1/ 🎉 Exciting news from the #BitcoinDeepa team! We just had our 6th #Bitcoin  meetup in the beautiful tourist destination of Ella, Sri Lanka. Many merchants joined us to learn about Bitcoin acceptance, focusing on the Lightning Network and using the Breez wallet. ⚡️🌴

2/ 🌏 We were thrilled to have attendees from various cities, including our friend Henrik, who joined us at the Ceylon Bitcoin Meetup. Together, we're working on translating "The Bitcoin Standard" book into Sinhalese to broaden its reach in our community. 📚🇱🇰

3/ 💡 Our meetups also aim to educate locals about the author community at @CeylonCash, who are actively translating content and getting rewarded with 1000 Sats per post. Talk about a thriving Bitcoin Economy! 💰🌐

4/ 🎯 The Ella meetup exceeded our expectations, and we're already planning more events in other tourist hotspots around Sri Lanka. Our goal is to make Bitcoin adoption seamless and accessible to everyone. 🚀📍

5/ 📢 We'd love to hear your suggestions for our next meetup city! Let's continue to grow the Bitcoin community in Sri Lanka and beyond. Together, we can create a more decentralized, accessible, and inclusive financial future. 🗺️🔗

6/ 🙏 A special thank you to @bluewalletio for enabling LKR (Sri Lankan Rupee) support and adding the Sinhala language to their wallet. Your efforts have made Bitcoin more accessible and user-friendly for the Sri Lankan community. 🇱🇰💙

7/ 📲 With LKR support and Sinhala language integration in Blue Wallet, we're one step closer to bridging the gap between the global #Bitcoin  community and the people of Sri Lanka. It's exciting to see these efforts come to fruition and contribute to the growth of Bitcoin adoption in our country. 🌉🚀

8/ 🎉 A big thank you to everyone involved in these initiatives, from developers to translators and supporters. Your hard work and dedication have made this progress possible. Let's continue to break down barriers and make Bitcoin accessible to everyone, everywhere. 🌏💪

#BitcoinAdoption #SriLanka #LightningNetwork #BreezWallet #CeylonCash

#LightningNetwork is very useful to users of crypto exchanges for two reasons. 

The first is that it greatly reduces the cost of #Bitcoin  transactions. Those who move large amounts of money to and from exchanges have no problem paying even $30 fees on individual deposits or withdrawals, but for everyone else even the current $2 can be a deterrent. 

LN reduces these castes to an infinitesimal, and therefore irrelevant, fraction, breaking down all possible barriers due to the high cost of Bitcoin transactions. 

The second and perhaps even more important reason is that it makes transactions in BTC almost instantaneous. 

Currently Bitcoin withdrawals and deposits to and from Binance can take up to hours before they are completed. 

In contrast, with LN they could be executed almost immediately. 

All of this makes holding Bitcoin on non-custodial wallets much cheaper and more efficient because it allows them to be moved quickly and cheaply to the exchange at any time. 

The slowness of Binance

#Binance is usually very quick to implement innovations. However, this time, as CEO #ChangpengZhao himself admitted, they have been particularly slow. 

It is better if the exchange takes its time to do things right. 

Also perhaps until now there was not a great demand from users to be able to use LN. 

Not least because to be able to use LN on Binance it is necessary to have a wallet that supports LN, and not everyone has that yet. 

However, lately there have been a lot of requests to be able to withdraw one’s funds from centralized exchanges in order to store them on non-custodial wallets, but in order to be able to do this smoothly, fast and cheap transactions are required. 

Thus this need also brings with it an implicit demand to be able to use Lightning Network to deposit or withdraw BTC on exchanges. 

The Lightning Network

Truth be told, the highest peak of existing LN channels was in February last year, when there were more than 87,000. Now they are down to 75,000, and they have been dropping since January. 

Instead, nodes are increasing slightly, even though the peak was still in January 2022. 

Instead, what is steadily increasing is the capacity of the LN network, which has risen above 5,400 BTC and close to all-time highs. 

Binance is integrating the Bitcoin Lightning Network to its Platform

The cryptocurrency exchange is running Lightning nodes ahead of fully integrating Bitcoin Lightning Network payments.

Binance on Bitcoin Lightning Network

#Binance has started running Lightning nodes before supporting the #bitcoin Lightning Network for deposits and withdrawals.

Binance's official Twitter account confirmed this past Tuesday morning saying, "Yeah, that's us!" after some "eagle-eyed users" spotted the exchange's Lightning network nodes. Binance had first announced the addition of Lightning Network support on May 8.

Binance: "Yes, that's us!"

However, Binance noted that “more technical work still needs to be done” before supporting payments on the Lightning network.

Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes - that's us! However, there's still more tech work to be done. We'll update once Lightning is fully integrated.

On the other hand, Bitcoin developer Udi Wertheimer reported finding "Binance" nodes on Lightning last week. A Lightning node enables routing and processing of Lightning network transactions.

