21 sats \ 7 replies \ @agbegin 25 Oct 2023 \ parent \ on: Maybe All you Need is to Ask - Do you Accept Bitcoin? ⚡️ bitcoin
Def have heard this feedback before (I work for Galoy / on Blink). Have been considering some improvements to reduce confusion. Do you have any feedback/preference on the below:
- Call it "Dollars," not Stablesats, making it simpler to explain (of course we can have popup that explains and mentions stablesats)
- Start off accounts with only the Bitcoin account, and allow them to "turn on" a stablesats account if they want to use lightning without the short term volatility of BTC
Awesome onboarding work 💪
- make stablesats optional to main screen
- allow to save contacts that use other wallets
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Good inputs, thanks @Lux
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thanks, and I'm curious why adding Stablesats in the first place, is it meant for merchants who would like to cash out some fiat from sats for their suppliers?
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Yes, so in areas where people come to Bitcoin as medium of exchange first (vs. Store of Value), short term volatility is quite an issue. These folks often don't have a bank account, and using Bitcoin allows them to accept digital payments for the first time.
Stablesats allows somebody to get the benefit of instant, global digital payments without needing to be subject to short-term exchange rate volatility.
Example: Small shop accepts BTC and has to pay their rent or inventory at the end of the week, in fiat. By holding their BTC earnings in Stablesats, they can be sure that a 8% drop in BTC doesn't affect their ability to operate the business.
And it's fully lightning interoperable, so other people have found it quite useful as well. For instance if you are traveling and want to have spending money on hand, you may want to fill your Blink wallet with some sats and not worry if the fiat value of those sats is changing day by day.
Other feedback and/or questions are welcome
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Wrong.
Stablesats are giving a false impression of "stability".
Those people could just simply price everything directly in sats and forget about any fiat price.
Then let the free market decide the VALUE of a product/service in sats.
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Haha just seeing these responses @DarthCoin.
Look, everybody who works at Galoy and on Blink understands that 1 BTC = 1BTC.
The dollar is a shitcoin, but it is the best shitcoin. In US/Europe people say "Buy bitcoin with the intent to hold it for at least 4 years". It's a different context, where Stablesats is useful. People who don't have access to banks, don't have access to dollars, don't have savings, and don't understand Bitcoin (yet). If they earn $30 on monday, they need it to still be $30 on friday when their rent is due. Rather than making them find an ATM or P2P exchange every time they earn money, they can now receive directly to stablesats or convert the amount they want to it.
Also it takes time and energy of local community builders to get a merchant to accept bitcoin, and to get people to spend bitcoin there... Folks have to be quite deep into the rabbit hole before pricing their products in sats at this time.
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