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Bitcoin represents a new and open internet standard for hard money. Nowadays, with the increasing awareness about bitcoin’s superior properties, it is increasingly being adopted by global financial institutions as pristine collateral, a longer-term store of value, and unstoppable money. We believe that bitcoin was not formed in a vacuum. Like any other technology, bitcoin was invented to fix problems; in this case, the global economic problem.
Indonesia represents the fourth-largest population in the world, with 60% of the citizens owning smartphones. As a country that has experienced hyperinflations in the past, it is crucial for Indonesians to understand what bitcoin stands for. Most Indonesians at the moment see and treat bitcoin as a get-rich-quick scheme. Due to lack of information and comprehensive education in Bahasa Indonesia, many have fallen into scams that are associated with the words bitcoin, blockchain, ”crypto” and mining.
Indonesians wanting to invest have also struggled with mismanagement and corruption. Over the years, we’ve seen cases of fund managers and property developers (similar to the crypto space) who were unable to deliver on their promises and failed to return their customers’ money. This has happened both in the private sector and also in government. News of these cases can easily be found online, both in Indonesian and in English. Even some of Indonesia’s Covid-19 relief funds were embezzled. For these reasons, Indonesians desperately need savings that not only perform, but are also trustworthy.
For years, Indonesians have preferred savings in gold and property; now bitcoin, a better alternative, has dawned. Since Covid-19, all of the other markets have experienced stagnation. The latest government bond SR015 yields 5.1%. The economy was declared to be in a recession since Q3 2020, and is currently trying to climb out of the recession. In the midst of this, bitcoin continues to gain traction, with an approximate 90% gain YTD (October 2021) as an indicator of its dominating performance.
We believe the majority of Indonesians will leapfrog from gold and property markets straight into digital assets (bypassing bonds and securities). This would be similar to how most Indonesians bypassed the use of PCs and most adopted Android smartphones. The government data shows that the number of people in the digital assets space already reached 6.5 million people at the end of May 2021, way more than the 5.4 million people in the stock market. 20 years of user growth in the stock market was easily surpassed by 1 year of user growth in the digital assets space.
There are many challenges for bitcoin adoption as the best savings technology in the country. It is not easy to understand Bitcoin, and requires a multidisciplinary approach. The Indonesia Bitcoin Conference is a way for Indonesians to get proper information and education about Bitcoin. This conference features speakers from Indonesia and abroad such as Saifedean Ammous, Robert Breedlove and Danny Taniwan.
With topics such as the future of crypto exchanges, mining, retiring with bitcoin, Lightning Network, and bitcoin through the islamic lense, we hope to change the mindset of Indonesians about bitcoin.
The Indonesia Bitcoin Conference will happen on October 31, 2021, the same date as when Satoshi Nakamoto published his Bitcoin whitepaper as the beginning of the monetary revolution.
Visit the conference website for ticketing information: http://indonesiabitcoinconference.com
This is a guest post by Konsultan BTC . Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The Miami Mayor is on a mission to bring his city forward into a brighter, bitcoin-powered future.
Miami Mayor Francis Suarez burst onto the scene during the pandemic, after buying his first modest bitcoin stash “a few months ago.” Since then, he set a personal goal to turn his tropical city into a bitcoin-savvy economy before 2022.
That’s why Suarez is delivering the opening speech at Bitcoin 2021 on June 4 at 9 am EST. Tune in via Youtube to see what Miami’s bitcoin-savvy mayor has to say about innovation in a post-pandemic economy.
“Our City Commission voted to explore three things: paying city employees in bitcoin, residents being able to pay taxes and fees in bitcoin, and the possibility of using city funds to invest in bitcoin,” Suarez said. “My efforts revolving around bitcoin, and more particularly, my efforts revolving around the tech ecosystem as a whole are all geared towards making Miami a city that works for everyone and historically underserved communities are the ones who stand the most to gain from this disruptive technology.”
Set a reminder for Bitcoin 2021 Day 1 YouTube Live Stream →
The mayor added that he’d love to talk with bitcoin mining companies which might want to operate in Miami.
“Whether it’s based in Miami or not, I absolutely believe we’re going to see a rapid transition towards a more environmentally sustainable era of bitcoin mining,” he said.
