Ever since I started designing for Bitcoin eCash wallets, I've noticed something: Getting eCash feels like there's this extra step the user has to complete: Swapping sats via lightning for eCash. I heard this comparison on the Bitcoin Review podcast once – imagine eCash is like poker chips at a casino. It kind of clicked. We give dollars, get chips; give sats, get eCash. Wondering how to best frame this to the end user. Abstract this extra step away or embrace it? What to name it? "Topping up"? "Exchanging"? I like the erm "exchange" because it suggests a two-way process. Users can convert sats to eCash and vice versa.
Discussion
Maybe straight up "Receive payment"?
I would embrace the different steps. But if it were abstracted I agree, "Receive payment"is nice.
I tested enuts and I think even though it's the same operation , there should be a top up option along with the receive lightning.
Poker chips, arcade tokens, Chuck E. Cheese tokens, etc 😂
The biggest translation is that it’s actually 1:1 redeemable. Do you ever think there will be a time where there will be a premium on cashu tokens given their superior privacy feature, or is this literally not possible in the protocol? I of course am hoping it’s always just redeemable 1:1
Users should be able to set preferences for the amount or percentage that the wallet automatically balances to.
The more steps, currencies, tokens or other things the user has to remember the less likely they will participate in whatever it is you're telling them about.
Agree. From fiat to bitcoin is already a giant leap. From bitcoin to lightning yet another step. From lightning to ecash … think you’ve lost the majority of people.
If you can go from fiat to ecash in one step, that might help but you still have the mental barrier.
I agree as well. However, the moment we transition from fiat to eCash, I believe it opens the door for regulatory enforcement and KYC. The strength of the system is its use of Bitcoin as the unit of account. This is a limitation we must design and build around.
I think a token is a token. I'm personally not for it, but it has its marketing and customer engagement elements in terms of a business's customer loyalty and long term branding contribution for Bitcoin. The terminology of eCash is a simplified way to capture attention. One way you might monetise the business is through partnerships with various Bitcoin clients to build its customer reward loyalty package - is this something up in your alley ?
I don’t know much about monetization, marketing, or business so I can’t really speak intelligently on those things. The reality is that there are limitations to how much bitcoin can scale both on-chain and on L2s. Custodial lightning solutions are here to stay for the time and they’re quite popular with users. Applying eCash mechanism to bitcoin helps solve some major privacy issues in custodial lightning. It’s very cool technology and fun to design.