The popular Bitcoin platform Samourai has announced that it is removing all fiat currency conversion facilities from its wallet in order to promote the flagship currency.
The move is revolutionary in the sense that Samourai is clearly making a move that many exchanges would like to, but so far have resisted. Samourai appears to be positioning themselves for a future where Bitcoin’s value isn’t measured in fiat terms but as a stand-alone currency. This intent is clarified in the company’s latest statement:
“All fiat currency conversions have been removed from Samourai Wallet. 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 announcement also reminded its clients of its accessibility to a number of alternative language users, with Chinese and French added to its new release. Some 12 languages are now available to cover a range of nationalities around the globe. The wallet is also available in some less commonly spoken languages such as Brazilian Portuguese, Bulgarian and Turkish.
The news that Samourai was completely dumping its fiat currencies reverberated quickly around crypto space with some concern, but the company has made it clear that it’s time for its users to give up thinking about cryptocurrency in fiat terms, which is fast becoming the norm although early adopters may have needed the reassurance of making fiat conversions. Samourai argues:
“In 2015 when we first launched Samourai Wallet… we reasoned that a fiat based conversion rate would be a convenient feature for users who wished to have a rough idea of what their BTC stash was worth in fiat currency at any given time.”
The company asserts that that “crutch” is still a factor, so action was needed in order to educate the crypto community to a new way of thinking about the cryptocurrency’s worth:
“Many news outlets, data providers, prominent persons, and innocent users started to refer to bitcoin transactions in USD terms instead of BTC terms […] We reasoned that ‘Users aren’t ready’ to give up thinking in fiat terms, and with education, they would eventually change.”
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