Bitcoin Pro allows issuing smart Bitcoin contracts without handling private keys. It is one of the first implementations to use the RGB standard on Bitcoin.

The beta version of Bitcoin Pro is already available, and it shows itself as a tool to create and manage Bitcoin transactions in one place as well as issuing smart contracts in this protocol and the Lightning Network.

The Pandora Core Company announced the recent launch of this application, adhering to the objectives of the LNP / BP Standards Association, which seeks to establish operational parameters when executing the Lightning Network and Bitcoin protocols on clients other than Bitcoin Core.

Among the functionalities of the program, a tool to convert public keys between various cryptographic formats is available; it improves in greater ease the reading and interoperability between applications and clients.

Also, it adds descriptive information to the outputs of a transaction (UTXO), which in theory facilitates the management and identification of these outputs, optimizing logistics times when handling a high volume of outgoing Bitcoin transactions.

The creation of fungible assets in Bitcoin will also be allowed under the RGB-20 standard, which the LNP / BP association promotes and protects. This standard, as they mention on its principal page, allows issuing smart contracts even on Lightning Network channels, also facilitating the creation of fungible and non-fungible (collectible) tokens.

Another functionality that will see its launch soon is the implementation of the RGB-21 standard, which will allow the launch of collectible and non-fungible assets, analogous to Ethereum’s ERC-721 standard.

The RGB standard facilitates the creation and deployment of smart contracts on Bitcoin and the Lightning Network. One of its most notable attributes is that it has validation on the client-side; referring to the fact that it is not necessary to have the miners of the network to approve transactions.

The client-side validation mechanism works when the involved parties in the middle of a transaction commit to blocking several bitcoins by mutual consent.

Among other functions that will be available very soon, a block explorer and a Bitcoin transaction monitor will work under a system of description labels of the same.

Although Bitcoin pro promises to be a powerful tool for users to manage their Bitcoin accounts, the warning is that it is an early version, and the users should use it at their own risk.

“The system does not use any type of private key. It neither stores nor manipulates them. This is important because when we are talking about professional account management, there are clear distinctions between preparing a transaction and signing it. This was understood long ago in the Bitcoin world, so the PSBT standard was created, allowing us to separate these concepts: the creation and the signing and distribution of the transaction. “

Bitcoin Pro is open source, and RUST is its programming language. The program works with the GTK graphical working interface, being executable on Linux, macOS, and Windows 10.

Although Bitcoin Pro promises to be a powerful tool for users to manage their Bitcoin accounts, they warn that it is a fairly early version and the users should use it at their own risk.

By: Jenson Nuñez.

Half of Americans would buy bitcoin regardless of regulations and taxes

28% of Americans oppose the creation of a bitcoin tax. SatoshiLabs concludes that people are accepting the upcoming of bigger regulations.

As the adoption and popularity of bitcoin and other cryptocurrencies progresses, so do regulations and intentions to tax users of bitcoin by governments. But this does not seem to make a dent in the interest of citizens, who say they are prepared to buy bitcoin or other cryptocurrencies even beyond regulations and taxes and ignoring the effects that these actions would bring.

A survey by SatoshiLabs shows that more than 1,000 American citizens are interested in this topic. Just over 50% of them stated that they would buy cryptocurrencies or bitcoin and enter into the crypto world “even if they were more regulated”.

The publication of the company in charge of the manufacture of the Trezor purses adds that only 20% of the survey participants kept firm in their position against regulations and taxes on crypto assets.

“Regulation is, for many, a mark of acceptance by economic operators, and the data shows

that many are willing to give up greater privacy without neglecting cryptocurrencies”.

About the taxes, there were fewer consensuses. Just under 28% opposed the creation of taxes for Bitcoin, while 24% took into consideration that “it is good to tax Bitcoin and more stringent measures are needed”.

