Linux on Bitcoin? Open-source framework BitVMX envisions BTC-powered programs

April 24, 2024 Coin Telegraph

German parliament member ’staunch opponent’ of digital euro, all in on Bitcoin

November 16, 2023 Coin Telegraph

European Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushing back against the currency and fighting in favor of Bitcoin.

The European Union has been actively preparing for what it envisions as the future of money. In the past year, it finalized its landmark comprehensive crypto legislation, the Markets in Crypto-Assets Regulation (MiCA), which is due to take effect in 2024 after closing its second consultation in October.

It has also made progress in its plan to introduce a central bank digital currency (CBDC), which is coming to fruition as the “digital euro.” De Nederlandsche Bank, the central bank of the Netherlands, has described it simply as an “electronic form of public money - the coins and notes in our wallets.”

Many local regulators are embracing the digital euro and touting its potential benefits, though not everyone is on board. In a recent survey out of Spain, 65% of Spaniards said they were not interested in using the digital euro.

Slovakia’s parliament even passed a measure in June that amended its constitution to codify a citizen’s right to pay for goods and services with cash in the face of the impending digital currency.

In Germany, one local politician is not only against the digital euro but is offering another digital solution for a financial revolution: Bitcoin (BTC).

Cointelegraph spoke with Joana Cotar, a member of the Bundestag — the German federal parliament — and a Bitcoin activist, about her take on the digital euro and why she believes in the benefits of Bitcoin.

Cotar has been outspoken on her stance on the EU’s digital monetary solution, which she told Cointelegraph is that of “a staunch opponent of the digital euro.”

"Nobody needs the digital euro,” says Member of Germany’s Parliament while wearing a #Bitcoin T-shirt. pic.twitter.com/Rw4qdeKE0h
— Bitcoin Archive (@BTC_Archive) November 11, 2023

She said a digital euro could allow central banks to set an “upper limit” for payments and ownership, making citizens “helplessly at [their] mercy.”

The digital Euro would also mean that each and every one of us could be totally monitored. As a convinced libertarian, I emphatically reject this. Anyone who is against surveillance and for freedom does not need a digital Euro!

According to Cotar, the Chinese social credit system should serve as a warning of the possibilities of the absence of cash and state-controlled payment systems. “I don’t want the authorities to be able to spy on our private life and misuse this data,” she said.

However, in April the program director for the digital euro at the European Central Bank, Evelien Witlox, said that the “ECB has no interest in users’ personal data.” In October, the EU’s data protection regulators issued a joint statement regarding anonymity in digital euro transactions.

Cotar is using her platform, among other things, to raise awareness among lawmakers of the potential dangers she believes to be associated with the digital euro.

While Cotar may not be on board for a digital euro, she is a champion of Bitcoin. She is behind the “Bitcoin in the Bundestag" initiative, which she told Cointelegraph is committed to raising awareness and educating members of the German Bundestag (MPs) about the potential and risks of Bitcoin.

“Establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and mainly deals with the importance of Bitcoin for our society is very important for us.”

She said her initiative serves as an information resource for members of the Bundestag and helps them make more informed decisions about Bitcoin specifically.

When she explained her greater vision for bringing Bitcoin into regulators’ consideration, one major change she’d like to see is the allowance to pay taxes and fees paid in Bitcoin and using Bitcoin mining farms to stabilize the power grid.

“We need to promote the freedom aspects of Bitcoin (permissionless access, individual sovereignty) - this includes protecting privacy, ensuring security standards and preventing excessive regulation to maximize the benefits of Bitcoin.

Cotar would also like to initiate a “preliminary examination” for a legal framework that would recognize Bitcoin as a legal tender in Germany. “This includes ensuring the legal security for companies and citizens,” she said.

Wenn einem eine 72 Jahre alte Dame schreibt, dass sie #Bitcoin für ihre Enkel spart. Wie großartig kann man bitte sein? Mit über 70 mehr Durchblick als so manch Jungspund.
— Joana Cotar (@JoanaCotar) November 13, 2023

“We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin,” she said. "But without stifling innovation and the freedom aspects of Bitcoin.”

The Bitcoin-savvy lawmaker said her ideas for Germany could “easily be transferred” as a framework for other countries. She urges international cooperation to develop a blanket standard for Bitcoin and its cross-border use.

When asked if she feels similarly impassioned for other cryptocurrencies currently available on the market, her response was simply:

“My initiative is Bitcoin only.”

