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Crypto News Updates

Why Won’t Bitcoin Die? Because You Need It

“Why won’t bitcoin die?” is a common question I’ve heard asked throughout the years by people sitting on the sidelines watching the bitcoin price hectically rise and fall, time and time again. 

The mainstream media will tell you that bitcoin is a speculative bubble, your financial advisor will tell you that you’re wasting your time by investing in it, your friends and family will tell you that it’s a scam and economists will tell you that it won’t work. So, why is bitcoin consistently rising in price and proving them all wrong? If bitcoin really is everything that these people say it is, then why won’t it just die already?

Many people in developed countries see bitcoin as an investment opportunity,  thinking “I’ll buy low here, and sell high here” in the hopes of purchasing a good or service that they wish to acquire. We also aim to increase our net worth and improve our quality of life, earn a higher social status, provide value, etc. But many people in the first world have not yet had to learn about the frightening reasons why bitcoin is needed in the first place, but that is changing.

People in developing countries see Bitcoin in an entirely different light. They’re not buying bitcoin in the hopes of purchasing a 10-bedroom mansion in Los Angeles, they’re not buying bitcoin in the hopes of owning a Lamborghini, they’re buying bitcoin because they need it to survive. In third-world countries where the national currency is being printed into oblivion, those countries’ citizens are seeing their life savings vanish right before their eyes.

I remember giving a speech at my college during my freshman year (I went to school in the United States) on what’s better: fiat currency or bitcoin. One argument I made is that fiat’s hyperinflation tendencies lead to a 100 percent guaranteed result of wealth evaporation. I showed the video below, featuring a chart with multiple national fiat currencies and demonstrating how the Venezuela bolivar was completely destroyed in a small window of time. It’s very ironic to hear bitcoin critics when they claim that “bitcoin can go to $0” when their own national currency is the one that’s going to zero in terms of purchasing power.

YouTube Video

Thanks to Twitter, I was able to see firsthand what was going on in the country, hearing stories from people who would get paid in the bolivar and then have to literally sprint to the local market to buy food before it lost its purchasing power. Many could not afford to eat, keep their jobs or even survive. This is the inevitable result of all fiat currencies, as history has proven.

Bitcoin is not a speculative bubble fueled by degenerate gamblers hoping to make a quick buck, it’s capital flight from collapsing fiat currencies.

When people say Bitcoin is a lifeboat, they’re not exaggerating. Bitcoin is providing immense value to those being affected by hyperinflation by allowing people to store their monetary energy into something that won’t evaporate into thin air. Individuals storing their wealth into this hard money, capped in supply at 21 million, helps assure them that they’ll be able to eat this week. That they’ll be able to actually afford whatever they need to survive. And Venezuela is just one of the many countries going through this situation.

Many in first-world countries, especially the United States where we have the global reserve currency, have not had to deal with this. Yet. 

The supply of money is growing ever larger every day. Inflation has been ramping up and you can see it with your own two eyes. I’ve noticed the prices of all of my go-to groceries at the market go up, and I’m not alone. Many other individuals on Twitter have been voicing their concerns as well. 

Holding money for which the purchasing power is going down while the cost of goods and services goes up is a road to serfdom. Oh, and let’s not forget that the Biden administration has not even begun printing the funds for the $1.9 trillion relief package.

So, why won’t bitcoin die? Because people need it to protect their savings from hyperinflation, now more than ever.

The post Why Won’t Bitcoin Die? Because You Need It appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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MicroStrategy Buys $1.026 Billion Of Bitcoin

After raising more than $1 billion dollars to buy bitcoin last Friday, MicroStrategy announced today that it has completed a purchase of approximately 19,452 BTC, purchased for an aggregate price of $52,765 per bitcoin. CEO Michael Saylor announced the monumental purchase via Twitter.

In total, MicroStrategy has purchased an aggregate $2.171 billion worth of bitcoin, holding about 90,531 bitcoin in total (or about 0.43 percent of all of the bitcoin that will ever exist). The company announcement noted that these bitcoin have been purchased for an average price of $23,985 per coin (at the time of this writing, 1 BTC is valued at more than $49,000 on various OTC exchanges).

The move has emphasized that Saylor is more than willing to put his money where his mouth is and remains confident that bitcoin is the best possible asset for maintaining monetary energy into the future. 

“The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value,” Saylor is quoted as saying in the announcement. 

