Curated by blockrev, Sep 30, 2018.
News Source / Quotes: blog.samouraiwallet.com
Respected Bitcoin wallet ‘Samourai’ boldly announced yesterday that their wallet app will no longer display values in fiat currencies.
The blog post started off by introducing the users to the new languages Samourai is available in. The team admitted that they expect numerous international users to download the wallet and join their “movement”, now that their app is available in 12 languages (including Spanish, Portuguese, and Brazilian Portuguese). Indeed, the driver for these additions was that they noticed “increasing dramatically from international user bases with a native translation, usually in places where they need Samourai the most.”
“We believe it is fundamental that our existing and future users understand that when they transact within the Bitcoin network, when they participate in the Bitcoin economy, they are transacting with the token native to that network, BTC, and nothing else.
In 2017 we noticed a disturbing trend within the wider community. Many news outlets, data providers, prominent persons, and innocent users started to refer to bitcoin transactions in USD terms instead of BTC terms. Prominent altcoin proponent Roger Ver noted to his 500k Twitter followers that “TX fees SKYROCKET to $55/TX”, he of course knows better and was maliciously spreading propaganda to further his agenda, but the damage was done.
Since then we have noticed many bitcoin users innocently noting their wallet balance, amounts sent, and miner fees in fiat currency instead of BTC. We spent many hours a week in our support channels explaining to confused and concerned users why they had 8 USD yesterday and 7 USD today. We reasoned that “Users aren’t ready” to give up thinking in fiat terms, and with education they would eventually change.”
We are now nearing the end of 2018 and realize that users will never be ready.
Thinking in fiat currency terms is familiar, but Samurai are ‘removing the crutch’ even if it risks loosing some customers. Samourai understand that this may inconvenience some, it may even be enough to lose some users, but they believe “it is fundamental that our existing and future users understand that when they transact within the Bitcoin network, when they participate in the Bitcoin economy, they are transacting with the token native to the Bitcoin network, BTC, and nothing else.”
The smallest unit of Bitcoin is called a ‘satoshi’ or ‘sat’.
|1 Satoshi||= 0.00000001 ฿|
|1,000 Satoshi||= 0.00001000 ฿|
|10,000 Satoshi||= 0.00010000 ฿|
|100,000 Satoshi||= 0.00100000 ฿|
|1,000,000 Satoshi||= 0.01000000 ฿|
There are 100 million sats in one Bitcoin.
There is a max supply of 21million Bitcoin (BTC), which equates to a max satoshi supply of 2,100,000,000,000,000 (2.1 quadrillion sats).
Now that these changes have been implemented, when you tap your balance in the new Samourai Wallet, instead of the fiat currency conversion, your funds are displayed in satoshi (sats).
Welcome to the future…
To learn more about the amazing Samourai Bitcoin Wallet please head over to SamouraiWallet.com
1 ฿itcoin (BTC) = 100,000,000 Satoshi
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You can download the Alpha Version of the acclaimed Samourai Wallet from the Google Play Store.
Disclaimer: Samourai Wallet is in Alpha Stage of development and is a 'Hot Wallet' for everyday cash spending and not intended to store large amounts of Bitcoin (Hardware wallets are better for substantial amounts). We do not offer financial, legal or investment advice. Please do your own independent research and seek the counsel of qualified advisers. In-Post Picture Licenses on this page: Reuse Allowed. Citation appreciated. Curated by Blockrev Sep 30, 2018. News source: 0.98.87 - Welcome new international users, and saying adieu to fiat currency. via Samurai Wallet Blog https://blog.samouraiwallet.com Originally published Sep 28, 2018.