SEC Slammed By U.S. Chamber Of Commerce For Regulatory Approach To Cryptocurrencies In Coinbase Filing
https://bitcoinmagazine.com/legal/sec-slammed-by-u-s-chamber-of-commerce-for-crypto-regulations via @BtcCasey
Core Developer Amiti Uttarwar Will Be Reinforcing Decentralization At Bitcoin 2023
https://bitcoinmagazine.com/culture/developer-amiti-uttarwar-at-bitcoin-2023 via @PeterChawaga
From @bitcoindotrocks on the blue bird app...
I've been reading more about BIP-300, a proposal to scale #Bitcoin via sidechains.
Here's what you need to know:
1️⃣ FIRST, WHAT'S A BIP?
BIP stands for Bitcoin Improvement Proposal
BIPs are proposals written by developers with the goal of improving Bitcoin in some way.
Because Bitcoin is open-source, anyone can propose a BIP on the Bitcoin repo: github.com/bitcoin/bips
2️⃣ WHAT'S THE GOAL OF BIP-300?
The goal of BIP-300 is to allow developers to add features and functionality to the Bitcoin universe without actually modifying the Bitcoin Core code.
BIP-300 would allow developers to build on Bitcoin in exciting new ways without making risky changes to the Bitcoin protocol. Instead, developers would be able to build on Bitcoin sidechains.
Users could also transact on sidechains, offloading some demand for Bitcoin mainchain blockspace.
3️⃣ WHAT IS A SIDECHAIN?
A sidechain is essentially a piece of software that users can move their Bitcoin to and from.
Sidechains allow new applications to be built on Bitcoin that were previously only possible on other blockchains.
But, instead of creating a new token, sidechains just use Bitcoin.
4️⃣ WHAT IF I DON'T WANT SIDECHAINS?
BIP-300 is a backwards compatible Bitcoin upgrade, which means your node doesn't have to update to make sidechains possible.
"Non-upgraded nodes will see a number of phenomena that they don't understand. However, these phenomena don't affect them, or the validity of the money that they receive."
— Paul Sztorc, BIP-300 author
BIP-300 would enable a max of 256 total "sidechain slots" which can be proposed and enabled by Bitcoin miners.
5️⃣ WHAT ARE THE TRADE-OFFS?
Everything has trade-offs and BIP-300 is no different. Here's what the proposal says:
"Sidechains allow for competitive 'benevolent dictators' to create a new sidechain at any time.
These dictators are accountable only to their users, and (crucially) they are protected from rival dictators. Users can move their BTC among these different pieces of software, as *they* see fit."
In other words, you're trusting the person or people who are operating the sidechain.
This is very different from the Bitcoin mainchain which is designed to be trustless.
6️⃣ WHEN WILL BIP-300 BE ACTIVATED?
No date has been announced yet, and it's possible this proposal will never be implemented.
However, BIP-300 is a great example of Bitcoin developers innovating in a way that is backwards compatible and strengthens Bitcoin's network effect.
You can see the full proposal here: github.com/bitcoin/bips/b…
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https://bitcoinmagazine.com/business/bull-bitcoin-launches-no-kyc-purchasing via @BtcCasey
Is Your Money Safe During The Banking Crisis?
https://bitcoinmagazine.com/markets/the-banking-crisis-threatens-your-money
Bitcoin Is The Lifeline Argentina Desperately Needs
https://bitcoinmagazine.com/markets/as-peso-inflates-argentina-needs-bitcoin via @JonathanBu55123
One Year Until The Bitcoin Halving: Analyzing Holder Dynamics
https://bitcoinmagazine.com/markets/holder-dynamics-one-year-until-the-bitcoin-halving via @DylanLeClair_
The Business Case For Implementing Bitcoin’s Lightning Network
https://bitcoinmagazine.com/business/implement-bitcoin-lightning-in-your-business via @iZamboni
Reviving Argentina's Economy: Dollarization And Bitcoin As Catalysts For Change
https://bitcoinmagazine.com/culture/bitcoin-dollarization-to-save-argentina via @Web3Carlos
All kinds of interesting data analysis regarding #Bitcoin's four-year cycles are broken down in this article...whether you agree or not, the information is valuable and compelling.
From @Peer__2__Peer on the other bird app...
The Fall Of Bitcoin In The Central African Republic: Why This Legal Tender Experiment Failed
https://bitcoinmagazine.com/culture/why-bitcoin-failed-in-car via @JonathanBu55123
Finally...
PayPal’s Venmo To Enable Ability To Transfer Bitcoin To External Wallets In May
https://bitcoinmagazine.com/business/paypals-venmo-to-enable-ability-to-transfer-bitcoin via @BtcCasey
A New Website Lets You Search For Full Text On The Bitcoin Blockchain
https://bitcoinmagazine.com/technical/preturino-introduces-full-text-search-on-the-bitcoin-blockchain via @BtcCasey
Trammell Venture Partners Releases Venture Industry’s First Bitcoin-Native Startup Ecosystem Research
https://bitcoinmagazine.com/business/tvp-releases-venture-industrys-first-bitcoin-startup-ecosystem-research via @BtcCasey
Lightning Network Proves More Efficient Than Credit Card Processors
https://bitcoinmagazine.com/markets/lightning-network-more-efficient-credit-cards via @DylanLeClair_
Coinbase Files Lawsuit Against SEC Seeking Regulatory Clarity
https://bitcoinmagazine.com/legal/coinbase-files-lawsuit-against-sec-seeking-regulatory-clarity via @BtcCasey
Bitcoin Magazine Launches El Salvador Cover Edition Ordinals Giveaway
https://bitcoinmagazine.com/culture/bitcoin-magazine-launches-el-salvador-cover-ordinals-giveaway via @BtcCasey
Time for some #Bitcoin education ... Topic 4 of 4 ...
What is Money? https://bitcoinmagazine.com/guides/what-is-money