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Russian ‘Time Capsule’ to Facilitate Inheritance of Crypto Assets

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Russian ‘Time Capsule’ to Facilitate Inheritance of Crypto Assets

Researchers in Moscow are developing a new service that will allow users to transfer digital data to their heirs, including crypto keys. The Russian “time capsule” will be capable of storing and relaying other private information as well such as a record of the whereabouts of valuable items.

Russian Universities to Provide Service Allowing Crypto Investors to Secure the Future of Their Coins

Experts from three Russian universities – Lomonosov Moscow State University, National Research Nuclear University, and Moscow State Institute of International Relations – are working to give crypto holders the peace of mind that their digital assets will not be lost after their death. The service will be based on blockchain technology, RIA Novosti reported quoting Russia’s National Technology Initiative Platform.

The joint team is now creating a website through which people will be able to store the precious information, encrypted and ready to be transferred to the possession of specified persons, the project manager Dmitry Izvekov explained. This can happen only after certain conditions are met and not earlier than six months after the data has been uploaded. The report further details:

[The service] will allow you to securely store digital data and assets – from passwords for social networks to keys to bitcoin wallets.

Subscribers will be able to use the Russian time capsule to also keep photographs, text files, video messages, and even location details for valuable items that can be passed on to heirs in case of an unexpected death, for example. A user will have to send a link to a chosen recipient who must set up their own account in order to gain access to the information. The time capsule will open only on a pre-specified date in the future.

The encrypted data will be stored on Sbercloud, a cloud service developed by one of Russia’s largest banks, Sberbank, and backed up on Dropbox and other platforms. Each user will be allowed to send two capsules free of charge. The creators hope to raise up to 3 million rubles (around $40,000) to finance the project, monetize the service as soon as it gains popularity and offer additional services.

According to a survey conducted last year by the Cremation Institute in the U.S., which has been quoted by the Russian business news portal RBC, 89% of crypto investors worry about what will happen to their assets after they die. Yet, despite concerns that the coins can be lost forever, only 23% of cryptocurrency holders have a plan for their digital money after they pass away.

What do you think about the time capsule service for crypto holders that’s under development in Russia? Share your thoughts on the subject in the comments section below.

American University Of Paraguay To Accept Tuition Payments In Bitcoin

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The American University of Paraguay will accept bitcoin tuition payments, ahead of forthcoming bitcoin legislation in the country.

The American University of Paraguay shared on Twitter that it will accept tuition payments in bitcoin, as well as other cryptocurrencies, beginning on August 1, 2021.

“From August 1, you will be able to pay all your tuition and fees with cryptocurrency,” a translated version of the tweet read. “We take an important step towards innovation.”

The university is one of Paraguay’s most prestigious educational centers and has been in operation for over 30 years. But it is still unclear how the university plans to accept or hold the BTC it receives as tuition payment on a technical level, but it has not indicated any plans to liquidate the bitcoin upon receipt.

Bitcoin Adoption, Legislation In Paraguay

The new move, which is part of the university’s program of innovation and modernization, adds a new facet to a bitcoin legislation bill to be outlined in the country in July.

According to Paraguayan deputy Carlos Rejala, the country plans to legislate bitcoin as a medium of exchange in its commercial sector next month. Rejala also said that whether the bill it plans to present will seek to make bitcoin a full legal tender in the country or not is still uncertain and yet to be defined.

Paraguay’s most prominent entertainment group, Grupo Cinco, has also demonstrated interest in accepting bitcoin and other cryptocurrencies. The company will allow its 50,000 monthly customers to pay with bitcoin at its 24 outlets, including restaurants, nightclubs and pubs. In addition, as more companies and organizations begin accepting bitcoin, the more likely it becomes that the bitcoin bill will pass in the country’s congress.

“We are talking about leading Paraguayan entrepreneurs who have a lot of influence over the youth,” Rejala said. “This is extremely important because it will be much easier for my fellow deputies to support the bill if there is social support at a local level.”

Paraguay is following El Salvador’s steps and seems on its own path to officially become a bitcoin supportive country in less than a month. If the proposed bill passes, it will set the stage for Paraguay to welcome bitcoin businesses, entrepreneurs and even miners.

University Of Pennsylvania Receives Anonymous $5 Million Bitcoin Donation

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The University of Pennsylvania received a $5 million donation in bitcoin to support financial innovation at its Wharton business school.

Per an announcement from the University of Pennsylvania, the school has received “a new anonymous gift of $5 million in the form of Bitcoin — the largest cryptocurrency gift the University has ever received.” The donation will go to support innovation in finance for the university’s Wharton business school.

“Facilitated by NYDIG … the landmark commitment will support the growth of programs within the Stevens CEnter for Innovation in Finance at the Wharton School,” according to the announcement. “By engaging students with Wharton faculty and financial institution leaders, they become immersed in learning about the digital currency ecosystem.”

The Stevens Center for Innovation in Finance was established in 1991 as “a top entity for education and research in the field of fintech,” the university said.

