Have you ever used a product that worked really well?

It wasn't by accident. Behind the curtain of all great products are dedicated product managers and developers working hard to craft the best user experience possible.

However, there is one sector that can't seem to catch up. Compare commercial banking apps with the sublime experiences of well-designed technologies like iPhones and Rokus. Why is dealing with banks often like waiting at the DMV?

The problem isn't necessarily the bank's fault. Fiat money and central bank payment rails constrain financial services companies, regardless of employee talent and intention.

Because banks and FinTech companies must work within the government money system, fees are high, tracking is complex, and the entire process is bureaucratic and out of sync with the modern digital age.

Thankfully, bitcoin breathes new life into money and banking. Today, entrepreneurs and companies (like Coinbits) are working hard to write the future of money on bitcoin.

Unlike fiat payment rails, transactions on the bitcoin network are instant, and its open-source nature allows anyone to build products that make interacting with money a beautiful experience.

NEWS

💳 VISA to launch bitcoin cards in the UK and 40 other nations

Visa announced plans to launch Bitcoin and cryptocurrency cards in the UK and 40 countries in the Asia-Pacific region. These cards will allow users to spend their digital asset holdings just like they would traditional fiat currency. The move is part of Visa's broader strategy to integrate cryptocurrencies into its payment infrastructure, making it easier for consumers to use digital assets in their daily lives.

📣 Mississippi Senate passes historic bitcoin mining bill

The Mississippi Senate passed a "right to mine" bill prohibiting local governments from discriminating against bitcoin and other digital asset mining operations. The bill also establishes that individuals can own, possess, and use bitcoin and other digital assets. If the bill is enacted, Mississippi will become the first US state to protect bitcoin and proof-of-work mining through state law.

👀 Coinkite drops new flagship bitcoin hardware wallet

Bitcoin hardware company Coinkite launched a new version of their flagship COLDCARD wallet this week, dubbed the COLDCARD Q1. The wallet's design is reminiscent of the pre-smartphone era's beloved Blackberry, featuring a QWERTY keyboard, LCD screen, QR code scanner, and flashlight. The Q1 is also battery-powered, removing the need for charging via a power outlet or a computer.

📈 Market updates

Two of the most watched inflation indicators came in higher than expected this week, prompting a slide in stocks. The CPI registered 6.4%, while the PPI, or the producer price index, rose 0.7%, suggesting that inflation may linger for longer than investors would hope. Despite the data and daily price fluctuations, markets posted overall gains on the week. Bitcoin broke above $24k for the first time in 6 months.

BITCOIN ADOPTION CONTINUES

Luxury resort Novotel in Bahrain announces they are now accepting bitcoin and digital asset payments, the first hotel in the region to do so.

El Salvador plans to open a 'Bitcoin Embassy' in Texas, a state they consider a "new ally." The country opened a similar establishment in Lugano, Switzerland, last year.

Wyoming's House of Representatives have passed a bill prohibiting the forced disclosure of private bitcoin and digital asset keys.

South Korea's second largest city, Busan, is looking to become a global hub for bitcoin and other digital assets to attract companies and foreign investment.

DBS Bank plans to offer bitcoin and digital asset services in Hong Kong. The Chinese territory is reportedly focused on building its digital asset ecosystem.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week: Bitcoin is an upgrade.

When was the last time you had to send a meaningful amount of money through the existing banking system?

You may recall a challenging, cumbersome, bureaucratic experience.

Individuals and businesses today are typically plagued with one or more of the following when sending money:

• Slow processing times and long wait periods for funds to clear

• High fees, especially for international transactions

• Complex payment processes when dealing with wires and ACHs

• Difficulty tracking payment statuses

• Stringent security protocols leading to inconvenience for users

• Dependence on intermediaries leads to increased costs and decreased efficiency

Sending and receiving money for goods and services is an unnecessarily arduous task.

Fortunately, bitcoin isn’t just a better monetary system that protects against perpetual debasement and distorted incentives.

Bitcoin makes the simple act of sending and receiving money…

Just that, simple.

Here are just a few ways bitcoin provides a superior solution to existing protocols:

• Speed. Bitcoin transactions can be processed in minutes, whereas traditional payment methods can take several days. It’s important to note the Lightning Network turns these minutes into fractions of a second, making bitcoin even faster.

• Lower costs: Traditional payment methods can come with high fees, especially for cross-border transactions. On the other hand, bitcoin transactions can be processed with much lower fees, again even lower via Lightning, making it a much more cost-effective option for sending money.

• Accessibility/Permissionless: Bitcoin can be accessed by anyone with an internet connection, regardless of their third-party financial institution, location, or financial status. Rather than dealing with limits, limited banking hours, bank holidays, interbank transfers, and other types of interference, you can send money to anyone, anywhere, at any time, in any amount. Mind-blowing, right?

Overall, Bitcoin offers a much faster, easier, and more transparent way to send payments than the traditional payment system.

Instead of encountering unnecessary hurdles every time we want to send or receive money, we can get back to projects and work that add actual value to ourselves and others rather than another meaningless layer of friction in economic activity.

Ready to get started with bitcoin? Coinbits is the best option. It's fast, safe, and free to create your account.

COIN CHECK

Which of the following factors affects the speed of a bitcoin transaction?

1. The size of the UTXOs being transferred

2. The number of transactions on the network

3. The fee paid for the transaction

4. All of the above

Check your answer at the end of the page.

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ANSWER

4. All of the above

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