• The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

    Bitcoin miners have successfully survived the 2020 Halving and COVID-19, and the network is now seeing some of its highest hash rates ever as these operations power up new equipment and reach new levels of decentralization going into the second decade of bitcoin mining. Bitcoin Mining Is Decentralizing China still dominates the bitcoin mining space, although the percentage of the hash rate coming from the country has dropped recently, from around 65 percent in early 2020 to about 50 percen...

  • Unchained Capital Unveils New Ways For Businesses To Custody BTC

    Unchained Capital, an Austin-based financial services firm, has announced its new enterprise-grade self-custody offering, aptly named “Business Accounts for Bitcoin.” The underlying principle of this new offering is “collaborative custody,” for which Unchained’s goal is to focus on simple workflows for funds, businesses and B2B2C providers to manage private keys. Common alternative solutions for managing multiple private keys might be splitting up the keys into multiple pieces and u...

  • DLCs Are On Bitcoin, Bringing New Functionality And Major Potential

    Bitcoin has been critiqued by those in the altcoin community for the past few years over its inability to host smart contracts. But recent work from developers at Suredbits, Crypto Garage and Atomic Loans — along with efforts from some independent contributors — on Discreet Log Contracts (DLCs) is bringing smart contracting to Bitcoin and will quell some of these critics. DLCs are uniquely positioned to bring smart contracting to Bitcoin using oracle contracts that are much more private and ...

  • Community-Funded Bitcoin Awareness Campaign Unveiled in Hong Kong

    Since 2012, the Bitcoin Association of Hong Kong has been one of the strongest local communities focused on Bitcoin, boasting a current membership of over 5,000 people. During the month of September, the organization will be using donations to buy advertising space that feature informative statements highlighting “the risks and merits of Bitcoin”.  “The goal is mainly to kickstart a conversation around the merits of Bitcoin, especially in the context of the ongoing economic challen...

  • Square Launches Cryptocurrency Open Patent Alliance To Protect Innovation

    Today, mobile payments company Square launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit focused on keeping patents from becoming barriers to innovation in the space. “Crypto organizations (or even governments) have filed for hundreds of patents on cryptocurrency technology and continue to do so in large numbers,” a Square representative explained in a statement shared with Bitcoin Magazine. “Locking up foundational cryptocurrency technologies in patents stifles innov...

  • Bitcoin Reddit Roundup – August 2020

    Welcome to the 3rd edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine! This contains 40 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other ones as well such as r/BitcoinMining. In this roundup, there are 10 different categories each link falls under, and the categories are: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Po...

  • The Top 5 Products That Every Bitcoiner Needs

    In 2012, Bitcoin Black Friday was launched as a way for Bitcoiners to hack the mainstream consumerism holiday and promote their favorite technology as a killer tool for payments and encourage merchant adoption. Thousands of merchants have participated by offering discounts for customers who pay in BTC, but the celebration fizzled in 2017 as the Bitcoin community became embroiled in debates over block size and Bitcoin for payments became conflated with arguments over scaling. But this year, Bi...

  • With TVL At New Record, The Lightning Network’s Time Has Come

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! This week, the Lightning Network set a new record for the dollar value held in its payment channels at $12.6 million, according to data shared by Bitcoin Visuals. This metric is also known as the total value locked (TVL) in Bitcoin’s second layer payments solution and demonstrates the amount of money that users have moved into the channels, w...

  • Invictus Capital Introduces Bitcoin Alpha Fund With Downside Protection For Investors

    This is a promoted article provided by Invictus Capital. Invictus Capital, a leading blockchain asset management platform, has announced the latest upcoming fund in its offerings set which gives investors exposure to BTC while offering additional yield as well as downside risk protection. The Invictus Bitcoin Alpha Fund (IBA) is designed to outperform BTC by leveraging options and lending strategies that seek to give long-term BTC investors enhanced returns. The fund will maintain full BTC...