After buying billions of dollars’ worth of bitcoin, is MicroStrategy going to finally sit back and relax? Does it have enough? The answer is no, it’s going to buy more. MicroStrategy plans to continue accumulating bitcoin. 

“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin,” Saylor said. 

Buying this much bitcoin this quickly recalls the “Bitcoin For Corporations” conference that Saylor hosted earlier this month. More than 8,000 individuals attended the conference, and shortly after it was held, Tesla bought $1.5 billion worth of bitcoin. Given how successful the conference was, one can only assume that we will be seeing more institutions buy loads of bitcoin in the future. Saylor and MicroStrategy seem to be aware of this and chose to act fast to accumulate more BTC.

There will only ever be 21 million bitcoin, and these companies are going to have to battle it out on the marketplace to accumulate more than their competitors. Once you get bit by the bitcoin bug, you can’t stop accumulating. One can never have enough.

The post MicroStrategy Buys $1.026 Billion Of Bitcoin appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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At $1 Trillion BTC Market Cap, Microstrategy Completes $1.05 Billion Raise

This article and headline were updated on February 19, 2021.

As Bitcoin hit new all-time price highs over $53,000 and the asset’s market capitalization passed $1 trillion, MicroStrategy CEO Michael Saylor announced on Twitter that his company closed out its convertible note offering to buy more bitcoin and raised more than expected at $1.05 billion, per a release

The release explained that qualified institutional investors purchased the notes made available in a private offering earlier this week. As initially reported two days ago in its public offering, the notes “do not bear regular interest, and the principal amount of the notes does not accrete.” The due date for the notes will still be on February 15, 2027.

There’s no surprise here in that “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin,” as this latest release reaffirmed. MicroStrategy’s speculative attack on the U.S. dollar continues!

Just one day after CEO Michael Saylor announced that his company MicroStrategy was proposing a private offering of $600 million of convertible senior notes to buy more bitcoin, he announced that the offering will actually be $900 million of notes, according to a release

The terms around this offering were also further clarified from what was first proposed, as it was announced that they will not bear interest, and the principal amount of the notes won’t accrete. These notes will mature on February 15, 2027 unless they are repurchased earlier.

The February 17 release states that MicroStrategy “estimates that the net proceeds from the sale of the notes will be approximately $879.3 million (or approximately $1.0 billion if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy.” 

As announced in the original proposal, the February 17 release reaffirmed that MicroStrategy will offer the purchaser the option to purchase the notes “within a 13-day period beginning on, and including, the date on which the notes are first issued,” but today’s announcement clarified that this would only be the case for “up to an additional $150 million aggregate principal amount of the notes.”

If there was any doubt about the intentions for the use of this money, following MicroStrategy’s ongoing bitcoin buying as well as its proposal from yesterday, the February 17 announcement stated that the company “intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.”

There is only 21 million bitcoin out there for the entire world, ever. This is just one company, taking on massive debt to buy more bitcoin yet again, front-running all its competitors and other institutions in the process. If other big players want to keep pace with MicroStrategy, they’re going to have to not only accumulate massive amounts of bitcoin as well, but also likely take on debt to do their best to catch up. 

MicroStrategy has set a new standard for companies when it comes to preserving shareholder value. And that is the Bitcoin standard.

The post At $1 Trillion BTC Market Cap, Microstrategy Completes $1.05 Billion Raise appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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MicroStrategy Ups Raise Target For Buying More Bitcoin To $900 Million

Just one day after CEO Michael Saylor announced that his company MicroStrategy was proposing a private offering of $600 million of convertible senior notes to buy more bitcoin, he announced that the offering will actually be $900 million of notes, according to a release

The terms around this offering were also further clarified from what was proposed yesterday, as it was announced that they will not bear interest, and the principal amount of the notes won’t accrete. These notes will mature on February 15, 2027 unless they are repurchased earlier.

The release states that MicroStrategy “estimates that the net proceeds from the sale of the notes will be approximately $879.3 million (or approximately $1.0 billion if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy.” 

As announced in yesterday’s proposal, today’s release reaffirmed that MicroStrategy will offer the purchaser the option to purchase the notes “within a 13-day period beginning on, and including, the date on which the notes are first issued,” but today’s announcement clarified that this would only be the case for “up to an additional $150 million aggregate principal amount of the notes.” The offer is expected to close in two days, on February 19, 2021.

