Adoption. https://t.co/WBNNku6Lpd— CZ 🔶 Binance (@cz_binance) November 22, 2022
Lebanese Locals Turn to Bitcoin and Tether to Earn, Save, and Spend as Hyperinflation Takes Over
Bitcoin is Hope for Lebanon
#Bitcoin is hope for #Lebanon, where the currency has lost 96% of its value vs USD and the banks have failed.https://t.co/DkKrC4zgGY— Michael Saylor⚡️ (@saylor) November 5, 2022
Getting hitched, Satoshi style: A Bitcoin-themed wedding in Lebanon
By: Joseph Hall
A Bitcoiner used his wedding day to share his love for his favorite digital currency, Bitcoin, by gifting 4,000 Satoshis to every guest and incorporating a volcano theme.
A Bitcoin (BTC) evangelist in Lebanon took their love for Bitcoin to the next level. Said Nassar, an international business engineer, themed his wedding day around Satoshi Nakamoto’s innovation, Bitcoin.
Each and every wedding guest received Satoshis (the smallest denomination of a Bitcoin) as a wedding gift for attending the Nassar family’s special day, while the theme of the wedding was volcanoes—a nod to El Salvador’s Bitcoin bonds, commonly known as the Volcano bonds.
Nassar told Cointelegraph that he put a volcano stand in the wedding and “distributed gifts via the Lightning Network.” Indeed, under every cutlery set for the post-ceremony banquet were instructions to download a Bitcoin Lightning Network wallet to receive 4,000 Satoshis. Worth roughly $0.80 now—due to bearish price action—at the time of the wedding, the gift was worth $1.60.
The link took the wedding guest through to a thorough YouTube video that shows how to set up a wallet and why people should buy Bitcoin. Of the 250 to receive wedding Satoshi gifts, 75 people downloaded wallets and asked Nassar to send over the 4,000 Satoshis—this was the first time these people had received Bitcoin.
At a 30% success rate, his method for promoting Bitcoin adoption is high given that worldwide Bitcoin adoption may only reach 10% by 2030. Plus, Nassar qualifies, “All of them [the wedding guests] saw it and thought about it.”
Nassar is an insatiable Bitcoin advocate. So naturally, his wedding day would be the perfect time to “orange pill” or educate more people about the importance of Bitcoin. He’s the brains behind Lebanon’s first Bitcoin-themed escape room and jokes that he has a half-hour limit for talking about non-Bitcoin themes when making acquaintances:
“I try to explain monetary policies and what is fiat money to every person I meet longer than 30 minutes.”
Curiously, Twitter user Stackmore also treats weddings as the ideal time to both start a family and start stacking sats. Stackmore has sent Satoshis as wedding gifts for the past five years:
In Nassar’s home country Lebanon, the inflation rate exceeded 200% in January this year. Bitcoin, by comparison, has a fixed supply of 21 million coins and benefits from a programmed issuance rate that makes the currency deflationary.
Despite calls from top execs to avoid buying Bitcoin in Lebanon, groups such as AlJazeera report that Bitcoin adoption is booming in the country. For Nassar, it’s key to start with family and friends as “Hyperbitcoinzation starts at home.” He has already introduced his nearest and dearest to Bitcoin:
“All my close friends and my family members have bought bitcoin, and my mother is a whole coiner.”
What about you, anon? Do you love Bitcoin enough to theme your special days around the coin?
Sooly’s Research on Lebanon
What is happening in #Lebanon?— Sooly⚡️سولي (@Sooly_Kobayashi) February 15, 2022
A thread about 🇱🇧
from an economic point of view.
Keep checking for future updates. pic.twitter.com/Qas6IOohWp
Enacting Bitcoin Legal Tender Status
Today in Jan 4th, 2022, where currently our Government and Banking system backing it have lost credibility, having continually been discrediting Bitcoin all these years but now the tables have turned, unfortunately nothing is changing due to the forces of weaponry and financial graft. To adopt today financial alternatives that release limitations from any capital controls on USD or other currencies, a challenge that we have all been collectively facing since 2019, so with Bitcoin legal tender we also all have the capability of avoiding what is being rolled out for us now, the underhanded CBDC schemes attempting to take over all control of our funds. Bitcoin is digital property of which 21,000,000 coins exist, each dividable by 0.00000001, totally independently run, and is globally considered the ideal form of stored energy. The national transition to financial freedom starts through a request for funds, which must instead now come from the private sector, to distribute support from the general community, in order to:
1) Present a 2 hour educational workshop at the Parliament, to introduce and optionally sell a maximum of ₿0.01 to each of the 128 Member of Parliament's recommended wallets chosen from the official bitcoin wallets selector at bitcoin.org/en/choose-your-wallet for introducing them to bitcoin.
