Bitcoin Reddit Roundup – July 2020

Welcome to the second edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine!

This roundup contains 45 links to the best quality content that was uploaded to Bitcoin Reddit this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other forums as well, such as r/BitcoinMining.

In this roundup there are 10 different categories of links: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents) and, last but not least, Memes, Fun, And Other.

Big shoutout to Sam Wouter, creator of BitcoinSnippets. From October 2016 to October 2019, he was creating these monthly link summaries to help everyone keep up to date with Bitcoin. He’s kept adding to his plate and has less time to put these together, so we decided to pick up the torch where he left off.

Recap Of r/Bitcoin In July 2020

The most impactful news from around Bitcoin is about how we move forward protocol enhancements through soft forks. In particular, how we go about activating Taproot is the focal point for the majority of the core developers. There have been active conversations all summer, but it finally feels like we’re getting closer to making decisions on activation.

While Taproot seems to be largely accepted by those on Bitcoin Twitter, there are ongoing discussions about the best way to implement it. Lots of opinions, lots of options on how to move forward.

We had reports of adoption picking up in more economically oppressed countries such as Argentina, El Salvador and in Sub-Saharan Africa. Peer-to-peer trading in Africa and Argentina was hitting new all-time highs in response to the economies in these countries weakening. Also, bitcoin use among villages in El Salvador continues to rise as yet another village adopted bitcoin as its main currency.

The weak legacy system has been getting beat up lately and some countries have gone through currency crises because of all the money printing. Lebanon was a big one, as we saw riots in the streets and even their citizens burning down their central banks. We have a full recap of it down below and this… this is why we Bitcoin.

Halfway through the month, multiple big Twitter accounts were hacked with the same message being tweeted from each. The hackers wanted to steal bitcoin and tried the ol’ “send me x amount of bitcoin, and I’ll send you double the amount back” trick.

While many uneducated people were blaming Bitcoin itself for the hack, U.S. Congressman Tom Emmer stepped up and defended BTC rightly, as it was not to blame. Bitcoin can’t hack anything, it’s just a computer protocol. When you get an IRS scam call, you don’t blame the U.S. Dollar, now do you?

Goldman Sachs (like the rest of us) confirm they are worried about the U.S. Dollar’s current position as the world reserve currency. With Bitcoin breathing downs its neck, it’s no wonder that these big institutions are starting to come public with these statements. Looking back at history, the hardest money always wins, and bitcoin is the hardest money the world has ever seen.

Tick-tock, tick-tock.

If you have suggestions on how to make our Bitcoin Reddit Roundup better, please drop us some comments on the thread and we’ll keep improving for next month!

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