If there is one thing the recent events surrounding the SEC have demonstrated, it's that the legacy system operates on trust, and when trust is lost, chaos ensues. #Bitcoin removes the need for trust, and lowers the barrier for personal verification. The history of fiat institutions is indeed full of breaches of your trust.

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘁𝗼 𝘁𝗵𝗲…𝗠𝗲𝗿𝗰𝘂𝗿𝘆? 𝘠𝘰𝘶𝘳 𝘨𝘶𝘪𝘥𝘦 𝘵𝘰 𝘵𝘩𝘪𝘴 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘷𝘦 𝘭𝘢𝘺𝘦𝘳 2 𝘱𝘳𝘰𝘵𝘰𝘤𝘰𝘭 A new scaling and privacy layer for #Bitcoin has been released: 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿 Here’s what you should know about it👇 The Mercury Layer is a relatively new system designed to streamline Bitcoin transactions, making them faster and more cost-effective. Functioning as a 'second layer' over Bitcoin's base layer, it offers a way to transfer bitcoin 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘵𝘩𝘦 𝘶𝘴𝘶𝘢𝘭 𝘤𝘰𝘯𝘧𝘪𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘵𝘪𝘮𝘦𝘴 𝘰𝘳 𝘧𝘦𝘦𝘴, much like other layer 2 protocols like Lightning, Liquid, and ARK. When you transact in Bitcoin, you're essentially exchanging digital units of bitcoin called UTXOs (Unspent Transaction Outputs). Think of a UTXO as a digital version of cash, except it can be any amount, and not limited to 1s, 5s, 10s, etc. 𝗧𝗵𝗲 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿 𝗲𝗻𝗮𝗯𝗹𝗲𝘀 𝘆𝗼𝘂 𝘁𝗼 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘁𝗵𝗲𝘀𝗲 𝗨𝗧𝗫𝗢𝘀 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆, akin to handing cash to a friend, without recording every transaction on Bitcoin's timechain. What makes Mercury stand out is its method for changing ownership of UTXOs. It cleverly uses divided parts of a digital key, akin to a shared secret. This key is essential for a user to prove their ownership of the UTXO. By altering parts of this key, 𝘆𝗼𝘂 𝗰𝗮𝗻 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝘀𝗺𝗼𝗼𝘁𝗵𝗹𝘆, avoiding the need to broadcast the transaction to the world. Mercury also incorporates backup transactions as a safety net. These act like emergency measures, allowing you to reclaim your Bitcoin, 𝗲𝘃𝗲𝗻 𝗶𝗳 𝘁𝗵𝗲 𝗦𝘁𝗮𝘁𝗲𝗰𝗵𝗮𝗶𝗻 𝗘𝗻𝘁𝗶𝘁𝘆, 𝗼𝗿 𝗦𝗘, 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗰𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗲. This system ensures that only the current owner can use these backup measures, thereby preventing any fraudulent claims to your bitcoin. The process of using Mercury begins with an on-chain transaction of sending your UTXO to an address where 𝘣𝘰𝘵𝘩 𝘺𝘰𝘶 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘚𝘌 have shared private key control. When transferring your UTXOs within the system, Mercury updates the secret key. Each time it's transferred, an updated emergency plan is created for the new owner. Mercury ensures transaction integrity by counting how many times it assists in transfers. However, it does not delve into transaction details, 