  • Our Hero Hal: Fundraising For A Bitcoin Visionary

    Hal Finney is remembered as one of the early pioneers of Bitcoin, a peer-to-peer electronic cash system, and an advocate for widespread use of cryptography to help enhance people’s privacy.   Finney was one of the biggest defenders and supporters of Bitcoin from its earliest days. He rose to the defense of the still incubating technology against fellow cryptologists who were convinced it would never work. Finney held the distinction of getting the first bitcoin ever transferre...

  • The Genesis Files: How Hal Finney’s Quest For Digital Cash Led To RPOW (And More)

    Once described by PGP creator Phil Zimmerman as “the Mister Rogers of cryptography,” Hal Finney (1956) was known for his relentlessly uplifting spirit. He carried a positive perspective on life with him even when amyotrophic lateral sclerosis (ALS) paralyzed his entire body, until the Bitcoin pioneer ultimately passed away from the disease on August 28, 2014. In the 1980s, as a graduate from the California Institute of Technology working in the startup computer game industry, Finney’s o...

  • A Monetary Layer For The Internet

    ARPANET’s First Mark Into Networked Computing Created in February 1958, the Advanced Research Projects Agency (ARPA) was a response to the Soviet launch of Sputnik 1, the first artificial Earth satellite, to research and develop projects in technology and science beyond direct U.S. military applications. Bob Taylor, an ARPA computer scientist, convinced a colleague to support a research project using funding from a ballistic missile defense program. Following three years of research, the...

  • Do The IRS Crypto Tax Letters Violate Taxpayer Rights?

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! Earlier this week, crypto tax preparation service CoinTracker shared news that its users were receiving letters from the Internal Revenue Service warning them that they may have misreported their crypto transactions to the agency. The post included comments from r/Bitcoin indicating that crypto holders were receiving IRS Letters 6173, 6174 and ...

  • Mathew D’Souza, Bitcoin Pioneer, Dies At 29

    Mathew D’Souza, the founder and CEO of Blockware Solutions and Blockware Mining and the manager of the Blockchain Opportunity Fund, died on August 21, 2020 after a seven-year battle with leukemia. He was 29 years old. D’Souza’s passing was announced by Blockware Solutions, a service provider for the Bitcoin mining industry and one of the largest distributors of mining rigs in the U.S., which he founded in 2017. The Blockchain Opportunity Fund, which he also founded in 2017, serves inves...

  • On September 19, Bear Arms N’ Bitcoin Will Host Full Stack Freedom

    Although it represents a revolutionary step in individuals’ ability to gain financial freedom, Bitcoin in and of itself is not enough to achieve complete sovereignty from third parties or central governments. As many adopters of the technology know, Bitcoin is not private or anonymous. For many, basic pseudonymity (as well as Bitcoin’s other advantages) is enough. But for some, Bitcoin is merely a tool in the privacy toolbox — something that helps achieve the freedom they seek as part o...

  • Video: How To Use Lily Wallet

    Multisignature (or multisig) bitcoin wallet authorization requires the use of multiple keys to sign off on transactions, thus providing extra security over funds and dividing effective ownership of bitcoin among multiple people. Though multisig authorization adds a layer of security to bitcoin wallets, it can be cumbersome and confusing to employ. But now, Lily Wallet, from software engineer Kevin Mulcrone, promises to make it easier than ever to apply multisig management to your bitcoin w...

  • Strike Announces Cash Back, Letting Merchants Pass On Lighting Network’s No-Fee Benefits

    Strike, the application from Zap that lets users transact through the Lightning Network using their debit card or bank account, is now offering cash back rewards, according to an announcement that founder Jack Mallers shared with Bitcoin Magazine.  “Today, we are releasing Cashback by Strike, our first Strike Rewards program,” Mallers wrote in the announcement. “Cashback is about as conceptually simple as it gets. You simply scan, confirm, and earn cash that is instantly available ...

