Bitcoin Reddit Roundup – August 2020 - Smart Wealth Investments

Welcome to the 3rd edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine!

This contains 40 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other ones as well such as r/BitcoinMining.

In this roundup, there are 10 different categories each link falls under, and the categories are: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents), and last but not least Memes, Fun, And Other.

Some of the awesome posts from the last week of the month may not be included in this edition, as Nik was away for BitBlockBoom in Dallas, Texas. Big shout out to Gary Leland for putting on such an amazing conference!

The biggest story of the month saw the mobile software company MicroStrategy buy a whopping 0.1% of the total Bitcoin supply to hold as company reserves. This shocked the Bitcoin world and since then we’ve seen other smaller businesses such as Tahini’s Restaurants & Snappa follow in their footsteps.

Fan-favorite Bitcoin exchange Cash App released that during Q2, they generated $875 million in Bitcoin revenue according to Yahoo. Buying and selling BTC is a very lucrative business that over time more and more companies will realize and want to take advantage of. For example, Cash App earned over 1.2 billion in revenue in quarter 2 of 2020, an increase of 361% over the year.

At block height 642,034 on August 3rd, we saw a billion-dollar transaction take place where it only cost a small amount of 80 cents (0.0008034 BTC at 129.6 sat/vB). It can not be underestimated how impactful this technology can be. Companies being able to willingly send this amount of money for this low of fees gives companies new opportunities where they may have not had it before.

As we continue to go into this new digital age of living, many young people have an easier time understanding the concept of Bitcoin than older generations. JP Morgan said that older people tend to invest more in gold, while younger people invest more in Bitcoin. This makes sense as many young people tend to get a better grasp on Bitcoin and eager to share their new found knowledge with boomers, and this statement could not be more bullish. As time goes on the gold bugs will slowly go away while the younger generations rise up and adopt Bitcoin. It’s inevitable.

Adoption

$1.2B MicroStrategy Will Hold Bitcoin as Part of its Cash Reserves (8/6)

Bitcoin Has Broken Its All-Time High VS Argentine Peso, Turkish Lira And Brazilian Real (8/10)

MicroStrategy (Largest Independent Publicly-Traded Business Intelligence Company) Adopts Bitcoin As Primary Treasury Reserve Asset (8/11)

“One of The Furthest North Bitcoin machines on earth”: Bitcoin ATM installed in Kitimat Canada (8/19)

Turkey Sees Record Bitcoin Volume Amidst Looming Currency Collapse (8/24)

Development

THNDR Games Has Surpassed 100,000 Lightning Transactions Sent With Only A 0.61 Sat Fee Per Tx (8/19)

Lightning Network: The Wumbo Update Is Here – The Cryptonomist (8/21)

JoinMarket v0.7.0 Released – One-Click Executable For Windows – Preliminary PSBT Support – BIP78 PayJoin Support – SNICKER Support (8/24)

Bitcoin Developer Grant Provided To Calvin Kim To Work on Utreexo (8/24)

Security