Bitcoin Could Free Us From KYC AML Processes

https://bitcoinnews.com/world-running-on-bitcoin-kyc-aml/

KYC AML procedures are risky and cumbersome. The collected data is a liability and evidence for the efficiency falls short. Bitcoin may fix this over the long run. An article by Pierre Corbin.

Imagine a future world where Bitcoin has become the primary currency used for financial transactions. This world is radically different from the current one, as traditional processes of Know Your Customer (KYC) and Anti-Money Laundering (AML) have undergone a transformative change. Financial institutions and businesses no longer require sensitive personal information to verify the identity of their customers. Instead, they rely on the transparency and immutability of the Bitcoin blockchain to establish the legitimacy of transactions and users.

A New KYC AML System on Bitcoin?

The new KYC system has eliminated the need for manual identity verification, reducing the time, cost and effort required for businesses to comply with regulatory requirements. This has been made possible by the transparent and immutable nature of the Bitcoin blockchain, which allows for transaction information to be publicly available, ensuring that all parties are held accountable for their actions.

One of the most significant benefits of this new system is the ability to detect blacklisted addresses. If a wallet has a record of transactions with blacklisted addresses, it can be flagged as potentially fraudulent. Financial institutions and businesses can quickly and easily identify and prevent suspicious activities, thereby protecting themselves and their customers from fraud.

Different organisations may have varying requirements in terms of blacklisted addresses due to local laws and regulations. Depending on the services an individual needs to access, he could choose to use a different wallet address to be verified. This provides users with greater control over their privacy and ensures that they have access to the financial services they need while still adhering to regulatory requirements.

However, having a wallet that has never interacted with blacklisted addresses is not enough to guarantee the legitimacy of a user. There are several requirements that must be met to increase security, such as an address being in existence for a certain amount of time, having a positive value over a certain amount of time, and not having any transactions with blacklisted addresses. In some cases, it may also be necessary to verify that a transaction did not occur before the address was blacklisted.

This new KYC and AML system has far-reaching implications, particularly in developing countries where access to financial solutions has been limited. With personal information no longer required for verification, it becomes easier and cheaper for individuals to access financial services. The digital identity of users is only based on the Bitcoin address they choose to disclose, allowing for greater privacy and security.

The benefits of this new system are not limited to developing countries. In a world where Bitcoin is the dominant currency, financial institutions and businesses can streamline their KYC and AML processes, reducing costs and improving efficiency. The elimination of personal information from the verification process can also lead to improved privacy for users, allowing them to transact with greater security and peace of mind.

However, there are also challenges that need to be addressed in this future world. Regulatory requirements may still need to be met, and the development of new technologies and processes may be required to ensure the security and legitimacy of transactions. Additionally, the scalability of this new system may be a concern as the number of transactions on the Bitcoin network continues to grow. These challenges require innovative solutions to be developed that address the unique characteristics of the Bitcoin blockchain and its role as a currency.

Bitcoin Could Revolutionize KYC AML

In conclusion, a world where Bitcoin is the dominant currency has the potential to revolutionize traditional KYC and AML processes.

With the transparent and immutable nature of the Bitcoin blockchain, financial institutions and businesses can establish the legitimacy of transactions and users with greater efficiency and security.

Although there are challenges to be addressed, the future of KYC and AML in a world running on Bitcoin is filled with promise and opportunity. It is essential to continue developing innovative solutions that ensure the security and legitimacy of transactions on the Bitcoin blockchain while also ensuring compliance with regulatory requirements.

This will enable the full potential of a Bitcoin-dominated world to be realized, bringing benefits to individuals, businesses, and regulators. Although there are challenges to be addressed, the future of KYC and AML in a world running on Bitcoin is filled with promise and opportunity.

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Do You Even Stream Sats, Bro? On Bitcoin’s Lightning Payments

https://bitcoinnews.com/micro-payments-bitcoin-lightning-network/

The concept of micropayments has been around for a long time, but until recently, it has not been feasible to implement them effectively. Micropayments, also known as micropayments or microtransactions, refer to financial transactions that involve very small amounts of money. They are typically less than a dollar and are used for a variety of purposes, such as paying for digital content or small services.

Micropayments have the potential to revolutionize the way we use money. They can facilitate innovative business models that were previously not possible. For example, they can be used for pay-per-use services, such as paying for individual songs instead of buying entire albums, or for pay-as-you-go access to software services.

However, current payment systems are not well-suited for micropayments. Traditional payment systems, such as credit cards, have high transaction fees and are slow, making them impractical for small transactions. Moreover, they are centralized, meaning that users have to trust intermediaries to process their transactions.

Enter the Bitcoin Lightning network, a technology that promises to unlock the potential of micropayments. The Lightning network is a layer-2 scaling solution for Bitcoin that allows for near-instant and low-cost transactions. It operates on top of the Bitcoin blockchain and uses smart contracts to enable instant payments between two parties.