  • Meet The Restaurant Owner Who Moved His Business Reserves To Bitcoin

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! Ali Hamam owns a string of Mediterranean restaurants in Ontario with his brother Omar and cousin Ahmed. You can find him on the TikTok and Twitter accounts for Tahini’s Mediterranean Cuisine, posting videos of himself eating shawarma with rap songs in the background, joking with his wife and campaigning for causes like the Lebanese Food Bank. ...

  • River Financial Joins Hawaii’s Digital Currency Innovation Lab

    Today, bitcoin-based financial institution River Financial announced that it will participate in Hawaii’s Digital Currency Innovation Lab, a regulatory sandbox program developed by the state’s Division of Financial Institutions and the Hawaii Technology Development Corporation. This will make River one of the first companies in the space to legally serve residents of Hawaii. “We are extremely excited to be one of the first Bitcoin businesses to legally operate in the great st...

  • #BitcoinForBeirut Seeks Sound Money To Help City’s Explosion Victims

    On August 4, news of major explosions at the port of Beirut spread around the world, along with astounding videos and images. It quickly became apparent that the damage was extensive and that many in Beirut had been killed, injured or had become casualties of extensive property damage. And the tragedy came at a precipitous time for those in Beirut. A years-long economic crisis and the strains caused by the novel coronavirus in Lebanon have resulted in skyrocketing exchange rates, widespread d...

  • Questions Remain Around The OCC Decision To Allow Banks To Custody Crypto

    The recent Comptroller of the Currency (OCC) ruling that national banks and savings associations can provide cryptocurrency custody services to clients is one of the biggest milestones in the short but spectacular lifetime of digital currencies. Now that U.S. banks have the green light to begin custodying crypto, everybody knows that the rules have changed — we just don’t yet know exactly how.   As the dust begins to settle, there are a number of important questions we need to ask. What...

  • MicroStrategy Buys Massive 0.1 Percent Of Total Bitcoin Supply

    In the midst of massive quantitative easing, a global pandemic and uncertainty for the future of the U.S. dollar, a whopping 21,454 BTC was just swiped off the market by intelligence and mobile software company MicroStrategy.  Bitcoin Twitter picked up on the news yesterday when Matt Walsh and Nic Carter shared the story, but it became public knowledge in a MicroStrategy filing with the U.S. Securities and Exchange Commission. A MicroStrategy press release indicates that the firm had bee...

  • With Value Approach, Off The Chain Capital Is Changing The Bitcoin Investment Narrative

    When viewed from a traditional investing lens, bitcoin may seem like a risky bet. The technology is still relatively new, the price is notoriously volatile and it’s not uncommon to hear investors caution newcomers not to invest more than they can afford to lose in BTC. But the performance of Off The Chain Capital, a digital currency investment firm that focuses on value investing in bitcoin, tells a different story. As one of the best-performing funds in the space, it has shown that reliabl...

  • Building on Taproot: Payment Pools Could Be Bitcoin’s Next Layer Two Protocol

    This article is about a technological concept based on the proposed Taproot protocol upgrade. If you’re not yet familiar with the basics of how Taproot works, it’s recommended that you first read this explainer. Taproot, a potential upgrade to the Bitcoin protocol first proposed by Bitcoin Core contributor Gregory Maxwell, is in its late stages of development. The technology consists of a clever combination of crypto-tricks that would let users hide complex smart contracts inside regular-...

  • Casa Launches In-Wallet Purchasing

    Bitcoin custody solution provider Casa has announced today that it is offering in-wallet bitcoin purchases, allowing Casa App users to forgo exchanges when they add to their HODLings.  In a release shared with Bitcoin Magazine, Casa explained that users can make these purchases using Apple Pay or debit cards, which connect them to retail exchanges through a secure API provided by Wyre. Wyre offers similar services to other projects in the space, such as DropBit. Casa, which positions itse...

