El Salvador Bitcoin/Lightning node launched
New #Bitcoin #lightningnetwork node launches in #elsalvador #BitcoinBeach
with #ZeroFeeRouting
SmartSats2 Lightning Node Opens
Just opened a #Bitcoin Lightning Node. Looking for peers in support of Bitcoin For Billions / economic empowerment.
Bitcoin 2021 Conference
Short personal summary of @TheBitcoinConf. Bitcoin’s new narrative is ‘Bitcoin represents global economic empowerment’ Thank you @jackmallers
Welcome to the Thinking in Sats Blog
There are a wide variety of posts in this Blog. The breadth reflects my meandering six-year engagement with all things crypto with an increasing focus on all things Bitcoin Lightning. Most new posts will be focused on Bitcoin Lightning, particularly using the Lightning layer for micropayments with tools like BTCPay Server.
We have and will continue to provide tools, tips, and techniques for promoting Bitcoin for global economic empowerment.
I claim no deep technical expertise. I read fast and write slowly. I hope you will find something useful. You can view my background on LinkedIn. You can also follow me on Twitter @cstack.
Accounting for Bitcoin
The American Institute of CPAs (AICPA) has issued a 47 page practice aid for handling digital assets.
Highly recommended for businesses that are starting down the Bitcoin path.
CCSS Checklist for Corporate Crypto Security
Enterprises looking to hold or transact with crypto currencies such as bitcoin, need to implement appropriate levels of governance. Bitcoin is a money-just as your finance departments have control and compliance standards over the handling of corporate cash they also need to implement standards appropriate for handling Bitcoin.
CCSS, crypto currency security standard, is an excellent start for organizations jumping on the bitcoin bandwagon.
CCSS offers three levels of security. We highly recommend that organizations begin ticking off the Level I set of standards.
The standards are divided into several categories including: key creation, wallet creation, key storage, key usage, audit, and several others.
Here’s a link to the website and the full set of CCSS standards.
Multi-Key Technology Circa 1500 AD
The Byzantine Monks of Mt. Athos have a multi-key security system protecting their invaluable religious relics.
It is a 4-Key system with each unique key being held by a different monk.
CBS 60 Minutes recorded this amazing behind the scenes footage of the multi-key system in actual use.
They’re under lock and key. It’s not a new security system, but it works. Normally it takes more than one monk to unlock the ancient door, because no one monk is allowed to have all four keys at the same time. It is sort of a medieval version of the nuclear launch control.
https://www.cbsnews.com/news/mt-athos-a-visit-to-the-holy-mountain/6/
Nothing new under the Sun.
Fidelity Endorses Bitcoin
“Bitcoin is a unique investable asset with compelling differences relative to traditional asset classes as well as conventional alternative investments that could make it a beneficial addition to a portfolio.”
BITCOIN INVESTMENT THESIS
Every Business Needs a Bitcoin Plan Now !
Michael Novogratz, former Goldman Sachs partner recently stated to Bloomberg:
- Bitcoin is a store of value, like “digital gold,” and will unlikely be used as traditional currency for the next five years, the former Goldman Sachs partner and hedge fund manager Mike Novogratz told Bloomberg.
- The Bitcoin bull expects the digital currency’s price to keep rising as more people pile into the idea of adding it to their portfolios.
- He expects several banks and credit-card companies to catch up to PayPal’s recent decision to allow customers to transact in cryptocurrencies.
- “It’s no longer a debate if crypto is a thing, if Bitcoin is an asset, if the blockchain is going to be part of the financial infrastructure,” Novogratz said. “It’s not ‘if’, it’s ‘when’, and so every single company has to have a plan now.”
Business Insider, October 26, 2020
Bitcoin Basics
You don’t need to be a techie to use Bitcoin. The world of cryptocurrency is rapidly growing and one day in the near future, it will be as common as traditional currency. It has already been adopted by mobile payment giants like Venmo, Paypal, and Cash App meaning anybody can conduct transactions now. In terms of investing, Square and Microstrategy have added Bitcoin to their assets in an effort to stay ahead of the curve. As Bitcoin grows in popularity it’s crucial that you know the basics so that you can make smart decisions whether your investing or spending. Below, we’ve answered your biggest questions about Bitcoin:
“We see bitcoin as potentially the greatest social network of all.” – Tyler Winklevoss
What is Bitcoin?
In the simplest terms, Bitcoin is a shared public ledger of transactions. It was launched in 2009 by an anonymous individual who goes by the name Satoshi Nakamoto. Since Bitcoin is a daily new form of digital currency, there are very few regulations surrounding it and it is both open and open-sourced. This means that you can program with or on top of the code that runs the system.
How is it stored?
The cryptographic keys of Bitcoin are stored in either hot or cold wallets. Hot wallets are found on desktop or mobile devices that are connected to the internet. This includes applications like Venmo and Cash App. Cold wallets are physical paper or hardware wallets that are offline, making them more secure than hot wallets, which have the risk of being compromised by hackers. Devices like USBs and actual pieces of paper with private and public device keys written out both allow for more security.
What are the benefits of bitcoin over traditional currency?
As it is fairly new to the financial landscape Bitcoin offers many benefits that traditional currency lacks. For example, it is accessible 24x7x365 since it is not connected to a banking system and transactions are fairly fast. The system allows for privacy but not anonymity and transactions are automatically embedded into the database. Some of the biggest pros of using Bitcoin are that it is disinflationary making it a great investment, and it is transnational allowing users to send it around the world without intermediaries.
Where can I use bitcoin?
Recently PayPal and Venmo adapted Bitcoin into their systems now making it readily available for anyone to use on mobile payment applications. Large companies are also starting to accept Bitcoin from major retailers to fast food chains. Flashstarts also accepts Bitcoin now. You can use the code below to now transfer Bitcoin payments to us.
Having a basic understanding of Bitcoin is just the beginning. As we look to the future, Bitcoin is expected to have a major impact on how we conduct daily transactions and make business deals and investments. We also have an upcoming crypto governance webinar on November 12th at 2 pm EST where we will review how to set up a wallet and lay out fundamental guidelines for handling cryptocurrency for your organization. Register here!
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” – Peter Thiel (Co-Founder of Paypal)