According to the researchers, the opinion divided in this aspect reflects itself in the fact that 25% of the respondents said that they had not been encouraged to use bitcoin. This is due to the tax complications that a declaration of the possession of the cryptocurrency could lead to. “This division of opinion could highlight the potential need for a more agile way to tax Bitcoin,” the study considers.

Institutions are exploring better ways to tax Bitcoin

A few weeks ago, the OECD (Organization for Economic Cooperation and Development) stated that they are willing to study the ecosystem of Bitcoin and cryptocurrencies, and that includes exchanges and wallet providers.

The primary purpose of this study centers on outlining guidelines for the creation of more adequate taxes with the expectation of having them ready for the year 2021. The organization itself announced it in a report for the G20 member countries.

 Also, in the United States, the Internal Revenue Service marks its spot as a bitcoin targeter. However, a resolution at the end of October ruled out the need for citizens to declare their savings in bitcoin or other relevant cryptocurrencies.

The common view that the SatoshiLabs study showed is that both regulations and tax collection will take a protagonist role, more than just being a simple part of the future landscape for bitcoin and cryptocurrencies.

“Two of the unwanted and highly demonized intruders in the crypto festival, Bitcoin tax, and regulation, seem to have convinced most that they are here to stay, facing less resistance than would ever have been expected.” the researchers conclude.

By: Jenson Nuñez.

The Bitcoin educator recalled that the pioneering cryptocurrency’s protocol is based on a system of rules without rulers. He fears that governments and institutions will eventually curtail the decentralized protocol.

Andreas Antonopoulos recently received an invitation to reflect on the essence of Bitcoin. He stressed that its true value is that it is a system that offers humanity an equity protocol without intermediaries. He recommended remembering that Bitcoin arose when the justice of traditional monetary systems failed thousands of people globally.

The renowned Bitcoin evangelist highlighted the value of the equity protocol embedded in Bitcoin. To understand this equity protocol, it is necessary to know that a protocol simply consists of a series of agreed steps. In this particular case, it serves to organize results in decentralized systems. Participants in these systems typically understand that they can only win when everyone wins.

Taking that principle as a starting point, they will no longer need to apply justice when someone violates the rules. On the contrary, it will only be necessary to respect and enforce the protocol to maintain equity.

According to Antonopoulos, the Bitcoin equity protocol is the innovative way to use Proof of Work as a consensus algorithm that miners use to validate transactions. If workers try to cheat under this method, they will lose money. Therefore, as long as everyone complies with the rules, equity will be a part of the protocol.

The reason for this is that revolutionary qualities of the foremost cryptocurrency bring, to some extent, freedom to citizens who live under dictatorships or those who suffer from the excessive control of governments, families, or environments.The pioneering cryptocurrency’s equity protocol has allowed societies to counter many problems that arise from centralized systems, which fallible and easily corrupted authorities and institutions abuse.

The Essence Is To Defend the Protocol

Antonopoulos believes that there is still a lot to do because of the emergence of new equity protocols based on those that people have known for 11 years. An example is developments such as the Lightning Network, where two participants can collaborate without having the opportunity to steal coins from the person who processes payments.

Atomic swaps are another alternative that ensures that two people can trade cryptocurrencies without anyone being able to cheat. There are other developments, but his task as a Bitcoin advocate now focuses on defending the protocol. That is especially relevant now, when many people are turning to Bitcoin because of its market capitalization or its price is rising permanently, without valuing the essence.

Andreas Antonopoulos has been one of the most important and recognized Bitcoin evangelists. He has published hundreds of educational videos on the pioneering cryptocurrency, and written several books on Bitcoin and other cryptocurrencies. His role as an educator and expert has earned him a significant reputation in the community.

By Alexander Salazar

Convertible notes are bonds of credit that “convert” into shares of a company. MicroStrategy puts the destination of the price of its business shares in BTC.

Business intelligence company MicroStrategy wants to raise USD 400 million through the sale of convertible notes. With the net proceeds from this offering, they are seeking to buy more Bitcoin.

