So what’s the plan to build more fiat on-ramps to Bitcoin with many crypto-friendly banks gone, and clearly a targeted hit on them ongoing?
Discussion
The plan is to end fiat.
Building/converting more businesses that accept and hold on to their bitcoins looks to be way to go.
There are other solutions that can help accounting. To avoid a tax event while selling, taking a loan against Bitcoin on Sovryn defi running on RBTC might be a viable option. Obtained stable coin still needs offramp though. Risk is comparable to the tax that would be paid in the long term.
But realistically I think other banks will take place of fallen crypto friendly banks. Besides, it is not difficult for prominent Bitcoin companies to start their own bank or buy one.
We need miners to sell direct to Bitcoin-only businesses that are optimized for hodl like Swan, or for spending like Strike and CashApp.
We need more Fiat to Lightning businesses like Strike and CashApp.
We need more businesses accepting Lightning, so we can use businesses like Strike to pump fiat into Lightning without triggering a tax event.
P2P and buy from miners directly probably
💯 this ⬆️
P2P we don’t need anymore trusted third parties. We just need more people using the p2p exchanges to build up better liquidity
Was hoping Lightspark had some ideas here!
Web5
#[2]
All of this helps to encourage innovation that diversifies and decentralizes access to bitcoin. It ought to help encourage mining too.
Personally excited to see the innovation that results.
America had it easy relative to rest of world re on ramps.