𝘁𝗵𝘂𝘀 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗿𝗶𝘃𝗮𝗰𝘆 𝘄𝗵𝗶𝗹𝗲 𝘀𝘁𝗶𝗹𝗹 𝘃𝗲𝗿𝗶𝗳𝘆𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗹𝗲𝗴𝗶𝘁𝗶𝗺𝗮𝗰𝘆. When you're ready to exit Mercury back to Bitcoin’s base layer, you can close your transaction at will, finalizing it on Bitcoin's timechain. This closure 𝘦𝘯𝘴𝘶𝘳𝘦𝘴 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘜𝘛𝘟𝘖 𝘤𝘢𝘯'𝘵 𝘣𝘦 𝘤𝘪𝘳𝘤𝘶𝘭𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩𝘪𝘯 𝘔𝘦𝘳𝘤𝘶𝘳𝘺 𝘢𝘨𝘢𝘪𝘯, keeping the process orderly and secure. However, 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗰𝗼𝗺𝗲𝘀 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗱𝗲𝗼𝗳𝗳𝘀, so it should be noted that Mercury requires 𝘴𝘰𝘮𝘦 trust in the system’s main coordinators, the Statechain Entities. While 𝘚𝘌𝘴 𝘤𝘢𝘯'𝘵 𝘮𝘰𝘷𝘦 𝘧𝘶𝘯𝘥𝘴 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯, their role is crucial, and their security and integrity are paramount. Another tradeoff is 𝘁𝗵𝗲 𝗿𝗶𝘀𝗸 𝗼𝗳 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻. If a few SEs begin to dominate the Mercury system, it could centralize a significant portion of transaction facilitation. This would diverge from Bitcoin's decentralized ethos, so 𝘪𝘵’𝘴 𝘪𝘮𝘱𝘦𝘳𝘢𝘵𝘪𝘷𝘦 𝘵𝘩𝘦𝘳𝘦 𝘣𝘦 𝘢𝘴 𝘮𝘢𝘯𝘺 𝘚𝘌𝘴 𝘢𝘴 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦. The Mercury Layer introduces simplicity and enhanced security to Bitcoin transactions. It makes transferring bitcoin 𝘢𝘴 𝘦𝘢𝘴𝘺 𝘢𝘴 𝘦𝘹𝘤𝘩𝘢𝘯𝘨𝘪𝘯𝘨 𝘤𝘢𝘴𝘩, as long as concerns around trust, privacy, and centralization are mitigated. Mercury highlights Bitcoin's ongoing evolution, and is a further reminder that we're all still very, 𝘷𝘦𝘳𝘺 early. Remember to 𝗟𝗶𝗸𝗲🤙, 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this for later. What do 𝘺𝘰𝘶 think of the 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿? Let me know in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

For the #few of you who are not paying attention to the #Bitcoin price, I salute you.🫡 Also, Bitcoin is flirting with $47K, as Bitcoiners everywhere are anticipating a #BitcoinETF approval. Keep hodling! Unless you need to spend sats on 🍿. Then go ahead.😉 @Dan

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙𝘀 𝗪𝗶𝗹𝗹 𝗖𝗵𝗮𝗻𝗴𝗲 𝙀𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 The first #Bitcoin ETF in the United States will likely be approved soon. Here are a few things you can expect to come of that. The much-anticipated approval of a Bitcoin ETF heralds a new era for Bitcoin. 𝗧𝗵𝗶𝘀 𝗶𝘀 𝗽𝗼𝗶𝘀𝗲𝗱 𝘁𝗼 𝘂𝘀𝗵𝗲𝗿 𝗶𝗻 𝗮 𝘄𝗮𝘃𝗲 𝗼𝗳 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗺𝗼𝗻𝗲𝘆, as regulated access points make Bitcoin an irresistible addition to portfolios. This shift promises to inject 𝘣𝘪𝘭𝘭𝘪𝘰𝘯𝘴 into the market, fundamentally altering the Bitcoin landscape. With this approval, Bitcoin's legitimacy in the eyes of the legacy system will skyrocket.