  • Grandmas On Lightning

    Is Bitcoin Too Hard To Understand? I’ve spent a huge part of the last three years explaining Bitcoin to general audiences and the most common form of resistance I encounter is: “Bitcoin is too complicated. The masses will never understand it.” It’s a fair argument. Bitcoin is complicated and if you want to reach a competent understanding of the big picture then, at a minimum, you’d better get ready to learn about peer-to-peer networks, cryptography and the history of money. It...

  • Celebrating The History And Spirit Of Bitcoin Independence Day

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! In my view, Bitcoin Independence Day is a holiday that says a lot about the BTC community. Its origins are highly technical and difficult to understand, the “independence” it celebrates refers to the developer community overcoming interests from industrialized miners and, ultimately, it’s a chance for Bitcoiners to reflect on the young h...

  • OKCoin Awards Latest Developer Grant To Marco Falke

    Cryptocurrency exchange OKCoin announced today that the latest contribution from its Open-Source Developer Grant is going to Marco Falke, who has served as a Bitcoin Core maintainer since 2016 and is one of the most active contributors to Bitcoin’s code. “Marco’s work … focuses on making development more efficient,” Elaine Song, a member of OKCoin’s business operations team who is involved with the grant program, told Bitcoin Magazine. “He is the most active contributor to the B...

  • Bitcoin Black Friday 2020 Will Host Major Discounts For BTC Payments

    Before Bitcoin was a movement, it was a digital currency. While the store-of-value aspect of Bitcoin gets highlighted often, the permissionless payments side often doesn’t receive the attention it deserves. In 2012, Jon Holmquist embraced the Black Friday holiday in order to help Bitcoiners showcase the advantages of their favorite technology, launching BitcoinBlackFriday.com and hacking a mainstream cultural moment into a tool for Bitcoin adoption. In years past, thousands of merchants hav...

  • BitBlockBoom Is Bringing Bitcoiners Back Together

    Gary Leland is hosting the third installment of the BitBlockBoom conference in Dallas, Texas on August 29, 2020. But this year’s event is decidedly different: this is set to be the first well-attended, in-person Bitcoin event held in the United States since the Covid-19 outbreak began. Because of the unique situation he’s in, Bitcoin Magazine wanted to check in with Gary and understand more about the preparations he’s making to ensure that BitBlockBoom is both a successful ...

  • The Human Rights Foundation Awards Grants to Three More Bitcoin Projects

    The Human Rights Foundation (HRF) is issuing grants to three more Bitcoin developers. JoinInbox creator Openoms, Zeus creator Evan Kaloudis and Fully Noded creator Fontaine will be gifted 1 bitcoin each, worth over $11,000 at the time of writing, making for a total of over $33,000. This marks the second round of grants from the Bitcoin Development Fund, HRF’s new fund to support Bitcoin projects. “HRF decided to acknowledge and support these three developers and their projects because the...

  • MyCryptoMixer.com: How to mix your coins using the Best Bitcoin Mixer (Tumbler) in 2020

    This is a promoted article provided by MyCryptoMixer If you bought 1 bitcoin (BTC) on March 17, 2020, when the COVID-19 pandemic was roiling financial markets, you would have more than doubled your money by late July, when the value of bitcoin soared past $10,000. Some other cryptocurrency assets such as ether (ETH) and ripple (XRP) have also enjoyed favorable price outlook in recent weeks. Stock markets have shot up as well, but their performance pales in comparison to the best performing cr...

  • Bitcoin Reddit Roundup – July 2020

    Welcome to the second edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine! This roundup contains 45 links to the best quality content that was uploaded to Bitcoin Reddit this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other forums as well, such as r/BitcoinMining. In this roundup there are 10 different categories of links: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financi...

  • Goldman Sachs Warns Investors About Failing USD, But Points Them To The Wrong Safe Haven

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! This week, one of the world’s preeminent investment banking enterprises signalled some serious FUD against the U.S. dollar. “Combined with a record level of debt accumulation by the U.S. government, real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge,” the bank wrote in a correspondence w...