The university’s president, Amy Gutmann, expressed delight at the school being the recipient of such a gesture. Gutmann noted that the nature of philanthropic giving is changing and that the university will continue to seek ways to make a difference in the world.

“As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world,” she said, per the announcement. “At the [Stevens] Center, the intersection of finance and technology is being reinvented through research, exploratory projects, and engagement with industry leaders.”

Bitcoin Will Make You Rich, Not Attending A University

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There’s an opportunity cost in every decision you make, but choosing to pay a university over buying bitcoin could cost more than you think.

There is an opportunity cost in every decision you make in life. Some are bigger than others, but there is one I’ve seen way too many people fall for, and that is earning a degree at a university instead of buying bitcoin.

Attending a university today is extremely expensive and is pushed onto kids so hard that it’s almost predatory. Most kids don’t have the money to pay for it so they’re incentivized to take on debt to attend, and this often backfires on students. Degrees don’t guarantee jobs, and many young adults are left jobless, with debt and no direction in life.

As a college dropout myself (backed up by my bitcoin friends who also dropped out), I can confidently say that accumulating bitcoin and working on your passions is a much better use of your time and money than attending a university. Don’t believe me?

Let’s crunch some numbers.

Cost

Take, for instance, James Madison University, a university in my home state that I was planning on attending but I eventually turned it down.

If I would have attended this University straight out of high school and the annual cost (in state) would be $26,726 for tuition, room, board, books, travel, personal costs and loan fees. After a bare minimum of attending the school for four years, the cost would total more than $106,904.

Source

The price of bitcoin was $6,537.74 on July 5, 2018 via price by date, the day students would start paying their schooling costs. If you would have invested that year’s cost of $26,726 into bitcoin on that day, you would have netted 4.08796951 BTC, which, at the time of writing, is worth $235,285.28. If you would have invested the cost of all four years on that day, that would have netted you 16.351828 BTC, which, at the time of writing, is worth $942,846.40.

Both that 4.08796951 and that 16.351828 BTC are way more money than most people will ever see in their lifetimes. To accumulate this much of a limited supply asset is a once-in-a-species opportunity that is wasted by nearly every young person.

A 20- to 21-year-old with that bitcoin could just sit on the BTC for the rest of their life and outperform most, if not all, of their colleagues who got a degree (or degrees) from a university. They could even take some of that bitcoin, develop a product or sell a service by starting a company, in hopes to provide value to their society. Having more wealth opens your options in life tremendously, and gives you the freedom to explore your passions. This is something that university students don’t get to experience. It’s a much better way to start your adult life than to be shackled in debt with no money and no real sense of direction in life.

Many who can’t afford that upfront cost always have the opportunity to attend college and use their student loans to buy bitcoin, which makes you able to afford this. But that can be uncomfortable for most, so even if you don’t have that money to buy bitcoin off the bat, working a job(s) to buy as much bitcoin as possible still puts you in a position that’s way ahead of everyone else. In the recent couple-year bear market, there was a Zoomer named David on Bitcoin Twitter who was able to accumulate more than two BTC working part-time at a coffee shop. That’s now worth about $116,000 at the time of writing. This savings got him two of the 21 million total supply of bitcoin, and put him on track to be in the 1 percent in terms of net worth.

Bitcoin is currently priced at about $58,000 fewer than three years later. But this argument of accumulating bitcoin instead of paying to attend a university is still valid. The upside and potential ROI for bitcoin is unimaginable to those who don’t understand Bitcoin and the current state of the financial world.

Image via Twitter

 Education

Educating myself online and working jobs in fields that I’m interested in instead of attending a university has been one of the best decisions I’ve ever made. I’m free to express myself and find out what I like and don’t like about different careers. In a university, you learn all about potential careers but you are never really sure if that’s what you want until you try it for yourself — which many students don’t do, they just get the degree and ask questions later. I’ve talked to many people who earned a degree for a career they ended up hating, who wish they never got it. But I’ve never heard someone regret earning bitcoin and being upset at the results that came with it.

The education that you tend to gain in the Bitcoin space is around taking responsibility, self sovereignty, Austrian economics, providing value to society, thinking for yourself and more. Most if not all of this can be learned at just the cost of a phone/computer and an internet connection. You don’t have to pay for any of the required university costs above, this can be all learned for free.

Why pay hundreds of dollars for a single textbook that teaches Keynesian economics, which emphasizes the state at your expense, when you could buy “The Theory Of Money And Credit” by Ludwig von Mises for $12.99 on Amazon? You get a more useful and better book for a fraction of the cost.

I got the education of a lifetime on Twitter and a few other sites. It has allowed me to socialize and network with some of the most brilliant minds in the world and opened up doors I never even knew existed. Since we are so early, there is endless opportunity in the Bitcoin space, just waiting for someone to come and grab it. There are many things about life that you will not learn from a classroom and must learn from a mentor. The Bitcoin space has loads of smart adults who are eager to pass on their knowledge to younger generations, helping them succeed. This is a huge step up from university networking, where you’re just talking with a bunch of kids who also have no idea what they’re doing in life.