On Oct. 18 he European Central Bank (ECB) has announced it will begin the ”preparation phase” for the digital euro project following a two-year investigation into the potential EU-wide digital currency.

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Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde video

October 30, 2023 Coin Telegraph

Africa

A small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited resources. Can Bitcoin help?

Cointelegraph recently traveled to Cape Verde, West Africa, to explore whether Bitcoin (BTC) could be a tool for progress.

In the latest on-the-ground video documentary from Cointelegraph, global reporter Joe Hall investigates the remittances market, cash economies, and the challenges and opportunities faced by small island nations worldwide.

Cape Verde, officially the Republic of Cabo Verde, is an island nation in the central Atlantic Ocean. Cape Verde comprises 10 main islands and several smaller islets, sitting 570 kilometers (350 miles) west of Senegal, West Africa.

Hall discovers that more Cape Verdeans live abroad than on the country’s islands. Due to its small land mass, it struggles to cultivate and export goods abroad. The islanders of Cape Verde, especially Sal, rely on tourism to stimulate the economy, and relatives living abroad send money home.

The combination of a tourism and remittance-based economy presents multiple issues. Due to the presence of tourists year-round, Sal uses three currencies: the local Escudo, the U.S. dollar, and the Euro, although Hall discovered it’s also possible to pay in British pounds. Mastercard and Visa charge upward of 4% for transaction fees in stores, which merchants often pass on to customers.

*Hall receives “confused change” — a mix of euros and escudos — at the checkout. Source: Cointelegraph*

Western Union and MoneyGram charge customers as much as 15% for remittances to send money across borders. The high remittance costs act like a tax on the higher incomes of Cape Verdean workers living abroad.

The Cape Verde cash economy is also hamstrung by high ATM and bank access fees, as well as strict opening and closing hours. Cape Verdean banks close at 5:00 pm local time on the islands, and during bank holidays, ATMs often run out of cash for withdrawal, presenting further economic hurdles for full-time workers.

Finally, inflation runs higher in Cape Verde than across the eurozone, even though the escudo is “pegged” to the euro. Compared with Western economies, the islands’ incumbent financial systems impede Cape Verdeans from simply spending, saving and sending money the way many Westerners take for granted.

While investigating these economic issues, Hall met with Renato Evarchi, one of the first business owners in Cape Verde to accept Bitcoin. He shed light on the economic situation and explained how more and more Cape Verdeans were warming up to a borderless, immutable and decentralized internet currency.

To learn more from Hall’s travels in Cape Verde, watch the full documentary above and subscribe to Cointelegraph’s YouTube channel.

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Elon Musk told to dump Satoshi ‘X’ account: crypto community

October 3, 2023 Coin Telegraph

Bitcoin Community

The crypto community has asked Elon Musk to remove the X account under the name of Satoshi Nakamoto claiming it is in breach of the platform’s terms of use.

Members of the crypto community have rallied behind a post on X calling for Elon Musk to remove the profile on the platform that has been claiming to be the fabled creator of Bitcoin (BTC) Satoshi Nakamoto.

On Oct. 3 the X profile Pledditor posted saying both the account claiming to be Satoshi Nakamoto and the account with the handle “Bitcoin” should be removed as they are breaching the platform’s terms of service for using "misleading and deceptive" identities.

Hey @ElonMusk, the @Bitcoin and @Satoshi accounts are in breach of your terms of service for using "misleading and deceptive" identities.

Please remove the checkmarks. pic.twitter.com/BCwFMSOfQJ
— Pledditor (@Pledditor) October 2, 2023

Pledditor continued to highlight the areas of the terms and conditions in which they believed the accounts to be violating.

“You can't misappropriate someone else's identity without disclosing you are a parody account. It's no different than making a fake 'Tesla' or 'Elon Musk' account.”

The terms and conditions of the X platform have a specific policy for misleading or deceptive identities, in which it says, “[users] may not misappropriate the identity of individuals, groups, or organizations or use a fake identity to deceive others.”

It defined this as impersonation of someone who already exists, and also deceptive identities which it defines as misleading the public with an identity that isn’t real.

Aside from the ongoing controversy over the true identity of Satoshi Nakamoto, which has been a subject of discussion in the Bitcoin and crypto community for years, the account has been claimed to be run by an X user named Andy Rowe back in 2018.

On July 2, 2018 Rowe posted saying he curates “quotes” for the Satoshi account.

