Bitcoin's unique monetary features make it the best form of money ever invented.

However, beyond its absolute scarcity, auditability, and credible monetary policy, bitcoin provides something powerful that other monies do not: ownership and accessibility.

Today, digital dollars only offer a claim to an underlying asset, and no one can spend physical dollars online. Fiat money transactions, such as wire transfers, must be approved by a third party. Even then, transactions take days to complete.

Is your money yours if you can't use it as you see fit? Unlike today's fiat currencies, bitcoin is a fully accessible digital cash.

When people take self-custody, they unlock bitcoin's full potential. They can spend, save, and transfer the asset anywhere and to anyone without third-party approval.

With bitcoin, when you own your keys, you own your coins. It's just that simple.

NEWS

🚔 Judge rules customers' funds belong to Celsius

A bankruptcy judge determined that Celsius Network, a cryptocurrency lending platform, owns most of its customers' crypto deposits. The ruling puts customers last for repayment as bankruptcy proceedings commence.

The decision shines yet another light on the risks associated with shady "crypto" platforms and lending services: as we advise at Coinbits, not your keys, not your bitcoin. Learn more about self-custody here.

📰 Coinbase gets fined $100 million, lays off 20% of employees

Coinbase made multiple headlines this week. First, the company settled with the New York State Department of Financial Services (NYDFS) for $100 million. The regulator had accused the exchange of "failing to maintain an adequate anti-money laundering program" and "failing to provide accurate and complete transaction data." In addition to settling the lawsuit, the company announced a 20% layoff following an 18% workforce reduction in June.

Adding to the chaotic week, Coinbase's stock actually surged 12% on the news.

🏆 Bitcoin voted "dirtiest" crypto of 2022 (because producing money should come with an actual cost)

A foreign exchange platform named bitcoin as the most pollutive cryptocurrency of 2022. The report highlights BTC's proof of work mechanism as the foundation of the emissions.

Unlike other cryptos and fiat, bitcoin requires real-world energy to produce and verify, making it the most secure and incorruptible global monetary network. Unfortunately, the report didn't mention emissions caused by the "petrodollar" system, which dwarfs those produced by bitcoin mining.

🌐 Latest inflation data, market update

The consumer price index dropped to 6.5%, registering the lowest number since October 2021. Still, inflation remains extraordinarily high and exceeds the Fed's target rate of 2%. Comments by Chair Jerome Powell reinforced a continued focus on lowering prices, citing potential continued policy tightening in the form of higher interest rates. Markets responded positively to the decrease in CPI compared to last month, hoping despite Powell's comments this results in looser policy. Bitcoin is up 12% on the week.

BITCOIN ADOPTION CONTINUES

Jack Dorsey responds to a message on Nostr suggesting a bitcoin lightning option for those "ubiquitous Square POS terminals" with "Agree. Working on it." 👀

Prince Philip of Serbia conducted an in-depth interview this week about bitcoin. He stated how he believes other countries should follow in the footsteps of El Salvador and allocate portions of their national treasury to bitcoin.

Morgan Stanley revealed bitcoin purchases of $3.6 million on behalf of fund clients in Grayscale Bitcoin Trust.

Fourteen years ago, legendary bitcoin cryptographer Hal Finney sent out his now-famous tweet, "Running bitcoin." Since then, bitcoin has been adopted by over 100 million people.

Belgian Parliament member Christophe De Beukelaer reflects on his first year of taking his salary in bitcoin and why he is "defending financial freedom and economic opportunity and combating financial illiteracy."

HOW BITCOIN WORKS

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

Thousands of investors in the bankrupt crypto exchange Celsius just got terrible news.

A judge ruled Celsius Network owns the funds its customers deposited in interest-bearing accounts.

Not the customers.

The ruling means retail investors are a much lower priority for repayment than other creditors, significantly lowering their likelihood of being made whole.

The funds were "owned" by the customers - they were deposits made by them, assigned to accounts with their names, etc.

So how do they belong to Celsius?

Unfortunately, when you don't take self-custody of your assets, you don't necessarily own them. You're at the whim of fine print, powerful legal teams, and courts.

And the problem isn't limited to Celsius or "crypto."

With traditional assets like dollars, stocks, and real estate, you are at the mercy of the government and financial institutions that control them.

Governments can inflate the money supply, causing the value of your dollars to decline. If you have the same amount of money, but inflation reduces each unit's purchasing power, you are still losing out.

Taxes and regulations on stocks and real estate also limit your ability to use and sell them as you see fit.

With bitcoin, however, you are in complete control.

Bitcoin offers actual ownership and private property in a way that traditional assets like dollars, stocks, and real estate never could:

• Ownership is a private key that you, and only you, can access if you choose.

• Bitcoin requires no permission from authorities or financial intermediaries.

• There are no account approvals, credit checks, spending limits, or limited bank hours or holidays.

With bitcoin, investors have complete control over their assets without interference from external forces: just full, unfettered access to money that cannot be tampered with.

And that is something truly revolutionary.

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

COIN CHECK

What is the smallest unit of bitcoin?

1. Bitcoin (BTC)

2. Satoshi (Sat)

3. Finney

4. Millibitcoin (mBTC)

Check your answer at the end of the page.

FROM THE MEME POOL

BITCOIN ROUNDUP PODCAST

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ANSWER

2. Satoshi (Sat)

   A satoshi, or "sat," is named after the pseudonym of the creator of bitcoin and it is the smallest unit of bitcoin, equivalent to 0.00000001 BTC.

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