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An Open Letter To Apple: Tim Cook Can Revive Apples Legacy With Bitcoin 180

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Apple, you gained the world’s largest market capitalization because you dared think differently. So when you decided to shut down zaps on Damus it came as a shock to someone who always appreciated Apple’s rebel spirit. Removing zaps from the iOS store does not stop me from zapping. It just makes me zap in a web browser instead. Reconsider what zaps can do for your business so you don’t miss the forest for the trees.

https://primal.net/e/note1m99khmn94j5rnwftzcjn2lvzsz3nw0payvptnnykx37uc3mh9uhst547g3

Bitcoin’s underlying technology cannot be uninvented. It is a revolutionary concept destined to endure as long as society requires money and individuals are driven by self-interest. Bitcoin’s invention has birthed a decentralized network poised to redefine the very fabric of human organization, ushering in transformations previously unimaginable. Many people could never have imagined giving up their phone for an iPhone, until they saw an iPhone. In many ways Bitcoin is similar for money. What Satoshi created was absolute scarcity that anyone can verify for themselves. In Satoshi and Steve we find visionaries who transformed the unattainable into reality, rewriting the narrative of human achievement.

Bitcoin transcends mere currency creation. If it becomes widely adopted as a foundational layer of global finance, Bitcoin could fundamentally transform the role and function of governments, similar to how the internet disrupted and transformed businesses. As Jobs said, “A lot of times, people don’t know what they want until you show it to them.” Great thinkers reject the status quo. If Satoshi Nakamoto believed in traditional fiat edicts and “too big to fail” institutions Bitcoin would not exist.

Like cash and digital payments, Bitcoin has its own set of trade-offs. Cash offers superior privacy and allows for peer-to-peer payments, but it cannot be sent over the internet. Credit cards and bank accounts enable convenient online payments, but they require users to give up personal information. Both are fiat currencies which means they are subject to inflation risks. Bitcoin offers the promise of secure online money transfers without the need for banks or intermediaries, but it requires users to understand its unique features and take responsibility for their finances. If you don’t run a node, you introduce counterparty risk, the very thing Bitcoin was designed to solve. The delicate balance between convenience and control is a personal choice. Nonetheless, I firmly believe that the cross-disciplinary design principles that propelled Apple to greatness could contribute significantly to resolving this tension between user-friendliness and autonomy within the realm of Bitcoin. Apple stands to gain substantially by offering well-crafted Bitcoin services and elevating the overall user experience.

Steve Jobs and Satoshi Nakamoto both embraced a first principles approach to innovation. Nakamoto’s pioneering work led to the creation of a decentralized system that blended elements of computer science, cryptography, and economics. It’s almost poetic that such a brilliant open system finds a home on Apple’s sleek machines. Jobs had a unique vision for Apple, one where control over both hardware and software was paramount to ensure the highest quality and user experience. While this approach sometimes frustrated others, it undeniably played a crucial role in propelling Apple to its current status in the world. However, innovation is an ever-evolving landscape, and there are moments when adopting groundbreaking technology becomes inevitable. Jobs’ commitment to control was unwavering, but even he acknowledged the need to embrace superior technology when it emerged. Steve Wozniak, Apple’s other co-founder, has aptly labeled Bitcoin a “mathematical miracle” and I see no reason why the other Steve would not have agreed. While Apple stands as a formidable force, Bitcoin operates as a straightforward protocol. Apple unquestionably stands to benefit from integrating Bitcoin into its ecosystem, but Bitcoin remains independent and resilient, free from reliance on any single entity, even an industry giant like Apple. There’s no doubt that Apple’s immediate survival does not hinge on embracing Bitcoin. However, complacency fosters stagnation, and over time, the company may face growing challenges if it neglects to harness the potential of Bitcoin.

While I appreciate Steve Jobs’ brilliance and his commitment to his vision, I believe that Satoshi Nakamoto’s community-centric approach was better suited for what he was creating. Bitcoin evolves through decentralized governance, where decisions about its development are made collectively by its global user base. This ensures that the digital currency remains adaptable and responsive to the needs and preferences of its users. It also makes it difficult for people to “move fast and break things” which can be disruptive and harmful in a financial system people all over the world are using as a store of value.