I curate quotes from Satoshi Nakamoto at @satoshi. AMA!
— Andy Rowe (@andyrowe) July 2, 2018

The account has been quiet since Oct. 31, 2018. However, on Oct. 2 of this year, the account made a new post saying “Bitcoin is a predicate machine” and then going on to explain how it will “explore different aspects of the whitepaper” over the coming months.

Bitcoin is a predicate machine. Over the following months, we shall explore different aspects that were not explicitly contained within the white paper. These aspects are all parts of bitcoin, and are important. Some of these ideas were touched upon in the early years; now is…
— Satoshi Nakamoto (@satoshi) October 2, 2023

Members of the crypto community rallied behind Pledditor’s post calling the account “embarrassing” and that this “needs to happen now.” One user said he previously tried to reach out to administrators about those accounts but was ignored.

Another user called for the accounts to be disabled and likened them to what X did with the account with the handle “@internet.”

Both accounts should be disabled imo, just like they did with @internet.
— . (@m__btc) October 3, 2023

Satoshi’s true identity remains a mystery, with many takers over the years. The most prominent claim of Satoshi’s identity is from Craig Wright.

On July 21, a court in the United Kingdom granted Wright an appeal in the Bitcoin rights lawsuit, in which he claimed copyright to the Bitcoin white paper and database.

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The Truth Behind Cuba’s Bitcoin Revolution: Video

September 18, 2023 Coin Telegraph

Bitcoin Community

Cointelegraph’s latest documentary takes viewers to Cuba, the land of classic cars, communism, hyperinflation and Bitcoin.

Cuba, a country known for its unique blend of rich history, vibrant culture and political isolation, is the focus of Cointelegraph’s latest on-the-ground documentary. The Truth Behind Cuba’s Bitcoin Revolution explores Bitcoin’s (BTC) impact in one of the world’s last remaining communist states.

The documentary provides a firsthand account of how Cubans are using Bitcoin to navigate challenging economic circumstances, attract new businesses and save money in a censorship-heavy environment.

Journalist and Bitcoin enthusiast Joe Hall embarked on the journey to Cuba, determined to witness and capture the “Bitcoin revolution” that gained prominence in Alex Gladstein’s book Check Your Financial Privilege. Gladstein explains how Cubans have harnessed Bitcoin’s stateless, low-fee nature to escape financial oppression and secure their savings.

The documentary explores how Bitcoin has taken root in the Cuban financial landscape, brought to life through interviews and interactions with Cubans, as well as the co-founders of the “Cuba Bitcoin” community — Forte, Catrya and Bitalion (not their real names). Paco de la India, a regular Cointelegraph contributor, traveled with Hall and provides feedback and commentary throughout the documentary.

Bitcoin users in Cuba primarily engage in peer-to-peer transactions, buying and selling Bitcoin through Telegram and Signal groups. They run nodes with limited resources and evade online surveillance and access banned internet sites with VPNs.

Unlike many countries, Cuba is devoid of centralized crypto exchanges such as Coinbase or Binance. Plus, Cubans are banned from creating accounts due to the country’s poor diplomatic relations with the United States.

Consequently, the environment for Bitcoin in Cuba is a unique ecosystem that operates almost entirely outside of the reach of the state. Moreover, the resilient Bitcoin community is set against a backdrop of economic hardship. Seventy-two percent of Cubans live below the poverty line, and while the minimum monthly wage is approximately $30, Catrya — one of the documentary’s main characters — explains that it is closer to $13.

*Reporter Joe Hall, Paco de la India and only $200 in Cuban peso bills.*

Cuba’s economic hardships are exacerbated by hyperinflation, with the Cuban peso losing more than 940% of its value in the last two years. Through testimonials and interviews with Cubans across Havana, it’s clear that Bitcoin has emerged as a lifeline for those looking to protect their savings from currency devaluation.

The documentary captures the grassroots adoption of Bitcoin in Cuba. It also highlights the efforts of the humble Cuba Bitcoin community, who spend their time educating and propagating the principles of Bitcoin to Cubans in an environment where the consequences of their actions are uncertain.

Ultimately, as Bitcoin continues to gain traction in Cuba, it remains to be seen how the government will react to the emergence of a parallel financial system. The Truth Behind Cuba’s Bitcoin Revolution provides a rare glimpse into a nation on the cusp of transformative change. Bitcoin could offer Cubans a glimmer of hope and freedom on an island where such aspirations have been long suppressed.

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Bitcoin aligns with Swiss values – Head of Lugano’s Plan ₿

July 10, 2023 Coin Telegraph

Bitcoin Analysis

Switzerland continues to drive Bitcoin adoption despite well-developed traditional financial infrastructure.