All In All

Accumulating bitcoin while pursuing your passions in life is a more beneficial use of time than paying to attend a university. It results in you avoiding any bad debt while saving life-changing amounts of money. This life-changing amount of money then allows you to face any challenge head on and reach your full potential.

The great thing about this is while you’re getting rich and earning life/work experience, your options open up. You wouldn’t need a degree to have a successful career, because you’d have the experience and capital to do whatever you want. And if you do want to get a degree, you can go later, after you’ve made your money and the cost of the degree is cheaper (priced in bitcoin).

There’s a whole world full of opportunities for us to go chase. There is an opportunity cost in everything we do. Some decisions are better than others. Bitcoin gives us the possibility to actually go about life debt free, worry free and financially free. The cost of attending a university stands in the way of that for young adults.

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

Close to 14,000 Google Scholar Articles Mentioned Bitcoin in 2019

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Close to 14,000 Google Scholar Articles Mentioned Bitcoin in 2019

On January 3, 2020, the Bitcoin network officially turns 11 and the technology has transformed the lives of many. Since blockchain’s inception, scholars and economists have rigorously studied and written thousands of academic papers covering the subject. In 2019, there were more than 13,700 academic papers and Google Scholar articles published that mention the Bitcoin protocol.

Also Read: Someone Redeemed a 100 BTC Casascius Bar Worth Over $700K

Academia Loves Bitcoin

On Halloween 2008, Satoshi Nakamoto dropped the Bitcoin whitepaper on the internet and it’s likely he didn’t know how massive his invention would become. After publishing the paper on the Cryptography Mailing List, two months later he launched the network. The technology slowly started gathering traction on the internet and people would hear about it in passing in forums and social media. In 2009, almost immediately after the Bitcoin network’s launch, analysts, teachers, students, and economists took notice of the fascinating protocol called Bitcoin. So scholars began to research the subject regularly creating systematic work and papers in order to increase knowledge of blockchain technology and cryptocurrency solutions. In 2009, there were roughly 83 Google Scholar articles that mentioned Bitcoin and in 2010 the number jumped to 136 academic reports.

Close to 14,000 Google Scholar Articles Mentioned Bitcoin in 2019
Between 2014 and 2019, the number of academic papers online increased by 561%.

Studies involving the subject of cryptocurrency continued to create a great stock of knowledge. Digital currency papers that were published helped establish standards and confirm facts, alongside reaffirming the results of network testing. Moreover, studious researchers wrote papers in order to solve issues with distributed ledger technology. Cryptocurrency papers and academic journals discussed and supported theorems and hypothetical questions as well. In 2011 through 2013 lots of Google Scholar papers called blockchain technology a waste of resources and described how Bitcoin would never last. While other studies published in the early days also detailed how blockchain and cryptocurrency solutions could revolutionize the world of finance. In 2011, there were 218 academic papers on the Google Scholar platform that mentioned Bitcoin, the number doubled the next year, and in 2013 scholarly articles doubled again with roughly 868 that could be found on the browser’s academic application. Since 2014, when 2,070 scholarly articles were found online, the number of academic papers increased by 561% as there are now more than 13,700 Google Scholar articles on the web.

Scholarly Papers About Bitcoin Written by Universities, Governments, Financial Institutions, Central Banks, and Economists

These academic articles stem from well known universities like Duke Law, Princeton, Lund University, Cornell, Cambridge, Lomonosov, MIT, Humboldt, Harvard, Stanford, and Oxford. Not only are popular colleges and ivy league schools involved with blockchain research, but scholarly articles are written by governments, financial institutions, central banks, and economists. Major universities all around the globe now have dedicated research centers, courses with cryptocurrency-related subjects, and special faculties aimed at studying this technology. In 2019, Coinbase published a report that highlighted 56% of the world’s top 50 universities include at least one course that involves crypto or blockchain. Since the San Fransico firm’s first college study in 2018, twice as many students reported that they have taken a blockchain-related course.

Close to 14,000 Google Scholar Articles Mentioned Bitcoin in 2019
On December 25, there are more than 13,700 Google Scholar articles published in 2019 and over 22,000 results between 2009-2019.

Lots of the 13,700 Google Scholar papers online touch upon the subject of Bitcoin in a variety of ways like introductions to cryptocurrency, remittance solutions, smart contracts, and the very basics of distributed ledger technology. Other academic articles are far more in-depth and discuss topics that involve complicated computer networking, but also law, mathematics, economics, and sociology. Some papers consider different types of attacks and vulnerabilities, while other reports are dedicated to the overall improvement of Bitcoin’s infrastructure and third-party applications. Since the advent of the internet, academic publishing has transitioned to a vast online environment and transformative technologies like Bitcoin are well represented in Google Scholar articles published online.

What do you think about the growing list of academic papers and scholarly articles that mention Bitcoin? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Fair Use, Google, and Twitter.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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