The strength and adaptability of Bitcoin owe much to the absence of a solitary central figure. It was not the brainchild of a lone individual; in fact, Satoshi cited the work of eight others in the original white paper. While Nakamoto launched the network, Bitcoin has since evolved through the contributions of many developers and community members. Without a solitary leader to target, Bitcoin has proven adaptable and resilient amid free market forces and waves of scrutiny. Though individuals come and go, transformative ideas can live on and change the world. As the film V for Vendetta noted, powerful principles can outlast any one person: “We are told to remember the idea, not the man, because a man can fail. He can be caught, he can be killed and forgotten, but 400 years later, an idea can still change the world.” Bitcoin’s decentralized ethos embodies this spirit of an idea taking on a life of its own.

In contrast to Bitcoin’s decentralized beginnings, Apple’s success is largely attributed to the vision and leadership of one man. What made Steve Jobs so successful is how he seamlessly combined art, music, and creativity into products that people emotionally connected with. Steve was excellent at evoking people’s emotion through thoughtful design and marketing. While Bitcoin and Apple took very different paths, they both demonstrate how a great idea, whether championed by one leader or many, can profoundly impact the world.

Innovation thrives at the crossroads of diverse disciplines. In the context of Bitcoin’s immense potential, I’d like to propose a vision of how Apple could harness this interdisciplinary approach to not only honor its legacy but also embrace the future.

1. User-Friendly Bitcoin Integration: Apple’s knack for seamlessly blending technology with user experience is legendary. Collaborations between computer scientists, UX designers, and educators could yield exceptional tools and resources to demystify Bitcoin for the masses. Imagine integrating lightning payments into Apple Pay, simplifying Bitcoin transactions and potentially eliminating the need to share revenue with banks and credit card providers. The user-friendly experience could redefine digital payments.

2. Regulatory Collaboration: In navigating the complex regulatory landscape, Apple could work alongside legal experts and economists to develop clear frameworks. By demonstrating a commitment to balancing innovation with consumer protection, Apple can win the trust of regulators and lawmakers. This proactive stance could pave the way for Bitcoin’s wider acceptance and lessen the need for protracted litigation battles.

3. Financial Services Revolution: Collaborating with fintech experts and developers, Apple could design financial products and services that harness Bitcoin’s power while ensuring security and compliance. A notable challenge is the absence of chargeback mechanisms in Bitcoin. Here, Apple could innovate by exploring solutions that preserve Bitcoin’s core tenets of trustlessness and immutability while offering users optional chargeback mechanisms through trusted third parties.

While some purists may resist the idea of chargebacks, the goal is to strike a balance and let Bitcoiners decide on the tradeoffs they are willing to make. By fostering innovation in this area, Apple can help Bitcoin accommodate a wider range of users and use cases.

4. Societal Impact: It’s my belief that Bitcoin can be a force for societal betterment, promoting financial inclusion, economic development, and individual sovereignty. Instead of dismantling existing systems, Bitcoin offers a way to improve them. It’s disheartening to see Apple, once known for its rebellious spirit, shy away from such an opportunity.

Imagine a world where people can send micropayments over social media to directly support each other’s creativity and content. Technologies like Bitcoin’s Lightning Network and the decentralized Nostr protocol are making this possible.

Rather than viewing this as a threat to centralized app store fees and control, Apple could embrace and accelerate such innovation. Seamless Bitcoin/Lightning and Nostr integration on Apple devices may unlock new economic and creative opportunities globally.

The spirit of decentralized innovation aligns with ideals of freedom and empowerment. Enabling people to directly exchange value may seed groundbreaking ideas. As Apple knows well, creativity and innovation thrive when restrictions are removed.

If Apple taps into the promise of Bitcoin’s lightning-fast micropayments and decentralized platforms like Nostr, they could propagate far-reaching economic and creative empowerment worldwide. The future will belong to those who don’t just optimize existing models but reimagine technology’s relationship with freedom and humanity.

Source: made by author.

This is a guest post by Conor Chepenik. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

​ An open letter to Apple urging reconsideration of their App Store policy regarding Bitcoin payment integrations in apps. 

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Proton Wallet — Now Available To Everyone — Is A Great Starter Self-Custodial Bitcoin Wallet

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Follow Frank on X.

In July of last year, Swiss privacy tech company Proton (makers of Proton Mail) announced it would be launching its own bitcoin wallet — Proton Wallet.

I (along with about 100,000 other users) was given early access to the wallet to test it out and was impressed with the wallet’s user interface. I particularly liked that it allows you to link a user’s email address to their bitcoin address so that you only need to input the email address when sending bitcoin.

You can read my review of the wallet here.

Now that the wallet is available to the general public, I will recommend it to anyone I know who’s finally ready to move their bitcoin out of the hands of an exchange and into their own custody. I’ll also recommend it to anyone looking to make semi-regular bitcoin payments on-chain with a relatively small amount of bitcoin.

