The Bitcoin Espresso ☕#13 — India Announcing 30% Crypto Tax, Biden Administration Crypto Strategy & NFT Intro
Welcome to this week’s The Bitcoin Espresso! Whether you’re interested in Bitcoin, have just bought your first fractions of Bitcoin, or want to dive deeper into the space — this newsletter is for you. Find out more about the motivation behind this newsletter in the introduction post. Want more news? Follow @thebitcoinespresso on Twitter to stay on top of things between newsletters. Weekly Summary: Bitcoin’s price followed a slow uptrend for the last days, spawning discussions if it hit bottom before coming back down at the time of writing. India announced a crypto tax as well as a digital currency. Furthermore, the Biden administration is preparing a crypto strategy. Today’s coffee chat features a much-requested short intro to NFTs. A quick tip: There’s an explanation of words and abbreviations in the Fundamentals Glossary at the bottom. 📰 Essential News
only if @Tesla accepts grimacecoin Elon Musk @elonmusk I will eat a happy meal on tv if @McDonalds accepts Dogecoin🛋️Coffee Chat: Non-Fungible Tokens (NFTs)Last week’s newsletter mentioned NFTs, causing some of you to ask me to go into more detail about the topic. The media is ripe with NFT news, but it’s not intuitive why someone would spend money on a picture of a cartoon animal on the internet. If you’re wondering why you’re reading about NFTs in this newsletter, check out why I consider Bitcoin an innovation that will cause disruptions across sectors. As usual, this is not meant to convince you of any particular opinion but to provide you with fundamentals to form your own. Non-fungible Tokens, in their essence, are digital proofs of ownership of unique items. ‟Fungible″ means interchangeable. For example, any 1 Bitcoin is equal to any other 1 Bitcoin. Bitcoin is fungible. You can consider your favorite jacket, chair, or signed edition of your favorite book as examples of non-fungible items. Swapping them out for new ones just wouldn’t be the same. NFTs are digital representations of ownership of these unique, non-fungible items. They are a bit like the authenticity certificates you get with a fancy rug or artwork with the addition of proving your ownership. In The Bitcoin Espresso #6, I described the double-spending problem and how Bitcoin solved it, preventing digital money from being easily copied and pasted. With NFTs, this solution has been applied to non-fungible items. Failing to understand this part is often a cause of confusion. You can make a screenshot of an NFT artwork or copy and paste its image, but that doesn’t mean you verifiably own it, much like taking a picture of the Mona Lisa doesn’t make you its owner. The decentralized verifiability of ownership is a crucial part of the idea. This is why Twitter or Reddit verifying NFT profile pictures is noteworthy. The concept only makes sense if NFTs are verified since it distinguishes the original from a copy. This isn’t happening often enough yet to be intuitive on the internet as we now know it, where everything is easily copied. So what about those profile pictures and cartoon animals? I think they are a proof-of-concept of this new technology that has already shown great appeal and success. NFTs as digital artworks are the foundation to move to NFTs for concert tickets (verifiable permit to enter and digital proof that you’ve really been to that legendary AC⚡DC concert), legal documents, deeds to a car or house, and much more. NFTs are still arguably rough around the edges, and some consider them overhyped. To me, they clearly show technological potential. If you do consider playing around with NFTs, please take your time to read more about them, as scams are common in the space. A good starting point is Ethereum’s article on the topic. Did you recently discuss Bitcoin with someone who might like The Bitcoin Espresso? And if you haven’t yet, sign up for The Bitcoin Espresso now! Can’t get enough of reading newsletters? Check out The Sample 💌, which sends you newsletter recommendations based on your interest. 💡 Fundamentals GlossaryCrypto … Common abbreviation of the whole cryptocurrency space, which goes beyond digital currencies and also spans across decentralized finance (DeFi), non-fungible tokens (NFTs), and many other innovations. Cryptocurrency … A digital currency that uses cryptography to prevent counterfeiting and fraudulent transactions. There are other cryptocurrencies besides Bitcoin. The Double-Spending Problem ... Double-spending means successfully spending money more than once. Imagine taking a $5 bill and paying with that single bill twice for a total value of $10. NFT (Non-Fungible Token) … digital proofs of ownership of unique items. Do you want me to tackle a particular topic? Or do you want to tell me how The Bitcoin Espresso is doing? Give feedback or comment on this post to make this the best newsletter possible. The Bitcoin Espresso does not constitute financial-, tax- or investment- advice, nor is it an offer or invitation to purchase any digital assets. You are solely responsible for your own investment decisions. The Bitcoin Espresso is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of this article or opinions contained herein. Some statements contained in this article may be of future expectations that are based on our current views and assumptions and involve uncertainties that could cause actual results, performance, or events that differ from those statements. |
Older messages
The Bitcoin Espresso ☕#12 — Rio Investing in Bitcoin, Intel entering Mining Business & Bitcoin’s Energy Use and th…
Saturday, January 22, 2022
Welcome to this week's The Bitcoin Espresso! Whether you're interested in Bitcoin, have just bought your first fractions of Bitcoin, or want to dive deeper into the space — this newsletter is
The Bitcoin Espresso ☕ #10 — EU Crypto Regulations & What happens when all 21 million Bitcoin have been mined?
