectiveBut isn’t Bitcoin for HODLing–not spending–as it’s gold 2.0? Dewar and MSW would agree with the narrative that Bitcoin is a store of value, but they are proponents of spending Satoshis. Plus, in the United Kingdom, there are no capital gains on Bitcoin that are spent and then replaced within 30 days due to “Bed and Breakfasting” laws. MSW underlines that spending Bitcoin in shops is educational, too: “I am bullish about merchant adoption as a way of demystifying Bitcoin and showing that it has a use. Bitcoin is a way of buying a coffee, or an ice cream or going to your favorite cat café and stroking some cats.”MSW and James both shared that while it’s a tough day out and that some people still have a deep-rooted hatred for Bitcoin, the process can be “very rewarding.” What’s stopping you from asking your local merchant, anon?

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Getting hitched, Satoshi style: a Bitcoin-themed wedding in Lebanon

Getting hitched, Satoshi style: a Bitcoin-themed wedding in Lebanon

Uverejnil používateľ | sep 7, 2022 |

A Bitcoin (BTC) evangelist in Lebanon took their love for Bitcoin to the next level. Said Nassar, an international business engineer, themed his wedding day around Satoshi Nakamoto’s innovation, Bitcoin.Each and every wedding guest received Satoshis (the smallest denomination of a Bitcoin) as a wedding gift for attending the Nassar family’s special day, while the theme of the wedding was volcanoes–a nod to El Salvador’s Bitcoin bonds, commonly known as the Volcano bonds. The Bitcoin volcano followed the wedding party. Source: NassarNassar told Cointelegraph that he put a volcano stand in the wedding and “distributed gifts via the Lightning Network.” Indeed, under every cutlery set for the post-ceremony banquet were instructions to download a Bitcoin Lightning Network wallet to receive 4,000 Satoshis. Worth roughly $0.80 now–due to bearish price action– at the time of the wedding, the gift was worth $1.60. The wedding thank you gift. Source: NassarThe link took the wedding guest through to a thorough Youtube video that shows how to set up a wallet and why people should buy Bitcoin. Of the 250 wedding satoshi gifts he gave out, 75 people downloaded wallets and asked Nassar to send over the 4,000 Satoshis–the first time these people received Bitcoin.At a 30% success rate, his method for promoting Bitcoin adoption is high given that worldwide Bitcoin adoption may only reach 10% by 2030. Plus, Nassar qualifies, “All of them [the wedding guests] saw it and thought about it.”The QR code thank you gifts are in the red circles. Source: NassarNassar is an insatiable Bitcoin advocate. So naturally, his wedding day would be the perfect time to “orange pill” or educate more people about the importance of Bitcoin. He’s the brains behind Lebanon’s first Bitcoin themed escape room and jokes that he has a half hour limit for talking about non-Bitcoin themes when making acquaintances:“I try to explain monetary policies and what is fiat money to every person I meet longer than 30 minutes.”Curiously, Twitter user Stackmore also treats weddings as the ideal time to both start a family and start stacking sats. Stackmore has sent Satoshis as wedding gifts for the past five years:My #bitcoin weddings gifts evolvedJuly 2017 – 2019 just simple paper wallets2019 – Better paper walletshttps://t.co/GkH7kV7JrD2020 – https://t.co/1v0opOxLEj Faucet 😀 Thanks @BootstrapBandit 2021 – Open dime gifts https://t.co/42t1rCzBQM pic.twitter.com/SMk1IBksrC— Stackmore.hodl.Sucre ⚡️ (@1971Bubble) December 6, 2021In Nassar’s home country Lebanon, the inflation rate exceeded 200% in January this year. Bitcoin, by comparison, has a fixed supply of 21 million coins, and benefits from a programmed issuance rate that makes the currency deflationary. Related: Couple gets married on Ethereum blockchain for $587 in transaction feesDespite calls from top execs to avoid buying Bitcoin in Lebanon, groups such as AlJazeera report that Bitcoin adoption is booming in the country. For Nassar, it’s key to start with family and friends as “Hyperbitcoinzation starts at home.” He has already introduced his nearest and dearest to Bitcoin:“All my close friends and my family members have bought bitcoin, and my mother is a whole coiner.”What about you, anon? Do you love Bitcoin enough to theme your special days around the coin?

