A common criticism levied against bitcoin is that it is too complicated for mass adoption. Since bitcoin is a new unique form of money, learning about it can seem daunting, and bitcoin education articles encompass technology, economics, philosophy, and more.

Do these aspects of bitcoin limit adoption, relegating its use to hobbyists and enthusiasts?

Fortunately, history demonstrates that we are more than capable of adopting valuable new technologies. For example, in 2015, 30 percent of individuals 65 and older owned smartphones. By 2021, that number had risen to 61 percent.

Although the technical aspects of the bitcoin network might seem challenging to grasp, using bitcoin doesn’t require deep technical understanding. Similarly to smartphones and computers, individuals don’t need to understand everything about how it works to use it. And like the internet, as more entrepreneurs build products to onboard individuals and institutions onto the bitcoin network, it will become easier to transact with bitcoin.

After all, bitcoin is money. Individuals can observe bitcoin’s monetary strength absent a deep knowledge of the underlying technology, economics, or philosophy undergirding the network. And as individuals gain confidence in bitcoin as a better medium of exchange than other currencies, they will use it.

Global adoption of new technology does not occur overnight, and regulations might slow the process. That said, bitcoin usage is accelerating faster than the internet, and because of its superior monetary qualities, it will one day replace dollars.

News

🚀 Bitcoin trading volume in the UK SOARS

The British Pound is making headlines this week as the currency crashes against the dollar, along with the Euro and Japanese Yen. While other central banks like the Federal Reserve have intervened with higher interest rates, the Bank of England has stayed mainly on the sideline... Until yesterday. But something even more interesting happened in response: Bitcoin trading volume in the pound soared. How much? See the chart displayed right below the news section.

🚨 New York Times: fiats are crashing, bitcoin is not

The mainstream outlet hasn't been bitcoin's biggest fan in the past. This week, however, a Times author acknowledged, "Currencies around the world are tumbling. Except Bitcoin." As the dollar wreaks havoc on other currencies and legacy financial markets are in disarray, it's difficult not to notice bitcoin's resilience.

⛽️ Nord Stream pipelines... Explosion?

The widely discussed pipelines known for being significant transporters of natural gas from Russia to Europe made headlines again this week. Scandinavian scientists say they found evidence of two explosions in the area after discovering substantial leaks in both pipelines. Investigations have been launched, with accusations thrown back and forth between Russia, Europe, and the U.S. The pipelines will be out of commission for a while, further deepening Europe's energy crisis.

🔌 Sitting US Senator: Bitcoin can't be stopped

Senator Cynthia Lummis of Wyoming was interviewed by bitcoiner Natalie Brunell this week and said some very positive things. The pro-bitcoin US politician described bitcoin as "comforting" in these chaotic economic times, saying she loves that it "can't be stopped." Check out the full quote below:

“I love that it can’t be stopped, especially because I’m concerned about our national debt, I’m concerned about inflation… We see things that are inflationary… It’s actually comforting to know that Bitcoin is there,” the senator said.

BITCOIN ADOPTION CONTINUES

Singapore's largest bank, DBS, expands its bitcoin and digital asset offering beyond institutions to accredited investors due to growing demand. ‍

New bill from the US Senate Banking Committee to allow 401(k) accounts to invest in bitcoin and cryptocurrencies. ‍

Brazil's largest bank, Nubank, hits nearly 2 million bitcoin and cryptocurrency users less than 3 months after launching their digital asset offering. ‍

Largest independent digital investment advisor Betterment has partnered to begin offering their clients bitcoin and other cryptocurrencies.  ‍

The world's largest bitcoin and crypto exchange Binance is seeking a license to operate in Japan again as the country has turned very friendly to digital assets. This comes as the Japanese Yen has been depreciating rapidly as the central bank aggressively purchases government bonds in an effort to keep borrowing costs low, a tool known as yield curve control.

HOW BITCOIN WORKS

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

Bitcoin is a new way of doing money.

Many people don't even understand it as money yet. And that's okay.

Bitcoin will transform how we spend, receive, save and invest our wealth.

Something this transformative, such as the internet, can take time to reach and be adopted by the masses.

Eventually, people will adopt bitcoin out of necessity. Like the internet and other transformative inventions like cars and smartphones, they will use bitcoin to keep up with the rest of society.

As Saifedean Ammous, author of the Bitcoin Standard and advisor to Coinbits, writes: ‍

"History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.”‍

People need a reliable way to preserve their wealth. They need protection against the constant erosion of their spending power that has led to unsustainable inflation and wealth inequality.

While they may not feel like they "need" it right now, the list of those adopting the hardest money ever to exist grows by the day.

So what can we do in the meantime?

First, employ patience. There’s a saying in bitcoin, “gradually, then suddenly.” We never know precisely when the next bull run will come or when hyperbitcoinization will arrive. All we know is that bitcoin is the hardest and best money on the market.

Second, continue to stack sats monthly, weekly, or even daily. We make this incredibly easy at Coinbits. Sleep tight, knowing time is on your side.

In a world of broken and depreciating fiat currencies, using bitcoin is like adopting the internet in 1995.

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

COIN CHECK

What percentage of adult Americans are estimated to own bitcoin?

1. 51%

2. 22%

3. 10%

4. 4%

Check your answer at the end of the page.

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BITCOIN ROUNDUP PODCAST

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ANSWER

2. 22%

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