If there was any doubt about the intentions for the use of this money, following MicroStrategy’s ongoing bitcoin buying as well as its proposal from yesterday, this announcement stated that the company “intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.”

There is only 21 million bitcoin out there for the entire world, ever. This is just one company, taking on massive debt to buy more bitcoin yet again, front-running all its competitors and other institutions in the process. If other big players want to keep pace with MicroStrategy, they’re going to have to not only accumulate massive amounts of bitcoin as well, but also likely take on debt to do their best to catch up. 

MicroStrategy has set a new standard for companies when it comes to preserving shareholder value. And that is the Bitcoin standard.

The post MicroStrategy Ups Raise Target For Buying More Bitcoin To $900 Million appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Interview: How Bitcoin Changed My Life With Yung Lerk

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For this episode of Bitcoin Magazine’s “Meet The Taco Plebs,” I was joined by fellow pleb Yung Lerk (@YungLerk_) for his first-ever podcast appearance.

This was one of my favorite episodes that I’ve recorded in this series and I’m sure you’ll love it just as much as I did. We kicked off this interview by discussing Lerk’s rabbit hole story and how he found Bitcoin. He described how he went through a four-touch process with Bitcoin after finding it for the first time in 2012, and seeing it pop back up over and over again as time went on. He remembered his friends buying things from Silk Road with bitcoin and talked a little about that.

Bitcoin changes you, you don’t change Bitcoin. And Lerk explained just how much he’s changed since coming into the Bitcoin space. Precoiner Lerk would spend lots of money on things that he didn’t necessarily need, and he explained how he earned a good amount of money but didn’t know what to do with it. Once he dove down the rabbit hole, he stopped the needless spending to accumulate as much bitcoin as possible, and he hasn’t looked back. He mentioned the importance of bitcoin’s finite supply of 21 million, and why that urges him to stack harder.

This led to a discussion about time preference and savings, and how Bitcoin completely changes your incentives in life. 

“If it doesn’t change your life, you’re doing it wrong” he said, and I completely agree. 

Many people who buy bitcoin don’t get into it and learn why it’s important. Bitcoin is powerful enough to change the life of anyone, so if it doesn’t change yours, you may be going about it wrong.

Below are some of Lerk’s most interesting thoughts shared during the interview. And be sure to check out the full episode for more.

How Did You Find Bitcoin And Fall Down The Rabbit Hole?

I got into Bitcoin in the fall of 2019, I heard about it growing up a couple of times, like in High School when people were using the Silk Road. Then, in college, my buddies were using it to gamble and buy drugs on the internet. I never thought much of it because I grew up thinking cash is king, but man was I wrong. 

After I finished college, I got a real-world job and started making some money that I didn’t exactly know what to do with besides leaving it in the bank. I started researching investment articles online and came across a thread talking about Bitcoin and finite supply. How there will never be more than 21 million ever created, I think that’s what really resonated with me. I’ve heard about Bitcoin too much to not try to learn about it. so once I read that thread, I went and bought my first bitcoin. Also seeing how easy it was to buy it and hold it, I slowly became addicted to stacking sats.

I’ve always loved Twitter as a social medium, and once I found Bitcoin Twitter, it was all over from then on. I submersed myself into the lifestyle by talking about it, reading books about it, listening to podcasts like “TFTC” and “Stephan Livera,” following Bitcoin plebs and OG’s who’ve been in the space for years. You can always learn something new in the Bitcoin space, which is one part that will always bring me back. One of the coolest things that I liked on my rabbit hole journey is that the personalities that you meet are a feature.

How Has Bitcoin Changed Your Life?

There are so many ways that you can look at how Bitcoin changed your life because it has so many different variants impacting an individual. Me, personally, I was never the best at saving money or knowing how to grow my money for the future, so Bitcoin gave me a savings technology that I don’t have to worry about. I grew up always being the computer guy out of the friend group, so I wasn’t into stonks and never cared to learn about them.

Bitcoin made me want to learn about what is money and how it worked throughout history. Once I started engulfing every moment I could about what Bitcoin is and how it worked, I’ve been addicted ever since.

What Do You Consider To Be The Most Amazing Thing About Bitcoin?

The most amazing thing about Bitcoin to me is all of the different variables that it brings to the table such as money, technology, economics, mining, art, game theory, freedom, etc. It can be quite overwhelming at times when you’re just diving down the rabbit hole but the best thing you can do is soak it all in. There’s always something you can learn in the space from another Bitcoiner and that’s what intrigues me the most. The Number Go Up technology will continue to bring in more and more people, those who hold through the FUD will be rewarded.