2) Ensure guaranteed open market for freely and fairly trading Bitcoin anytime.
3) Lawyers from the community in tandem with BBB Labs will submit this legislation to MPs at parliament to pass eternally Legal Tender status for Bitcoin in Lebanon. We may adopt a ₿3 deposit option for foreigners who want to work or retire in the country, with permanent residency paperwork, to the multi-signature Bitcoin wallet belonging to our mining trust fund, making sure that any donations must not come from any government, political party or corporate party, and any such support received from such entities must be 100% duly returned. The multi-signatures will be held by 1) our founder, 2) our co-founder, and 3) the BBB Labs secretary, among possibly an additional recommended, tightly controlled external ombudsman.
4) A plan for revamping the production of purely renewable resources for the capability of a USD32.5m budget to have sustained Bitcoin mining by the government in order to independently cover all its budgetary expenses. All Bitcoin mining must be produced through renewable energy resources, whose investment requirement must look similar to the Bitcoin mining requirements. We have contacts with individuals at the most renown local and global environmental agencies that can be consulted to provide the latest technologically advanced conversions of renewable resources into energy, such as those still mostly unknown to the mass market, and have it provided at the best value as well. Lebanon has plenty of sunshine and strong sustained wind is found in Lebanon's extreme northern border strip with Syria. Also, enterprising Lebanese are currently devising Magnet Phase Generators which are increasingly being the favored energy production option, as well as also thorium power plants. The dream of “free energy” is the ultimate answer to our pertinent issues.
5) To ultimately have the unit of account in our government denominated in Bitcoin.
For progress to happen on reversing capital controls and other financial challenges that remain unresolved, the solution is now a responsibility of BBB Labs in Beirut, tasking itself to correct the unjustified financial challenges facing our families today. The necessary resources in order to realize this dream: around $65,000,000 in renewable energy investment, complete Bitcoin mining equipment, introductory workshops, and for attorneys among our community to begin writing legislation for submission to our parliament. This legislation brings freedom to us and our entire Nation by enacting it into law by hand signature at our legislature.
BITCOIN BLOCKCHAIN Beirut Labs.
Arabic translation needed please
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Lebanese Turn to Crypto Amid Banking Crisis
In Lebanon, Bitcoin is Proving to be a Safe Bet
Original post by: Hugo Lautissier
Devastated by the drastic devaluation of the Lebanese pound, more and more people are embracing cryptocurrencies
It’s a small, unassuming office tucked between a dog grooming parlour and a slot machine room in Bourj Hamoud, Beirut’s Armenian neighbourhood. Hanging on the wall are two golf clubs, three golf balls and, above them, a framed poster showing the price of bitcoin, which is rising sharply.Continue reading “In Lebanon, Bitcoin is Proving to be a Safe Bet”
Lebanon’s banking sector is dead but Digital wallets, and digital currencies are coming to Life
Original post by: Lara Abdul Malak
Whether the Lebanese want to or don’t want to believe it, whether the Lebanese government and banking sector want to accept it or not, the Lebanese banking industry is dead. No amount of capital raises, no amount of restructuring can bring back the lost trust. Trust is the basis of all activities in society, economy, finance and most importantly politics, and trust is lost in the banking sector for not only the old generations, the current but also future, the youth.
In the 1990s Lebanon was the first country in the region to have cellular or what we call a mobile network, the reason being that the entire landline infrastructure was outdated or destroyed during the war. Lebanon was the first in the Arab region not because they wanted to be the first but because they had no choice but to be the first to jump into the bandwagon of the latest technology, the era of mobility and later on the era of internet.
Today we are at the same cross road. After the fall of the Lebanese banking sector due to their irresponsible lending to the Lebanese corrupt state and government, the Lebanese not only lost their life savings but today have lost whatever was left of their purchasing power in Lebanese Lira.
While in some countries this would still be survivable because they have products and services or manufacturing industries that they themselves own, in Lebanon everything is dependent on raw material, or products from outside, making the economic and social tragedy a 100 times worse.
