Hi friends,
Another week, another edition of The ₿it Economy! This week’s edition takes a look at Visa's role in the digital economy. Don't forget to check out this weeks content sections for they are stacked with updates, articles and podcasts for your pleasure. And if you have any thoughts I'd love to hear from you. My goal is to shed a tidbit of info that I believe will get you thinking about the digital world around you. So if you know anyone who would be interested, please do forward this along, send them to the archive, or have them subscribe here. 👇
A Word on Visa's Network of Networks
Bitcoin was invented to disrupt existing monetary systems that many felt were too expensive and exclusionary. And while most financial institutions have remained skeptical about bitcoin and digital currencies, Visa has embraced it. In 2020 alone, the financial services juggernaut has admitted the likes of Zap, Coinbase, Fold, BlockFi, ZenGo and more to its FastTrack program as well as announced a partnership with Centre's USDC.
For those who are not away, FastTrack allows both new and established businesses to leverage the speed, security, reliability and scale of the Visa network to get up and running quickly, taking the process from months to weeks. This program gives companies access to Visa's ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits and online businesses. So it's safe to say Visa has pulled out all the stops.
Why all these moves are undoubtedly great for the ecosystem, I can't help to think what's Visa's end game in all of this? As arguably one of the most important gatekeepers in the traditional financial space they could lobby against the ecosystem and be quite successful at it. But they haven't for they realize a fundamental restructuring of the current financial infrastructure is not only warranted but long overdue. It's a forgone conclusion that physical cash is becoming a relic of the past (see Issue #30), so it's no surprise that incumbent payment platforms are embracing digital currency solutions more equipped for the borderless, internet-enabled economy. Institutions unwilling to adapt to risk will be phased out of new market structures defined by capital efficiency that are resilient against single points of failure. Those who do will join Stanley Druckenmiller, PayPal and millions more that will continue to gain exposure to this asset class.
Visa's public affirmation of its positive stance towards cryptocurrency payment services reflects its drive to remain a leading player in the global payment network. Often referring to itself as the network-of-networks, it's strategic partners stand to benefit from the transition from analog to digital world.
As a global payments technology company, Visa is focused on delivering the greatest value to people, businesses and economies everywhere, regardless of currency, channel or form factor. We’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships. In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce. — Visa
Bitcoin was invented to disrupt existing monetary systems that many felt were too expensive and exclusionary. Though I do believe it will succeed in doing so, the positive attitude toward cryptocurrency exchanges and payment platforms from the world's largest traditional payment processor signals a shift in perception from the traditional financial space. At the end of the day who wouldn't want a ticket to the rocket ship?
Threads🧵
Breakdown of long-form content into an easy to read and concise format.
Bitcoin Magazine's Top-21 Bitcoin Projects in 2020
Bitcoin Spot Market Depletion Primes it for a 2021 Bull Run
What MassMutual News Means for the Crypto Space
My Takeaways from Electric Capital's Developer Report
The Issue with DoorDash's Incentive Structure
The Rise of Crypto has Brough Policy and Regulatory Issues to the Forefront
News 📰
The top announcements in Bitcoin. All in one place.
Events
Franc on Verge of Imposing Mandatory KYC for All Crypto Transactions
Four US Lawmakers Send Letter to Treasury Secretary to Rethink Rumored Self-Hosted Wallet Regulation
BitMEX Appoints Alexander Höptner As Chief Executive Officer
AllianceBernstein Admits Bitcoin has Role in Investors' Portfolio
Gemini Donates $50k to HRF to Fund Another Round of Bitcoin Developers in 2021
Venezuela Military Video Shows Bitcoin Mining Operation at Fuerta Tiuna
BlockFi Announces Early 2021 Launch for Bitcoin Rewards Credit Card
Releases
Market Watch 💸
One-stop-shop Bitcoin market & network snapshot.
What I'm Reading 📕
Scowered the internet so you didn’t have to.
Bitcoin is Winning the Covid-19 Monetary Revolution
Bitcoin is Still a Demographic Megatrend: Data Update
We are on the Road to Lightning's Mass Adoption
The Month in Bitcoin Privacy: November 2020
Who Will Be the Next to Enter Into the Bitcoin World? US Banks, Amazon, Apple, Warren Buffet?
CoinGecko's Crawl to the Crypto Summit
Mapping Out the World's Cryptocurrency Exchanges by Region
Bitcoin Optech Newsletter #127
ETH 2.0: The Next Evolution of the Cryptoeconomy
It;s Time to Join the Bitcoin Circular Economy
You Don't Have to Worry About Bitcoin's Reliance on Utilities
Cross-Layer Deanonymization Methods in the Lightning Protocol
The Battle For P2SH: The Untold Story of the First Bitcoin War
What I'm Listening To 🔊
Give your eyes a break and pop in the earbuds.
Learning to Swim in the Lightning Pool
Building the Oracle of Digital Assets
Mike Solana on Independent Thinking
Stablecoins: Bullish or Bearish For Bitcoin?
It's a Strange Time to Be a Human
Bitcoin & a Deflationary World
Why Africa Borrowed Billions of Dollars From China
The State and Future of Crypto in 2020
The Long (and Short) of it: A Cynic's Take on Markets & Investing
Investing Across Asset Classes
What I'm Watching 📺
Take a break from Netflix and check these out.
The Inevitable Path for Central Banks
Housekeeping 🏡
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Final Quote 🎩
Thanks for reading. Send me tips, stories I’ve missed, or comment below. And if you liked this piece, you can sign up here for more issues of the Bit Economy, a newsletter on something bitcoin related.
Until then, have a great week! See you next Sunday.