pull down to refresh

21 sats \ 1 reply \ @spiderman 20h \ on: A Financial Revolution in Kenya’s Largest Slum | Firstpost Africa | N18G bitcoin
Positive development, if it is sustainable.
I am genuinely curious about the price discovery mechanism in these Bitcoin economies. Are prices denominated in sats? Or in the Kenyan dollar and they convert on the fly, which I imagine would be very volatile?
All we need is the circular economy to survive a bear market, till the next halving. If it does, I suspect no participant will accept anything but bitcoin.
write
preview
0 sats \ 0 replies \ @KenyaCoin OP 15h
Prices are going to be in KSh -- the local currency (Kenyan shillings). Usually, at checkout the final total from the register/terminal is entered into whatever bitcoin merchant payments/wallet is used (e.g., Blink wallet), which converts to sats and an LN invoice is produced. https://www.blink.sv/en/merchant-tools
If this is done with just a bitcoin wallet (e.g., Wallet of Satoshi, or Machankura), then the merchant converts, using an exchange rate app, first to USD and then to sats. The buyer then sends to the merchants Lightning Address, or scans a QR code (e.g., zero-value LN Invoice, or scans the QR generated for the transaction from the merchant's wallet).
reply