Switzerland has long been a haven for the wealthy due to its well-established banking secrecy laws, but its citizens have warmed quickly to the self-sovereign ideals behind Bitcoin (BTC).

Giw Zanganeh, head of Lugano’s Plan ₿ initiative, highlighted the growing use of Bitcoin for everyday payments in the Swiss city in conversation with Cointelegraph journalist Joe Hall at the Plan ₿ Bitcoin Summer School.

Giw Zanganeh, head of Lugano’s Plan ₿ initiative, chats to Cointelegraph's Joe Hall at the Plan B Summer School in Lugano.

Lugano has emerged as an adoption hub for Bitcoin, Tether and its self-styled LVGA stablecoin which can be used to pay for a variety of utility bills, goods and services across the city.

Zanganeh, who head’s up Tether’s Plan ₿, believes that Switzerland has shown remarkable adoption of cryptocurrencies despite its renowned financial and banking infrastructure:

“What I see is a society, which makes me very bullish, a lot of people are interested in Bitcoin, from a philosophical perspective as well. It aligns very well with Swiss values.”

Zanganeh added that the Swiss are typically “strong on individual sovereignty and financial privacy”, which creates overlaps between the values of Swiss culture and those of the Bitcoin movement:

“Considering the amount of Bitcoin-only companies in Switzerland,it probably has one of the highest density per capita of Bitcoin-only companies around the world.”

According to Zanganeh, more politicians, diplomats and members of parliament and Switzerland’s financial commission are becoming Bitcoiners which reaffirms a bullish outlook for BTC adoption in the country.

A contributor to increased Bitcoin usage has been a concerted effort to inform and educate the Swiss populace about the merits of BTC:

“We have regular articles in newspapers where we touch on different aspects of Bitcoin and financial liberty. We try to reach people interested in financial freedom and freedom of speech. Maybe they don't know how Bitcoin plays a role there.”

While the uptake of Plan ₿’s Bitcoin adoption is a “gradual process”, Zanganeh said that the onboarding of merchants across Lugano has been crucial in opening up a new payments paradigm in the region.

Likening the process of Bitcoin adoption to the initial proliferation of bank cards some 50 years ago, Zanganeh said that practical experience with novel transactional methods will continue to onboard more users to the Bitcoin ecosystem:

“If you look at merchants over time, if more and more people go and pay with Bitcoin, you're going to learn.”

As Cointelegraph previously explored, Bitcoin Suisse CEO Dr. Dirk Klee highlighted the country’s potential as a center point for institutional cryptocurrency adoption.

The Canton of Zug is another region of Switzerland that continues to attract cryptocurrency and blockchain firms due to its progressive, government-backed, crypto-friendly initiatives.

The interview is part of an upcoming Cointelegraph documentary about what it’s like to attend a Bitcoin School. Subscribe here (https://www.youtube.com/@cointelegraph) to watch.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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Honk if you love Bitcoin! Lightning takes the wheel of a European rally car adventure

June 23, 2023 Coin Telegraph

Bitcoin Community

With a comically loud horn, a candy machine and a jukebox filled with Mozart, metal and more, it's the "Bitcoin Ambassadors" rally car adventure.

A Bitcoin-mobile (BTC) piloted by the “Bitcoin Ambassadors” team is competing in the 8,000-kilometer Baltic Sea Circle Rally race, orange-pilling competitors and campsites along the way.

*The car is adorned and sponsored by Bitcoin companies. Source: Cercatrova*

Two Bitcoin advocates, Cercatrova, the democratically elected president of German-speaking Bitcoin community Einundzwanzig, and his copilot Daktari, set off on the orange-pilling adventure this week, attempting to pass through 9 Northern European countries in their Bitcoin-branded car.

Speaking to Cointelegraph from somewhere above the Arctic Circle, Cercatrova explained:

“The whole rally is a charity rally; there are 150 teams or cars. It starts in Hamburg and goes up to Denmark, Sweden, Norway and around the Baltic Sea – it’s around 8,000 kilometres, 16 days and we’re the only Bitcoin team here–none of the other teams are cryptocurrency teams.”

The goal is to “Bring Bitcoin to the people,” while also raise money for two sources, a Panamanian coffee farmer and an El Salvadoran peer2peer ride-sharing app developed on Lightning. Naturally, they’ve been “orange pilling” or introducing people to Bitcoin along the journey.

