Bitcoin Wallet

‘Users Will Never Be Ready’: Samourai Wallet Drops Fiat Balances For Satoshis

Wilma Woo | Sep 28, 2018 | 21:00

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Cryptocurrency wallet Samourai Wallet has released an update which removes fiat currency balances in a move it says stops users using Bitcoin with a “crutch.”

Users Must Embrace ‘Native Token’ BTC

In a blog post September 28, Samourai revealed its latest 0.98.87 wallet release would no longer feature any fiat references, instead giving users the options to transact in BTC or satoshis (SAT), Bitcoin’s smallest unit.

Explaining the impetus behind the decision, executives said that users would “never be ready” to abandon fiat, but spurring them to do so would make them “understand” what it means to use Bitcoin better.

“We understand this may inconvenience some, it may even be enough to cause us to lose some users, but 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 the Bitcoin network, BTC, and nothing else,” the post reads.

Samourai has sought to create a more independent style of Bitcoin wallet in recent months, rolling out various features to improve privacy and lessen reliance on third parties.

Bitcoin Figures Endorse Dollar Ditch

Reacting to the fiat removal, industry figures praised the idea, Statoshi.info creator Jameson Lopp describing it as “one small step for Bitcoin, one giant leap toward a new unit of account.”

One small step for Bitcoin, one giant leap toward a new unit of account by @SamouraiWallet pic.twitter.com/4czFWUHuQC

— Jameson Lopp (@lopp) September 28, 2018

Azteco founder Akin Fernandez, known by his Twitter handle Beautyon, went further, comparing abandoning fiat as part of a Bitcoin user’s maturation.

“(Samourai) wallet are correct,” he wrote as part of several responses.

Anyone who has had children knows what it means to wean a baby from the breast. They scream for ‘bitty’ but the mother must refuse. Eventually, they eat steak. Fiat is going away, so you must get used to calculating in Bitcoin.

Samourai’s merchant payment gateway Sentinel Watch Only would continue to show fiat balances, it added, as merchants required conversion rate information at point-of-sale.

You can check a recent interview Bitcoinist did with Samourai wallet developer here.

What do you think about Samourai Wallet removing fiat balances? Let us know in the comments below!

Images courtesy of Shutterstock