How Would You Advise Someone To Learn About Bitcoin? What Are Your Favorite Podcasts, Articles And Books?

Bitcoin’s future is so bright with many brilliant minds working on the project but what I’m looking forward to the most is the Lightning Network. The opportunities that we’ve already seen with companies like Strike and MintGox that have come up within the past year, these are just the beginning in my opinion. A majority of people have never heard of the Lightning Network but they have heard of Bitcoin. In the future, I think Lightning is going to have a big impact on adoption.

What Is Your Best Bitcoin Pitch?

I think price predictions are always tough to give because honey badger don’t care, but it will be interesting to see where we end up after this crazy year we just had. My price prediction for the end of the year is $150,000 and by 2030 it will have touched $1 million at some point. HODL PLEBS!

The post Interview: How Bitcoin Changed My Life With Yung Lerk appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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MicroStrategy To Offer Another $600 Million Of Convertible Notes To Buy More Bitcoin

Gigachad CEO Michael Saylor announced on Twitter this morning that his company, software intelligence firm MicroStrategy, has proposed a private offering of $600 million in convertible senior notes so it can “use the net proceeds from the sale of the notes to acquire additional bitcoins,” according to the press release Saylor shared.

These notes would officially be due on February 27, 2027, with interest being paid on February and August 15 of each year starting in August 2021. The amount of interest paid is to be determined at the time of the pricing of the offering. 

Whoever takes up this offer will be given a grant that allows them to purchase the notes “within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $90 million aggregate principal amount of the notes,” per the release.

Ever since MicoStrategy bought 0.1 percent of the total bitcoin supply last summer, it has been accumulating more and more. To say that it went “all in” on a Bitcoin standard would be an understatement, with this being just the latest speculative attack on the U.S. dollar that it aims to complete. In December 2020, the firm announced its intention to offer $650 million of convertible notes to buy bitcoin.

For those who don’t know what a speculative attack is, allow me to explain: Since the U.S. dollar and other fiat currencies have infinite supplies with constantly decreasing purchasing power, the power move here is to take on USD-based debt now to buy bitcoin, which has a finite supply with increasing purchasing power. Over time, the debt would be easy to pay off, not only with the money from the investment, but because the value of the fiat would naturally become much lower. Essentially, it’s the practice of taking on cheap debt to buy a harder asset whose value you expect to rise.

Bitcoin thought leader Anil shared a great example of a historic speculative attack committed by Hugo Stinnes using gold against the German papiermark before the collapse of the Weimar Republic in 1923.

The post MicroStrategy To Offer Another $600 Million Of Convertible Notes To Buy More Bitcoin appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Mayor’s Proposal To Integrate Bitcoin Into Miami’s Operations Receives Approval

In a Twitter video posted late last night, Miami Mayor Francis Suarez announced that city commissioners have supported his resolution to explore letting residents pay city fees or property taxes in bitcoin, allowing city employees to receive compensation in bitcoin and giving Miami the opportunity to invest in bitcoin.

“I want to thank the city of Miami commissioners for supporting my resolution, which directs a city manager after analysis, to procure a vendor to be able to offer our employees to get a percentage of their salary in bitcoin, allows our residents to pay for fees in bitcoin and also would allow the city manager to cooperate with Miami accounting to allow taxes to be paid in bitcoin” said the Mayor. “The City of Miami supports efforts to make bitcoin an acceptable currency for us to potentially invest in, in the future.” 

First, it was retail investors, then it was institutional investors and now, major cities are looking to park their wealth inside the safety of bitcoin. Suarez’s actions, particularly if they prove successful, could significantly derisk bitcoin for similar cities and make it seem like a more “legitimate” investment.

The mayor ended the video by saying that “it’s wonderful to be a very crypto-forward city, in the City of Miami.” 

The video has gone semi viral, with over 1.4 million views, almost 5,000 retweets and 13,400 likes at the time of this writing. It’s likely to garner even more engagement as the weekend begins. 

In an indicator that this is going to be a growing trend, former presidential candidate Andrew Yang announced on Twitter that he would work to make New York City a hub for Bitcoin were he to win a mayoral candidacy there. U.S. Senator Cynthia Lummis of Wyoming commented on the message, seemingly making a jab at the city’s restrictive Bitlicense regulation.