Christian, founder of Seedor, a metal Bitcoin backup based in Germany who’s avidly following their journey told Cointelegraph that while in Norway “They orange pilled the campground." The duo showed the campground owner how to pay in Bitcoin:

Orange pilling the campground owner in Norway

If you take your time, listen and explain to people, they will understand we could pay our place here in #Bitcoin pic.twitter.com/OReIxQKHuA
— cercatrova⚡️ (@cercatrova_21) June 21, 2023

Cercatrova told Cointelegraph that so far they have discussed Bitcoin with at least 30 people as part of the rally in amongst chance conversations with interested observers. Plus, passersby and overtakers can scan the QR code on the side of the car to receive free Satoshis, or small amounts of Bitcoin, to get started on their Bitcoin journey.

“So when somebody sees us and asks about Bitcoin, “how does it work?” We can actually take the people to our car and say, okay, just install a wallet and it's done in about 30 seconds. And they’re amazed: ‘I didn't have to fill out anything, didn't have to take a passport or whatever.' It just works,"

The car is also equipped with a candy machine that accepts Bitcoin, so noobies can spend their brand new Sats on candy, “just to see how it works,” Cercatrova explained.

*The team's location, northern Norway. Source: superlative-adventure.com*

For the Bitcoin enthusiasts following at home, the car is Lightning-ready. A remote-play jukebox and a Lightning-switch horn can be operated from all around the world. Fans and supporters worldwide are sending their song requests to the car’s Lightning-ready Telegram group, paying less than a dollar for the courtesy.

Choose which song we will listen at the #BalticSeaCircle Rally and honk our horn over Lightning All sats will go to the https://t.co/vB9oXhpbrh project (from @FPupusas), 2 indios in panama, who make coffee for sats and to the creater of the jukebox ☕️ pic.twitter.com/x6IsuhPZZA
— cercatrova⚡️ (@cercatrova_21) June 20, 2023

Lightning enthusiasts can also set off the car’s horn from thousands of miles away. The process uses a Lightning switch which turns on when it has received enough sats. Cercatrova explains:

“So on my Twitter feed is also the QR code, where you can scan the lightning invoice. And when you pay that, it's about 3000 Sats to honk it once. And then our car honks!”

The honk is comically loud and playful, while the lightning jukebox playlist has featured metal to Mozart and German folk tunes to crypto classics such as Pump it Up. Cercatrova explained that the musical variation is a great source of fun and motivation:

“One time there is death metal and the other side it's Beethoven's Fifth Symphony and it's really crazy.”

To date, the Bitcoin Ambassadors rally team has raised approximately 4 million Satoshis or $1,200 for charity, although Cercatrova added "the next days and the willingness to send more Sats," could drive the number higher. The drivers are about halfway through the journey, expecting to finish by the end of June.

As vital research for this article, Reporter Joe Hall not only set off the horn during the phone interview but he also queued up a famous song by Rick Astley.

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‘There’s no more exciting time than now’ for Bitcoin: BTC Prague 2023

June 13, 2023 Coin Telegraph

Bitcoin Community

Samson Mow, the CEO of Jan3, spoke with Cointelegraph about the current state of Bitcoin and why he’s bullish for the future.

In recent weeks, the cryptocurrency market has faced bearish trends , driving crypto market capitalization down to its lowest level in over two months.

However, according to some market analysts, Bitcoin (BTC) and other altcoins are still resilient despite the overall market climate. But, it’s not only the market analysts still holding onto the bullish sentiment.

At the BTC Prague 2023 conference, Jan3 CEO Samson Mow spoke with Cointelegraph about how he sees the current state of the Bitcoin market and why he’s bullish for the near and long-term future.

*Cointelegraph reporter Joe Hall with Jan3 CEO Samson Mow. Source: Cointelegraph*

In terms of price, Mow said that anything under $30,000 is “massively undervalued” and bound to make a rebound sometime soon. The last time BTC hit that price point was in April 2023, for the first time in 10 months.

Nonetheless, Mow said he’s not bearish at all and believes BTC will hit six figures.

“I’m bullish because everyone needs Bitcoin.”

He highlighted that this is becoming more apparent worldwide as traditional financial systems continue to face turmoil.

“The banking system is failing. The legacy financial system is failing. Money is not money anymore and stopped being money some time ago, payments can be frozen. Nothing works. Only Bitcoin works.”

Mow told Cointelegraph that he expects to see a wave of Bitcoin adoption within the next five years.

In terms of the technology behind Bitcoin, Mow said, “there’s no more exciting time than now.”

“We’re seeing more people talking about new Bitcoin layers, new protocols, ARK, and I think liquid is getting more traction again.”