What is the Bitcoin Lightning Network?

Bitcoin Lightning Network

The Bitcoin #LightningNetwork is a second layer solution developed for the Bitcoin blockchain to facilitate faster and cheaper transactions than the main Bitcoin network.

The median fee for transactions on the Lightning network is $0.00013, according to data from Glassnode.

So far, several cryptocurrency exchanges, including Kraken, OKX, and Bitfinex, and the mobile payment platform, Cash App, have integrated support for the Lightning Network.

Glassnode data shows that total Bitcoin connected to the Lightning Network is up 65% since the start of the year; Bitcoin's Layer 2 network currently has a capacity of 5,424 BTC, worth $146.4 million.

#BTC #crypto2023

$BTC $BNB

Cryptocurrency was a rapidly evolving field. Here are some potential future trends that were discussed at the time. Keep in mind that the future can be unpredictable, especially in a rapidly changing field like cryptocurrency:

Increased Adoption and Acceptance: More businesses and consumers may start accepting cryptocurrencies as a valid form of payment. Companies like Tesla and Square have already started accepting Bitcoin, and this trend could continue.

Regulation and Legal Frameworks: As cryptocurrencies become more popular, governments around the world will likely develop more comprehensive regulatory frameworks. This could add legitimacy to cryptocurrencies and protect consumers, but it could also limit their growth and potential.

Decentralized Finance (DeFi): #DeFi uses blockchain technology to remove intermediaries like banks from financial transactions. This could make financial services more accessible to people around the world.

Layer 2 solutions and scaling: As the user base of major cryptocurrencies like Bitcoin and Ethereum grows, so too does the need for scalability. Layer 2 solutions like Ethereum's Optimism or Bitcoin's #LightningNetwork could become more widespread, making transactions quicker and more affordable.

Advancements in Blockchain Technology: We could see new #blockchain technologies that address some of the current issues with cryptocurrencies, such as energy consumption and transaction speeds.

Integration with AI and IoT: There could be more integration between blockchain (the technology underpinning cryptocurrencies), artificial intelligence, and the Internet of Things. This could lead to new applications and use cases for cryptocurrencies.

Privacy coins: There may be more demand for cryptocurrencies that offer enhanced privacy features, such as Monero and ZCash.

Central Bank Digital Currencies (CBDCs): Many central banks, like the People's Bank of China and the European Central Bank, are exploring the possibility of issuing their own digital currencies. This could dramatically change the cryptocurrency landscape.

Remember, the future of cryptocurrency is very much in flux, and many of these predictions could change based on technological advancements, regulatory decisions, and shifts in market demand.

ChatGPT Launches Bitcoin Plug-in for Empowering Bitcoin Programming 

#OpenAI's #ChatGPT now comes with a special feature called the Bitcoin plug-in. It's designed to help people who want to write code for Bitcoin and the Lightning Network, which are important parts of the cryptocurrency world.

As cryptocurrencies like Bitcoin become more popular, there's a growing need for tools that make it easier to create programs for them. That's where the ChatGPT Bitcoin plug-in comes in. It's like a special tool that helps programmers write, test, and improve their Bitcoin-related code.

The plug-in works well with other programming languages and tools that developers already use. It has lots of useful features and tools that make it easier to work with Bitcoin. For example, it includes pre-made pieces of code, libraries, and ways to connect with other programs. This helps programmers handle Bitcoin transactions, build special types of wallets, and work with the Lightning Network.

The ChatGPT #bitcoin  plug-in also offers helpful suggestions while programmers are working, highlights mistakes in the code, and provides guidance on how to fix them. It even keeps programmers updated with the latest information and instructions related to Bitcoin and the Lightning Network.

As more and more people start using Bitcoin and the Lightning Network, there is a greater need for skilled programmers in this area. The ChatGPT Bitcoin plug-in not only helps experienced programmers but also serves as a learning tool for those who are new to Bitcoin programming.

The ChatGPT Bitcoin plug-in is easy to use and has many powerful features. It aims to make programming for Bitcoin and the #LightningNetwork  simpler and more accessible to everyone. OpenAI wants to encourage innovation and help the cryptocurrency industry grow by providing people with the tools they need.

In summary, the ChatGPT Bitcoin plug-in is a big step forward for Bitcoin and Lightning Network programming. It makes it easier for programmers to work with Bitcoin and gives them the resources they need to be successful. By doing this, OpenAI hopes to contribute to the growth and development of the cryptocurrency world. 

As the 2024 presidential election looms on the horizon, the landscape of American politics is witnessing an interesting convergence with the world of cryptocurrencies.

Two prominent candidates, Robert F. Kennedy Jr. from the Democratic Party and Ron DeSantis, the Republican Governor of Florida, have emerged as supporters of crytpo and #bitcoin .

Their positions on these digital assets, along with Kennedy's intriguing connection to the Nostr platform, raise questions about the potential impact on the crypto industry during the election year.