  • Coinfloor Is Riding A Bullish Bitcoin Wave With Baby Boomers

    Coinfloor, the U.K.’s longest-running bitcoin exchange, is working to convert a decidedly non-digital audience into the latest batch of hardcore HODLers: Boomers. The exchange is capitalizing on what it sees as a growing trend among this generation, which may be just as disheartened by the rampant stimulus action from the world’s ingrained economies as younger people. “Baby Boomers now make up more than a fifth of all people who hold bitcoin,” the exchange noted in a release shared...

  • Foundation Devices Enters The Sovereign Hardware Game With Passport Bitcoin Wallet

    A new hardware provider is entering the Bitcoin fray with the launch of a cold storage wallet and some ambitious plans to serve Bitcoiners with a full stack of sovereignty tools. The Boston-based Foundation Devices announced today its new Passport hardware wallet, an air-gapped device that sports a camera for scanning QR codes, a physical keypad, open-source software and a screen with circuitry etched into the glass — all in the name of creating the most secure solution on the market that i...

  • With Bitcoin ATMs, CoinFlip Is Banking The Unbanked

    This is a promoted article provided by CoinFlip. There are now many ways to obtain bitcoin and join the growing revolution in sovereign digital wealth. Among them, you can mine bitcoin, you can earn bitcoin in exchange for goods or services and you can buy bitcoin for fiat currency through a credit card or bank account on an online exchange. But perhaps no other vehicle for gaining bitcoin is as frictionless for the underbanked and unbanked around the world than Bitcoin ATMs. As their n...

  • Was The CryptoForHealth Twitter Hack Good For Bitcoin?

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! As I prepared to send this newsletter out last week, something strange happened. In the afternoon of July 15, a colleague alerted a Bitcoin Magazine Slack channel that the Twitter accounts for major cryptocurrency exchange Binance and its founder Changpeng Zhao (CZ) had apparently been hacked. Soon after, another colleague said that the account fo...

  • BTCS Crypto Portfolio Expands Over 280% in Q2 2020 Amid COVID-19 Pandemic

    This is a promoted article provided by BTCS. While many institutions struggled to recover from the market downturn experienced in March, publicly-traded, blockchain-focused firm BTCS Inc. (OTCQB: BTCS) has increased its portfolio by 285 percent in Q2 2020, through well-timed investments in both bitcoin (BTC) and ether (ETH), and crossed the $1 million mark for cryptocurrency assets under management (AUM). Following the positive growth performance seen in Q2 2020, BTCS is reportedly eyeing ...

  • Treasury Bureau Declares National Banks Can Custody Crypto

    The Office of the Comptroller of the Currency (OCC), a bureau within the U.S. Department of the Treasury tasked with regulating the country’s banks and thrift institutions, has published a public letter clarifying that national banks and savings associations can provide cryptocurrency custody services to clients. “In the letter published today, the OCC concludes that providing cryptocurrency custody services, including holding the unique cryptographic keys associated with cryptocurrency, ...

  • BIP 8, BIP 9 or Modern Soft Fork Activation: How Bitcoin Could Upgrade Next

    Taproot, a proposed protocol upgrade that would improve Bitcoin’s privacy and flexibility, is in its late stages of development. Bitcoin Core contributors agree that the upgrade would benefit Bitcoin, and so far it generally appears to be welcomed by the wider Bitcoin ecosystem as well. It’s therefore likely that Taproot will make its way into a Bitcoin Core release, with other Bitcoin implementations possibly to follow. But one question remains: how should the Bitcoin network itself ...

  • Zap Announces $3.5 Million Seed Round

    Lightning wallet provider Zap today formally announced a $3.5 million seed round fundraise from investors including Morgan Creek Digital and CMT Digital. The announcement follows recent news that Zap opened its Strike application to public beta and that it had joined Visa’s Fast Track Program to create a debit card, expected to launch by the end of 2020. “I am beyond excited to have the support of strategic investors and companies in the Bitcoin and payments spaces,” Jack Mallers, the C...