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Ripples of Bitcoin adoption at Biarritz’s Surfin Bitcoin Conference in France

Ripples of Bitcoin adoption at Biarritz’s Surfin Bitcoin Conference in France

Uverejnil používateľ | sep 5, 2022 |

A sublime sunset enveloped Biarritz Casino on Aug. 27, bringing France’s largest Bitcoin (BTC) conference to a close. Located in southwest France and organized by French Bitcoin exchange Stackin Sat, Surfin Bitcoin assembled a host of Bitcoin OG’s, newbies and no coiners, those yet to buy or earn crypto, in a setting that would rival any Hollywood film set.Bitcoiners networked in the hope of learning more about the Lightning Network, landing jobs at one of the many French Bitcoin companies present — from Galoy Money to Découvre Bitcoin — or simply rubbing shoulders with fellow Bitcoin believers. In a touch of bear market irony, as the Bitcoin chips are currently way down, the event venue took place at the illustrious Biarritz Casino. From Bitcoin core maintainers to European royalty to naturally CEOs from the largest French crypto companies, the vibe was distinctly French, albeit with a fizzy international influence.Cointelegraph and Ledger CEO Pascal Gauthier (right) in front of the Biarritz Casino and Biarritz’ Grande Plage.Bitcoin maximalism was on full display. Panelists and moderators had carte blanche to slamdunk on shitcoiners as hotly anticipated debates compared crypto venture capitalists to gamblers and boasted the merits and queried the limitations of Bitcoin’s layer-2 Lightning Network. Representatives from Aave and various crypto decentralized autonomous organizations (DAOs) expressed their admiration for Bitcoin but held true to their vision of a multi-coin future.While there were several official commercial announcements during the event, speakers spontaneously stumbled across certain revelations. During a panel on mining, Pierre Rochard of Riot Mining announced his intention to rename mining to “timestamping” to avoid confusion regarding the act of retrieving scarce resources from a physical space. Timestamping would make education easier, he explained, and it’s also Satoshi Nakamoto’s way of explaining mining in the white paper. Similarly, on the Lightning Network panel, Blockstream’s Christian Decker, also known as Dr. Bitcoin, described the Lightning Network as an “ant network.” In essence, he explained, the LN behaves like an ant colony. Much like a group of ants, the LN seeks out productive areas of activity and congregates in spaces where efficient routes or channel hops can link together.This was a first for me, a #LittleHODLer gallery section at @SurfinBitcoin I also had the opportunity to create a drawing for the conference that was auctioned off for charity. Thank you for everything @Jhersco @Joss_do_it_BTC and team pic.twitter.com/pNgBhaXbpW— Lina Seiche (@LinaSeiche) August 29, 2022Among the workshops and Q&A sessions, European Bitcoin artists such as Lina Seiche, the creator of the Little Hodler, displayed their pieces. Konsensus, a Bitcoin book publisher, sold French translations of popular Bitcoin books for a couple of Satoshis — the smallest denomination of a Bitcoin —in the main hall. The usual Bitcoin t-shirts and merchandise could also be purchased for sats. But, to many Bitcoiners’ chagrin, coffees, beers and refreshments were paid for with fiat money. ⚡️ Spending Sats at @SurfinBitcoin Comment achèter un livre de Bitcoin en Bitcoin ?Avec Lightning bien sûr ! ⚡️How do you buy a Bitcoin book with Bitcoin?With Lightning of course! ⚡️@OmniFinn @KonsensusN @edouard_knw #surfinbitcoin22 https://t.co/uKVX1YRwrf pic.twitter.com/OK9Gla46yR— Joe Hall (@JoeNakamoto) August 27, 2022