Lightning works by creating payment channels between users. These payment channels allow users to transact with each other without having to make transactions on the blockchain for every payment. Instead, users can open a payment channel, make multiple transactions, and then close the channel, settling the final balance on the blockchain.

By using payment channels, the Lightning network is able to achieve near-instant transaction times and very low fees. This makes it ideal for micropayments, where speed and low fees are essential. Moreover, since Lightning is decentralized, users do not have to trust intermediaries to process their transactions.

The potential for micropayments over Lightning is not just theoretical. Real-world use cases are already emerging. For example, the Lightning network has been used to enable tipping on social media platforms, such as Twitter and Reddit. It has also been used for micropayments in gaming and online content consumption.

Now, Lightning is being used to enable voting for the best films at the bitcoin filmfest, the first Bitcoin film festival in the world, happening in Warsaw, Poland from the 24th to the 26th of March. The bitcoin filmfest is partnering with Geyser, the bitcoin-only fundraising platform, to facilitate the voting process. Geyser is using its new Geyser Grants model to match every satoshi used for voting one-to-one, effectively doubling the donations made to the filmmakers.

The Geyser Grants model is a novel approach to funding that leverages Lightning’s capabilities for micropayments. It enables users to donate small amounts of bitcoin to filmmakers, who can use the funds to produce their films. By matching every satoshi used for voting, Geyser is effectively doubling the impact of each donation.

In addition to Geyser, the Orange Pill App is also joining the initiative as a partner and contributing to the grants pool. The Orange Pill App is a bitcoin social platform, allowing users to connect with other Bitcoiners. Its partnership with the bitcoin filmfest is a testament to the potential of the Lightning network to enable innovative use cases for bitcoin.

The bitcoin filmfest is a showcase of the potential of bitcoin for the film industry. By using Lightning for voting, the festival is demonstrating how bitcoin can enable micropayments and support independent filmmakers. It is also highlighting the potential of the Lightning network for facilitating micropayments in other industries, such as gaming, social media, and online content consumption.

The use of the Lightning network for micropayments is still in its early stages, but it has the potential to unlock new business models and revenue streams. For example, it could enable new forms of content consumption, such as pay-per-use access to online courses or e-books. It could also enable new forms of micro-funding for startups or small businesses, where investors could provide small amounts of funding in exchange for equity or tokens.

The Lightning network has the potential to revolutionize the way we use money. By enabling micropayments, it can unlock new business models and revenue streams, and enable new forms of content consumption and micro-funding. The bitcoin filmfest is just one example of the potential of Lightning, and we can expect to see more innovative use cases emerge in the future.

In conclusion, the Lightning network is a game-changer for micropayments. It enables near-instant and low-cost transactions, which are essential for micropayments. The Geyser Grants model, which is being used for voting at the bitcoin filmfest, is a novel approach to funding that leverages the Lightning’s capabilities for micropayments, enabling innovative use cases for bitcoin. As the Lightning network continues to mature, we can expect to see more innovative use cases emerge, unlocking new business models and revenue streams.

The post Do You Even Stream Sats, Bro? On Bitcoin’s Lightning Payments appeared first on Bitcoin News.

Bitcoin Film Festival: Celebrating The Intersection Of Bitcoin And Film

https://bitcoinnews.com/bitcoin-film-festival/

The first-ever bitcoin film festival in the world is set to take place on March 24th to 26th, 2023 in Warsaw, Poland. The Bitcoin Film Fest promises to be an unforgettable experience that celebrates the intersection of bitcoin and film. With its unique venue, curated film selection, and exciting lineup of talks and workshops, this event is sure to be a must-attend for anyone interested in the future of both bitcoin and the film industry.

Bitcoin Film Festival Trailer

The venue for the festival is the iconic Kinoteka cinema, located in the middle of Warsaw’s city center, and the major and most recognizable landscape element of Warsaw, the palace of culture and science. It’s a fitting setting for a festival that celebrates the innovative spirit of both bitcoin and film.

What sets this festival apart is that it will be bitcoin-only. No reference to other cryptocurrencies will be made. The decision to accept only bitcoin as a form of payment reflects the festival’s commitment to the principles of decentralization, privacy, and security that are at the heart of the bitcoin community.

The film selection promises to be exciting and diverse, with the best bitcoin films from around the world. Whether you’re a bitcoin enthusiast or a film lover, you’re sure to find something that resonates with you. And if you’re lucky, you might even get to meet the directors and filmmakers behind the movies.

In addition to the films, the festival will feature a series of talks and workshops organized by the European Bitcoiners network and companies such as THNDR, Geyser, and others. These talks and workshops will cover a wide range of topics, from the basics of bitcoin to the latest developments in blockchain technology. They offer an excellent opportunity to learn from experts in the field and engage in thought-provoking conversations with like-minded individuals.

