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Not Your Keys, Not Your Name: Here’s Why Naming is the Next Killer App for Bitcoin

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In the Name of Freedom

Neutral money like bitcoin preserves economic liberty. It respects individual freedom. It silently advocates for property rights. Whether you’re an individual or a business, it gives you complete empowerment over your decisions about production, investment, and consumption without the threat of censorship, confiscation, or debasement. Without the involvement of governments, this encourages self-reliance and contributes to social harmony. Bitcoin, in other words, is essential for maintaining a free, prosperous, and just society. The same is true for naming. If anything is as important to society as money, it’s naming. Names are needed for almost everything and individuals & businesses should be able to own their name without it being in the control of a centralized, third party.

Names and money both have historically relied on trust for their efficacy, but just like bitcoin as money ushered in an era of trustlessness, the same must be accomplished for names.

Centralized Naming Providers are Dinosaurs

People have to realize, if they haven’t yet, that they do not own their usernames on social media and are always one click away from having their property, or what should be their property, confiscated.

The security risk of relying on centralized naming systems is especially true for individuals & businesses building in Bitcoin. If you are relying on centralized naming services, it is only a matter of time until you’re compromised, just like we saw with the Squarespace DNS hijacking last month.

Governments often silence political opponents by confiscating their names. Take for instance, PuntCAT, a Catalan private non-profit foundation whose mission is to promote all kinds of activities related to the creation, management, and control of the top-level domain name .cat and, in general, to promote the Catalan language and culture. They were raided by the Spanish police during a tumultuous political time and forced to block several websites critical of the Spanish government due to legal pressure from Madrid. The head of IT was arrested for sedition.

What’s more, The Internet Corporation for Assigned Names and Numbers (ICANN), which is responsible for managing the global domain name system, has faced numerous controversies over the years related to centralized control, transparency, and accountability. ICANN’s practices and policies are opaque, they have been called out by the likes of Ralph Nader for violating consumer rights, and as the Electronic Frontier Foundation put it, there is evident susceptibility to capture in the excessive deference given to the interests of major trademark and copyright holders.

The point is, if we don’t succeed in decentralizing naming, the risk of censorship, property confiscation, and other rights will always be under attack.

As Bitcoin continues to evolve along with adjacent technology protocols like NOSTR, names will become increasingly important for this reason alone. Names can serve as identifiers for various components within these systems, facilitating communication between different parties and improving the usability, interoperability of protocols, and freedom of speech.

Don’t call it a comeback

Past attempts to decentralize naming have included initiatives like the DNS root server separation in 1997 and new top-level domains (TLDs) like .bit and .name. In the cryptocurrency space, projects such as Namecoin, BitDNS, and blockchain-based name services from companies like Namecoin, Blockstack, and Stacks have also sought to decentralize naming systems. Despite these efforts, many of these initiatives have fallen short due to limited adoption, scalability issues, distribution issues, and other technical complexities, leaving centralized naming systems dominant in both the traditional internet and crypto landscape.

Earlier this year, Matt Corallo proposed a BIP for the coordination of making Bitcoin payments using DNS. Matt is correct to not rely on another blockchain (e.g. ENS on Ethereum), but he acknowledges it is a risk to rely on traditional centralized DNS, and this is only the “best option.” There are organizations in between you and your name, and every website that uses HTTPS to encrypt traffic is relying on a third party to secure it – you are literally not holding your own keys. Not your keys, not your name.

What is needed is a truly decentralized, permissionless naming system built on Bitcoin, free from third party certificate authorities, that empowers users with control and privacy over their online identities. And in contrast to attempts that came before, naming needs to be done in a cypherpunk-centric way without a new blockchain, or modifications to Bitcoin itself, without a new token, foundation, or premine. Users must be entirely in control of how they register, manage, and transfer names.

The Future of Naming is Cypherpunk

The internet, once envisioned as a democratizing force for free expression and global communication, now faces mounting threats from government censorship, corporate influence, and technical vulnerabilities. Decentralized naming, built on the robust and secure foundation of Bitcoin, offers a future where individuals and businesses have greater control over their identities, ideas, and information. By leveraging the immutability, transparency, and censorship-resistant nature of Bitcoin, decentralized naming systems can provide a more resilient and democratic alternative for managing their identities. With Bitcoin as the backbone, we can ensure that decentralized naming is not only inevitable but also truly successful in creating a global, open, and free internet – one where everyone has an equal voice in shaping the global conversation without fear of censorship or control. An internet that is cypherpunk.

This is a guest post by Mike Carson. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. 



