Would You Use Opendime More To Transfer Bitcoin Ownership(UTXO) if They Were $5? \ stacker news ~bitcoin

Would You Use Opendime More To Transfer Bitcoin Ownership(UTXO) if They Were $5?

1464 sats \ 36 comments \ @piecover 3 Feb bitcoin freebie

Opendime is a great way to physically pay/give/receive Bitcoin the bearer asset instrument without on-chain footprint therefore no transaction fees. Rightnow they are listed $69 for 3 on the coinkite store so 23 each, but if that could be droped to a quater of that price would more people use them?

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81 sats \ 8 replies \ @harrr 3 Feb

No, like Casascius coins they seem pointless to me. If the receiver doesn't know about bitcoin I'll probably have wasted $23 and some valuable satoshis. If they care about bitcoin they'd probably already have a wallet I could send to.

49 sats \ 5 replies \ @piecover OP 3 Feb

Maybe they don't want to spend on-chain TX fees nor having to worry about mempool will be in the future if they are only receiving $50 or 100K SATs. If someone is selling you something peer to peer and they would like to have the off line experience cheaply under $5 I think it will worth their time to verify an opendime or learn how it work in a few minutes

103 sats \ 2 replies \ @petertodd 3 Feb

Maybe they don't want to spend on-chain TX fees nor having to worry about mempool will be in the future if they are only receiving $50 or 100K SATs.

It's a lot less risky and a lot more convenient to accept a Lightning payment in most circumstances, even if you're using a custodial wallet. Properly checking that an opendime actually has BTC on it is pretty inconvenient. And you have the problem of fixed denominations that are unlikely to match the amount you actually want to transfer.

0 sats \ 1 reply \ @piecover OP 3 Feb

Fair

0 sats \ 0 replies \ @piecover OP 3 Feb

Again it's not for everyone but it would it's a great physical Bitcoin experience

3 sats \ 1 reply \ @harrr 3 Feb

if they are only receiving $50 or 100K SATs

The problem is that you can't load $50 onto the device, the fiat value will be volatile. Once we have hyperbitcoinization and denominate value in bitcoin, something like the opendime might be more useful.

I think it will worth their time to verify an opendime or learn how it work in a few minutes

Yeah, but they could also install a lightning wallet and receive coins in a few seconds. Granted, it would be custodial, but for a first time bitcoin user they probably wouldn't know the difference anyway.

0 sats \ 0 replies \ @piecover OP 3 Feb

You can load more than $5K worth of bitcoin on them(not recommended) but still, if you care about holding your own utxo. But you're right though, lightning is definately a better option for newbies and ease of use experience, we can use things like bolt card, Sats card

0 sats \ 1 reply \ @piecover OP 3 Feb

You think?

3 sats \ 0 replies \ @harrr 3 Feb

I do, therefore I am.

13 sats \ 3 replies \ @KLT 3 Feb

This older post below lists some great use cases for Opendimes that are worth bringing up again. I think there’s a great use case where you can have 1 million sats on an Opendime, maybe less and you use it to pay for something between you and that person, privately. What if they don’t break the seal and they just keep the 1 million sats on there. They could then reuse the same opendime, just like cash. Passing it around. You could have an opendime with 250k sats, 500k sats and so on.

https://medium.com/@beautyon_/exquisite-opendime-ad1195a2790e

Here’s an interesting quote:

"Thinking about this OpenDime future, old OpenDimes could accumulate quite a bit of money as they are passed from one person to another, paying for goods and services. Imagine a story, “The Life and Times of an OpenDime”, a little like The Yellow Rolls Royce. The first use is to buy a bicycle, the tongue is not broken, but instead the device is re-used to recycle the OpenDime. The next purchase is a refrigerator. The buyer tops up the OpenDime before he pays with it. The tongue is not broken. The next purchase is paying six months rent for an office… and the tongue is not broken... and so on and so on, until that same OpenDime is used to buy an apartment in London for £30,000,000. Then it might be broken. Who knows?"

40 sats \ 2 replies \ @piecover OP 3 Feb

That's excellent, that's where I was trying to get to with this. You can use it like a bitcoin physical cash money

3 sats \ 1 reply \ @KLT 3 Feb

Exactly! Because of the cost of a few opendimes, it’s not worth doing it for low value transactions but the fact that the same opendime could be used over and over just like physical cash, I feel like like it could have a lot of great use cases. If I needed to buy something for 400k sats. I had a 500k sat opendime, I could give you the opendime and you give send me 100k sats change over lightning. Put the opendime in one of those metal tubes to keep it safe, rinse and reuse.

