1000 sats \ 0 replies \ @nquiz 11 Feb \ on: Ecash is fiat on steroids, change my mind ecash
You could say exactly the same thing about gift cards, yet gift cards have obvious utility.
ecash tokens should be seen as a 'promise to redeem bitcoin', not a place to store wealth, but rather a way to perform:
- Micropayments
- Offline transactions
- Private payments
If you receive enough ecash tokens, your first priority should be to redeem them for lightning or on-chain in a way that makes sense (for the amount you receive).
ecash does not replace lightning, nor self custody. It is a level 3 that trades security/trust for scalability/privacy.
You wouldn't keep $10m in your pocket. You wouldn't put $10 in a bank vault.
TLDR; You are right, ecash is fiat bitcoin (faith in the mint) and it is quite valid to position it as such. It's not a bad thing though.