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Humble Bitcoiners!
It's Monday, so get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal!
Only 8 days before Bitcoin becomes legal tender in El Salvador, a day that will be remembered in history as the beginning of bitcoin adoption by nations.
Did you stack today? |
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Today's Rundown: - Running Bitcoin:Â Remembering Bitcoin Pioneer Hal Finney.Â
- New Billionaires: The Billionaire 'flippening' to occur when the prices reach $1,000,000.
- Cuba Recognizes Bitcoin:Â Cuban government to recognize and regulate Bitcoin.
- Intro to Lightning:Â A gentle introduction to the Lightning Network
Let's do this. |
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Remembering Bitcoin Pioneer Hal Finney
By Peter Chawaga Seven years ago today, Bitcoin pioneer Hal Finney passed away from complications of ALS. He’ll always be remembered for “running bitcoin.”
Hal Finney is known and will always be remembered as one of the greatest contributors to Bitcoin. Answering to Satoshi's release of Bitcoin's white paper, he began leaving his mark on the ecosystem by later being the first person to ever receive a bitcoin transaction. With his passion for software development, he contributed to the Bitcoin Protocol for a couple of years, before parting ways due to his health, as he battled against ALS for some time before passing away due to complications in August 2014.
At Bitcoin Magazine, we remember his legacy — read on to see the best stories in the magazine about the trailblazing cryptographer..
“Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker… I also do think that there is potential value in a form of unforgeable token whose production rate is predictable and can’t be influenced by corrupted parties.” - Hal Finney 2008. |
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LEVEL UP YOUR BITCOIN KNOWLEDGE |
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How a $1 Million Bitcoin Price Will Drive The Billionaire Flippening
By Jakob Kozhipatt
The explosion in wealth that will occur as bitcoin gains in value will create a new class of billionaires.
A theory about how digitalization and data is the new "oil." As the last decade went by, a wealth transition occured, where the wealthy were oil oligarchs and are now tech entrepreneurs.
On this next decade, a similar shift could happen, by producing "The Billionaire Flippening," a term coined by Balaji Srinivasan, which states that when the Bitcoin price reaches $1 million each, the number of the world's bitcoin billionaires will surpass the number of traditional ones.
If the author's calculation is right, this could happen in this precise decade.
“There are ~2393 addresses with >1000 BTC. At $1M/BTC, there would be 2393 billionaire addresses."- Balaji |
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Click the links:
1. A method known as “dollar-cost averaging” is the most popular amongst HODLers to maximize their bitcoin stack.
2. Chris Gimmer, cofounder of Snappa and Bitbo.io, moved his company to a bitcoin treasury standard in 2020.Â
3. With the S&P 500 continuing to reach all-time highs almost daily, the talk of tapering by the Federal Reserve is rampant.
4. How to take your bitcoin self custodyto the next level by backing up your wallet recovery seed on a stainless-steel, fire-proof plate.
5. Although things may seem objectively bad right now, there is reason for hope. |
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Companies Now Hold Over 1.6 Million Bitcoin, Almost 8% Of Total Supply
By Alex McShane On Thursday the Cuban government said it would “recognize and regulate” Bitcoin and other cryptocurrencies on the island. The economic situation of the country has been dependent in a big way on remittances and imports, but as the United States implemented financial sanctions, the country has been banned from Visa & MasterCard. Additionally, WesternUnion, the biggest network of remittances, has also suspended dollar transfers to Cuba, which has made it difficult for the citizens to use the dollar to receive money from abroad. All of these factors together has made open monetary networks the citizen's best way to go forward, as it is an alternative with no need of intermediaries. "Because of tough embargo rules in Cuba it has become difficult to use dollars, and as a result the popularity of Bitcoin has grown among Cuba’s technologically savvy." - Alex McShane. |
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A Gentle Introduction To The Lightning Network
By Nameless Often seen as the path forward for Bitcoin’s scalability, this is a simple description of the Lightning Network.
The Lightning Network is a second layer built on top of the Bitcoin Network with the aim of offering scalability at a high transaction throughput with low fees. The solution was proposed in a white paper by Joseph Poon and Thaddeus Dryja in 2016, overcoming the scalability issue without sacrificing security or trustlessness, all while increasing anonymity in the process.
In the last few months, it has been gaining popularity, as it has become the infrastructure which will be utilized as railways for the adoption of Bitcoin as legal tender in El Salvador.
In this essay the author explains the basic concepts of: - What is the Lightning Network?
- How does it work?
- The current status of progress.
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| We're excited to be celebrating our 10th Twitter anniversary in August by giving away 10 Bitcoin 2022 conference tickets. The giveaway will start Sunday, August 1 at 12:00 p.m. ET and run until August 31 at 12:00 p.m. ET. The winner will be contacted by email on Wednesday, September 1. To enter, go to: http://www.rafflecopter.com/rafl/display/b28baf753/ |
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By Glassnode alerts
Bitcoin has reached an all time high in transaction volume this past weekend according to glassnode aggregated data. While this is could be taken as a proof of Bitcoin's scalability through monetary value, apparently there was some nuance regarding this event.
There was a transaction block 697718 for more than 20,000 bitcoin, which possibly was intended for 70 bitcoin while the rest being the reminder was intended to come back to the owners wallet.
Not going to lie here, I got tricked, but it still show its possible to transact $1 billion dollars while paying a $9 dollar fee.
Keep stacking! |
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