Hi - thanks for reading the post. We are fully focused on self-custody - and expanding the number of people who manage their bitcoin that way. We realize there is still a lot of friction for a wider audience of people to move their bitcoin off of custodial exchanges - so this partner integration approach makes it seamless to withdraw your bitcoin from those exchanges to the self-custody wallet. I remember at Mainnet asking a sizable audience of people who regularly use other hardware wallets available today if they still feel anxiety when they make transactions. Many raised their hands. These partnerships are meant to ease that anxiety and make getting coins off exchanges and into self custody the norm.
Discussion
I am sorry, but bitcoins are meant to be spent and transacted. If one feels anxiety doing a transaction and if that anxiety prevents they to transact, I don't see really how they can use Bitcoin. We need to educate people feeling that anxiety, not to reduce the number of transactions they make. I don't really feel like this is a good argument 😅
I agree that self-custody should be the norm, but I don't think using centralised exchanges with KYC should be.
Thank you. Spend as much as you can and participate creating a circular economy
These are very good conversations and how this debate should be. I want to see Bitcoin-only transactions, but the reality is, in my 3rd world country, 80% of import/export transaction is in USD. SEA region has 5/13 highest manufacturing output globally (over 1/2T USD last year) with majority transactions in USD. I’d like to onboard small manufacturers globally and disrupt the hegemony supply chain with bitcoin - easy banking system, easy currency exchange, but security commissions locally are a pain. It might be easier for people to automatically swap USD to a USD pegged onramp/offramp, and get transactions going, while real trade happens with bitcoin. It might also be easier to educate people when they are already Bitcoin users. But I do understand why this can be uncomfortable. I was initially surprised by Block’s announcements. But the more I dived into global trade, I understood the reality is diff.
Lindsay, is there a plan to eventually make this a Bitcoin-only on-ramp/off-ramp? With Brics also in the picture, I can see how Bitcoin-only transactions and a single internet currency would become a mediator for all.