0 sats \ 0 replies \ @piecover OP 3 Feb

Exactly

3 sats \ 1 reply \ @OriginalSize 3 Feb

Bought some as souvenirs of the journey but don't plan to use them. I like them but can't see explaining them over and above Bitcoin itself. They should make collector's versions.

50 sats \ 0 replies \ @piecover OP 3 Feb

I like usb stack feeling of using and old usb from back the day, but also it could a cheaper alternative to hardware wallet if you know what I mean. No manufacturer wallet app/sofware interface that an upgrade every month, just a pub key and a priv key, you can fund as much as you like but withdrawing means a wallet distroy(technicaly)

3 sats \ 3 replies \ @OT 3 Feb

Probably yes.

I'd have to think what I'd use them for though..... Is gifting bitcoin its main use?

0 sats \ 2 replies \ @piecover OP 3 Feb

You can use them to buy or sell stuff too if you like

3 sats \ 1 reply \ @OT 3 Feb

Only if the product is the same price as the sats on the open dime.

I guess if it is more the seller could just pay the change in LN.

0 sats \ 0 replies \ @piecover OP 3 Feb

I view it as water bottles, the bottle price is built in the grand total

3 sats \ 1 reply \ @nicosey 3 Feb

Price is fine, just limited use cases.

www.mercurylayer.com is literally called virtual open dimes. Interesting to see if that could evolve to support more use cases...

0 sats \ 0 replies \ @piecover OP 3 Feb

Mercury is interesting but still not shipped yet imo, I downloaded it but super slow maybe doing something wrong, but we need all of these stuff for Bitcoin to evole/apeal to everyone

3 sats \ 3 replies \ @senf 3 Feb

You can get a satscard for $7.

0 sats \ 2 replies \ @piecover OP 3 Feb

Sure, that's still too expensive imho, it would to be at most $1 for a meaningful adoption impact

3 sats \ 1 reply \ @senf 3 Feb

You can withdraw from them ten times when owners have decided that just physical ownership isn't enough. I think that's pretty reasonable for the price, effectively $0.70 per withdrawal.

10 sats \ 0 replies \ @piecover OP 3 Feb

That's a good deal

3 sats \ 1 reply \ @joda 3 Feb

They are a cool product but no. The amount I would put on it to give to a noob who won't care and might lose it, is dwarfed by the fees they will have to pay in 10 years when they remember that they have it.

0 sats \ 0 replies \ @piecover OP 3 Feb

Fair point

3 sats \ 1 reply \ @BountifulB 3 Feb

Doesn't Cashu solve this 'bearer asset' issue? Although it is non-physical and certainly more experimental at this point.

0 sats \ 0 replies \ @piecover OP 3 Feb

Well kind of but remember, your Cashu money is not a utxo(from the base layer), I was looking at ways you can give more people ownership of bear bitcoin base layer money to move around from one owner to the other. Cashu, Fedi, lighyning are great but with a custodial risk.

3 sats \ 1 reply \ @WeAreAllSatoshi 3 Feb

IDK if I would use them more (or at all, since I haven't), but the price point does seem steep for what it is.

0 sats \ 0 replies \ @piecover OP 3 Feb

Yes I agree, the price is way too high for miningfull usage or adoption. It would have to drop by a factor of 10 or something

3 sats \ 1 reply \ @BlokchainB 3 Feb

My perfect bitcoin physical gift would merge the sats card with the bolt card and you can buy a pack of 50 for like $150.

And then you can use the cards anywhere visa and MasterCard are accepted.

Also load them up to nostr to zap friends and content on the internet

50 sats \ 0 replies \ @piecover OP 3 Feb

That's a smart one too. It has that ease of use visa tap experience buit in. Great!

3 sats \ 0 replies \ @TNStacker 3 Feb

Yup

13 sats \ 1 reply \ @Anonymous_Hodler 3 Feb

Great question. I think it might become a thing to do in the future with more of a global adoption. Market is too young for it yet I believe. Anyway Coinkite stuff is amazing, received the 2 blockclocks yesterday, they are really well manufactured. Quality stuff for sure !

0 sats \ 0 replies \ @piecover OP 3 Feb

100%