Wow, what a week it has been in Bitcoin!

Last week was the main Bitcoin conference in Miami, where most of the top Bitcoin thought-leaders, entrepreneurs and investors met to discuss Bitcoin-related topics. 

Some of the topics included:

1. Banking the Unbanked with Jack Dorsey – this was an incredible discussion to help alleviate poverty worldwide and to bring financial inclusion to billions of people. In Africa, +50% of people do not have a bank account. Bitcoin solves this issue. Jack even went on to say, “If I wasn’t running Twitter and Square, I would work solely on Bitcoin. It is the most important thing in our lifetime.’ Watch the discussion here.
   
2. Picturing the Hyperbitcoinized world with Parker Lewis, Saifedean Ammous, Dan Held and Vijay Boyapati – this was an in-depth discussion on how Bitcoin has become a serious global asset and what are its next steps over the coming years. Watch the discussion here.
   
3. And most importantly, on the 9th of June 2021, the news that broke that El Salvador will make Bitcoin a legal tender in its country and add it to its monetary reserves. This was announced by the country’s president himself. This is an unprecedented moment in Bitcoin’s history and we at Bitvice think this is bigger than some people may think. The state game theoretics are beginning to pan out and even Paraguay, Colombia, Panama, Brzail and others are looking to do the same. This is the domino effect of Bitcoin. Also, if one country considers this a legal currency, other countries, through foreign exchange controls, need to consider the same as well. This could be a strong precedent to remove the archaic capital gains controls on Bitcoin. Let’s hope for that! Watch the exciting announcement here.

The importance of Self-Custody and a guide to help you

As you may all know, we at Bitvice consider the self-custody of Bitcoin as its most important aspect. This brings you security over the long-term, as well as self-sovereignty over this asset.

We have created a step-by-step guide that explains the three different methods of self-custodying your Bitcoin:

1. Mobile Wallets – the recommended wallets, setup guides/links and the strengths and weaknesses of this type of wallet.
   
2. Hardware Wallets – the recommended hardware wallets, setup guides/links and the different setups to mitigate any attacks.
   
3. Multisig wallets – since this is a complex setup, we thought it best to recommend an out-of-the-box solution such as Casa. However, this requires a hardware wallet and an annual subscription which can be quite expensive. That is why we have outlined a step-by-step guide on how to set up your own multisig coordination, with three keys. Please be aware that this is for advanced users and if you do use this, test the setup by deleting and recovering the wallet by using your private key and test send/receive functions with small amounts (in and out) before sending all your Bitcoin to this type of wallet. 

Please do not hesitate to contact us at support@bitvice.io if you have any questions about your self-custody setup. We offer a white-glove service to create the security solution to best suit your personal situation and needs.

Bitvice Podcasts and Media

We are excited to once again be on the Morning Shot at 5pm today (8 June 2021). Here is the link to our discussion on Protecting your wealth against tyrannical forces. 

We also had an interesting chat with Tensai Bankai last week about how Bitcoin can uplift those in Africa. Give it a listen here.

And we will also be discussing the movement of Free and Private Cities with Tienie Grobler this week on our By the Horns Podcast. Keep a lookout for our podcast later this week.

You can follow our discussions on YouTube or via our podcast on Spotify, Google Podcasts or Apple Podcasts. Find our RSS feed here if you are listening on a different podcast app.

Referral Program: 0.25%

Don’t forget that you can earn the highest referral fee in South Africa with Bitvice. If you want to help family and friends buy and self-custody Bitcoin, just share your referral link from the top-right of your Bitvice dashboard. 

You will earn 0.25% of every referred order, paid in Bitcoin once a month to your Bitcoin address on record.

If you want to learn more, check out our post here.