Perhaps I'm mid curving this but I don't understand the significance of this. Who is gonna pay a bitcoin invoice that doesn't already have sats?
Discussion
every person who uses cash app and every merchant who wants to save on fees and enjoy instant settlement.
credit card companies dealt a death blow this week. expect the wartime atrocities to intensify
🙄
the payments are going over the bitcoin network. That is enormous news. Don't let the "dollars" on either end discourage you.
Bitcoin's success has to come from both ends and meet in the middle:
[best money for individuals to stack and hold] | [best money for settlement and transfer].
In truth, it's one coherent thing that will ultimately be unified, but chronologically the incremental adoption chunks it up into different value propositions like that.
It won’t succeed
what won't, in what way?
If you mean "people just won't use it", I agree that is a definite possibility. If you mean "bitcoin as payment rails won't succeed" then we're pretty far apart and I'd like to hear your reasoning.
normies are coming
ok but for the customer, what is the actual use case. the customer doesnt pay fees when using a credit/debit card. the target audience of this feature is people who understand bitcoin but dont want to pay with it, paying a merchant who primarily wants to accept bitcoin. what's the addressable market? a few thousand people, maybe?
- merchants may offer incentives to customers to use this payment method as it saves them credit card processing fees
- some customers might enjoy the ideological appeal of sticking it to the credit card companies (I dunno, run a No Kings day promo)
- yes, people who understand bitcoin but don't want to pay with it
- other ideas that you and I haven't come up with yet because that's how progress works - in layers, as new raw materials for creativity are added, and its always a good thing to have more options for future entrepreneurs (have some humility; do you think you and I have literally all the ideas forever?)
I don't know what the addressable market is, but I do know that each of those bullets increases it, anything more than "zero" is a net positive for ME, and Square/CashApp must have an estimate that is a **lot** more than "zero" in order to have a net positive for THEM.
simply, i see no way to be anything but optimistic about this development.
Unless something like "super easy UX for non-totally-pure-bitcoin use cases will actually harm pure bitcoin adoption". I am somewhat sympathetic to that angle, but I don't see you going that direction here so I'm leaving it out.
Also, many customers _do_ pay fees, because many merchants build in the credit card fee into their prices.
Just because they aren't aware of the fee doesn't mean they wouldn't enjoy the lower price if they choose a better payment rail.