🚀 A nod from a major financial regulator will not only boost investor confidence, but 𝗮𝗹𝘀𝗼 𝗯𝗿𝗼𝗮𝗱𝗲𝗻𝘀 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗮𝗽𝗽𝗲𝗮𝗹 𝗳𝗼𝗿 𝘁𝗵𝗼𝘀𝗲 𝘄𝗵𝗼 𝗱𝗼𝗻’𝘁 𝘆𝗲𝘁 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗶𝘁𝘀 𝘃𝗮𝗹𝘂𝗲 𝗽𝗿𝗼𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻. As Bitcoin is woven into the mainstream consciousness, 𝗲𝘅𝗽𝗲𝗰𝘁 𝗮 𝘀𝘂𝗿𝗴𝗲 𝗶𝗻 𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗮𝗻𝗱 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀, further entrenching Bitcoin in our financial fabric. However, this new dawn is not without its tremors. 𝗧𝗵𝗲 𝗲𝗻𝘁𝗿𝘆 𝗼𝗳 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗶𝘀 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗰𝗿𝗲𝗮𝘁𝗲 𝗮 𝗺𝗮𝗷𝗼𝗿 𝘀𝗽𝗹𝗮𝘀𝗵 𝗶𝗻 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗽𝗿𝗶𝗰𝗲𝘀, potentially leading to short-term volatility. Markets historically react to ETF news with vigor, and actual approval might send waves through the price charts. Simultaneously, Bitcoin's growing entanglement with traditional finance attracts regulatory eyes. A more regulated Bitcoin might appear at first glance to clash with its original unregulated and decentralized ethos. But it’s important to remember that 𝗻𝗼 𝗮𝗺𝗼𝘂𝗻𝘁 𝗼𝗳 𝗲𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗰𝗮𝗻 𝗮𝗹𝘁𝗲𝗿 𝘄𝗵𝗮𝘁 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝘀, 𝗵𝗼𝘄 𝗶𝘁 𝘄𝗼𝗿𝗸𝘀, 𝗼𝗿 𝘄𝗵𝗮𝘁 𝗶𝘁 𝗰𝗮𝗻 𝗱𝗼 𝗳𝗼𝗿 𝗶𝘁𝘀 𝘂𝘀𝗲𝗿𝘀. Traditional financial services, 𝘱𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢𝘳𝘭𝘺 𝘵𝘩𝘰𝘴𝘦 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘥 𝘪𝘯 𝘮𝘰𝘯𝘦𝘺 𝘵𝘳𝘢𝘯𝘴𝘧𝘦𝘳𝘴, will likely feel the heat. As Bitcoin becomes more accessible, it offers a compelling alternative to services like Western Union and MoneyGram, threatening their dominance with its efficiency and lower costs. In conclusion, a Bitcoin ETF is not just an investment vehicle; 𝗶𝘁'𝘀 𝘁𝗵𝗲 𝗱𝗮𝘄𝗻 𝗼𝗳 𝗮 𝗻𝗲𝘄 𝗱𝗮𝘆 𝗳𝗼𝗿 𝗕𝗶𝘁𝗰𝗼𝗶𝗻. It's set to reshape investment portfolios, regulatory landscapes, and the very fabric of financial services, marking a significant milestone in our journey towards hyperbitcoinization. Give this a 𝗟𝗶𝗸𝗲🤙, a 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it for later. What else should we expect to change after the ETF approval? Let me know in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

𝗧𝗵𝗲 𝘃𝗲𝗿𝗱𝗶𝗰𝘁 𝗼𝗻 𝗮 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗶𝘀 𝗰𝗼𝗺𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸. They may be 𝘢𝘱𝘱𝘳𝘰𝘷𝘦𝘥, or they may be 𝘳𝘦𝘫𝘦𝘤𝘵𝘦𝘥. The #Bitcoin price might 𝘦𝘹𝘱𝘭𝘰𝘥𝘦 from FOMO, or it might 𝘥𝘶𝘮𝘱 as traders "sell the news". Whatever happens, remember those things that will stay the same: - Hashers will find blocks every ~10 minutes - There will never be more than 21 million bitcoin - There will never be a second best So grab a tub of popcorn, sit back, and enjoy the show! 🍿

