October 17, 2022

🤝 While fiat is force, bitcoin is consent

Legacy institutions want a world that plays by their rules. Fortunately, bitcoin makes its own.

Joe Lupo
Joe Lupo

Reserve Client Manager

🤝 While fiat is force, bitcoin is consent

Table of contents

🤝 While fiat is force, bitcoin is consent

When buying a house or car, choosing a bank, or even a partner, it is wise to do some due diligence first.

Since FDIC insurance covers our deposits up to $250,000, most people choose banks based on reviews, rates, and advertisements, but some still check and ensure the bank's finances are in order.

Yet, the rise of digital finance requires us to conduct even more due diligence when selecting financial services providers. Unlike brick-and-mortar, digital financial institutions can cancel or censor transactions or penalize accounts with the stroke of a keypad. For example, this week, PayPal planned and retracted a policy to fine users they deemed guilty of spreading misinformation. While PayPal did not go through with the policy, the threat lingers.

Put differently, blending finance and politics imposes an additional cost on consumers. Prudence requires us to run background checks on a financial institution's politics to ensure we don't run afoul and get hit with cancellations or a fine.

Fortunately, legacy finance is not the only game in town. Thanks to its decentralized network, anyone can transact on bitcoin without going through intermediaries. Bitcoin allows us to sidestep politics and transact digitally with whomever we choose. Financial freedom is the norm, not the exception.

News

🚀 Google to accept bitcoin and crypto for cloud services

Google will begin offering customers the ability to pay for cloud services with bitcoin and other digital assets through a partnership with Coinbase. The relationship appears to be mutually beneficial, as Coinbase is moving some of its data-related applications from Amazon Web Services to Google. The internet giant believes accepting digital assets makes it more attractive to cutting-edge companies. Payments will begin in early 2023.

🤐 PayPal publishes new policy to fine users for "misinformation," claims error after blowback

PayPal attracted headlines this week after people caught wind of a new policy buried in legal disclaimers. A closer look reveals the company planned to fine users $2,500 for spreading "misinformation." PayPal set the policy to begin on November 3rd; however, after receiving heavy criticism, the company quickly rescinded and apologized. A spokesperson later stated, "This language was never intended to be inserted in our policy... We're sorry for the confusion this has caused."

📈 FASB endorses fair value accounting for bitcoin

The Financial Accounting Standards Board is backing a move to use fair value accounting methods for bitcoin and other digital assets. Current standards consider cryptocurrencies "indefinite-lived intangible assets," such as intellectual property, and require companies to report them yearly at cost minus any impairment. The standards have led to lower digital assets' balance sheet valuations and have been one roadblock to institutional adoption. Michael Saylor considers this new measure "a major milestone on the road to institutional bitcoin adoption."

🚨 CPI announcement...

The latest inflation data was released this morning and came in hotter than expected at 8.2%. Markets initially dropped but recovered with a powerful surge later in the morning. The early drop appeared to correlate directly with the CPI release, but the reasons behind the reversal remain somewhat unclear. Some investors feel the market may believe the bottom is finally in and decided to take advantage of the lower prices after waiting on the sidelines for an extended period of time.

Bitcoin adoption continues

The oldest bank in America, BNY Mellon, is now offering bitcoin custody services to their customers.

Bitcoin hash rate reaches a new all-time high as difficult adjustment surges 13.5%.

The long-awaited Amsterdam Bitcoin Conference is underway, displaying bitcoin's borderless nature as a global phenomenon.

A report by the Ontario Securities Commission shows that 30% of Canadians plan to buy bitcoin and digital assets within the following year.

Luxury e-commerce company Farfetch now accepts bitcoin for payments in 37 countries.

Over 12,000 Brazilian companies have declared bitcoin and crypto holdings, according to data released by the country's tax authority.

VISA has partnered with FTX to offer bitcoin and digital asset debit cards in 40 countries.

Singapore has approved a license for Coinbase to offer bitcoin and digital assets in the country.

Twitter Spaces Logo

#bitcoin news of the week, state or the market and 🤡 🌎 update

Join the conversation on Twitter Spaces at 2:00 PM EST on Friday, October 14.

No registration required but make sure you follow @CoinbitsApp and set reminder to get notified when we're live.

Follow @CoinbitsApp to join

How bitcoin works

Learn one key idea about bitcoin each week. This week: Bitcoin is uncensorable.

It is no secret that censorship is becoming more prevalent.