Earlier this month, the Bitcoin 2021 conference announced that it was moving to Miami after receiving support from Mayor Suarez for hosting the event.

The post Mayor’s Proposal To Integrate Bitcoin Into Miami’s Operations Receives Approval appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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In First For Commercial Bank, Blue Ridge ATMs Are Now Selling Bitcoin

Banks are increasingly changing their stance on Bitcoin to meet their customers’ demands and, as of today, you can now buy and redeem bitcoin at 19 Blue Ridge Bank ATM locations, per a press release

“Blue Ridge Bank has announced that for the first time in U.S. history a commercial bank is providing access to Bitcoin at its branch locations,” according to the release. “Cardholders can purchase and redeem Bitcoin at 19 Blue Ridge Bank ATM locations, consisting of both branch and off-site ATMs.”

Though bitcoin- and cryptocurrency-specific ATMs where customers can exchange fiat for BTC have been around for years, this is the first instance of a commercial bank updating its existing ATM network to accommodate bitcoin. This was all made possible with the help of BTC ATM software provider LibertyX and Blueprint ATM Solutions.

“For years, consumers have been asking for the ability to buy bitcoin from their banks,” said LibertyX CEO Chris Yim, according to the release.”Now they can also buy bitcoin at their local bank ATM.” 

This catering to customer demand for bitcoin access echoes sentiments from Tesla, which made headlines this week for investing in bitcoin and revealing plans to accept it as payment.

Bitcoin adoption is on the rise but now, it looks like it’s starting to intensify. Who will be next to bend the knee to Bitcoin?

The post In First For Commercial Bank, Blue Ridge ATMs Are Now Selling Bitcoin appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Interview: Trading Our Time To Earn Bitcoin With Math Cannot Be Banned

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For this episode of Bitcoin Magazine’s “Meet The Taco Plebs,” I was joined by fellow pleb Math Cannot Be Banned (@beeforbacon1) for his first-ever podcast appearance.

We started off this conversation with the guest sharing his rabbit hole story and how he found Bitcoin. He explained that being a libertarian before finding Bitcoin helped him grasp the importance of having sovereign money and why Bitcoin is important. He discussed his very brief shitcoin phase, which he is grateful didn’t last long. 

One thing he touched in this podcast that I want to emphasize is that time is finite, and what you trade your time for is crucial. Working a normal job every day earning fiat currency is not necessarily a recipe for success, as you are forced to risk your earned fiat in investments to escape monetary inflation. Bitcoin fixes this, as you can save your monetary energy into the future with no risk, as bitcoin has a capped supply, and no one can inflate your savings away.

We also talked about meeting at the BitBlockBoom! conference last August in Dallas, Texas. Math Cannot Be Banned touched on the Bitcoin community there and how it tends to care about the same important topics, including living a low time preference lifestyle and studying philosophy. Which really brings us all together and unites us, as most people don’t seem to care about many of the things us Bitcoiners do today. 

Below are some of Math Cannot Be Banned’s most interesting thoughts shared during the interview. And be sure to check out the full episode for more.

How Did You Find Bitcoin And Fall Down The Rabbit Hole?

I think that most present-day Bitcoiners have a libertarian sort of bent to them. Not all, but most. And I think in my experience, most of them discovered Bitcoin before discovering Austrian Economics, voluntaryism, etc. I was one of those rare people that was a devout libertarian (lower case “l”) before I really dove into Bitcoin. 

I lived in Denver after college and there was a ancap-type meetup there called “Liberty On The Rocks” a couple times a month. Shout out to that crew, great times and it’s still going strong. I don’t live in Denver anymore, but I miss a lot of those awesome libertarians. Anyway, there was someone there in 2013 who gave a little talk about Bitcoin and I found it really interesting but I quickly realized that I personally had no use case for it, and the narrative back then was as a payments system rather than a scarce store of value, so I decided it wasn’t for me. Fast forward to 2014 or 2015, I saw Bitcoin on the news in passing. One of the classic “bitcoin crashes to $250!” kinds of thing and I thought, “Jeez, that’s unfortunate,” but didn’t pay any mind. 