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 = 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗜𝗢𝗨 𝘈𝘷𝘰𝘪𝘥 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘳𝘶𝘨-𝘱𝘶𝘭𝘭𝘦𝘥 𝘣𝘺 𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘱𝘳𝘪𝘷𝘢𝘵𝘦 𝘬𝘦𝘺𝘴 Some are saying that owning a #Bitcoin ETF equates to owning actual Bitcoin, but this is misleading at best. While it's true ETFs are 𝘭𝘪𝘯𝘬𝘦𝘥 to the underlying asset, the investor does not possess the actual bitcoin or their private keys. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝘀 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝗹𝘆 𝗱𝗲𝗳𝗶𝗻𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗶𝘁 𝘃𝗶𝗮 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗸𝗲𝘆𝘀. ETFs provide exposure to Bitcoin's price movements, but not the asset itself. This structure suits those preferring indirect investment, but 𝗶𝘁 𝗹𝗮𝗰𝗸𝘀 𝘁𝗵𝗲 𝗮𝘂𝘁𝗼𝗻𝗼𝗺𝘆, 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆, 𝗮𝗻𝗱 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗳 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆. It's a trade-off between 𝘤𝘰𝘯𝘷𝘦𝘯𝘪𝘦𝘯𝘤𝘦 and 𝘵𝘩𝘦 𝘤𝘰𝘳𝘦 𝘱𝘳𝘪𝘯𝘤𝘪𝘱𝘭𝘦𝘴 of Bitcoin ownership. It’s argued by some that ETFs offer “depository receipts” for Bitcoin, but this drastically oversimplifies the relationship. The 𝘤𝘶𝘴𝘵𝘰𝘥𝘪𝘢𝘯 holds the Bitcoin, not the investor. This setup 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝗹𝗮𝘆𝗲𝗿𝘀 𝗼𝗳 𝗿𝗶𝘀𝗸, including counterparty and regulatory risks, which are absent in direct Bitcoin ownership. The essence of Bitcoin's value proposition is in its decentralization and resistance to censorship, which 𝗶𝘀 𝗼𝗻𝗹𝘆 𝗴𝘂𝗮𝗿𝗮𝗻𝘁𝗲𝗲𝗱 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗱𝗶𝗿𝗲𝗰𝘁 𝗽𝗼𝘀𝘀𝗲𝘀𝘀𝗶𝗼𝗻. Holding an ETF strips away these fundamental benefits, leaving investors with a 𝘥𝘪𝘭𝘶𝘵𝘦𝘥 version of Bitcoin's revolutionary potential. Remember to 𝗟𝗶𝗸𝗲🤙 and 𝗦𝗵𝗮𝗿𝗲🔄 this so more people can be reminded to hold their own private keys, not an ETF. And 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it so you can share it with anyone who thinks owning a Bitcoin ETF is the same as owning Bitcoin itself.

𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗼𝗽𝗼𝘀𝗮𝗹𝘀 (𝗕𝗜𝗣𝘀) BIPs. You’ve likely heard of them, but what are they, and what is the process of integrating them into #Bitcoin? Read on for a full exploration⏬ Bitcoin Improvement Proposals (BIPs) are vital documents that guide Bitcoin’s evolution. They can be suggested enhancements to Bitcoin, or provide information and guidelines. BIPs come in three forms: 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 𝗧𝗿𝗮𝗰𝗸 (these affect most Bitcoin implementations), 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻𝗮𝗹 (these provide guidelines), and 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 (these suggest non-protocol changes). Below, we'll journey through the process of a BIP becoming a reality: 𝗜𝗱𝗲𝗮 𝗙𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻, 𝗗𝗿𝗮𝗳𝘁𝗶𝗻𝗴, 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻, 𝗙𝗼𝗿𝗺𝗮𝗹 𝗦𝘂𝗯𝗺𝗶𝘀𝘀𝗶𝗼𝗻, 𝗦𝘁𝗮𝘁𝘂𝘀 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗶𝗼𝗻, and 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻. Each step is crucial, transforming a mere idea into a part of Bitcoin's ever-evolving code and community practices. 