“MicroStrategy wishes to invest the net proceeds from the sale of the notes in Bitcoin, in accordance with the regulations of its Treasury, after meeting costs and other generic corporate expenses,” they state.

In recent days, they explained in a press release that the notes still do not have insurance to guarantee their value. They added that they will become shares of the company on December 15^th, 2025. This will happen only if no one buys or exchanges them before, which will only be possible from 2023.

They will conduct the sale of notes discreetly, through a private memorandum to institutional investors registered in the United States.

Also, they inform that the notes will generate interest that buyers will receive on June 15^th and December 15^th, starting in 2021. They note that they will establish this interest rate, as well as the conversion rates and other terms, during the negotiation.

MicroStrategy thus shows its apparent long-term commitment to Bitcoin as an investment vehicle. A few days ago, MicroStrategy bought 2,574 BTC, equivalent to about USD 50 million, bringing its total investments to a total of 40,824 BTC.

Risky Bet on Bitcoin or Long-Term Security?

According to specialist Ellie Frost, “MicroStrategy is protecting its investments, although betting on Bitcoin carries its risks, due to the historical volatility of its price.”

She argues that MicroStrategy shares would appreciate in the financial market if Bitcoin rises in price. However, she says that the value of the shares investment of the firm could drop if the price of the pioneering cryptocurrency falls.

Despite this, Frost notes that MicroStrategy has continued to buy back its shares, in addition to not having many more financial responsibilities. In a way, that would guarantee it greater stability as a company in this context.

Besides, Frost states that the fact that they are notes convertible into shares of the company means that the interests that the holders receive are not high. For that reason, the company would further protect its overall finances.

MicroStrategy’s strategy is comparable to Tesla’s, given its insistence on doing multiple rounds of funding relying on its growth as a company, Frost says.

One of the crucial points in the company’s strategy seems to be precisely that of transmitting this security. This is true, especially when taking into account that Bitcoin has remained above USD 19,000, hovering around its all-time high in prices. This represents a risky investment amid the possibility of a market crash and a significant decrease in the price of the cryptocurrency.

By Alexander Salazar

Certain digital financial services lead citizens to renounce their right to privacy. Gladstein notes that Bitcoin could be a substitute for cash to protect financial independence.

In the late 1940s, George Orwell’s novel 1984 was published, turning the “Big Brother” character into a collective nightmare. People came to fear that a state would achieve such a level of control that it could monitor the private lives, and even the smallest thoughts, of its citizens. Alex Gladstein, chief strategy officer of the Human Rights Foundation, believes that this terrifying character has become a modern reality.

In recent days, Gladstein said that there is a worrying trend among corporations and governments wanting to control all kinds of information. From his perspective as a human rights worker, he considers that this has shaped a new kind of authoritarianism. He calls it “digital dictatorships” since they use the personal data of citizens to control society. In short: “Big Brother is watching you.”

According to the expert, there is increasingly less privacy in modern society as it has become a value exchangeable for services and goods. Citizens now share information about their gender, identity, political preference, religion, and even financial decisions to access a digital world more easily. However, people seem to ignore that the consequences could become a big problem for minorities or citizens under dictatorial regimes.

Gladstein notes that around 4 billion people currently live under authoritarianism. Large countries like China plan to implement social engineering based on surveillance and obtaining personal information: digital yuan. The elimination of cash, one of the most anonymous payment methods, also increases the chances that citizens will not be able to lead a private life without the risk of censorship, blockades, or persecution.

The chief strategy officer of the Human Rights Foundation considers that citizens should concentrate their efforts on supporting and developing tools to decentralize information. Concerning the financial world, Bitcoin is the strongest and most independent option available to individuals who are seeking greater privacy, Gladstein states.

For Gladstein, the pioneering cryptocurrency is “people’s money”, and so no one can “censor it, monopolize it, devalue it, use it for surveillance, or block it at borders.” Besides, the fact that anyone can use it is what characterizes the cryptocurrency. In other words, it is an ideal model for those who protest in Hong Kong, those who live in Venezuela, those who seek greater privacy in China, or those who struggle in Cuba.