Daniel Prince, co-host to the United Kingdom’s second biggest Bitcoin podcast, Once Bitten, told Cointelegraph that Bitcoin adoption at the conference and surrounding area was poor:“The casino guys are not orange-pilled, they’re only accepting cash or card as payment. Even though, I just asked ‘I wanna pay you guys in Bitcoin,’ but no, they’re not set up.”Nonetheless, while the waves crashed around the Bitcoin bubble on Biarritz’s La Grande Plage, the waves of Bitcoin adoption were meager by comparison. From interviews snatched with street vendors, merchants, churros sellers and even surfers, Cointelegraph reporters learned that the area was “no coiner” territory. Nobody in the surrounding area had transacted with Bitcoin; no one could accurately describe the cryptocurrency or even recognize the Bitcoin “B” on a t-shirt or conference logo. There was one exception. The 19-year-old driver of Biarritzs’ sightseeing tour train, Le Petit Train, had a crypto story to share. The train conductor reportedly bought Bitcoin when he was 14 — when the price was around $500 — but sadly, he had lost access to his seed phrase to the 2.36 BTC. He joked that’s why he was working as a train driver over the summer. The Stackin Sats team hit a dead-end for Bitcoin payments when the mayor of the Biarritz region reportedly halted the conference hall bars from accepting Bitcoin. As such, Bitcoiners were obliged to hodl their coins and spend their euros instead. That didn’t discourage many of the Bitcoiners — including Prince — from orange-pilling local merchants such as taxi drivers and surf instructors. After all, Bitcoin is a grassroots, community-driven movement.Tonnellier interviewed by Cointelegraph on the terrace.Josselin Tonnellier, a co-founder of the conference, told Cointelegraph that the French crypto scene is dominated by blockchain companies, not Bitcoin advocates. In an exclusive interview, he lamented that the French fail to discern Bitcoin and blockchain. There there is a lot more education to be done, he said, as “pro blockchain narratives” hinder adoption in his home country. Related: Bitcoin is for those in need, the rest need time to learn: Surfin Bitcoin panelIn an attempt to encourage no coiners, the first day of the conference was free entry. The open day, called “Surfin Day,” enticed locals to dip their toes in the balmy Bitcoin waters. There was a Satoshi-inspired treasure hunt, a surf competition to win Sats and a screening of the popular French Bitcoin documentary, Le Mystère de Satoshi. The day promoted exchange and discussion “between participants of a growing Bitcoin community.”It appears to have worked. At a surf shop up the street from the conference, local Cécile told Cointelegraph on Aug. 28 that not only did she attend the Surfin Day, but she was inspired to learn more about Bitcoin. “Bitcoin is not as difficult as it first seemed,” she explained in French. Maybe she’ll accept Bitcoin in time for next year’s edition of Surfin Bitcoin. However, with flagrant reminders that Bitcoin uses more energy than “insert small to medium-sized country here” and that “unhosted wallets” should be banned and faced with grueling Know Your Customer laws, it’s no wonder that Bitcoin adoption in France is slow. The European Union’s stance on Bitcoin is clear-cut: regulation is coming and Bitcoin will be lumped together with every other crypto project. Bitcoin adoption in France will undoubtedly remain a ripple as the price continues to tread water. To make waves, Bitcoin would require a swell of positive public sentiment or a pro-Bitcoin splash from Macron — France’s anti-crypto leader — or the European Union, which shows no sign of abating its Bitcoin bashing.Le @satoboatproject qui part au large de Biarritz… joli clap de fin pour #SurfinBitcoin22 A l’année prochaine !!! pic.twitter.com/f8f2gRudfl— Surfin’Bitcoin (@SurfinBitcoin) August 28, 2022

The Bitcoin Boat, called Sato Boat, set sail on the final day of the conference. Faced with a calm sea and an extended bear market, the Bitcoin adage, “stay humble, stack sats,” springs to mind. Overall, Surfin Bitcoin is “ze place to be” for the French Bitcoin believers, but there’s a lot of work and a heck of a journey ahead for the French Bitcoin scene to achieve greater levels of adoption.

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Bitcoin is for those in need, the rest need time to learn: Surfin Bitcoin Panel