𝗜𝗱𝗲𝗮 𝗙𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 Every BIP starts as an idea to improve Bitcoin in some way. Before drafting, the proposer (or BIP champion) 𝘮𝘶𝘴𝘵 𝘱𝘶𝘣𝘭𝘪𝘤𝘭𝘺 𝘥𝘪𝘴𝘤𝘶𝘴𝘴 𝘵𝘩𝘦 𝘪𝘥𝘦𝘢 𝘰𝘯 𝘧𝘰𝘳𝘶𝘮𝘴 𝘰𝘳 𝘮𝘢𝘪𝘭𝘪𝘯𝘨 𝘭𝘪𝘴𝘵𝘴. This ensures the idea addresses real community needs, and is properly adjusted according to the feedback received. 👇 𝗗𝗿𝗮𝗳𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗕𝗜𝗣 Once the idea has support, the champion writes the BIP itself. This involves publishing a technical document 𝘸𝘪𝘵𝘩 𝘢 𝘤𝘭𝘦𝘢𝘳 𝘴𝘱𝘦𝘤𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘰𝘴𝘦𝘥 𝘤𝘩𝘢𝘯𝘨𝘦, 𝘢𝘯𝘥 𝘸𝘩𝘺 𝘪𝘵'𝘴 𝘣𝘦𝘯𝘦𝘧𝘪𝘤𝘪𝘢𝘭. This document is maintained in a versioned repository, where anyone can keep track of its evolution. 👇 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻 𝘛𝘩𝘦 𝘥𝘳𝘢𝘧𝘵 𝘉𝘐𝘗 𝘪𝘴 𝘵𝘩𝘦𝘯 𝘴𝘩𝘢𝘳𝘦𝘥 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘸𝘪𝘥𝘦𝘳 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺, usually on the bitcoin-dev mailing list. Here, developers and users scrutinize the proposal. The author gathers feedback, refines the BIP, and works towards a consensus of acceptance. 👇 𝗙𝗼𝗿𝗺𝗮𝗹 𝗦𝘂𝗯𝗺𝗶𝘀𝘀𝗶𝗼𝗻 After refining the BIP based on community feedback, 𝘪𝘵'𝘴 𝘧𝘰𝘳𝘮𝘢𝘭𝘭𝘺 𝘴𝘶𝘣𝘮𝘪𝘵𝘵𝘦𝘥 𝘵𝘰 𝘵𝘩𝘦 𝘉𝘐𝘗𝘴 𝘨𝘪𝘵 𝘳𝘦𝘱𝘰𝘴𝘪𝘵𝘰𝘳𝘺. A BIP editor gives it a unique number and categorizes it. This marks its official entry into the review process. 👇 𝗦𝘁𝗮𝘁𝘂𝘀 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗶𝗼𝗻 The BIP then progresses through various statuses. 𝘿𝙧𝙖𝙛𝙩 BIPs become 𝙋𝙧𝙤𝙥𝙤𝙨𝙚𝙙 when they're complete and have community support. 𝙋𝙧𝙤𝙥𝙤𝙨𝙚𝙙 can turn 𝙁𝙞𝙣𝙖𝙡 when they meet real-world adoption criteria. If a BIP doesn't progress, it's marked as 𝙍𝙚𝙟𝙚𝙘𝙩𝙚𝙙. Each type of BIP, especially those suggesting network changes, has specific requirements for progression. 👇 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 Finally, if the BIP has lasted this long, 𝘪𝘵𝘴 𝘱𝘳𝘰𝘱𝘰𝘴𝘦𝘥 𝘤𝘩𝘢𝘯𝘨𝘦𝘴 𝘢𝘳𝘦 𝘢𝘥𝘰𝘱𝘵𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘯𝘦𝘵𝘸𝘰𝘳𝘬. This usually requires consensus from the enforcers of Bitcoin’s code and, in some cases, a majority agreement from miners. This process ensures that any change is thoroughly vetted and agreed upon by the community. 𝗕𝗜𝗣𝘀 𝗲𝗺𝗯𝗼𝗱𝘆 𝘁𝗵𝗲 𝗱𝗲𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗲𝗱 𝗲𝘁𝗵𝗼𝘀 𝗼𝗳 𝗕𝗶𝘁𝗰𝗼𝗶𝗻. They ensure every proposed change undergoes thorough scrutiny and debate, which is appropriate, considering the community-driven nature of the network. 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗯𝘆 𝘄𝗵𝗶𝗰𝗵 𝗮 𝗕𝗜𝗣 𝗯𝗲𝗰𝗼𝗺𝗲𝘀 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘂𝗽𝗴𝗿𝗮𝗱𝗲 𝗶𝘀 𝗮 𝘀𝘁𝗲𝗽 𝘁𝗼𝘄𝗮𝗿𝗱𝘀 𝗴𝗿𝗮𝘀𝗽𝗶𝗻𝗴 𝘁𝗵𝗲 𝗶𝗻𝘁𝗿𝗶𝗰𝗮𝘁𝗲 𝘄𝗼𝗿𝗸𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗴𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗼𝗳 𝗕𝗶𝘁𝗰𝗼𝗶𝗻. Now you know what BIPs are, how they’re made, and the process for them to be added onto Bitcoin! Very #few understand this, so be sure to 𝗟𝗶𝗸𝗲🤙 and 𝗦𝗵𝗮𝗿𝗲🔄 this, so this knowledge can spread. And you never know when you’ll be asked about this, so 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it too! What BIPs would you like to see activated on Bitcoin? Let me know in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

