Each year, the holiday season provides a chance to enjoy time with friends and family. In anticipation of the holidays, people carefully plan and save to purchase thoughtful gifts and ensure they have enough to prepare delicious meals for their loved ones.

Unfortunately, our inflationary monetary system penalizes savers. Over time, inflation chips away at our savings and purchasing power, robbing us of our ability to plan and save for events like the holidays. Recent global inflation has been particularly destructive. Since 2019, average annual price increases for popular gifts such as toys, clothing, and jewelry have more than doubled.

Thankfully, we can peacefully overturn today’s inflationary system. Instead of constant inflation and financial repression at the behest of central bankers and politicians, opting into bitcoin gives control over money back to the people, allowing personal responsibility and ingenuity to flourish.

The perfect gift keeps on giving. Although gifting bitcoin might not be the best gift for everyone, a bitcoin standard would improve the world in ways that merit recognition and reflection.

NEWS

💸 Congress proposes 4,000-page spending bill of $1.7 Trillion

Congressional leaders released the behemoth of a bill on Tuesday with hopes to pass it by Friday and avoid a government shutdown. The legislation includes billions in funding for federal agencies, aid to Ukraine, and election reform programs. Curiously, there has yet to be a word on how many policymakers will read (or be able to read) the bill in less than four days.

🚔 Nigeria reverses course on bitcoin, legalizes digital assets

After trying and failing to implement their CDBC, the eNaira, Nigeria is reversing its 2021 ban on bitcoin and digital currencies. House Rep Chairman Babangida Ibrahim noted the need for "an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date [with] global practices."

Despite banning bitcoin, Nigeria had one of the highest adoption rates in the world as Nigerians saw the value bitcoin provided in the face of crippling inflation and poor economic conditions.  

📉 Major bitcoin miner Core Scientific files for bankruptcy

Core Scientific, one of the largest publicly traded bitcoin mining companies, filed for Chapter 11 bankruptcy protection this week. The mining giant attributed the decision to low bitcoin prices, rising energy costs, and unpaid debt. Past the surface level, there are silver linings for bitcoiners: hash rate will decentralize, and the event will hopefully inspire bitcoin companies to think carefully before taking on excessive leverage in pursuit of growth.

👀 Bitcoin block propagation in 2022, a peek under the hood

Well-known cypherpunk and CTO of bitcoin company Casa Jameson Lopp posted a powerful chart depicting the stability of the bitcoin network during 2022. The chart illuminates block propagation times, taking an average of 613 milliseconds to reach half of the nodes on the bitcoin network.

For the technically inclined who wish to dig deeper into TBN developments in 2022, see this special Year-in-Review update from Bitcoin Optech.

BITCOIN ADOPTION CONTINUES

The Human Rights Foundation announced funding for 12 new bitcoin projects across five continents for $325,000.

Nigeria has over 22 million citizens that own bitcoin or digital assets, according to a new study by Moroccan Think Tank PCNS.

Edward Snowden replies "I take payment in bitcoin" to Elon Musk's tweet about finding a new Twitter CEO.

Video shows man in South Africa paying for his groceries with bitcoin.

Russia is reportedly considering using bitcoin and digital assets for cross-border payments and passing a bill to legalize bitcoin mining. Regardless of any reason a country or its people may be in financial distress, bitcoin is a neutral money that provides an outlet for everyone.

Drake bet $1 million in bitcoin on Argentina to win the World Cup final in regulation, or the first 90 minutes. Argentina won after 90 minutes had elapsed, and thus the sportsbook took a lot of BTC from Drake.

Fox News host Tucker Carlson says he first began understanding bitcoin when Michael Saylor explained that central banks use fiat money for social control.

HOW BITCOIN WORKS

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

In 1920, the percentage of married couples in which both spouses were employed was a mere 9%. Fast forward to today, that statistic has skyrocketed to over 60%.

Countless statistics paint the same picture: despite technological advances allowing us to produce goods and services more efficiently, life today seems more expensive than less.

But why?

A fiat economy is an economic system that relies on government-issued money as its medium of exchange. Under a fiat standard, physical assets don't back currency. Instead, money is designated by government decree. That is, because they say so.

The fiat system allows governments to attempt to control inflation by creating or destroying money to maintain stable prices.  

Unfortunately, central banks are ill-equipped to ensure price stability. The temptation to print excess money and distribute new units to well-connected insiders, otherwise known as inflationism, tends to supersede proper economic strategy.  

So while some get rich, the cost of living rises for everyone else, confining them to the never-ending rat race, working more and more to keep up.

Bitcoin solves these problems by limiting the number of units available and taking monetary policy out of the government's hands, thus preventing inflation.

On a bitcoin standard, the entire economy shares in the productive output and advances of others—ultimately keeping costs lower and ensuring everyone has access to basic needs. These lower costs result in something else as well - more time for yourself, family, and friends.

This is especially relevant as we prepare for the holidays and many take some time off for the first time all year.

Work is good for the soul, but so is more time with our loved ones. A deflationary economic system results in more of this time.

While the cost of living continues to rise in the fiat economy despite technological advances and productivity—bitcoin provides a monetary solution that allows everyone to benefit alongside these advances, not just a favored few.

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

COIN CHECK

What term did Satoshi originally use to refer to the blockchain?

1. Blockchain

2. The Bitcoin Ledger

3. The Bitcoin Register

4. Timechain

Check your answer at the end of the page.

FROM THE MEME POOL

BITCOIN ROUNDUP PODCAST

If you love our newsletter, you’ll love our podcast, too.

ANSWER

4. Timechain.

   Satoshi described the now overused "blockchain" instead as a "timechain," referring to the nature of the Bitcoin chain of timestamped events, or transactions. This chain is immutable and forever etched in history for all to verify every transaction since the beginning of bitcoin - and the time they took place.‍

Was this email forwarded to you? Sign up here.