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Ripples of Bitcoin adoption at Biarritz’s Surfin Bitcoin Conference in France

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Ripples of Bitcoin adoption at Biarritz’s Surfin Bitcoin Conference in France

A sublime sunset enveloped Biarritz Casino on Aug. 27, bringing France’s largest Bitcoin (BTC) conference to a close. Located in southwest France and organized by French Bitcoin exchange Stackin Sat, Surfin Bitcoin assembled a host of Bitcoin OG’s, newbies and no coiners, those yet to buy or earn crypto, in a setting that would rival any Hollywood film set.

Bitcoiners networked in the hope of learning more about the Lightning Network, landing jobs at one of the many French Bitcoin companies present — from Galoy Money to Découvre Bitcoin — or simply rubbing shoulders with fellow Bitcoin believers. In a touch of bear market irony, as the Bitcoin chips are currently way down, the event venue took place at the illustrious Biarritz Casino. 

From Bitcoin core maintainers to European royalty to naturally CEOs from the largest French crypto companies, the vibe was distinctly French, albeit with a fizzy international influence.

Cointelegraph and Ledger CEO Pascal Gauthier (right) in front of the Biarritz Casino and Biarritz’ Grande Plage.

Bitcoin maximalism was on full display. Panelists and moderators had carte blanche to slamdunk on shitcoiners as hotly anticipated debates compared crypto venture capitalists to gamblers and boasted the merits and queried the limitations of Bitcoin’s layer-2 Lightning Network. Representatives from Aave and various crypto decentralized autonomous organizations (DAOs) expressed their admiration for Bitcoin but held true to their vision of a multi-coin future.

While there were several official commercial announcements during the event, speakers spontaneously stumbled across certain revelations. During a panel on mining, Pierre Rochard of Riot Mining announced his intention to rename mining to “timestamping” to avoid confusion regarding the act of retrieving scarce resources from a physical space. Timestamping would make education easier, he explained, and it’s also Satoshi Nakamoto’s way of explaining mining in the white paper.

Similarly, on the Lightning Network panel, Blockstream’s Christian Decker, also known as Dr. Bitcoin, described the Lightning Network as an “ant network.” In essence, he explained, the LN behaves like an ant colony. Much like a group of ants, the LN seeks out productive areas of activity and congregates in spaces where efficient routes or channel hops can link together.

This was a first for me, a #LittleHODLer gallery section at @SurfinBitcoin I also had the opportunity to create a drawing for the conference that was auctioned off for charity. Thank you for everything @Jhersco @Joss_do_it_BTC and team pic.twitter.com/pNgBhaXbpW

— Lina Seiche (@LinaSeiche) August 29, 2022

Among the workshops and Q&A sessions, European Bitcoin artists such as Lina Seiche, the creator of the Little Hodler, displayed their pieces. Konsensus, a Bitcoin book publisher, sold French translations of popular Bitcoin books for a couple of Satoshis — the smallest denomination of a Bitcoin —in the main hall. The usual Bitcoin t-shirts and merchandise could also be purchased for sats. But, to many Bitcoiners’ chagrin, coffees, beers and refreshments were paid for with fiat money. 

— Joe Hall (@JoeNakamoto) August 27, 2022

Daniel Prince, co-host to the United Kingdom’s second biggest Bitcoin podcast, Once Bitten, told Cointelegraph that Bitcoin adoption at the conference and surrounding area was poor:

“The casino guys are not orange-pilled, they’re only accepting cash or card as payment. Even though, I just asked ‘I wanna pay you guys in Bitcoin,’ but no, they’re not set up.”

Nonetheless, while the waves crashed around the Bitcoin bubble on Biarritz’s La Grande Plage, the waves of Bitcoin adoption were meager by comparison. From interviews snatched with street vendors, merchants, churros sellers and even surfers, Cointelegraph reporters learned that the area was “no coiner” territory. Nobody in the surrounding area had transacted with Bitcoin; no one could accurately describe the cryptocurrency or even recognize the Bitcoin “B” on a t-shirt or conference logo.

There was one exception. The 19-year-old driver of Biarritzs’ sightseeing tour train, Le Petit Train, had a crypto story to share. The train conductor reportedly bought Bitcoin when he was 14 — when the price was around $500 — but sadly, he had lost access to his seed phrase to the 2.36 BTC. He joked that’s why he was working as a train driver over the summer.

The Stackin Sats team hit a dead-end for Bitcoin payments when the mayor of the Biarritz region reportedly halted the conference hall bars from accepting Bitcoin. As such, Bitcoiners were obliged to hodl their coins and spend their euros instead. That didn’t discourage many of the Bitcoiners — including Prince — from orange-pilling local merchants such as taxi drivers and surf instructors. After all, Bitcoin is a grassroots, community-driven movement.

Tonnellier interviewed by Cointelegraph on the terrace.

Josselin Tonnellier, a co-founder of the conference, told Cointelegraph that the French crypto scene is dominated by blockchain companies, not Bitcoin advocates. In an exclusive interview, he lamented that the French fail to discern Bitcoin and blockchain. There there is a lot more education to be done, he said, as “pro blockchain narratives” hinder adoption in his home country

Related: Bitcoin is for those in need, the rest need time to learn: Surfin Bitcoin panel

In an attempt to encourage no coiners, the first day of the conference was free entry. The open day, called “Surfin Day,” enticed locals to dip their toes in the balmy Bitcoin waters. There was a Satoshi-inspired treasure hunt, a surf competition to win Sats and a screening of the popular French Bitcoin documentary, Le Mystère de Satoshi. The day promoted exchange and discussion “between participants of a growing Bitcoin community.”

It appears to have worked. At a surf shop up the street from the conference, local Cécile told Cointelegraph on Aug. 28 that not only did she attend the Surfin Day, but she was inspired to learn more about Bitcoin. “Bitcoin is not as difficult as it first seemed,” she explained in French. Maybe she’ll accept Bitcoin in time for next year’s edition of Surfin Bitcoin.

However, with flagrant reminders that Bitcoin uses more energy than “insert small to medium-sized country here” and that “unhosted wallets” should be banned and faced with grueling Know Your Customer laws, it’s no wonder that Bitcoin adoption in France is slow. The European Union’s stance on Bitcoin is clear-cut: regulation is coming and Bitcoin will be lumped together with every other crypto project.

Bitcoin adoption in France will undoubtedly remain a ripple as the price continues to tread water. To make waves, Bitcoin would require a swell of positive public sentiment or a pro-Bitcoin splash from Macron — France’s anti-crypto leader — or the European Union, which shows no sign of abating its Bitcoin bashing.

— Surfin’Bitcoin (@SurfinBitcoin) August 28, 2022

The Bitcoin Boat, called Sato Boat, set sail on the final day of the conference. Faced with a calm sea and an extended bear market, the Bitcoin adage, “stay humble, stack sats,” springs to mind. Overall, Surfin Bitcoin is “ze place to be” for the French Bitcoin believers, but there’s a lot of work and a heck of a journey ahead for the French Bitcoin scene to achieve greater levels of adoption.

Bon voyage. 

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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