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Why Bitcoin is the Most Islamic Money

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The Islamic conceptualisation of finance is built around a set of core principles which give primacy to honesty, fairness and accountability in trade and transactions. As such, Islamic finance seeks uphold justice, transparency, and shared prosperity in economic systems. Arguably, fiat currency achieves the exact opposite of these principles, since it introduces uncertainty, speculation and inequities that punish the poor, who earn and spend fiat, and favours the rich who invest in assets that benefit from inflation. In this backdrop, Bitcoin emerges as a solution that aligns remarkably well with Islamic finance principles. This article explores why Bitcoin, with its decentralization, transparency, and scarcity, represents the most Islamic form of money, offering transformative potential for the Muslim world.

The foundational principles of Islamic finance include:

1. Prohibition of Riba (Usury):

Interest-based lending, where money generates money without productive activity, is strictly forbidden in Islam. Riba fosters exploitation, concentrates wealth, and undermines social equity.

2. Prohibition of Gharar (Uncertainty):

Transactions should be free from undue speculation or ambiguity. Clear terms and honest practices are paramount.

3. Asset-Backed Economy

Trade and transactions should involve tangible assets or productive activities. Wealth must be earned through legitimate means, not through gambling or speculative bubbles.

4. Risk Sharing

Islamic finance emphasizes equity-based partnerships where profit and loss are shared, ensuring mutual benefit and fairness in all financial dealings.

5. Justice and Equity:

Wealth distribution should serve societal needs, promoting fairness and reducing economic disparities.

One could very credibly argue that the current fiat-based monetary system flagrantly violates these tenets. Central banks set interest rates that underpin the entire fiat system, institutionalizing usury. Money created out of debt inherently generates unearned profits for lenders while indebting others, fostering exploitation and inequality. The fiat system disproportionately benefits those closest to the source of money creation (e.g., banks, governments) at the expense of ordinary people. This “Cantillon Effect” exacerbates wealth inequality, violating Islamic values of equity and justice.

Fiat currencies are prone to inflation and devaluation due to their unlimited supply. This creates uncertainty and speculative behaviour, further destabilizing economies and harming the most vulnerable. Unlike gold or tangible assets, fiat money is not backed by any physical commodity. It is merely a promise of value, eroding trust and violating Islam’s emphasis on tangible, asset-backed wealth. Centralized control of money by a few institutions undermines accountability, fosters corruption, and allows governments to manipulate currencies to serve political agendas, often to the detriment of their citizens. These systemic flaws have led to financial crises, inequality, and the erosion of societal trust.

Bitcoin, the world’s first decentralized digital currency, aligns closely with the ethical and economic teachings of Islam. Bitcoin operates without interest-based mechanisms. Its decentralized nature ensures that no central authority can create money out of thin air or profit unjustly through usury. Every Bitcoin transaction is recorded on an immutable public ledger, the blockchain. This ensures honesty and accountability, eliminating the uncertainty associated with opaque fiat systems.

Bitcoin’s supply is capped at 21 million coins, making it a deflationary asset. Its scarcity mirrors the attributes of gold, historically accepted as sound money in Islamic societies. Unlike fiat money, Bitcoin is not controlled by any government or institution. Its decentralized network empowers individuals and fosters equity, aligning with Islam’s emphasis on justice and fairness.

Bitcoin is not a speculative promise; it is earned through “proof-of-work,” which requires significant energy and computational effort. This tangible cost of production imbues it with intrinsic value, resonating with Islamic financial principles. Bitcoin allows anyone with an internet connection to participate in the global economy. This inclusivity aligns with Islam’s vision of reducing economic barriers and promoting universal access to financial resources. Through its adherence to these principles, Bitcoin offers a viable alternative to the exploitative fiat system, paving the way for a more just and equitable financial future.

Adopting Bitcoin on a wide scale could revolutionize the Muslim world, unlocking unprecedented economic opportunities. Many Muslim-majority countries suffer from chronic inflation, eroding the value of their fiat currencies and impoverishing their citizens. Bitcoin’s deflationary nature provides a hedge against inflation, preserving wealth over time. Millions of Muslims remain unbanked due to lack of access to traditional financial services. Bitcoin’s decentralized system allows individuals to store and transfer wealth securely without relying on banks, fostering economic empowerment. Muslim-majority countries are among the largest recipients of remittances. Bitcoin enables faster, cheaper, and more secure cross-border transactions, reducing reliance on costly intermediaries.