This year, the Canadian government froze the bank accounts of trucker protesters, and China's authoritarian government imposed a social credit score system. Not to be outdone, the World Economic Forum proposed financial instruments with carbon-emission spending limits (looking at you, meat eaters.

The message is clear: governmental institutions are cracking down on financial freedom.

While some argue that censorship protects us from harmful or offensive content, others see it as a way to control the masses.

Thanks to technology, institutions can easily censor what you buy and sell and with whom you associate. If you're not careful, your bank could close your account or freeze your assets without warning. And once your assets are frozen, it is challenging to get them back.

More control leads to less individual choice and more decisions made for you and your family by bureaucrats that don't know you, live near you, or understand your unique needs and desires.

Putting politics aside, do we want this? Does this world appear desirable to anyone besides those in charge?

Bitcoin's meteoric rise in popularity is evidence that people are saying "no."

That's because bitcoin's design presents a solution to this problem.

The network's decentralized structure is an open money system that is not owned or controlled by anyone.

With Bitcoin, you control your own money, and no one can censor you.

Just as important, it also allows for complete self-custody. Unlike traditional bank accounts, you control your money, not a third-party institution like PayPal.

In effect, with bitcoin, you become your bank.

As certain entities move to increase their influence and control, bitcoin provides an escape route that preserves our autonomy and freedom of choice.

Are you ready to begin your bitcoin journey?

When it comes to getting started with bitcoin quickly and safely, Coinbits is the best option. It's free to create your Coinbits account. Withdrawing or selling your bitcoin is free of charge, too.

Sign up for Coinbits

Coin check

What would need to happen for a government to confiscate your bitcoin?

  1. Arrest Satoshi Nakamoto
  2. Subpoena the miners to hand over your bitcoin
  3. You willingly hand over your private keys
  4. The government acquires the blockchain and, therefore, all of the bitcoin

Check your answer at the end of the page.

From the meme pool

Follow us on Twitter for more fresh bitcoin content

What to do next

➡️ Want bitcoin? Sign up for Coinbits.

➡️  Orange pill the whole family. Get the “Bitcoin for Kiddos” book. 10% off your order with code: Coinbits

➡️ Need coffee? Shop Queen City Coffee Roasters and get 15% OFF your order with promo code BITCOINROUNDUP

➡️ Want to work with us? Explore careers at Coinbits.

Answer: C. You willingly hand over your private keys

October 13, 2022

🤝 While fiat is force, bitcoin is consent

Legacy institutions want a world that plays by their rules. Fortunately, bitcoin makes its own.

Joe Lupo
Joe Lupo

Investor Relations

🤝 While fiat is force, bitcoin is consent

When buying a house or car, choosing a bank, or even a partner, it is wise to do some due diligence first.

Since FDIC insurance covers our deposits up to $250,000, most people choose banks based on reviews, rates, and advertisements, but some still check and ensure the bank's finances are in order.

Yet, the rise of digital finance requires us to conduct even more due diligence when selecting financial services providers. Unlike brick-and-mortar, digital financial institutions can cancel or censor transactions or penalize accounts with the stroke of a keypad. For example, this week, PayPal planned and retracted a policy to fine users they deemed guilty of spreading misinformation. While PayPal did not go through with the policy, the threat lingers.

Put differently, blending finance and politics imposes an additional cost on consumers. Prudence requires us to run background checks on a financial institution's politics to ensure we don't run afoul and get hit with cancellations or a fine.

Fortunately, legacy finance is not the only game in town. Thanks to its decentralized network, anyone can transact on bitcoin without going through intermediaries. Bitcoin allows us to sidestep politics and transact digitally with whomever we choose. Financial freedom is the norm, not the exception.

News

🚀 Google to accept bitcoin and crypto for cloud services

Google will begin offering customers the ability to pay for cloud services with bitcoin and other digital assets through a partnership with Coinbase. The relationship appears to be mutually beneficial, as Coinbase is moving some of its data-related applications from Amazon Web Services to Google. The internet giant believes accepting digital assets makes it more attractive to cutting-edge companies. Payments will begin in early 2023.

🤐 PayPal publishes new policy to fine users for "misinformation," claims error after blowback

PayPal attracted headlines this week after people caught wind of a new policy buried in legal disclaimers. A closer look reveals the company planned to fine users $2,500 for spreading "misinformation." PayPal set the policy to begin on November 3rd; however, after receiving heavy criticism, the company quickly rescinded and apologized. A spokesperson later stated, "This language was never intended to be inserted in our policy... We're sorry for the confusion this has caused."

