TLDR:
- Weekly meetups for Rootstock ambassadors to communicate and share ideas
- Growing need for Bitcoin and self-custody amid traditional financial turmoil
- Attractiveness of stablecoins for those new to crypto
- Zimbabwe’s ongoing inflation crisis and the role of Bitcoin
- Rootstock’s Bitcoin-backed stablecoin (DOC) vs centralized stablecoins
- Challenges in stablecoin liquidity and availability
- Importance of self-custody in the Rootstock ecosystem
- Combining the benefits of physical and digital money through Bitcoin and Rootstock
Introduction In this newsletter
we will summarize the key points discussed during the first Rootstock Ambassador Weekly Twitter Spaces, titled “The Value of Self Custody”. We’ll cover the importance of self-custody, the unique features of Rootstock’s Bitcoin-backed stablecoin (DOC), and the current financial landscape.
Weekly Ambassador Meetups
Ambassadors are establishing weekly meetups to communicate and collaborate on various topics related to Rootstock and the Bitcoin ecosystem. The roster of hosts will rotate to ensure diverse perspectives and ideas.
The Growing Need for Bitcoin
With ongoing instability in traditional finance, the need for Bitcoin and self-custody becomes increasingly apparent. Many people outside of the crypto world find stablecoins attractive, but self-custody remains a challenge for them to understand and manage.
Zimbabwe’s Inflation Crisis
Zimbabwe is currently experiencing severe inflation, causing many people to opt out of working due to the rapid devaluation of their money. The Bitcoin Reach group, led by a Rootstock Ambassador, is working to educate people about Bitcoin and Bitcoin-backed stablecoins to help alleviate this situation.
Bitcoin-backed vs Centralized Stablecoins
For centralized stablecoins one must trust that they have the funds they claim, and that the bank has enough funds themselves to cover the deposits. This generates an inherently fragile ecosystem.
Bitcoin-backed stablecoins like DOC have significant advantages over centralized stablecoins like USDC or USDT. With DOC, all collateral is in Bitcoin and fully transparent on the blockchain, eliminating the need for trust assumptions.
Challenges for Stablecoins
The main challenges for stablecoins like DOC are low liquidity and availability. While it’s easy for those familiar with DeFi platforms to create stablecoins, it remains difficult for the average user. However, exchanges like Argentina’s Lets bit have started listing DOC, indicating potential growth in the future.
The Importance of Self-Custody
Self-custody is crucial in the Rootstock ecosystem. Using financial products like Tropykus or Sovryn allows users to have certainty that their funds are secure and that the protocols hold the reserves they claim.
The Best of Both Worlds
With Bitcoin and smart contract blockchains like Rootstock, users no longer have to choose between physical self-custody and the benefits of digital money. They can now enjoy the advantages of both worlds.
The Role of Dollars in the Bitcoin Ecosystem
While some argue for escaping all forms of dollars, it’s undeniable that they represent a valuable onboarding tool for people new to the Bitcoin network. Self-custody of dollars, combined with DeFi capabilities, offers a significant step forward for most people and protection from traditional financial institution failures.
Conclusion
We encourage our community to like, share, and subscribe to stay up-to-date with the latest developments in the Bitcoin world. We also appreciate your feedback to help us continuously improve our services, provide valuable content, and add more value to the ecosystem. Please leave your comments and suggestions below!
You can listen the spaces in spanish here: https://youtu.be/U58fQgigCto