Then in 2017, I saw that bitcoin was above $1,000 and decided that since I finally had some disposable income, I would finally get into it. Jumped right into Coinbase and off I went. I deleted Coinbase shortly after, but that was my initial gateway. Anyway, I started stacking. I started asking questions on the /r/bitcoin subreddit. The fork wars were just starting but it seemed like noise to me, so I mostly ignored it as I didn’t really understand it at the time. I kept learning, got a Trezor, etc. I only got sucked into the shitcoin trade for a few weeks before I decided it was dumb, and just decided to do bitcoin. I rode the wave all the way up and all the way down from 2017 to 2018, kept stacking and haven’t looked back. 

How Has Bitcoin Changed Your Life?

I already had a libertarian outlook and personal philosophy, so Bitcoin didn’t change much in that respect. What it did change was actually my desire to work, which seems weird at first. When I say work, I don’t mean my day job, which I still have, but I mean work at improving my skills that I believe have real value. Studying, learning, understanding… in my free time. 

Don’t get me wrong, I have some useless hobbies as well (I am a sucker for video games as a relaxation method), but during the bear market of 2018, I wasn’t crying about the price. I was learning Linux, I was learning about how nodes worked, and at the end of 2018, I was experimenting with raspberry pis and installing LND way in the early days. No particular reason other than to sort of satiate this newfound drive I discovered to learn everything I could. I am not a computer scientist or a programmer, but I quickly learned how to use GitHub, compile, install and use Linux command line. The joys of Linux are very profound and I really do urge anyone who is on the fence to just hop in. Yes, you will break stuff, yes, it will be frustrating, but it’s so worth it.

What Do You Consider To Be The Most Amazing Thing About Bitcoin?

The most amazing thing about Bitcoin is by far the people involved. The plebs, the devs, the community. I think it’s incredible. I met you at BitBlockBoom! last year along with countless others. We all have the same gleam of hope and drive in our eyes. We are here to make the world better in any way we can. 

This isn’t about dirty fiat value. This is about valuing our time in a finite way because our time is finite. Fiat is infinite, so it is a poor storage of time. Besides that, the stuff that is being built right now is just incredible. Taproot, all the Lightning Network stuff. I am shoulder deep in Lightning and participate and interact with Lightning Labs devs frequently and I am so excited for the potential of this technology. The common man and woman out there have no idea what we are all trying to build and it’s going to be great. I wonder if this is what folks in the early 1980s were feeling when they were working on what is now the internet. It’s like you can see something that no one else sees.

How Would You Advise Someone To Learn About Bitcoin? What Are Your Favorite Podcasts, Articles And Books?

That’s tough. I think Bitcoin solves many issues, but if someone actually came to me completely off the street and asked what to read, I would point them to Saifedean’s “Bitcoin Standard.” It’s important to understand monetary history to understand Bitcoin and that book really lays it out. 

Anything by Parker Lewis or Robert Breedlove is god tier (“Masters And Slaves Of Money” is great), and Nic Carter is doing great work as well on the writing front. 

Podcasts…haha, man there’s always some new podcast. I think I have like 20-something on my feed. I have been enjoying Aleks Svetski’s “Wake Up” podcast a ton though. He is like my twin in the way we think, he’s just a great ancap- and freedom-oriented Bitcoiner that I recommend to everyone regardless if they are into Bitcoin or not.

What Is Your Best Bitcoin Pitch?

At my normal job, I was working recently and some colleagues were talking about trading forex or something dumb the other day. One of them called me out and said, “Hey, you do trading, right?” I turned around and said, “Oh no. I just buy bitcoin and then do nothing and it’s value goes up. It’s pretty easy.” I will never forget the blank stares. I don’t advertise myself as a Bitcoiner but I just felt the urge to say that on that particular evening. It’s hard to pitch Bitcoin. For me, I plant little seeds, and then I just hope they come to me and ask questions. This has worked for me a little bit. Recently, a buddy linked me that ridiculous Bloomberg double-spend article and I had to explain what a double spend actually was, which kept his hands strong and he didn’t sell. He’s still relatively new but coming around. I think it’s really hard to just straight-up red (or orange, in this case) pill someone. Neo had to actually choose to take the pill. I don’t think Morpheus would have forced it down his throat.

The post Interview: Trading Our Time To Earn Bitcoin With Math Cannot Be Banned appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Interview: Protecting Our Savings In Bitcoin With Indian Hodl

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For this episode of Bitcoin Magazine’s “Meet The Taco Plebs,” I was joined by fellow pleb Indian Hodl (@Indian_hodl) for his first-ever podcast appearance.