My reasons for recommending the wallet are as follows:

  • It’s free to use (users can create up to three wallets and have up to three accounts in each wallet, which is sufficient for most users — more on that here; to create more wallets or accounts, Proton charges a fee)
  • It’s easy to set up (you aren’t required to write down the 12-word seed phrase when you set up the wallet; however, it’s good practice to do so!)
  • Like Proton Mail, Proton has no access to Proton Wallet user data, nor does it have access to its users’ private bitcoin keys
  • Using an email address (which doesn’t have to be a Proton Mail address) to send bitcoin reduces the likelihood of inputting the wrong bitcoin address into the recipient field of a transaction
  • You can select the priority speed of a transaction when sending bitcoin
  • You can purchase bitcoin via Ramp or Banxa using Proton Wallet, enabling the bitcoin you purchase to be transferred directly into your custody

The only downsides to the wallet is that it doesn’t support Lightning transactions (consider the Breez SDK, Proton team!), and it doesn’t let you manage your UTXOs (loose change from bitcoin transactions, in layperson’s terms).

The latter isn’t super important, though, as, again, I’d recommend this wallet to those new to bitcoin self custody. UTXO management is more of a practice for moderate to advanced Bitcoin users.

All in all, Proton has created yet another fine product here for its 100 million users and counting, and it’s one that I’ll be recommending to Bitcoin newbies moving forward.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

 Proton Wallet is well-suited for anyone looking to begin their bitcoin self custody journey and/or anyone looking to make semi-frequent payments on-chain while managing a relatively small bitcoin stack. 

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El Salvador Is Still Bitcoin Country

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Follow Frank on X.

El Salvador is still Bitcoin country, despite the fact that bitcoin is no longer legal tender in the country — at least from where I’m sitting.

Let’s start with some background on the matter.

On January 29, 2025, the Legislative Assembly in El Salvador voted to remove bitcoin’s status as legal tender.

This means that businesses in the country no longer have to accept bitcoin (not that this rule was ever strictly enforced while bitcoin was classified as legal currency, as far as I know; however, I have been told that big businesses that operate in the country (e.g., McDonalds, Walmart) may stop accepting bitcoin as payment now, which could have a detrimental effect on adoption).

This change occurred approximately one month after the International Monetary Fund (IMF) struck a deal with authorities in El Salvador that stipulated the following:

  • El Salvador would receive a $1.4 billion loan to support the government’s “reform agenda”
  • Bitcoin-related risks be mitigated; bitcoin acceptance in the private sector must be voluntary, while the public sector’s participation in Bitcoin-related activities would be “confined” (bitcoin can no longer be used to settle government debts or pay taxes)
  • Operations for the government-created Bitcoin wallet, Chivo, would be “unwound”

While the news of the Salvadoran government’s reversing its policy on bitcoin as legal tender as a result of influence from the IMF feels like a gut punch even to me, someone who isn’t Salvadoran and doesn’t live in the country, I can’t help but believe that El Salvador is still Bitcoin country.

And this feeling has only grown stronger based on what I’ve seen Bitcoiners in El Salvador posting on X.

Evelyn Lemus, co-founder and Director of Education at Bitcoin Berlin, a Bitcoin circular economy within the country, doesn’t plan to stop teaching everyday Salvadorans about Bitcoin.

The team at Bit Driver don’t plan to change their business model — accepting bitcoin as taxi fare — any time soon.

While John Dennehy, founder of Mi Primer Bitcoin, expressed concern about the government of El Salvador’s rolling back its policy on bitcoin as legal currency, he and the ever-growing team at Mi Primer Bitcoin plan to double down on the work they’re doing.

The legendary Max and Stacy haven’t publicly voiced any plans to give up on El Salvador anytime soon.

And El Salvador’s Bitcoin Office, run by Stacy, is still stacking bitcoin and helping to run Bitcoin education programs in the country.

The lesson here is that while the law around Bitcoin may have changed in El Salvador, the Bitcoiners on the ground in the country have hardly flinched.

Because we are Bitcoin, what matters most is that everyday Salvadorans and everyone else involved in the Bitcoin movement in El Salvador continues to push forward with the Bitcoin mission.

The IMF may have landed a blow, but Bitcoiners in El Salvador remain steadfast in their efforts to foster broader Bitcoin adoption.

El Salvador is still Bitcoin country.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

 Bitcoin may no longer be legal tender in El Salvador, but Bitcoiners in the country haven’t given up on the mission. 