📈 FASB endorses fair value accounting for bitcoin

The Financial Accounting Standards Board is backing a move to use fair value accounting methods for bitcoin and other digital assets. Current standards consider cryptocurrencies "indefinite-lived intangible assets," such as intellectual property, and require companies to report them yearly at cost minus any impairment. The standards have led to lower digital assets' balance sheet valuations and have been one roadblock to institutional adoption. Michael Saylor considers this new measure "a major milestone on the road to institutional bitcoin adoption."

🚨 CPI announcement...

The latest inflation data was released this morning and came in hotter than expected at 8.2%. Markets initially dropped but recovered with a powerful surge later in the morning. The early drop appeared to correlate directly with the CPI release, but the reasons behind the reversal remain somewhat unclear. Some investors feel the market may believe the bottom is finally in and decided to take advantage of the lower prices after waiting on the sidelines for an extended period of time.

Bitcoin adoption continues

The oldest bank in America, BNY Mellon, is now offering bitcoin custody services to their customers.

Bitcoin hash rate reaches a new all-time high as difficult adjustment surges 13.5%.

The long-awaited Amsterdam Bitcoin Conference is underway, displaying bitcoin's borderless nature as a global phenomenon.

A report by the Ontario Securities Commission shows that 30% of Canadians plan to buy bitcoin and digital assets within the following year.

Luxury e-commerce company Farfetch now accepts bitcoin for payments in 37 countries.

Over 12,000 Brazilian companies have declared bitcoin and crypto holdings, according to data released by the country's tax authority.

VISA has partnered with FTX to offer bitcoin and digital asset debit cards in 40 countries.

Singapore has approved a license for Coinbase to offer bitcoin and digital assets in the country.

Twitter Spaces Logo

#bitcoin news of the week, state or the market and 🤡 🌎 update

Join the conversation on Twitter Spaces at 2:00 PM EST on Friday, October 14.

No registration required but make sure you follow @CoinbitsApp and set reminder to get notified when we're live.

Follow @CoinbitsApp to join

How bitcoin works

Learn one key idea about bitcoin each week. This week: Bitcoin is uncensorable.

It is no secret that censorship is becoming more prevalent.

This year, the Canadian government froze the bank accounts of trucker protesters, and China's authoritarian government imposed a social credit score system. Not to be outdone, the World Economic Forum proposed financial instruments with carbon-emission spending limits (looking at you, meat eaters.

The message is clear: governmental institutions are cracking down on financial freedom.

While some argue that censorship protects us from harmful or offensive content, others see it as a way to control the masses.

Thanks to technology, institutions can easily censor what you buy and sell and with whom you associate. If you're not careful, your bank could close your account or freeze your assets without warning. And once your assets are frozen, it is challenging to get them back.

More control leads to less individual choice and more decisions made for you and your family by bureaucrats that don't know you, live near you, or understand your unique needs and desires.

Putting politics aside, do we want this? Does this world appear desirable to anyone besides those in charge?

Bitcoin's meteoric rise in popularity is evidence that people are saying "no."

That's because bitcoin's design presents a solution to this problem.

The network's decentralized structure is an open money system that is not owned or controlled by anyone.

With Bitcoin, you control your own money, and no one can censor you.

Just as important, it also allows for complete self-custody. Unlike traditional bank accounts, you control your money, not a third-party institution like PayPal.

In effect, with bitcoin, you become your bank.

As certain entities move to increase their influence and control, bitcoin provides an escape route that preserves our autonomy and freedom of choice.

Are you ready to begin your bitcoin journey?

When it comes to getting started with bitcoin quickly and safely, Coinbits is the best option. It's free to create your Coinbits account. Withdrawing or selling your bitcoin is free of charge, too.

Sign up for Coinbits

Coin check

What would need to happen for a government to confiscate your bitcoin?

  1. Arrest Satoshi Nakamoto
  2. Subpoena the miners to hand over your bitcoin
  3. You willingly hand over your private keys
  4. The government acquires the blockchain and, therefore, all of the bitcoin

Check your answer at the end of the page.

From the meme pool

Follow us on Twitter for more fresh bitcoin content

What to do next

➡️ Want bitcoin? Sign up for Coinbits.

➡️  Orange pill the whole family. Get the “Bitcoin for Kiddos” book. 10% off your order with code: Coinbits

➡️ Need coffee? Shop Queen City Coffee Roasters and get 15% OFF your order with promo code BITCOINROUNDUP

➡️ Want to work with us? Explore careers at Coinbits.

Answer: C. You willingly hand over your private keys