To hear more about the bitcoin businesses flocking to Miami, follow both #Bitcoin2021 and Suarez on Twitter, and Bitcoin Magazine on Instagram, plus join our conversation on Telegram. And be sure to subscribe to our newsletter to keep up with all the happenings at Bitcoin 2021.
As Suarez said, being an early adopter involved in the bitcoin space is a golden opportunity “to educate an entire generation on financial literacy.”
Here are some of the key speakers, events and items to look forward to during Bitcoin 2021, June 4 and 5 in Miami!
Bitcoin 2021, being held in Miami on June 4 and 5, is poised to be the largest event in Bitcoin history. And as one of the largest gatherings to emerge following the COVID-19 pandemic, there is even more hype around this historic gathering.
While Bitcoin 2021 is set to be a massive party celebrating the world’s greatest decentralized technology, it’s also a chance to explore the technical advancements being made on Bitcoin Core, the people and projects that are using Bitcoin to advance financial freedom around the world and to use bitcoin in a real-world setting.
Tickets for Bitcoin 2021 are nearly sold out, but you should be sure to set reminders to tune into the live stream, which can be found here for day one, and here for day two. You can watch the entire conference on Bitcoin Magazine’s YouTube channel.
In addition, you can sign up for the Bitcoin Magazine newsletter to get conference recaps and all the latest news.
Bitcoin Magazine is excited to be partnering with the Bitcoin 2021 Conference, the largest gathering in the Bitcoin industry. There will be a massive catalog of all-star speakers and exciting presentations, so Bitcoin Magazine has compiled a list of highlights to look forward to!
Note: All times are Eastern Standard Time, i.e., local to the conference location in Miami, Florida.
How to Become a Bitcoin Whale
6/3 @ 12:45 PM
6/3 @ 8 PM
6/4 @ 9 AM
Ron Paul: Bitcoin is Freedom
6/4 @ 9:10 AM
Picturing the Hyperbitcoinized World
6/4 @ 9:40 AM
History of Money Segment
6/4 @ 10:10 AM
Fireside: Michael Saylor + Max Keiser
6/4 @ 10:40 AM
Fireside: Floyd Mayweather, Jr. + Tracy Leparulo
6/4 @ 1:30 PM
Bringing Bitcoin Innovation Home to America
6/4 @ 3:35 PM
When a Counterculture Goes Mainstream
6/5 @ 9:45 AM
Tony Hawk Demo
6/5 @ 10 AM
Mining as a Public Company
6/5 @ 10:50 AM
Bitcoin for Billions, Not Billionaires
6/5 @ 12:10 PM
Pay Me in Bitcoin
6/5 @ 1:40 PM
Art Gallery (entire conference) and NFT auction
6/5 @ 4:30 PM
Be sure to sign up for the Bitcoin Magazine newsletter to get conference recaps and all the latest news, and to set reminders to tune into the conference livestream, located here for day one, and here for day two.
Disclaimer: Bitcoin 2021 is a product of BTC Inc, which also owns and operates Bitcoin Magazine.
The New York Southern District Court has set its first court date for the U.S. Securities and Exchange Commission’s case against Ripple.
All parties are directed to appear for an initial pretrial conference with Judge Analisa Torres on February 22nd.
The proceeding will be held remotely via telephone. Pretrial conferences are typically designed to help judges organize a case and create a timeline for when pretrial activities will be carried out. The judge may also use a conference to set a tentative trial date.
The SEC says Ripple has illegally sold XRP as an unregistered security from 2013 until now. Its case also names Ripple chief executive officer Brad Garlinghouse and co-founder Chris Larsen in their individual capacity.
“As noted, the Supreme Court made clear in its Howey decision of 1946 that the definition of whether an instrument is an investment contract and therefore a security is a ‘flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.’
At all relevant times during the Offering, XRP was an investment contract and therefore a security subject to the registration requirements of the federal securities laws.”
Ripple says the SEC is wrong on the facts and the law, stating that “XRP holders do not share in the profits of Ripple or receive dividends, nor do they have voting rights or other corporate rights.”
The regulator’s allegations have triggered a swift fallout for the digital asset, which has plummeted from about $0.60 when news of the lawsuit first broke, to $0.21 at time of publishing – a 61% decline.
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Featured Image: Shutterstock/Zolnierek