Bitcoin Minimalist
Posts
Ledger Recovery Service, Strike Expands Globally & Fedi Alpha Version Release - Week 38

Ledger Recovery Service, Strike Expands Globally & Fedi Alpha Version Release - Week 38

May 24, 2023

To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!

News

Strike Expands Globally

Bitcoin payments app Strike has expanded its services to 65 countries, significantly increasing its global reach.

Previously available in only three countries, this expansion allows users from a broader range of regions to access the app's functionalities.

Strike lets users send and receive Bitcoin payments instantly, with transactions settled through the Lightning Network either in Bitcoin or USD.

With this expansion, Strike seeks to drive further adoption of Bitcoin as a means of global payments, offering users in various countries an alternative to traditional financial systems.

Fedi Alpha Release

The decentralized Layer 2 company utilizing the open-source protocol Fedimint, Fedi, is now available in Alpha.

Fedi aims to provide a privacy-focused and censorship-resistant alternative on top of the lightning network by utilizing Chaumen Mints.

Bitcoin Conference 2024 in Nashville

The world's largest Bitcoin conference is set to take place in Nashville in 2024, according to Bitcoin Magazine. The event is expected to gather industry leaders, experts, and enthusiasts from around the globe for discussions, presentations, and networking opportunities around Bitcoin and the broader cryptocurrency ecosystem. The conference will provide a platform for sharing knowledge, exploring emerging trends, and fostering collaboration among industry participants. Nashvillle is the home to the headquarters of Bitcoin magazine, as well as the co-working and event space Bitcoin Park. So a conference in Nashville seems to be an easy choice. As the event draws nearer, more details are expected to be revealed, offering attendees a valuable opportunity to engage with the latest developments in the world of Bitcoin.

Ledger Enables Seed Phrase Recovery Service

According to Decrypt, Ledger, a popular crypto hardware wallet provider, is facing criticism over its seed phrase recovery service.

The company allows users to purchase a recovery service for their seed phrases, which are used to access and restore wallet funds.

However, concerns have been raised about the security implications of this service, as it requires users to provide sensitive information that could be compromised. Some experts argue that this service contradicts the core principles of self-custody and poses risks to user privacy.

Ledger has responded to the criticism, stating that the service is optional and designed to provide convenience for users. The controversy highlights the ongoing debate surrounding the trade-off between convenience and security in the Bitcoin community.

Price

Bitcoin has dropped post-conference, leaving people wondering where the asset’s price will go.

Zooming out, Bitcoin is still one of the best-performing assets year to-date. If history is any predictor, Bitcoin moves fast when it has gone sideways for months.

Looking at the previous bear markets and the MVRV ratio, which measures Bitcoin’s long-term trends, it seems we are at a pivotal point. There is no telling exactly what Bitcoin will do, but over the long run, it seems this has been a predictor of the bottoming of the bear market. In one year, we will have the Bitcoin block halving, which has historically kicked off some of Bitcoin’s largest runs.