By decentralizing money creation and eliminating the privileges of central banks, Bitcoin ensures a fairer distribution of wealth, addressing economic disparities that plague many Islamic societies. Bitcoin’s transparent system facilitates the development of Shariah-compliant financial products and services, promoting ethical investment opportunities in line with Islamic values. Bitcoin enables nations to reduce their dependence on the US dollar and other foreign currencies, strengthening their economic sovereignty and resilience. By enabling trustless, borderless transactions, Bitcoin fosters trade within the global Muslim community, encouraging innovation and economic integration across nations.

Bitcoin is more than just a technological innovation; it is a financial system rooted in justice, transparency, and equity—values deeply embedded in Islamic teachings. As the Muslim world grapples with the challenges of fiat-based economies, Bitcoin offers a path toward economic independence, financial inclusion, and societal prosperity. By embracing Bitcoin, the Muslim world can align its financial systems with the timeless principles of Islam, paving the way for a fairer and more sustainable future.

This is a guest post by Ghaffar Hussain. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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2024 Election

Bitcoin is Neither Racist, Xenophobic, nor Misogynistic: A Response to Ideological Stereotyping

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Just hours after the U.S. election results were announced, I received messages from friends filled with striking assumptions. Some congratulated me, mockingly saying, “Congrats, your side won for Bitcoin.” Others expressed disapproval with remarks like, “It’s pathetic!” and “I’m shocked that Americans just voted for Hitler.” One friend said, “You were lucky to find safety in the U.S. as a refugee under Biden’s administration. Refugees and asylum seekers will now face a harder time here, but, hey, it’s still good for your Bitcoin.” Many of these friends work in high-level corporate jobs or are university students.

As a Green Card holder, I was not eligible to vote, but I recognize their huge disappointment in seeing their preferred candidate lose. Their frustrations were directed at me because they know I support Bitcoin and work in the space. I understand that making me a scapegoat says less about me and more about their limited understanding of what Bitcoin’s value represents.

I’m aware that in this highly polarized political landscape, ideological stereotyping becomes evident—not only during election season but also in spaces where innovative thinking should be encouraged. A prime example of this ideological bias occurred during the Ohio State University commencement, where Chris Pan’s speech on Bitcoin was largely booed by students attending their graduation ceremony. I admire the courage it took to stand firm in front of over 60,000 people and continue his speech. My guess is that most of these graduating students have never experienced hyperinflation or grown up under authoritarian regimes, which likely triggered an “auto-reject”’ response to concepts beyond their personal experience.

I’ve encountered similar resistance in my own unfinished academic journey; during my time at Georgetown, I had several unproductive conversations with professors and students who viewed Bitcoin as a far-right tool. Once a professor told me, “Win, just because cryptocurrency (he didn’t use the term Bitcoin) helped you and your people in your home country doesn’t make it a great tool—most people end up getting scammed in America and many parts of the world. I urge you to learn more about it.” The power dynamics in academic settings often discourage open-minded discourse, which is why I eventually refrained from discussing Bitcoin with my professors.

I’ve learned to understand that freedom of expression is a core American value. Yet, I’ve observed that certain demographics or communities label anyone they disagree with as ‘racist.’ In more extreme cases, this reaction can escalate to using influence to have people fired, expelled from school, or subjected to coordinated cyberbullying. I’m not claiming that racism doesn’t exist in American society or elsewhere; I strongly believe both overt and subtle forms of racism still persist and are well alive today.

Although bias and inequality remain widespread, Bitcoin operates on entirely different principles. Bitcoin is borderless, leaderless, and accepting of any nationality or skin color all while without requiring any form of ID to participate. People in war-torn countries convert their savings into Bitcoin to cross borders safely, human rights defenders receive donations in Bitcoin, and women living under the Taliban get paid through the Bitcoin network.

Bitcoin is not racist because it is a tool of empowerment for anyone who is willing to participate. Bitcoin is not Xenophobic because it gives those forced to flee their homes the power to carry their hard-earned economic energy across borders and participate in another economy when every other option is closed. For activists, often branded as ‘criminals’ by authoritarian regimes, it supports them through frozen bank accounts and blocked resources. For women, enduring life under misogynistic rule, Bitcoin offers a rare chance for financial independence.

Going back to the U.S. election context, Bitcoin not only levels the playing field for people in the world’s most forgotten places and darkest corners, but it also opens new avenues for U.S. presidential candidates to engage with this growing community. President-elect Donald Trump has made bold promises regarding Bitcoin, signaling a favorable policy. In contrast, Democratic candidate Vice President Kamala Harris’s campaign reportedly declined to support the Bitcoin community. Grant McCarty, co-founder of the Bitcoin Policy Institute, stated, “Can confirm that the Harris campaign was offered MILLIONS of dollars from companies, PACs, and individuals who were looking for her to simply take meetings with key crypto stakeholders and put together a defined crypto policy plan. The campaign never took the industry seriously.” I believe this is something most people may be unaware of, and confirmation bias often leads to the assumption that all Bitcoin supporters back every policy of the other side, including potential drastic changes to America’s humanitarian commitments such as refugee resettlement and asylum programs, anti-trafficking and protection of vulnerable populations, and foreign aid and disaster relief.