𝗪𝗵𝘆 𝗦𝗼𝗺𝗲 𝗕𝗹𝗼𝗰𝗸𝘀 𝗮𝗿𝗲 𝗘𝗺𝗽𝘁𝘆 Occasionally, a new block will be found and it will only have 1 transaction in it: the coinbase transaction (not to be confused with the exchange of the same name), which is currently 6.25 bitcoin. Why does this happen? 𝘐𝘴 𝘵𝘩𝘪𝘴 𝘢𝘯 𝘢𝘵𝘵𝘢𝘤𝘬 𝘰𝘯 𝘵𝘩𝘦 𝘯𝘦𝘵𝘸𝘰𝘳𝘬? Let’s dive in and explore this thoroughly👇 At first glance, the presence of empty blocks in Bitcoin's timechain may seem perplexing, and even frustrating, considering the number of pending transactions lately. However, 𝘁𝗵𝗲𝘀𝗲 𝗯𝗹𝗼𝗰𝗸𝘀 𝗮𝗿𝗲 𝘀𝘁𝗶𝗹𝗹 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁, as they help ensure the network's security and continuity. They are 𝘯𝘰𝘵 flaws in Bitcoin’s architecture, but 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘤 𝘳𝘦𝘴𝘱𝘰𝘯𝘴𝘦𝘴 𝘧𝘳𝘰𝘮 𝘵𝘩𝘰𝘴𝘦 𝘸𝘩𝘰 𝘢𝘳𝘦 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘮𝘪𝘯𝘪𝘯𝘨 𝘱𝘳𝘰𝘤𝘦𝘴𝘴. When a miner finds a block shortly after the previous one, they sometimes don’t have a prepared template of transactions yet. This presents them with a choice: secure the 𝘴𝘮𝘢𝘭𝘭𝘦𝘳 𝘣𝘶𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥 𝘳𝘦𝘸𝘢𝘳𝘥 of only the block subsidy while leaving the block empty, or take precious seconds to sort some transactions while risking the block being found by another miner before you can complete the process. 𝗠𝗼𝗿𝗲 𝗼𝗳𝘁𝗲𝗻 𝘁𝗵𝗮𝗻 𝗻𝗼𝘁, 𝗺𝗶𝗻𝗲𝗿𝘀 𝗼𝗽𝘁 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗲𝗳𝗶𝗻𝗶𝘁𝗲, 𝗮𝗹𝗯𝗲𝗶𝘁 𝘀𝗺𝗮𝗹𝗹𝗲𝗿, 𝗿𝗲𝘄𝗮𝗿𝗱 𝗳𝗿𝗼𝗺 𝗮𝗻 𝗲𝗺𝗽𝘁𝘆 𝗯𝗹𝗼𝗰𝗸. This preference is deeply rooted in the design of Bitcoin’s protocol. As soon as a new block is broadcast, miners race against each other to build on top of it with the next block. They begin with an empty block template to avoid losing precious time, and add transactions to it while they hash. If they find a valid hash before they can build a transaction template, 𝘪𝘵’𝘴 𝘰𝘧𝘵𝘦𝘯 𝘢 𝘯𝘰-𝘣𝘳𝘢𝘪𝘯𝘦𝘳 to broadcast an empty block before another minder finds and broadcasts it. Some compare empty blocks to a form of spam, bloat, or even an attack on the network. This is understandable, since a delayed confirmation of one’s transactions can be annoying, but it ultimately misses the mark. True, empty blocks don't process any pending transactions, but 𝗻𝗲𝗶𝘁𝗵𝗲𝗿 𝗱𝗼 𝘁𝗵𝗲𝘆 𝗮𝗱𝗱 𝗰𝗹𝘂𝘁𝘁𝗲𝗿. Instead, 𝘵𝘩𝘦𝘺 𝘢𝘥𝘥 𝘨𝘳𝘦𝘢𝘵𝘦𝘳 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘺 𝘵𝘰 𝘢𝘭𝘭 𝘱𝘳𝘦𝘷𝘪𝘰𝘶𝘴 𝘣𝘭𝘰𝘤𝘬𝘴, and reaffirm the miners' commitment to maintaining the network's integrity. Ultimately, empty blocks are a testament to Bitcoin's ingenious incentive structure. It's a system where every decision, 𝘦𝘷𝘦𝘯 𝘵𝘩𝘦 𝘢𝘣𝘴𝘦𝘯𝘤𝘦 𝘰𝘧 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘢 𝘣𝘭𝘰𝘤𝘬, contributes to the network's overall