  • As Analytics And Privacy Efforts Clash, Which Path Will Bitcoin Take?

    This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! Two pieces of Bitcoin news this week seemed to point toward conflicting trends that are central to this era of the technology. As Bitcoin becomes more popular, regulators are seeking ways to monitor its use while, at the same time, more development and user effort is being pointed toward obscuring that use. It’s a battle that is likely to escalat...

  • Video: How to Create a Multisig Wallet With Caravan By Unchained Capital

    Bitcoin multisig wallets can enable more secure custody of your bitcoin, adding redundancy and avoiding a single point of failure in the number of keys necessary to authorize a spend. One new tool for utilizing multisig is Caravan from Unchained Capital. With Caravan, Unchained Capital has created a free and open-source tool allowing you to spin up multisig wallets and addresses and spend from them. In the video above, Bitcoin Magazine’s Christian Keroles walks you through how to set up ...

  • Introducing Hashrate Index, An Online Tool For Bitcoin Mining Transparency

    The success of Bitcoin ultimately depends on the health of its mining industry. Bitcoin mining is central to transaction validation, the prevention of double spending and the hard cap on the bitcoin supply — basically, the things that make Bitcoin the revolutionary technology that it is. And Bitcoin mining has evolved dramatically since it was first introduced. Today, a large portion of the industry revolves around mining pools, which coordinate hash power from miners around the world and s...

  • Op-Ed: An Open Letter to Yanis Varoufakis About Bitcoin

    Yanis Varoufakis was Greece’s finance minister during the Greek economic crisis. In 2012, he explored utilizing a blockchain-based system to help manage some of the crisis. Varoufakis has spoken critically about bitcoin publicly on many occasions, he understands the power of bitcoin but feels its economics is dangerous.  During a Twitter thread on Bitcoiners engaging with people outside of our usual circles, I suggested Varoufakis, who, as a Keynesian, has clearly seen value in some as...

  • How the Human Rights Foundation and Casa Hope to Improve Bitcoin Sovereignty Around the World

    Perhaps the most important quality of Bitcoin is its ability to provide financial freedom and sovereignty from third party authorities like central banks and governments. In parts of the world, this means the chance to opt out from inherently inflationary and reckless economic policy. In others, it means that Bitcoin can serve as a lifeline from fundamentally broken societies and oppressive regimes. As a nonprofit protecting basic freedoms and privileges for people around the world, the Human...

  • Bitcoin: More Than an Inflation Hedge

    In May, billionaire hedge fund manager Paul Tudor Jones of Tudor Investment Corp. announced in a letter to investors that his fund is buying bitcoin futures as a hedge against “The Great Monetary Inflation.” In his letter, he argued that the $3.9 trillion (6.6 percent of global GDP) printed by central banks since February has the potential to trigger widespread inflation, once the global economy rebounds from the shocks caused by COVID-19. Bitcoin’s capped supply is one of its most well...

  • Video: How To Install MyNode on Your Old Casa Node

    Bitcoiners attempting to do their part to secure the network, and run their own full nodes that fully validate transactions and blocks, often turn to hardware and software solutions provided by a range of groups. But those who were leveraging node hardware provided by Casa are now in search of a new solution. Casa no longer supports its node hardware with ongoing updates, leaving plenty of Bitcoiners wondering how they can keep an updated full Bitcoin node running on their old Casa Node ha...

  • Zap’s Strike Moves to Public Beta

    Today, Zap, the Lightning wallet lead by developer Jack Mallers, has announced that their Strike product is now in public beta.   Previously, Strike had only been available through a closed, private beta program. In the private beta, Mallers claims that they have “already seen $100,000 in payments”. Strike is an application that allows you to transact with Lightning payments with just a debit card or bank account. But, here’s the secret sauce:  instead of hav...

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