“I think people are just now understanding that maybe we should look into liquid,” he said. “It’s a very exciting time if you’re paying attention to the technical part of Bitcoin, so pay attention, everyone.”

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BTC Prague 2023: ‘Anyone can produce value in the Bitcoin ecosystem’

June 12, 2023 Coin Telegraph

Bitcoin Community

Wolf von Laer, the CEO of Students for Liberty, spoke with Cointelegraph about the nature of the Bitcoin community and the need for more openness.

Throughout recent years, the world of crypto has been subject to as much scrutiny and volatility as it has innovation and growth.

A significant component of the industry’s resilience has been the community that supports the technology and its utility to transform digital finance. One of the most prominent crypto communities in the space surrounds Bitcoin (BTC), with millions of users in Reddit groups and conferences across the globe.

At the Bitcoin Prague 2023 conference, Students for Liberty CEO Wolf Von Laer spoke with Cointelegraph about the nature of the Bitcoin community and how there is a place for anyone.

*Cointelegraph reporter Joe Hall with panelists at Bitcoin Prague 2023. Source: Cointelegraph*

Von Laer says the Bitcoin community might not be “as welcoming,” as people at events can often come off too technical or even “hardcore.”

“I’ve seen people walk away and say, oh, this doesn’t seem like my tribe.”

“We need to be more self-reflective and mature,” he said. “If somebody wants to create a community, we need to be careful and ask do we know people that know Bitcoin? Can they explain Bitcoin well?”

Instead, von Laer stressed how everyone has the ability to contribute to the ecosystem and that the “openness of the network” is reflected in the opportunities for people to join the network.

“It’s a marvelous thing to realize how everyone actually can produce value within the Bitcoin ecosystem. Anyone can make a contribution.”

Others in the broader crypto industry have also spoken out on the importance of community within the space, especially in times of volatility or uncertainty.

Recently the new vice president of marketing at Binance spoke with Cointelegraph saying crypto needs to “double down” on community support.

During its fifth anniversary celebration, the team behind the EOS network used the moment to also highlight the importance of its community in light of its recent challenges.

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Reddit crypto community goes offline — Here’s why

June 12, 2023 Coin Telegraph

API

Reddit communities unanimously decided to go private or in read-only modes from June 12 to 14, protesting against an upcoming change that would prevent users from freely accessing APIs and tools.

Numerous sub-communities on Reddit, including popular crypto subreddits, unanimously decided to go private for 48 hours to protest against new company policies that prevent the use of third-party applications.

In April, Reddit announced plans to modify how users interact with the Reddit Data application programming interface (API) — a seven-year-old application enabling developers to create tools and utilities for moderation and other activities.

Most subreddits reacted to the move, as Reddit’s intention to build native moderator tools directly impacts the community’s ability to create and use third-party tools predominantly used for moderating content and interactions. As a result, communities decided to go private or in read-only modes between June 12 and 14, protesting the upcoming change.

*Subreddit r/Bitcoin went private. Source: Reddit*

The list includes major crypto communities, which have been instrumental for millions of investors worldwide to discuss various aspects of the ecosystem.

*Subreddit r/CryptoCurrency participated in the Reddit blackout. Source: Reddit*

Some popular subreddits dedicated to discussing Bitcoin (BTC) and cryptocurrencies protesting against the change include r/Bitcoin, r/CryptoCurrency and r/cardano. Reddit has also received backlash for introducing paid access to its data API.

*A screenshot showing the upcoming changes shared by Reddit. Source: Reddit*

While nearly 3,500 subreddits were estimated to become inaccessible, the numbers could increase if other communities join the revolt. On the other hand, Reddit CEO Steve Huffman backed the social media platform’s decision by revealing the need for being “a self-sustaining business.” He said:

“We respect when you and your communities take action to highlight the things you need, including, at times, going private.”

Moreover, to eradicate the extensive use of third-party moderator tools, Reddit plans to launch mobile moderator tools for Reddit’s iOS and Android apps in the coming months.

Contrary to the ongoing community retaliation, Reddit is close to achieving a new milestone in terms of collectible avatar holders on the platform.

Reddit managed to amass 10 million holders of its collectible avatars within a year of launching Reddit NFTs.

*Reddit’s collectible avatar banner. Source: Reddit*

Reddit’s collectible avatar marketplace was launched on the Ethereum layer-2 scaling network Polygon in July 2022, which allows independent artists and Redditors to design customizable nonfungible token collections.

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