Now you can buy Tesla for Bitcoin
Edward Snowden thinks bitcoin sucks because of lack of transaction privacy
US technology consultant Edward Snowden has pointed out that the biggest problem currently facing bitcoin (BTC) is the lack of privacy in user transactions.
The former United States Central Intelligence Agency (CIA) official made the remarks this Wednesday, March 24 during the Priv8 Virtual Privacy Summit, organized by the Orchid Cryptocurrency Project. Snowden openly expressed his support for the cryptocurrency Zcash.
During his speech, he pointed out that “the concept of privacy is important to protect people from exploitation, especially at a time when governments around the world are being reckless with people’s personal data.”
Snowden’s attack on bitcoin’s lack of privacy is not new. He made them for two years when he attended the Bitcoin 2019 conference, where he stressed the importance of privacy as fundamental to people’s freedom. There he added: “The lack of privacy is a real threat to bitcoins. It is the only protection users have against political change.
Microsoft launches Bitcoin blockchain-based identity platform
Microsoft, the world’s best-known computer software company, has announced the launch of its own decentralized identity platform built on the Bitcoin blockchain. The platform, called ION, is the software giant’s bid to offer decentralized identity applications in the digital world.
As part of the launch, Microsoft has implemented an ION node into its production infrastructure to support the young network. In addition, the company says it is working with several companies to help set up more nodes.
ION, according to Microsoft, does not rely on trusted parties, validators, or management tokens, responding directly and only to its users. In addition, the default network is open-source and easy to use, allowing anyone to run a node on their network.
Even with this launch, Microsoft insists that this is only the beginning of its journey with a vision of a true ‘decentralized network’.
The UK bans bitcoin advertising
The UK advertising regulator banned an advertisement by one of the country’s most popular brokerage firms, classifying the ad material as “irresponsible and misleading” in relation to bitcoin risks.
According to the UK Advertising Standards Authority (ASA), the agency equivalent to Brazil’s CONAR, the ad was “socially irresponsible”.
The company’s advertisement depicted an elderly woman urging readers to use a bitcoin broker to “save their savings”.
In the ad text, the 63-year-old woman said: “Today there is no point in leaving money in the bank – the interest is insulting. So, when I get my pension, I put a third of my money in gold. One third is in silver and the rest is in bitcoins. For me, bitcoin is digital gold, and it’s allowed me to take steps to guarantee the savings I already have.”
The ad also said that “more and more people are realizing the economic power of Bitcoin.”
The regulator stated that the risks associated with investing in Bitcoin are only mentioned in the footer of the ad in small print and that the ad itself is aimed at retirees.
According to the ASA, the ad is misleading because it does not sufficiently explain the risks associated with investing in bitcoins, including the possible loss of capital, and assumes that buying bitcoins is a safe asset to save money.
China proposes global rules on digital currencies to avoid ‘cryptocurrency threat’ and ‘dollarisation’
Mu Changchun, director of the Digital Coin Research Institute at the central bank of China, has proposed a set of global guidelines on digital currencies issued by central banks ( CBDC ) to help other central banks develop their respective digital currencies.
The announcement came after many countries expressed interest in launching CBDCs as the world moves towards a more interconnected future.
Mu Changchun suggested some rules that China wants to impose on payments using digital currencies issued by central banks ( CBDCs ) to avoid the “dollarisation” and triumph of cryptocurrencies such as bitcoin.
In China, he said, cryptocurrencies were widely seen by local politicians as a threat to the country’s monetary policy, spurring work on the introduction of the digital yuan.
“We still have many remote or poor areas where people do not have banks and cannot use mobile payment services. That is why we are encouraging CBDC to ensure financial inclusion,” he said.
At the same time as the bank creates its digital version of the national currency, local payment giants such as Alipay and Tenpay dominate the Chinese mobile payment market, which means that “if something bad happens to them, whether financial or technical, it is bound to have a negative impact on China’s financial stability.”
China is leading the way in the development of central bank-issued digital currencies and is now actively involved in developing global rules and technical standards for data security and fiscal control of these assets.
“Now you can buy Tesla for Bitcoin”: Elon Musk takes another step in his bet on the cryptocurrency.
Elon Musk has long shown an interest in cryptocurrencies. His posts and memes on Twitter in support of Bitcoin and Dogecoin are already well-known and have caused notable spikes in the value of these cryptocurrencies, and Tesla invested $1.5B in Bitcoin in February 2021.
This support is now combined with another movement in favor of using bitcoin as a means of payment. Elon Musk has indicated on Twitter that it is already possible to buy a Tesla car with bitcoin.
Elon Musk’s announcement shows that this payment method is also possible when buying a Tesla car, and he wanted to give
assurances that this type of transaction is safe because, according to him, Tesla is responsible for managing its own bitcoin nodes.
Elon Musk claims that the bitcoin used to pay for these cars will not be converted into paper money (such as dollars), but will instead be stored as bitcoins in Tesla’s wallets. If these bitcoins eventually fall in value, the company’s economic resources will also be at risk.
Tesla is using only internal & open source software & operates Bitcoin nodes
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
Musk (@elonmusk) March 24,
So this move is unique, and it remains to be seen whether it will force other companies and markets to accept payments with bitcoins and other cryptocurrencies in the future.