Bitcoin is for those in need, the rest need time to learn: Surfin Bitcoin Panel

Uverejnil používateľ | aug 31, 2022 |

Bitcoin (BTC) is there for those that need it most; the rest may need time to learn. This message reverberated around the casino conference hall during a panel at Surfin Bitcoin, a Bitcoin-only conference in Biarritz, France, on Aug 26. Panelists Ben Perrin, a Bitcoin Youtuber; Ernesto Hernandez, a Salvadoran business consultant; and Carol from the popular Brazillian Youtube channel “Area Bitcoin” tackled a tricky topic: “Victims of the Banking System around the world: Inflation, Censorship.” The role of Bitcoin in such testing environments was brought into question. From left: Hall, Perrin, Carol and HernandezThe panelists unloaded experience, evidence and anecdotes from their respective countries: Perrin from Canada, Hernandez from El Salvador and Carol from Brazil in order to tackle the topic. Hernandez, for example, was quick to illustrate that in El Salvador, Bitcoin is no silver bullet. The tiny Central American country introduced the “Ley Bitcoin” in 2021, but “Let’s not forget that 8 out of 10 Salvadorans were unbanked,” he explained. “It’s a big jump for people to buy a house–or even buy groceries,” without prior knowledge of how banking or financial services work. Plus, the Chivo app, supported by the government, endured some criticism and even attacks from protestors when first launched. The government app is still under scrutiny. During the Q&A session, Bitcoin podcaster Rikki–who spent 45 days living off Bitcoin only with his partner Laura–queried Hernandez on Bitcoin remittance to El Salvador. Rikki cited a report regarding El Salvador and remittance, which, while positive, shows that Bitcoin is critically underused for remittance payments. Ernesto explained that currently, interest in El Salvador tends to come from foreign investors and Bitcoin enthusiasts, as opposed to Salvadoran workers living abroad sending money home. Ultimately, the real challenge is educating Salvadorans on the advantages of using Bitcoin as a remittance tool. Living #Bitcoin only is possible? We just did it! 45 days traveling all over #ElSalvador spending only bitcoin. More than 10 cities, hotels, restaurants, breakfasts, cars, gas stations, SIM cards, coffee, drinks and more at our fingertips thanks to the #LightningNetwork ⚡️ pic.twitter.com/QC5ALJNP5s— Laura Nori ⚡️ (@Lorinaura) January 18, 2022Nonetheless, he said with a smile that it’s “fun” to see Salvadorans who had never used banking services before in their life now use Bitcoin on the Chivo app, saving and spending money. Plus, the SEO words “invest in El Salvador” did not exist before La Ley Bitcoin. Bitcoin has really put the country on the world map and, by proxy, on the world wide web, he explained. ‘Victims’ of bankingCarol, whose Youtube channel recently became a Bitcoin-only channel, explained that the victimization of Brazilians by central banks is historic. Brazil endured “Nine currencies in the last hundred years, 8 died because of hyperinflation from money printing and mismanagement.” Plus, while the Real, Brazil’s current national currency, is 27 years, it “Has already depreciated by 86%.” Bitcoin is a way to opt out of such a system.Ben Perrin brought up the “largest protests in Canadian history,” the Canada trucker protests, also known as the “freedom convoy.” He illustrated that, at times, the banking system targets specific individuals or groups. Plus, he alluded to the collusion between the banking system and governments: “Our media in Canada is directly subsidized by the government. They get billions of dollars every single year. It helps if you have a specific message you want to get out and you are the ones bankrolling the ones in charge of taking that message to the people.”On balance, he also conceded that sometimes the banking system just sometimes doesn’t work–and it’s not the fault of a person or an intended consequence. In El Salvador, for example, Hernandez shared that the banks had just seven days to implement Bitcoin into their new system–so it’s no wonder that sometimes the system makes mistakes, Ernesto explained. On bear marketsOn an optimistic note, Perrin expressed that bear markets are for building and there is some amazing innovation going on in 2022. Despite this, Bitcoin lives in a bubble unknown or ignored by the rest of the world. Carol added that Bitcoin is “attacked” the most during bear markets, yet it also gives time for Bitcoin to breathe and it’s a reminder to people to take their time: “The fiat mindset is a short-term mindset. Everything is quick and must be now–tomorrow–instantly. Fiat discriminates, but anyone can use Bitcoin. When you start to reflect about Bitcoin you start to think about all of your choices in life.”Carol compared the government’s manipulation of money to a way of manipulating mindsets. Even in high inflationary environments, such as in her home country, Brazil, Bitcoin adoption is still slow. The challenge for educators such as herself, Perrin and Hernandez are, therefore, to get through to people that fiat money has no backing. Related: Pro-blockchain narratives hinder Bitcoin adoption, says StackinSat founderFinally, Hernandez echoed that education continues to be the most important component to Bitcoin adoption but technology is still a challenge. He notes that “if you grab a knife at the opposite side, you will cut your hand.” You have to learn to use the knife.He stated that small seeds of adoption are now sprouting across the developing world: he brought up the example of Machankura—the company that brings Bitcoin over Lightning to those without internet connections in Africa. The group has support from names including Jack Dorsey.

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