Bitcoin Fight “Big Brother” in Venezuela and Cuba

The expert recognized that Bitcoin can be a great ally for Latin Americans. Given the political instability that has taken place in Latin America and the formation of totalitarian governments, the chief strategy officer believes that Bitcoin can be an invisible force that protects people.

Gladstein mentioned a blockade that the Venezuelan government conducted on the bridges that connect this country with Colombia. This happened in 2019 when a group of people tried to take humanitarian aid products to the Venezuelan territory. According to the expert, physical force is an effective way to centralize power and block the rights of citizens. However, he believes that cryptocurrencies like Bitcoin can bypass censorship without anyone noticing.

Bitcoin opens many opportunities that society can take advantage of on a financial level, believes Gladstein. He said that there are more than 2 billion unbanked people. “Large companies can buy a lot of Bitcoin, but they will never be able to alter its protocol,” he added.

The member of the Human Rights Foundation suggested that Bitcoin will not eliminate either the money of the State or the payment methods of large corporations. However, it will remain an option and will excel as an alternative to resist the new era of digital dictatorships and “big brothers.”

By Alexander Salazar

Latin America is the region that the drop in remittances worldwide has been least affected. Interest in cryptocurrencies in the region has grown as a result of the need to send remittances.

In recent years, sending remittances to low-income countries has gained greater prominence in several economies around the world. Although Bitcoin has been off the radar, it has contributed to this situation.

According to statistics from the World Bank (WB), remittances recorded an all-time high in 2018, with flows of USD 529,000 million. However, the agency expects a decline of around 14% to occur between 2020 and 2021, compared to 2019.

Estimates suggest that there will be a drop in remittances to USD 508,000 million in 2020 and another to USD 470,000 million in 2021. The effects of the COVID-19 pandemic have generated little economic growth and low levels of employment in the countries that receive migrants. This is a factor that has contributed to this decline.

In this context, Latin America is the region that the drop in remittances globally has least affected. The agency estimates a drop in the flow of remittances to Latin America by 0.2% in 2020 — with transfers of up to USD 96,000 million — and by 8% in 2021.

Despite the drop that occurred between April and May, there was an increase in the remittances that some countries received between June and September.

The countries that experienced growth in remittances include Colombia, El Salvador, and the Dominican Republic, according to the WB report. Meanwhile, Mexico also had a rise, maintaining leadership in the region as the main recipient of remittances.

This data only takes into account the transfers that users make with fiat money through traditional platforms. Although there are no statistics, the situation is different when taking into account the use of Bitcoin and other cryptocurrencies among the international migrant population.

This bullish trend leads to greater adoption of cryptocurrencies in the region, within the framework of the interest in digital payments and less use of cash.

Non-profit organization Inter-American Dialogue published a study earlier this year. The text states that digital remittances (or online digital payment transactions) have represented at the least 20% of the remittances market share since 2019.

Cryptocurrency Remittances Boom in Latin America

Within the trend towards greater use of digital remittances is precisely where Bitcoin fits.

According to the Chainalysis “2020 Geography of Cryptocurrency Report”, the need to send remittances is one of the factors driving the interest from Latin Americans in cryptocurrencies. In addition to this are the obstacles to accessing the traditional banking system and the inflation that affects several countries.

The analysts consider that the issue of remittances is key in Latin America since they represent 1.7% of the region’s total GDP. By relating this fact to blockchain transactions, the firm notes that there is a concordance.

“90% of the cryptocurrencies that arrive in Latin America come from outside the region.” The flow of remittances moves mainly from the United States.

There is also concordance in the use of cryptocurrencies, beyond the speculative investment common in other regions. Chainalysis says that “these problems drive companies, not just people, to conduct transactions with cryptocurrencies.”

By Alexander Salazar