The festival has some great sponsors and partners, including Geyser, ARTE.tv, Filmweb, kinoteka, and others. Their support is critical to the success of the event, and they represent the broader community’s commitment to the adoption and growth of bitcoin.

One of the most exciting aspects of the festival is its inclusivity. The event is open to anyone, regardless of their knowledge or experience with bitcoin. The organizers recognize that the future of bitcoin depends on the community’s ability to engage and educate a broader audience. The festival offers a unique opportunity to do just that.

Tickets for the festival are available for purchase on the festival’s website. You can buy tickets in fiat or bitcoin, depending on your preference. The availability of bitcoin payments is a clear indication of the festival’s commitment to the bitcoin community and its values.

In conclusion, the first bitcoin film festival in the world promises to be a groundbreaking event that celebrates the intersection of bitcoin and film. Its unique venue, curated film selection, and exciting lineup of talks and workshops make it a must-attend for anyone interested in the future of both bitcoin and the film industry. This event offers an excellent opportunity for bitcoin enthusiasts to engage with a broader audience and educate them on the benefits of bitcoin and blockchain technology.

We encourage everyone to attend and support this groundbreaking event. It’s an excellent opportunity to learn, connect, and celebrate the future of bitcoin and the film industry. By attending this festival, you will be contributing to the broader bitcoin community’s efforts to drive the adoption and growth of this transformative technology.

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Long Form: Why Detailed Narratives Are Necessary For Telling Bitcoin Stories

https://bitcoinmagazine.com/culture/bitcoin-needs-long-form-stories

Conveying the real implications of Bitcoin to audiences requires long-format storytelling with a detailed, comprehensive narrative style.

This is an opinion editorial by Pierre Corbin, a documentary producer and director.

Bitcoin, the world’s first decentralized digital currency, has been making headlines for over a decade. Despite its growing popularity, the technology behind Bitcoin is still largely misunderstood by the general public.

In order to increase its global adoption, it is important to build a narrative that explains the purpose and potential of Bitcoin in a comprehensive and engaging manner. This is where long-format storytelling comes in. By telling the story of Bitcoin in a thoughtful and detailed way, people are more likely to truly understand the technology and its impact on the world.

What Is Long-Format Storytelling?

Long-format storytelling is a narrative style that involves telling a story in a comprehensive and detailed manner. This style of storytelling is often used to explain complex concepts and ideas in a way that is easy to understand and engaging. In the case of Bitcoin, long-format storytelling is an essential tool for building a narrative that helps people understand the purpose and potential of the technology.

The Importance Of Storytelling For Bitcoin Adoption

The story of Bitcoin is about more than just the technology itself. It is about the values and principles that underpin that technology, such as decentralization, transparency and security. A compelling narrative can help bring these values and principles to life, making them more tangible and relatable for people. Additionally, storytelling can help to create an emotional connection to the technology, which can drive greater engagement and investment.

Another important aspect of storytelling is that it can help to demystify the technology. Bitcoin is often seen as complex and confusing to those who are unfamiliar with it. A well-told story can help to break down the technology and make it more accessible to a wider audience. By doing so, more people will be able to understand the potential of Bitcoin and how it can impact their lives.

How To Tell The Story Of Bitcoin

There are many different approaches to telling the story of Bitcoin, but it is important to find a narrative that is both comprehensive and engaging. Some of the key elements that should be included in the story of Bitcoin include:

  • A history of the technology, including how it was created and why
  • An explanation of how Bitcoin works, including the underlying blockchain technology
  • A discussion of the values and principles that underpin Bitcoin, such as decentralization, security and freedom
  • A look at the potential impact of Bitcoin on the world, including how it could change the financial system and increase financial inclusion
  • A discussion of the challenges and obstacles that must be overcome in order to achieve widespread adoption of Bitcoin

When telling the story of Bitcoin, it is also important to keep the audience in mind. The narrative should be accessible to a wide range of people, including those who are unfamiliar with the technology. By using simple and clear language, avoiding technical jargon and using analogies and examples, the story of Bitcoin can be made more relatable and engaging.

Sources Of Inspiration

There are many sources of inspiration for telling the story of Bitcoin. Some of the most useful include:

  • The Bitcoin white paper by Satoshi Nakamoto, which outlines the original vision for Bitcoin
  • The history of money and the financial system, which provides a context for understanding the potential impact of Bitcoin
  • The stories of people who have been impacted by Bitcoin, whether positively or negatively
  • The work of experts and thought leaders in the field of blockchain technology and cryptocurrency, who can provide insights into the technology and its potential impact on the world.