This touching discussion started off with his rabbit hole story, hearing about bitcoin from an event in the U.K. Hospitals in the U.K. were getting attacked and the attackers were demanding to get paid in bitcoin as ransom. He explained how he got a lot of hate from his friends on BTC, but that now, he’s the one laughing. 

We talked about how money is a belief system, and why he hates holding fiat currency. He said he sleeps better at night knowing that his money is safe and sound in an incorruptible currency. I agreed and that related to a saying I’ve been meming for a while now: “bitcoin zen.” That’s when you understand the current monetary system versus Bitcoin’s and you just feel at ease knowing you own money that is not being debased. 

Then we got into how people are not using bitcoin as an investment, but why they need it to survive. Americans who don’t get out of the country much don’t realize that people in developing countries need bitcoin to protect themselves from governments suppressing them and stealing their wealth. We ended the podcast by discussing what he would love to work on in Bitcoin when given the chance, and how he wants to help develop and further the Lightning Network in some way!

Below are some of Indian Hodl’s most interesting thoughts shared during the interview. And be sure to check out the full episode for more.

How Did You Find Bitcoin And Fall Down The Rabbit Hole?

In 2016, I read an article that the darknet uses bitcoin as a currency but didn’t pay much attention, then I watched a TED Talk by Neha Narula: “Future of Money.” That video has changed my perspective on money. I continued with more research on Bitcoin; doubting that bitcoin could be a Ponzi scheme, then I discovered that Harvard University has a lab course — “Bitcoin and Blockchain.” This gave me even more confidence.

How Has Bitcoin Changed Your Life?

Bitcoin has changed my life in numerous ways. Until I discovered bitcoin, I had zero knowledge on money. After learning about bitcoin, I came to understand the fundamentals of money and how it works. Bitcoin made me somewhat financially free and I feel like I can quit my daily job and just work for Bitcoin in the near future.

I think Bitcoin will destroy government fiat currencies forever. When in doubt, zoom out.

What Do You Consider To Be The Most Amazing Thing About Bitcoin?

Decentralization: Bitcoin is the only cryptocurrency which is completely decentralized. Government cannot stop this innovation and they can’t do anything about it.

Unlike in the U.S. and many other Western countries, in Asia and especially in India, the average salary is extremely low.

In 2008, $1 dollar was equal to 38 rupees, and today it is equal to 73 rupees.

The dollar has lost 98 percent of its value as being the world reserve currency, and imagine how the Indian rupee is performing. Two-thirds of people in India live in poverty: 68.8 percent of the Indian population lives on less than $2 a day. Over 30 percent have less than $1.25 per day available — they are considered extremely poor.

Most don’t get it that fiat is a slow poison scam. They hold their most money in fiat, not in gold. Bitcoin can make a lot of difference in countries like India, Bangladesh and Pakistan, as well as in other Asian countries.

India has 400 million millennials, accounting for a third of India’s population and 46 percent of its workforce. Once they understand what bitcoin is: hyperbitcoinization!

Bitcoin is hard, sound money that is here to stay and there is nothing the Indian government or any other government can do about it.

How Would You Advise Someone To Learn About Bitcoin? What Are Your Favorite Podcasts, Articles And Books?

My advice to anyone who is about to learn about bitcoin is that they should first get an understanding of money and its roots. All kinds of money is important, as is why they have failed, starting from rai stones, glass beads, metals and then to fiat. After learning about the evolution of money, they will understand that Bitcoin is the solution.

Podcasts: The “Bitcoin Magazine Podcast” and “What Bitcoin Did.”

Books: Saifedean Ammous’s “The Bitcoin Standard.”

What Is Your Best Bitcoin Pitch?

Money is a belief system, we all decided that gold is money because it is scarce and not easily available. The issue with the gold is that when gold prices increase, then the government mines more gold. More gold in circulation leads to a drop in price just because it is not sound money.

This is why gold failed big time and we have several problems with gold. I can’t use it at Starbucks, it’s confiscatable and it can’t be send overseas without someone physically carrying it. Bitcoin solves all of these problems. Bitcoin is the hardest sound money ever created, unlike gold, bitcoin is 100 percent money, 0 percent drama.

So far, no one would be able to change a single metric in bitcoin because it is completely decentralized. It theoretically could take only 10 minutes (with the Lightning Network, just seconds) to send bitcoin to anyone, anywhere on planet Earth, all you need is the internet.

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Source: Bitcoin magazine