Hello Humble Bitcoiners!
It's Friday! And what better way to celebrate than with some Bitcoin Magazine content?
|
|
📝 Today's Rundown
- Bitcoin Fixes This: Bitcoin prevents the siphoning off of aid.
- Unseizable: Ricardo Salinas, explains why bitcoin is better money.
- Proof Of Reserves: Kraken will enable a feature to prove their holdings.
|
|
|
How Bitcoin Helps Fix Foreign Aid Corruption
By Siby Suriyan
According to this Forbes' article, over the last 50 years, developing countries have received an approximate sum of $4.6 trillion in the form of foreign aid given by wealthier countries, non-governmental organizations, private companies and charitable foundations.
Corruption is one of the main causes for economic stagnation, independent of the amount of aid received. A good example for that is the Congo, a country receiving aid with 76% of its population living under poverty, while a former president owns several mansions across Europe. The problem is that foreign aid has to go through several middle men, and most of them take their cut. Bitcoin, being a peer-to-peer way to send money, fixes this.
|
|
Mexican Billionaire Says Bitcoin Is A Better Option Than Fiat Money
By Namcios
Ricardo Salinas Pliego, is a mexican entrepreneur and the third richest person in the country. He’s the founder of a group of companies in the sectors of telecommunications, media, financial services, and retail stores and is openly in favor of hyperbitcoinization. Bitcoin is openly accepted in his stores and he’s planning on expanding this payment method to the rest of his business, including Banco Azteca, his financial institution.
Salinas’ favorable view of Bitcoin comes from the idea that “bitcoin is a better form of money than fiat and gold because it brings additional qualities”, “it is unseizable and can be transferred instantly worldwide”, “gold is hard to transport and hard to store and its value has always been subject to governmental intervention”, and simultaneously “everything we have in fiat is 100% seizable by the government."
|
|
1. Bipartisan Bill to eliminate taxes for small bitcoin transactions.
2. The Ministry of Finance, in Russia, suggested letting banks sell bitcoin while the Chamber of Commerce thinks mining should become an established business.
3. As Bitcoin enters the mainstream conversation, it is becoming increasingly common for politicians to embrace or disparage the technology.
4. Replacing the U.S. dollar with Bitcoin: Deconstructing the layers of Bitcoin’s architecture shows that it already has the structure to replace our fiat system.
5. Currency debasement in Lebanon and cold weather in Texas demonstrate the breadth of the Bitcoin network's utility. |
|
|
Customers Can Now Verify Kraken's Bitcoin Reserves
By Namcios
Kraken, one of the biggest bitcoin exchanges, now allows customers to independently verify that the bitcoin funds they hold on their exchange are backed by actual assets with the release of their Proof of Reserves feature. This enables a new level of transparency and accountability to emerge in the industry. What perhaps wasn't seen as necessary before might become the industry standard, and users might begin to see value on this feature, forcing other exchanges to take the same path of proving their reserves.
“An advanced cryptographic accounting procedure conducted semi-annually by trusted auditors, Proof of Reserves lets you verify that Kraken is meeting rigorous standards for accountability and exceeding the transparency offered by legacy financial firms" - Kraken Website
Just as a reminder, even though this could seem safer for a user to leave their funds on an exchange when they now prove their reserves, it doesn't take away from the fact that the users do not have control of their bitcoin if they are not holding the keys to a cold wallet. There is no need for anyone to have their bitcoin hosted by a third party — exercise your financial sovereignty and take self custody.
|
|
|
|
Discussing Bitcoin with Alex McShane, Bitcoiner Q
|
|
In this episode of Bitcoin Magazine LIVE Alex McShane and Q are joined by entrepreneur Peter Diamandis to talk about Bitcoin and the future of humans and technology. Mark Goodwin and Nolan Baurle also join the squad for a bitcoin broad market outlook update and an episode of The Break Up.
Don't forget to LIKE & SUBSCRIBE
|
|
By Samuslao
Bitcoin is a deep rabbit hole, and once it clicks, it somehow becomes intuitive, what earlier seem so complicated.
No wonder it sometimes feels hard to make other people understand bitcoin the way we feel we do, well it might be because we are already a couple of books, articles, podcast, spaces, memes, in.
Stack harder.
With love,
Bam
|
|
|
|
Received this newsletter from a friend?
Sign up to get the best of Bitcoin delivered straight to your inbox.
|
|
Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking.
|
|
|
|
|
