"Payments are the camcorders of our age, the next technology whose time has passed. The new age that is just beginning will feel qualitatively different, like the moment Dorothy steps out of her black-and-white world into the vibrant colors of Oz. When value flows as freely as information, the economy changes, and society changes with it."
~ Roy Sheinfeld
What if money flowed as effortlessly as a text?
Roy Sheinfeld's bold take: Bitcoin transcending its role as an asset to become the backbone that turns value exchange into a commoditized utility.
This evolution could erase borders, dismantle outdated payment systems, and ignite a vibrant creator economy powered straight by the Lightning Network.
The Utility of Bitcoin: Moving Value Like Information
Being able to transmit value like information, as fast as a text message, has profound implications for society. Bitcoin unlocks that.
What governments brand as "financial inclusion" is little more than a facade.
From Vietnam's sweeping bank account crackdowns and India's emerging tool for digital censorship to Christine Lagarde's push to fast-track oversight and sidestep democratic hurdles, world leaders are hurtling toward a nightmarish cashless regime.
In this newest Financial Freedom Report, they break down how this escalating tide of monitoring might just drive millions straight into Bitcoin's arms.
Financial Freedom Report #91
Does layered self-custody truly hold up as secure amid skyrocketing Bitcoin transaction fees, or are we all just muddling through a hazy zone of partial trust and uneasy trade-offs?
Shinobi's piece peels back the curtain on the unspoken realities of what it really takes to stake your on-chain ownership—and exposes how the divide between custodial and non-custodial setups is far more ambiguous than we'd prefer to acknowledge.
The Cost Of Self Custody: TANSTAAFL
The cost of an on-chain transaction is an inescapable variable in the cost of self custody, even for off-chain layers.
Fintech payment systems are straight-up dinosaur tech, just like those clunky camcorders stubbornly wielded by folks who can't bear to part with their vintage relics.
View every third-party form as a potential security risk: disclose only the essentials, obscure confidential info, and select verification options that avoid long-term data storage.
The article examines the Lightning Network's remarkable progress and argues that its exceptional speed will ultimately lead to its dominance.
That said, I wouldn't entirely dismiss the upcoming L2 alternatives, though they largely depend on Lightning as a shared foundation—essentially positioning them as L3 layers.
One key oversight in the piece is the prevalence of custodial setups across much of the Lightning ecosystem, alongside persistent routing challenges in the non-custodial portions.
Spondulix is a Lightning Network ATM designed for exchanging traditional currency for Bitcoin. It's not evident whether it supports the reverse transaction—swapping Bitcoin back for fiat—which I'd value more highly in nations reliant on cash, especially those grappling with rampant inflation.
Standard Bitcoin kiosks are now commonplace in low-income areas, yet it's disappointing that the cheaper fees of Lightning-based transfers remain underutilized.
That said, the economic advantages ought to propel demand for devices like this, and I'm optimistic they'll gain wider adoption over time.
https://satosys.tech/bitcoin-p2p-trading-interface/
GM #plebchain, stay humble, keep stacking bits/sats, embody these virtues:
— Courage
— Justice
— Temperance
— Wisdom
Think for yourself and strive to be a sage.
On this Monday, begin the week with steadfast clarity, letting wisdom shape your choices and temperance guide your actions.
María Corina Machado Calls Bitcoin A “Lifeline” - Nobel Peace Prize: Venezuelan Opposition Leader María Corina Machado Calls Bitcoin a “Lifeline” in Exclusive Interview
This handy tool converts a Lightning Network invoice into a printable, easy-to-read paper version that embeds the original LN details.
It could prove especially valuable for individuals seeking Lightning payments from companies or businesses, and I anticipate such utilities gaining traction as Bitcoin transactions grow in popularity.
Bullish Invoice
Lightning Network: Enabling Seamless Value Exchange
In this insightful piece, Roy Scheinfeld from Breez explores the remarkable velocity and widespread accessibility of the Lightning Network, positioning it as a universal bridge among diverse Layer 2 protocols like Ark, Liquid, and Cashu.
At its heart, the essay contends that this efficient value transmission mechanism unleashes economic potential in ways reminiscent of how the internet has liberated the flow of information.
The key proposition is that Bitcoin's frictionless value movement empowers resources to permeate even the most overlooked or peripheral spaces, thereby activating the distinctive innovations and contributions these areas hold. It's an inspiring read that paints a bright picture of Bitcoin's expansive possibilities ahead.
The Utility of Bitcoin: Moving Value Like Information
Being able to transmit value like information, as fast as a text message, has profound implications for society. Bitcoin unlocks that.