But maybe the Lebanese have a solution, a chance to not only free themselves from the expiration of the banking sector, the corruption of the state and its political regime but also a chance to help each other in a way like never before.
The answer is in digital currencies. It doesn’t have to be a crypto currency like Bitcoin or Ethereum it could just be a stablecoin like USDC, Tether , Japanese Yen (JPY) , or china’s upcoming digital currency stored in each person’s digital wallet, or with a crypto asset custodian.
So what would that mean for Lebanese and their economy, first and foremost if your money is stored digitally in your pocket, and securely then you could make payments from one digital wallet to another no matter where that other digital wallet was in the world. This would be a savior not only for individuals but also businesses, manufacturers and traders in Lebanon who need to pay for goods and raw material but need to traditionally go through a bank to do it. This is called Peer to peer payments and most of them are carried out on Blockchain public networks. One such company that is doing this for the Lebanese is Fluus.me
Companies such as Global Digital Money for example are even allowing people to hold digital currencies, crypto not only in a digital wallet but in a regular card and giving them the ability to make all payments using those cards at Point of Sales or ATMs within a country or from one country to another.
It would also mean that Lebanese could actually lend money as well, in what is now known as peer to peer lending. So instead of depending on a corrupt government and irresponsible banking sector to lend money to businesses and projects that need funding to grow, expand or operate, or lending money to people who want to buy a house or car. Lebanese could lend to each other using smart contracts on the blockchain with agreed upon interest rates and terms.
Even more so, Lebanese expats who usually send money to their families as remittances wouldn’t even have to worry about using a bank or traditional money payment service provider, they could use blockchain enabled remittance providers like Telcoin , Cwallet, Cashaa, or others.
The Lebanese and international community could even carry out a crowd funding campaigns, on crowd funding platforms or even deal making platforms to build an electrical plant utilizing stablecoins to pay for tokenized shares in this plant and take profits all put into their digital wallets in a transparent, secure, and efficient way.
While the central Bank of Lebanon showed shallow interest in launching a Lebanese digital currency for usage inside Lebanon, or launching the lending trade finance platform for Lebanese industrial sector, nothing happened because nothing ever does. Maybe it would have been better to use Banqu or others already in the space.
These digial currencies, wouldnt need traditional exchanges but Lebanese could use digital and crypto exchanges of which many of them are now being regulated in the region such as CoinMENA, Matrix, RAIN, and many others.
In the final analysis, while death is scary to accept, and what is new is usually even scarier to embrace, the Lebanese need to start to understand that there are solutions out there in the digital age that weren’t available before, and they need to start embracing these new digital forms of money and the freedom as well as responsibility it brings.
The death of the banking sector is inevitable across the globe at some point in the future, and while it has started already in Lebanon this could be seen as an opportunity.. Lebanon and Lebanese have always been the first to embrace opportunities so don’t stop now.
We are Back
After being forced financially offline due to the ongoing crisis, we are finally back. We have been promoting Bitcoin innovation in the Middle East since 2016 and or mission is to be a hub where information and knowledge about the latest news and trends all around the Bitcoinsphere is shared.
As this is being written, last year’s halving is being clearly felt where the $10,000 price mark was finally breached to shoot over $40,000 and is resting now at over $30,000. According to @PlanB’s Stock to Flow and Cross Asset models analyzing Bitcoin’s price to supply dynamics, it is expected to reach into the 6 digits by year end.
Bitcoin, like most software running the internet, is programmed by swarms of online volunteers who dedicate their free time to produce something workable and of use for humanity, for free. Bitcoin is the peoples’ money because its issuance cannot be subverted by any single entity and its supply is capped. This is in direct opposite to government issued fiat currency. Bitcoin is the financial escape valve that was created as a safe haven refuge to protect people’s assets.
What’s more, Bitcoin is globally and easily liquid, it can be converted for cash anytime, anywhere. There are no limits to how many you can own or transfer. Transfer costs are a tiny fraction of what they are at traditional financial institutions and are completed usually in around 1/2 hr to 2 hrs.
That’s a quick summary looking into Bitcoin and why you should adopt it if you haven’t already. Check out the resources page for local and global Bitcoin info.
Remember to keep your private keys accessable only to yourself to guarantee your coins for life, no matter what, always verify the addresses to where you send your coins, always remember any passwords that you set, you can also dollar-cost-average, after that you’ll be all set 👍