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Introducing the Bitcoin Everything Indicator

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Wouldn’t it be great if we had one all-encompassing metric to guide our Bitcoin investing decisions? That’s precisely what has been created, the Bitcoin Everything Indicator. Recently added to Bitcoin Magazine Pro, this indicator aims to consolidate multiple metrics into a single framework, making Bitcoin analysis and investment decision-making more streamlined.

For a more in-depth look into this topic, check out a recent YouTube video here: The Official Bitcoin EVERYTHING Indicator

Why We Need a Comprehensive Indicator

Investors and analysts typically rely on various metrics, such as on-chain data, technical analysis, and derivative charts. However, focusing too much on one aspect can lead to an incomplete understanding of Bitcoin’s price movements. The Bitcoin Everything Indicator attempts to solve this by integrating key components into one clear metric.

Figure 1: The new Bitcoin Everything Indicator.

View Live Chart 🔍

The Core Components of the Bitcoin Everything Indicator

Bitcoin’s price action is deeply influenced by global liquidity cycles, making macroeconomic conditions a fundamental pillar of this indicator. The correlation between Bitcoin and broader financial markets, especially in terms of Global M2 money supply, is clear. When liquidity expands, Bitcoin typically appreciates.

Figure 2: Global Liquidity cycles have had a major influence on BTC price action.

View Live Chart 🔍

Fundamental factors like Bitcoin’s halving cycles and miner strength play an essential role in its valuation. While halvings decrease new Bitcoin supply, their impact on price appreciation has diminished as over 94% of Bitcoin’s total supply is already in circulation. However, miner profitability remains crucial. The Puell Multiple, which measures miner revenue relative to historical averages, provides insights into market cycles. Historically, when miner profitability is strong, Bitcoin tends to be in a favorable position.

Figure 3: BTC miner profitability has been an accurate gauge of network health.

View Live Chart 🔍

On-chain indicators help assess Bitcoin’s supply and demand dynamics. The MVRV Z-Score, for example, compares Bitcoin’s market cap to its realized cap (average purchase price of all coins). This metric identifies accumulation and distribution zones, highlighting when Bitcoin is overvalued or undervalued.

Figure 4: The MVRV Z-Score has historically been one of the most accurate cycle metrics.

View Live Chart 🔍

Another critical on-chain metric is the Spent Output Profit Ratio (SOPR), which examines the profitability of coins being spent. When Bitcoin holders realize massive profits, it often signals a market peak, whereas high losses indicate a market bottom.

Figure 5: SOPR gives insight into real-time realized investor profits and losses.

View Live Chart 🔍

The Bitcoin Crosby Ratio is a technical metric that assesses Bitcoin’s overextended or discounted conditions purely based on price action. This ensures that market sentiment and momentum are also accounted for in the Bitcoin Everything Indicator.

Figure 6: The Crosby Ratio has technically identified peaks and bottoms for BTC.

View Live Chart 🔍

Network usage can offer vital clues about Bitcoin’s strength. The Active Address Sentiment Indicator measures the percentage change in active addresses over 28 days. A rise in active addresses generally confirms a bullish trend, while stagnation or decline may signal price weakness.

Figure 7: AASI monitors underlying network utilization.

View Live Chart 🔍

How the Bitcoin Everything Indicator Works

By blending these various metrics, the Bitcoin Everything Indicator ensures that no single factor is given undue weight. Unlike models that rely too heavily on specific signals, such as the MVRV Z-Score or the Pi Cycle Top, this indicator distributes influence equally across multiple categories. This prevents overfitting and allows the model to adapt to changing market conditions.

Figure 8: The most influential factors impacting the price of bitcoin.

Historical Performance vs. Buy-and-Hold Strategy

One of the most striking findings is that the Bitcoin Everything Indicator has outperformed a simple buy-and-hold strategy since Bitcoin was valued at under $6. Using a strategy of accumulating Bitcoin during oversold conditions and gradually selling in overbought zones, investors using this model would have significantly increased their portfolio’s performance with lower drawdowns.

Figure 9: Investing using this metric has outperformed buy & hold since 2011.

For instance, this model maintains a 20% drawdown compared to the 60-90% declines typically seen in Bitcoin’s history. This suggests that a well-balanced, data-driven approach can help investors make more informed decisions with reduced downside risk.

Conclusion

The Bitcoin Everything Indicator simplifies investing by merging the most critical aspects influencing Bitcoin’s price action into a single metric. It has historically outperformed buy-and-hold strategies while mitigating risk, making it a valuable tool for both retail and institutional investors.

For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

 A Single Metric to Rule Them All – The Bitcoin Everything Indicator combines multiple key metrics into one comprehensive tool for better investment decisions. 

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