Most people around the world lack a stable economic infrastructure or access to long-term mortgages; they live and earn with currencies more volatile than crypto gambling and, in some cases, holding their own fiat currency is as dangerous as casino chips, or worse.

The Fiat experiment has failed the global majority. I believe that Bitcoin and Bitcoin advocates deserve to be evaluated on their merits and work on global impact, rather than through the binary lens of political bias, misappropriated terms, or factually flawed yet socially accepted diminutive categorizing, which allows them to opt out of learning and evaluating assumptions.

This is a guest post by Win Ko Ko Aung. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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Bitcoin Onboarding

JIPPI IS POKÉMON GO FOR BITCOIN

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Today’s modern Bitcoin exchanges have drastically improved access to Bitcoin ownership in 2024. Gone are the days of janky peer-to-peer (P2P) trade forums and questionably secure early exchanges like Mt Gox. Instead, a legion of Bitcoin on-ramps focused on superior security and user experience (UX) has made purchasing your first Bitcoin a breeze. Many of these services have even embarked on education-focused initiatives to encourage greater adoption during Bitcoin’s most recent bear market. In November 2023 Swan launched Welcome to Bitcoin, their free introductory 1 hour course about Bitcoin. In December 2023, Cash App released BREAD, a free, limited-edition magazine that uses design to tell stories and educate readers about Bitcoin in a relatable and accessible way.

What these initiatives show is that Bitcoin adoption is approaching a turning point. These two major Bitcoin exchanges, along with the industry as a whole, are discovering that easy access to a smash buy button does not guarantee purchase. Numerous barriers to entry still exist for nocoiners, which provide significant constraints to understanding Bitcoin, and thus throttle Bitcoin’s growth and adoption. As we approach a steeper incline in Bitcoin’s bell curve, throwing novices into exchange apps without sufficient education and cultivation is no longer a strategy for success.

@Vivek4real_

What once was a far simpler task of energizing early adopters and cypherpunks around Bitcoin’s clear value proposition, is evolving into a more complex and convoluted process of orange-pilling the early majority of future Bitcoin holders. This, we hope, will then lead to widespread Bitcoin mass adoption as society en masse chooses to store its time and energy in the best money ever created. For this hyperbitcoinization to occur, more people need to understand the intricacies of Bitcoin. This is easier said than done because Bitcoin still has an education problem:

  • A YouGov survey found that 98% of novices don’t understand basic Bitcoin concepts.
  • A nationwide survey from the Yale Center discovered that 69% of young people find learning boring.

This research outlines the struggle of onboarding and educating the next generation of Bitcoiners, most notably younger generations who have been shown to possess a limited attention span of 8 seconds. For inspiration to help solve this problem, we can look at one of the most popular mobile games of all time… Pokémon GO.

pokemongolive.com

Pokémon GO was and remains to be, a global phenomenon. This beloved app caught the attention of Gen-Z, millennials, and Gen-X alike, boasting record-breaking engagement stats:

We at Jippi believe that the success of this award-winning game can illuminate the path forward for Bitcoin adoption. So we have set upon the electrifying task of building Tribe Clash–the world’s first Pokémon GO-inspired Bitcoin education game. The rules are simple, create or join a Tribe and battle for dominance over a city with your friends by catching a Bitcoin-themed Beast in every Territory.

Each week Jippi will release a new Territory to be claimed. A Tribe member will explore that Territory with their phone, where they will discover a Bitcoin Beast to catch. If they successfully answer all Bitcoin quiz questions correctly the fastest, they will then catch that beast. The Tribe with the most Territories and Bitcoin Beasts at the end of the game will win $30k worth of Bitcoin to be dispersed equally to each Tribe member.

Our vision is for Jippi to become the largest, most popular platform for beginners to gather, educate, and accumulate Bitcoin. We see Jippi as the most accessible on-ramp into the industry, where we can educate a whole new generation of Bitcoiners from novices to experts by lowering the barrier to entry.

You can support the development of Tribe Clash by contributing to our crowdfunding campaign on Timestamp. Timestamp enables investors of all backgrounds to support Bitcoin-only companies and make an impact. Our campaign is open to both the general public and accredited investors, so we would love for you to join us on this journey.

This is a guest post by Oliver Porter. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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