Fiji’s New Pro-Bitcoin Prime Minister Ponders Legal Tender Bill: Report
By Namcios

The newly elected Prime Minister of Fiji, Sitiveni Rabuka, is reportedly pro-Bitcoin and is considering pushing a bill to adopt Bitcoin as legal tender in the country.

This follows similar efforts in Tonga, where legislation to make Bitcoin a legal tender is rumored to be in introduced as early as the second quarter of 2023.

Both Fiji and Tonga stand to benefit from the adoption of Bitcoin, particularly through increased remittances and the potential for Bitcoin mining due to their volcanic topography and access to hydroelectric power.

⚔️ Protecting Bitcoin

Even Without A Mining Subsidy, These Two Factors Will Protect Bitcoin Into The Future
By Dillon Healy

There are concerns that the security of the Bitcoin network may be at risk due to the decrease in miner revenue as the block subsidy, which currently makes up the majority of total miner revenue, is reduced over time.

However, Dillon Healy argues that this concern is misplaced and that there are two factors that will continue to incentivize miners to participate in the network and ensure its security.

The first factor is the potential for transaction fees to increase with the adoption of Bitcoin and as a defensive measure against attacks. The second factor is the transition of Bitcoin mining from a primary means of securing the network to an auxiliary tool, with other methods such as proof-of-stake potentially being used in conjunction with proof-of-work.

📰 The Daily Bits

🦉 Debunking Misconceptions

Debunking Bitcoin Misconceptions: It’s Not Stored Time, Energy Or Violence
By Stephan Livera

If you've spent any time on Bitcoin Twitter, you might have noticed the abundant use of metaphors and analogies in order to describe the very wide scope of implications Bitcoin brings to the world. 

But this isn't necessarily positive: Stephan Livera discusses how certain metaphors and analogies used to describe Bitcoin can be misleading or confusing if taken too literally.

One example is the metaphor of Bitcoin as "stored time," which suggests that Bitcoin can be a store of value in the same way that time can be saved or stored. However, Livera argues that this is an overly imprecise metaphor and that thinking of Bitcoin as "stored time" can lead to errors in reasoning about its value.

The author also discusses other metaphors that have been used to describe Bitcoin, such as the metaphor of Bitcoin as "digital energy" or a "battery," and argues that these metaphors can also be misleading if taken too literally. Livera concludes by emphasizing the importance of being careful with metaphors and analogies when discussing Bitcoin and of not confusing them with scientific truth.

MEME OF THE DAY 

By @RD_btc

BTC Inc. Is Hiring!