Openstream is covering Bitcoin Amsterdam 2023 as a media partner. This event marks the second instalment of Europe’s biggest Bitcoin conference, catering to those in pursuit of enhanced personal freedom and sovereignty. BTC Inc. CEO David Baley, kicked-off the conference, emphasizing its exclusive focus on Bitcoin. David clarified that it’s not a «Bitcoin maximalist» gathering but a «Bitcoin only» event, urging attendees to concentrate solely on advancing Bitcoin’s cause. He highlighted the event’s foundational ethos, which is rooted in genuine Bitcoin usage and values.
Buying Coffee with Bitcoin
What could be more genuine than buying coffee with Bitcoin? Anywhere on the venue, food and drinks could be paid both in government-issued Euro and in decentralized purely digital Bitcoin. Paying in Bitcoin over the Lightning network is as fast or even a little faster than paying with TWINT, the leading payment app in Switzerland. The big advantage from the merchant perspective is that your payment fee is literally 100 (!) times cheaper, i.e. from my coffee’s 3.55 CHF the restaurant basically keeps all of it when I pay in Bitcoin, just like with cash, but only 3.20 CHF when I pay in Euro.
TWINT vs Bitcoin
| TWINT | Bitcoin | |
|---|---|---|
| Commission | 1.3% | 0.0005 CHF (2 SAT = 0.00014546 BTC) |
| Flat fee | 0.30 CHF | 0 |
| Merchant fees | 0.35 CHF | 0.0005 CHF |
When buying your coffee with a Lightning-enabled Bitcoin wallet, you just scan a QR code as you would do using TWINT, double-check the amount and confirm the payment.
Adopting Bitcoin for all Financial Transactions
Bitcoin Amsterdam aims to accommodate all Bitcoin enthusiasts and their diverse viewpoints. The conference is showcasing innovative ideas and technologies designed to expand Bitcoin’s utility. David encouraged attendees to approach discussions with an open mind, even when faced with differing opinions. The ultimate goal of the event is to achieve complete Bitcoin adoption for all financial transactions, a vision that requires collective effort. David urged participants to find ways to contribute to the Bitcoin community, leveraging their unique skills and resources.
Establishing Trust in Bitcoin
During a panel discussion at Bitcoin Amsterdam, Coingraph journalist Joe Hall, Bitcoin developer, educator and entrepreneur Jimmy Song, and Lightning network protocol developer Rene Pickhardt delved into the intricacies and challenges of Bitcoin and the Lightning Network. Joe highlighted the transformative potential of the Lightning Network for the unbanked, emphasizing the shift from traditional cash systems to digital solutions like the Blink Wallet. However, the transition also raises concerns about safety, privacy, and the broader implications of such a move.
Rene pointed out several challenges associated with the Lightning Network, such as liquidity management and the complexity of routing. He also touched upon the unique nature of Bitcoin, describing it as a permissionless, append-only database. Jimmy, on the other hand, emphasized the importance of time in establishing trust in Bitcoin. As Bitcoin’s history grows, its reputation and trustworthiness will naturally increase, solidifying its position as a reliable store of value.
The panelists also discussed the user experience of Bitcoin software, with Rene stressing the need for improvements to make Bitcoin more intuitive for peer-to-peer transactions. Joe concluded the discussion by emphasizing the importance of addressing Bitcoin’s marketing and reputation challenges. He believes that for Bitcoin to gain broader acceptance, there’s a need for better education and clearer communication about its functionalities and benefits.
Bitcoin Ordinals Night
As the sun set on the first day of Bitcoin Amsterdam 2023, attendees were treated to a mesmerizing Bitcoin Ordinals Night at the Fabrique des Lumières sponsored by Magic Eden, a community-centric NFT marketplace. This venue, renowned for its state-of-the-art digital immersive exhibitions, transforms major historic artworks into living tapestries of light and sound. At this occasion it wasn’t historic artwork, though, but digital art known as Bitcoin Ordinals.
Nestled within a 19th-century historic building, the Fabrique des Lumières provided a juxtaposition of the old and the new, offering a high-quality visual and audio art experience that left me in awe. It was a fitting close to a day filled with discussions on the future of Bitcoin, reminding everyone of the seamless blend of history, art, and innovation.
Another highlight of the first day was Edward Snowden’s talk on Bitcoin which I will cover in the next article.