strength and robustness. Empty blocks aren’t common, 𝘁𝗵𝗲𝘆 𝘂𝘀𝘂𝗮𝗹𝗹𝘆 𝗮𝗿𝗲𝗻’𝘁 𝗮𝗻 𝗮𝘁𝘁𝗮𝗰𝗸, and they 𝘥𝘰𝘯'𝘵 constitute spam; they're strategic decisions from miners that underline the resilience and foresight embedded in Bitcoin's architecture. There has been a lot of questions and commentary about this lately, so be sure to 𝗦𝗵𝗮𝗿𝗲🔄 it with anyone who may not yet understand why some blocks are empty. Give this a 𝗟𝗶𝗸𝗲🤙, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it so you can reference it later. Have further questions, or know something that I missed? Let me know in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

𝗛𝗮𝗽𝗽𝘆 𝟭𝟱𝘁𝗵 𝗕𝗶𝗿𝘁𝗵𝗱𝗮𝘆, 𝗕𝗶𝘁𝗰𝗼𝗶𝗻! Fifteen years ago today, the #Bitcoin network was born with the mining of the Genesis Block. This event marked a turning point in the revolution for individual sovereignty by introducing a currency 𝗳𝗿𝗲𝗲 𝗳𝗿𝗼𝗺 𝗮𝗻𝘆 𝗰𝗲𝗻𝘁𝗿𝗮𝗹 𝗰𝗼𝗻𝘁𝗿𝗼𝗹. The embedded message in the Genesis block — “𝘛𝘩𝘦 𝘛𝘪𝘮𝘦𝘴 03/𝘑𝘢𝘯/2009 𝘊𝘩𝘢𝘯𝘤𝘦𝘭𝘭𝘰𝘳 𝘰𝘯 𝘣𝘳𝘪𝘯𝘬 𝘰𝘧 𝘴𝘦𝘤𝘰𝘯𝘥 𝘣𝘢𝘪𝘭𝘰𝘶𝘵 𝘧𝘰𝘳 𝘉𝘢𝘯𝘬𝘴” — linked its inception to a critique of the 2008 financial crisis. Bitcoin has since evolved from a niche digital token to a major financial asset. It has endured volatility and scrutiny, 𝘢𝘯𝘥 𝘪𝘵 𝘨𝘳𝘰𝘸𝘴 𝘴𝘵𝘳𝘰𝘯𝘨𝘦𝘳 𝘸𝘪𝘵𝘩 𝘦𝘷𝘦𝘳𝘺 𝘢𝘵𝘵𝘢𝘤𝘬. The network's reliability and its community's growth highlight its enduring relevance and resilience. This 15th anniversary celebrates more than a technological advancement; 𝗶𝘁 𝗰𝗼𝗺𝗺𝗲𝗺𝗼𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗲 𝘁𝗿𝗶𝘂𝗺𝗽𝗵 𝗼𝗳 𝗱𝗲𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗹𝗶𝗯𝗲𝗿𝘁𝘆 𝗼𝘃𝗲𝗿 𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝘁𝘆𝗿𝗮𝗻𝗻𝘆. Bitcoin represents a paradigm shift towards privacy, autonomy, and a critique of legacy financial systems. Its growth is a testament to the power of the human spirit to create alternative systems as an escape from those that would bind us down. Bitcoin has upgraded over the years to include additional layers, such as the Lightning Network and Liquid, and soon Fedimint and ARK, which enhance its scalability and use. It has developed into an ecosystem that supports a new economy, and incentivizes a change of focus to the long-term, underlining its role as 𝘮𝘰𝘳𝘦 than just a digital currency. This anniversary reinforces Bitcoin's position as the best digital asset. And as Bitcoiners know well: “𝘛𝘩𝘦𝘳𝘦 𝘪𝘴 𝘯𝘰 𝘴𝘦𝘤𝘰𝘯𝘥 𝘣𝘦𝘴𝘵.” Bitcoin is a movement, symbolizing a cultural shift towards decentralization, individual sovereignty, and personal responsibility. 𝗧𝗵𝗲 𝗚𝗲𝗻𝗲𝘀𝗶𝘀 𝗯𝗹𝗼𝗰𝗸 𝘄𝗮𝘀 𝗼𝗻𝗹𝘆 𝘁𝗵𝗲 𝗯𝗲𝗴𝗶𝗻𝗻𝗶𝗻𝗴. As we celebrate this milestone, we look forward to the future possibilities and continued revolution for independence that Bitcoin provides. Celebrate Bitcoin’s 15th birthday by giving this a 𝗟𝗶𝗸𝗲🤙 and a 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸𝗶𝗻𝗴🔖 it for looking back on later. How will 𝘺𝘰𝘶 be celebrating Bitcoin’s 15th birthday? Share it in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️ below!