Doing business with Bitcoin
Things are still not that easy when trying to do business in Bitcoin.
What I am looking for is a platform like Clickfunnels where I can spend and receive payments in Bitcoin.
There's nothing like that out there at the moment.
Something that will allow me to accept recurring (streaming) bitcoin payments to my wallet for content that I provide.
I have been wanting for something like this for a couple of years at this stage. Alas, nothing seems to be stirring at the moment.
When something like this does come on the market, you'll be the first to know right here at mcquinnreport.com. Guaranteed.
Bitcoin now accepted as legal tender in El Salvador
The most significant news out this week came from the small, impoverished central American country known as El Salvador.
We hear very little if anything about this country here in Ireland from one end of the year to the next.
But El Salvador is on everybody's lips this week, and for all the right reasons this time.
For El Salvador's Prime Minister, Mr. Nayib Bukele on Tuesday night pushed through parliament a law recognizing Bitcoin as legal tender in the country.
What does that mean, you may ask.
What does 'legal tender' mean?
Legal tender means that Bitcoin can be used to pay taxes in the country.
This bill will allow businesses and companies in the country to do business in Bitcoin.
Over the past few months, Bitcoin has taken off in the province of El Zonte, El Salvador. This was due to the fact that Jack Maller's Strike started offered its remittance services in the country.
The way Strike operates is as follows. You go to Strike.me and purchase Bitcoin with your debit/credit card. You then input your family member's Lightning network address and send the Bitcoin to them. And hey presto, that is your remittance sent and you have nothing more to do.
Many small businesses in El Zonte, a part of the country popular with surfers travelling from the developed world in search of warm-water winter waves, have been accepting Bitcoin as payment for goods and services.
This new law will have politicians the length and breadth of the globe standing up and paying attention.
Because the first leg to drop is always the most difficult one and takes the longest amount of time to happen.
Expect politicians from other countries to follow in the footsteps of El Salvador's Mr. Bukele and adopt Bitcoin as legal tender.
Basically, the rationale behind El Salvador's backing of Bitcoin is that they simply felt that they had no alternative and that in particular they had nothing to lose from adopting Bitcoin as legal tender.
I am starting to wonder how I can do something similar in Lao PDR when I return there this year or next, whenever Covid-19 regulations permit.
There is an Lao expat community in the US, just like in El Salvador's case. At present, most Lao expats in the US use Western Union to remit money back to family in Lao PDR.
Jack Mallers was quite smart in how he started Strike.
Mallers started small, with El Salvador.
And he knew that if he got one country, just one, to accept Bitcoin, then the other larger countries would follow.
I am sure Western Union are watching on with interest.
It wouldn't take Western Union much to adopt Bitcoin and do business in Bitcoin, similar to Strike.
How Bitcoin Improvement Proposals (BIP) work
If you want to make changes to Bitcoin then you must go through a formal process.
You can't just download the blockchain and start editing the code right away.
Well, in theory you can, but not many of the other nodes would agree with your changes to Bitcoin core and so there would be no changes to the Bitcoin core software.
Changes to Bitcoin core software only happen when I majority of the nodes on the blockchain want to see the change made to Bitcoin core and so push it through to the Bitcoin core software, which can be downloaded at bitcoincore.org.
A gentleman and known freedom warrior Amir Taaki created the BIP process by creating the first BIP, known as BIP 1. Amir is no longer active in the Bitcoin development community and last I heard he was trying to raise funding for some sort of a school in Barcelona.
BIPs are the primary mechanism for:
- proposing new features
- collecting community input on an issue
- documenting the design decisions that have gone into Bitcoin
The BIP champion should research whether the idea is BIP-able. This can be done by submitting the idea to the bitcoin-dev mailing list at firstname.lastname@example.org.