With the right story, Bitcoin has the potential to change the financial system and increase financial inclusion on a global scale. It is up to those in the Bitcoin community to continue to build and tell this story in order to drive its adoption and ensure its success.

Some films already do a great job at presenting Bitcoin. Here are some of the best ones, in case you haven’t seen them:

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

Why Long-Form Storytelling is Essential Bitcoin’s Success

https://bitcoinnews.com/long-form-story/

Bitcoin, the world’s first decentralized digital currency, has been making headlines for over a decade. Despite its growing popularity, the technology behind bitcoin is still largely misunderstood by the general public. In order to increase its global adoption, it is important to build a narrative that explains the purpose and potential of bitcoin in a comprehensive and engaging manner. This is where long-form storytelling comes in. By telling the story of bitcoin in a thoughtful and detailed way, people are more likely to understand the technology and its impact on the world.

What is Long-Form Storytelling?

Long-form storytelling is a narrative style that involves telling a story in a comprehensive and detailed manner. This style of storytelling is often used to explain complex concepts and ideas in a way that is engaging and easy to understand. In the case of bitcoin, long-form storytelling is an essential tool for building a narrative that helps people understand the purpose and potential of the technology.

The Importance of Storytelling for Bitcoin Adoption

The story of bitcoin is about more than just the technology itself. It is about the values and principles that underpin the technology, such as decentralization, transparency, and security. A compelling narrative can help to bring these values and principles to life, making them more tangible and relatable to people. Additionally, storytelling can help to create an emotional connection to the technology, which can drive greater engagement and investment.

Another important aspect of storytelling is that it can help to demystify the technology. Bitcoin is often seen as complex and confusing to those who are unfamiliar with it. A well-told story can help to break down the technology and make it more accessible to a wider audience. By doing so, more people will be able to understand the potential of bitcoin and how it can impact their lives.

How to Tell Bitcoin’s Story

There are many different approaches to telling the story of Bitcoin, but it is important to find a narrative that is both comprehensive and engaging. Some of the key elements that should be included in the story of Bitcoin include:

  • A history of the technology, including how it was created and why.
  • An explanation of how Bitcoin works, including the underlying technology of blockchain.
  • A discussion of the values and principles that underpin bitcoin, such as decentralization, security, and freedom.
  • A look at the potential impact of bitcoin on the world, including how it could change the financial system and increase financial inclusion.
  • A discussion of the challenges and obstacles that must be overcome in order to achieve widespread adoption of bitcoin.

When telling the story of Bitcoin, it is also important to keep the audience in mind. The narrative should be accessible to a wide range of people, including those who are unfamiliar with the technology. By using simple and clear language, avoiding technical jargon, and using analogies and examples, the story of Bitcoin can be made more relatable and instructive.

Sources of Inspiration

There are many sources of inspiration for telling the story of Bitcoin. Some of the most useful include:

  • The Bitcoin whitepaper by Satoshi Nakamoto, which outlines the original vision for bitcoin.
  • The history of money and the financial system, which provides a context for understanding the potential impact of bitcoin.
  • The stories of people who have been impacted by bitcoin, whether positively or negatively.
  • The work of experts and thought leaders who can provide insights into the technology and its potential impact on the world.

Long-form storytelling is an essential tool for increasing global adoption of bitcoin. By building a comprehensive and engaging narrative that explains the purpose and potential of the technology, people are more likely to understand the benefits and values of bitcoin, and how it can impact their lives. Storytelling can also help to create an emotional connection to the technology, driving greater engagement and investment. The key to effective storytelling is to find a narrative that is comprehensive, engaging, and accessible to a wide range of people. With the right story, bitcoin has the potential to change the financial system and increase financial inclusion on a global scale. It is up to those in the Bitcoin community to continue to build and tell this story in order to drive its adoption and ensure its success.

There are some films that already do a great job at presenting bitcoin. Here are the best ones:

  1. The Great Reset and the Rise of Bitcoin by Pierre Corbin:
    https://youtu.be/xw9VshkgxJ4
  2. Human B by Aaron Mucke:
    https://youtu.be/RFSBWrAllzw
  3. Comeback Country by Bitcoin Shooter:
    https://bitcoinshooter.com/
  4. Bitcoin Is Generational Wealth by Matt Hornick:
    https://youtu.be/3Rnqst5qCgA
  5. This Machine Greens by Jamie King:
    https://youtu.be/b-7dMVcVWgc
  6. Hard Money by Richard James:
    https://www.hardmoneyfilm.com/
  7. Sly Roundabout Way by Javier Borrayo:
    https://aslyroundaboutway.com/

The post Why Long-Form Storytelling is Essential Bitcoin’s Success appeared first on Bitcoin News.

The post Why Long-Form Storytelling is Essential Bitcoin’s Success appeared first on Bitcoin News.