This feature article delves into the significance of their stances and explores the implications for Bitcoin and the wider crypto ecosystem.

Robert F. Kennedy Jr. and His #Nostr / #jackdorsey connection:

Robert F. Kennedy Jr., a notable figure in American politics, has thrown his hat into the ring as a Democratic presidential candidate for 2024. What makes his candidacy particularly intriguing for crypto enthusiasts is his connection to Nostr, a platform that leverages blockchain protocol and #LightningNetwork to create a truly web3 social media. Notably NOSTR protocol is backed by Jack Dorsey - Twitter founder, known supporter of RFK Jr. and also head of Block Inc.. The Nostr account attributed to Kennedy adds an element of novelty to his campaign, as it showcases his interest in decentralized technologies and certain level of knowledge.

Kennedy's Stance on Crypto and Bitcoin: Kennedy's association with the Nostr platform indicates a certain level of understanding and interest in the crypto space. While he has yet to release a detailed policy framework specifically addressing cryptocurrencies, his openness to participating in blockchain-based prediction markets suggests a broader appreciation for the potential benefits of decentralized technologies. As the 2024 campaign unfolds, it will be interesting to see how Kennedy's position on crypto and Bitcoin develops and whether he articulates a more comprehensive plan for the industry's growth and regulation. He displayed often libertarian views so I guess that is good news for #Defi and $BTC

#RonDeSantis Bitcoin and Elon MUsck

The Republican Advocate for Crypto: On the Republican side, Ron DeSantis, the Governor of Florida, has emerged as a vocal supporter of cryptocurrencies and Bitcoin. Known for his pro-business stance, DeSantis has actively sought to position Florida as a crypto-friendly state. Under his leadership, Florida has taken steps to embrace digital currencies, including exploring the use of blockchain technology in various sectors and creating a favorable regulatory environment for crypto businesses. DeSantis' commitment to fostering innovation and economic growth through crypto-friendly policies sets the stage for a potentially transformative impact on the industry if he were to secure the Republican nomination and eventually become president. His presidential bid is set to start on Twitter with direct engagement from Elon Musck.

Implications for the Crypto Industry in the 2024 Election Year

The growing support for cryptocurrencies from both Democratic and Republican candidates carries significant implications for the crypto industry as a whole. The increased visibility and acceptance of digital assets at the highest levels of American politics could lead to greater regulatory clarity, favorable legislation, and enhanced adoption.

A pro-crypto president, regardless of party affiliation, could create an environment conducive to innovation, investment, and technological advancements within the industry.

Potential Challenges and Obstacles for crypto in 2024

While the support for crypto from political candidates is promising, challenges and obstacles remain on the path to mainstream acceptance. Regulatory concerns, including issues related to investor protection, money laundering, and financial stability, will continue to be hot-button topics.

Striking the right balance between promoting innovation and safeguarding the interests of consumers and the financial system will be crucial for any candidate aiming to navigate the complex landscape of crypto regulations effectively.

Conclusion

The 2024 presidential election presents a unique opportunity for the crypto industry to secure a prominent position on the political agenda. With candidates such as Robert F. Kennedy Jr. and Ron DeSantis voicing support for cryptocurrencies and Bitcoin, the industry's potential impact on the economy, technological innovation, and financial systems is coming to the forefront of the national conversation. As the campaign unfolds, it remains to be seen how these candidates refine their positions, propose policies, and rally support from voters

Binance, the world's largest cryptocurrency exchange, has recently been in the spotlight for suspending Bitcoin withdrawals twice within a span of 12 hours. Amidst concerns raised by the community, Binance has reassured its users that their funds are secure and has introduced plans to enable Bitcoin withdrawals via the Lightning Network to enhance their services.

These suspensions were initially triggered by a high volume of pending transactions. In response to the backlog, Binance temporarily increased transaction fees to process the transactions more efficiently. The exchange has now reopened Bitcoin withdrawals, and in an effort to avoid similar issues in the future, they are updating their fee structure and working on integrating the Bitcoin Lightning Network.

The Lightning Network is a scalable and fast solution that can alleviate the pressure caused by high volumes of withdrawal requests. This integration will not only reduce transaction congestion but also lower fees and expedite withdrawal times for users.

In addition to withdrawal concerns, Binance experienced the largest ever withdrawal in its history, with more than 162,000 BTC leaving the platform. This raised doubts within the community regarding the exchange's financial stability. However, Binance clarified the situation, stating that the outflows were merely movements between their hot and cold wallets during a process of BTC address adjustments.

Despite Bitcoin's recent price drop to $28,200, Binance's move to enable Lightning Network withdrawals signifies the exchange's continuous commitment to improve its services, user experience, and overall trust. The integration benefits both the exchange and the wider cryptocurrency ecosystem, as it paves the way for faster, more secure, and efficient Bitcoin withdrawal processing.

#Binance #bitcoin #BitcoinButton #LightningNetwork #Blockchain