We have enough payments protocols. We have not enough companies. Because doing business is scary and uncomfortable.

Thank you. We plan to bring hosted channels, yes.

I think you misunderstood my approach as trying to shill Valet.

I was just expressing a point of view on why merchants may not yet accept Bitcoin via p2p, and then highlighting the need for easy on-ramp solutions that should create a foundation for understanding.

I shared Valet because I think it is a step further than a typical custodial solution or outright constant need to liquidate to Fiat for these merchants.

Respect!!

Hi Anon, check out our not-so-new Lightning implementation called "Fiat channels". This solution allows merchants to actually opt in and not need to constantly swap to fiat currencies.

It enables the creation of a stable value asset on Lightning, backed by Bitcoin. It is an option for merchants who are skeptical about Bitcoin's price volatility (almost all merchants, anyway), but still keep them accepting and transacting with Sats on the Lightning Network, and yes, completely anonymously!!

This solution has been integrated into Valet, a self-custodial, Bitcoin/Lightning wallet. Valet is a fork of the popular Simple Bitcoin Wallet (SBW)

You can read more here

https://standardsats.github.io/ https://github.com/standardsats/fiat-channels-rfc https://github.com/standardsats

Valet is an open-source, self-custodial Bitcoin/Lightning wallet.

There's no shilling. Simply sharing an idea that we know would help advance Bitcoin's use as a medium of exchange.

Everything is completely open-sourced, built right on the Lightning network. It would've been great to see merchants accept Bitcoin directly without worrying about its volatility, but the reality on the ground shows otherwise.

So it is only smart for those of us in the Bitcoin community to find a solution that'd help this cause without compromising a lot of Bitcoin core ethos, and that is what Valet and Fiat channels do.

I implore you to read it, just for knowledge's sake.

Cheers.

It is not P2P, but it sure lays a foundation of understanding. You don't expect people who may not understand Bitcoin from scratch to jump in and start accepting p2p Bitcoin for payment of goods.

It starts with having firms that are willing to help them facilitate it. With time, their understanding and trust in Bitcoin will grow, and many of them will eventually switch to accepting Bitcoin directly.

You can't directly break away from the Fiat system, especially when most businesses, including raw material suppliers, are still largely living on the fiat system.

So there should be a bridge connecting Bitcoin payment acceptance and the ability to run their Fiat-based business. As the awareness grows, the benefits of directly accepting and holding their Bitcoins will becoke clearer and the switch will happen without anyone pushing for it.

We built a tool that now removes the need to always convert to Fiat, but to hold a stable value asset on the Lightning network.

So merchants can accept Sats, the fiat value of the sats they accpeted will be locked in, and at any point, they can also send Sats worth their locked in Value.

All of this happening right on the Lightning netowrk without creating any new kind of tokens or whatever. Purely a Bitcoin backed stable value asset designed to help Fiat-based businesses confidently accept Sats for payment without worrying about volatility.

This solution is currently implemented on Valet, a lightnweight nSelf-custodial Bitcoin and Lightning wallet. Valet is a fork of the popular Simple Bitcoin Wallet (SBW)

Read more about this here: https://standardsats.github.io/ https://github.com/standardsats/fiat-channels-rfc https://github.com/standardsats

Hi Daniel, we'd love to learn more about the activities going on on the ground. We built Valet with Fiat channels Lightning implementation.

It is a simple wallet tool that'd enable merchants to accept Bitcoin without worrying about Bitcoin's price volatility, hence there'd be no need for auto conversion as they hold a stable value asset on the Lightning network and can transact with Sats at all times.

If you don't mind, we'd love to personally get in touch and share more, especially with the Bitcoin communities in the country.

Checkout Valet and Fiat channels implementation here: https://standardsats.github.io/ https://github.com/standardsats/fiat-channels-rfc https://github.com/standardsats

All are completely open-sourced. If you'd love to get in touch, please send an email to valet.donations@pm.me or join our Telegram community here:https://t.me/StandardSatsCommunity, mention that you're from stacker_news, and someone from our team will reach out immediately.

South Africa is indeed speeding up the use of Bitcoin as a medium of exchange. I'm just a bit curious, and I'd love to ask, do these merchants hold BTC, or do the platforms that help them accept it instantly liquidate them?

If you don't mind, we'd love to get in touch personally. We want to learn more about what is happening on the ground, because we have a solution that would incredibly help the adoption of Bitcoin as a medium of exchange, especially for merchant adoption.

Bitcoin is a notification layer in their setup. So high value transaction may have additional options for cancelation like in Valet ♦️ which uses RBF also for canceling onchain transaction. If you assumed that you have sent coins to a friend and it was low fee transaction, you may revert it after realizing that you got scammed.

I have had such case with BitBox in the past. I could have canceled the transaction . Hello @bitbox, when full rbf support.

Yes. This is a cursed place to build a business. Very unfortunate, however people in DeFi figured out some ways.

Nice find. I believe US laws are somewhat stricter in that regard.

Below holy FATF limit 200USD is not really, but then come various new regulations regarding sanctions.

Fiat channels idea is a pro-Lightning idea in the first place. If you don't get it I don't have time to explain.

Don't like Ukraine? Donate to Valet ♦️

Far fetched statement. Even Standard Sats as a project took some damage because of this war.

This is not a bullshit. Valet♦️ is a fork of Simple Bitcoin Wallet. Its developed is on active duty, apparently. Rn not on the frontline but circa 2022 was.

Geyser is a better place for that. And you may report there on how funds spent.

Just post updates here.

It makes sense to me. But then at the VC scale, it does not. Nonetheless they've raised money.

Use Valet ♦️

Utreexo does not address utxo bloat problem but rather makes it easier for light clients.

It sounds like Utreexo