Friday, January 21, 2022
Welcome to this week's The Bitcoin Espresso! Whether you're interested in Bitcoin, have just bought your first fractions of Bitcoin, or want to dive deeper into the space — this newsletter is
The Bitcoin Espresso ☕ #11 — Lightning, Paypal, JPMorgan & Reporting Tax with Accointing
Friday, January 21, 2022
Welcome to this week's The Bitcoin Espresso! Whether you're interested in Bitcoin, have just bought your first fractions of Bitcoin, or want to dive deeper into the space — this newsletter is
You Might Also Like
Trump’s pro-crypto pledge could see day-one executive orders, industry players hope
Tuesday, December 24, 2024
A Bitcoin strategic reserve, access to banking services, and the creation of a crypto council are among the items on the industry's 'wishlist.' ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
State of the Network’s 2024 Year in Review
Tuesday, December 24, 2024
A data-driven overview of events that shaped crypto in 2024 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
OKExChain: Will the Federal Reserve and Jerome Powell Prevent the U.S. from Creating a National Bitcoin Reserve?
Tuesday, December 24, 2024
In the early hours of today, Federal Reserve Chairman Jerome Powell made it clear during a press conference following the monetary policy meeting that the Fed has no intention of participating in any
Crypto community cheers as Trump names pro-crypto advisors Stephen Miran and Bo Hines for economic and digital ass…
Monday, December 23, 2024
Trump fosters economic expansion and digital innovation with Miran and Hines at the helm of economic and crypto councils. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
📈 BTC-to-Gold ratio hit a historical peak on 17 Dec; Crypto.com renewed its partnership with Formula 1 until 2030
Monday, December 23, 2024
BTC-to-Gold ratio hit a historical peak on 17 Dec; Crypto.com renewed its partnership with Formula 1 until 2030; Crypto.com and the Philadelphia 76ers unveiled Web3 mobile game 'Spectrum Sprint
Bitcoin Hits A New ATH Once Again After Touching $108K
Monday, December 23, 2024
Monday Dec 23, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR In this issue, we dive into: Bitcoin Hits A New ATH Once Again After Touching $108K Avery Ching To Become New Aptos Labs CEO As
Yi He on Binance Alpha and Wallet: Most Projects Are Air, Facing Talent Shortage in Web3, and Wallet as an Airdrop…
Monday, December 23, 2024
This article is a summary of a recent AMA hosted on Binance's official Twitter, focused on the relaunch of Binance Wallet. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Finish signing in to Crypto.com DeFi Research
Monday, December 23, 2024
Here's a link to sign in to Crypto.com DeFi Research. This link can only be used once and expires in one hour. If expired, please try signing in again here. Sign in now © 2024 Crypto.com 1
Reflections and Rest | Black Flag DAO Weekly Rollup
Sunday, December 22, 2024
Catch Up With What Happened This Week in Black Flag DAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Options traders bet big on Bitcoin reaching $120K despite low odds
Sunday, December 22, 2024
High open interest at $120000 strike price shows the market is betting on a big finish for Bitcoin in 2024. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