Opinion: Embracing Bitcoin Satoshis for Everyday Transactions

[jspree]

Traditional currencies are struggling to fulfill their roles effectively. Intended to act as mediums of exchange, units of account, and stores of value, these traditional forms of money falter, especially in preserving purchasing power amidst inflation and prevailing monetary policies.

Bitcoin presents itself as a compelling alternative with its decentralized structure, finite supply, and growing acceptance. However, its high value per unit and inherent volatility pose challenges for its adoption as a daily medium of exchange. A potential solution to these challenges is the use of Bitcoin satoshis (sats), the smallest units of Bitcoin, as a metric for everyday transactions. This approach leverages Bitcoin’s strengths as a financial network to create a dynamic monetary system. We need to bridge the gap from Bitcoin as a store of value to a medium of exchange and a unit of account.

Where can we start? By focusing on satoshis as a transactional currency, we could significantly enhance Bitcoin's usability in daily commerce. This shift could mark a significant step towards realizing Bitcoin's potential not only as a store of value but also as a practical, everyday medium of exchange, and eventually as a unit of account.

The concept of money has evolved from tangible commodities to digital transactions over centuries. Despite these advancements, the quest for an ideal form of money—secure, stable, universally accepted, and easy to transact—continues. Bitcoin has addressed many challenges of traditional currencies through its innovative features, but to fully capitalize on its potential, it must become a viable option for daily transactions.

Currently, while Bitcoin excels as a speculative asset and a store of value, its role as a medium of exchange is limited by its high valuation and transaction costs. This restricts its practicality for small, routine transactions. By shifting our focus to satoshis, we could bridge this gap, turning Bitcoin into a more accessible and practical currency for everyday use. How? Sats need to operate on both centralized and decentralized networks. Essentially, sats are the rebranding needed to bridge that gap—sats in your wallet, sats in your expense history.

I'm not suggesting a radical move to use sats as the sole currency. Initially, we need to demonstrate to a broader audience how holding sats can improve the purchasing power of their local currency over time.

It’s not just about enhancing Bitcoin’s functionality but about rethinking what money can be in the digital age. Let's consider how we can make digital currencies like Bitcoin more relevant and practical for everyday transactions.

[un_rank]

Satoshis are still Bitcoins, just in smaller divisions. Infact 1BTC can also be called 100 million sats and 1 sat is 0.00000000BTC, same currency, same utility.

Bitcoin is already being used for everyday transactions. It is limited from global widespread adoption by scalability issues and politics. The world is not looking for a safer, secure, universal or stable currency, different countries are only looking to stake their claim as world powers and use their currency to control trade. It is more of politicking than improving a system.

- Jay -

[Blitzboy]

Its not yet a good idea to pay for your daily coffee with Bitcoin. The network gets backed up, and the fees are crazy. Its bad for business.

Bitcoin is a great long-term investment right now, just like digital gold. All over the world, people are finally getting that. But making it into something its not? Thats not a good move. Could make the whole thing worse.

This "satoshis" idea, maybe there's something there. But we need real changes, not just pretty words. BTC is known for being strong and trustworthy. Let it stay that way for now, and THEN we'll figure out what to do next. There's no need to hurry.

[Ambatman]

Before all this can be fulfilled we should discuss how we can resolve Bitcoins scalabilty issue.
If this persist there's no way Bitcoin would be used to perform day to day transaction especially ones that barely cost a dollar.

Where can we start? By focusing on satoshis as a transactional currency, we could significantly enhance Bitcoin's usability in daily commerce.

I don't understand when a person buys 0.004btc for example,what do you think was bought? Satoshi is already been used that's why you can have decimal Bitcoins.
Bitcoin like money already meets the criteria of divisibility
Satoshi is already what's been used when making transactions.

[Dunamisx]

Traditional currencies are struggling to fulfill their roles effectively. Intended to act as mediums of exchange, units of account, and stores of value, these traditional forms of money falter, especially in preserving purchasing power amidst inflation and prevailing monetary policies.

Upon all the qualities that have been seen with the traditional currencies in the past, we cannot compare that with what bitcoin has come to give to mankind, there is nothing as having ones freedom, this is the liberty everyone would have love to have with fiat over time but all efforts seems abortive because of the governing authorities regulating the use of fiat in the economy, while bitcoin came and shine the light, within it few years of existence, it has achieved beyond expectations.

It’s not just about enhancing Bitcoin’s functionality but about rethinking what money can be in the digital age. Let's consider how we can make digital currencies like Bitcoin more relevant and practical for everyday transactions.

Its now left to us as our choice in choosing whether we want to have our financial economy dependent of the centralized commercial banking system of government or we want to embrace and adopt a decentralized digital currency with bitcoin.

[Kelward]

The fact is that Bitcoin cannot replace fiat currencies, it can only serve  as an alternative to them, because fiat currencies are one of the trademarks of countries so Bitcoin cannot serve as a global currency. As some members have noted in this thread, the use of Satoshi, in Bitcoin transactions has always been there, you can only buy luxury items with one Bitcoin or more, most people that use Bitcoin for payments and investments are in sats. From my research, there are some factors that will discourage the use of Bitcoin for transaction payments, high transaction fees for low cost items, low adoption, risks of scams in transactions, bans in some countries and many businesses don't accept it. Perhaps when the adoption of Bitcoin increases when almost everybody will have a wallet address, then the usage will increase.

[Hatchy]

Most currency that has great potential, has a smaller unit and a way of dividing it. Bitcoin unlike fiat currencies which has their own smaller units, has Satoshi(sats), mbtc, and some other I can't remember. So they have always been a way to divide Bitcoin and so everyone can hold them in smaller units of their choice. Bitcoin brings about financial liberation, a way forward, a means where everyone has authority over his own funds without the need of a financial institution. We are already recognizing some of the things Bitcoin is already doing in many lives and people are using it in different forms, Including store of value, Medium of exchange and many more. It's already seen as a means of transaction in so many countries and by so many people. More people are beginning to adopt this new monetary system and many countries will adopt to it, but it will only take time to do so.

[kryptqnick]

Some fiat currencies are struggling, and some are basically failed projects. However, there are a handful of currencies that are doing okay, with inflation at reasonable level and good reputation as reliable currencies. So I think it's premature to consider fiat currencies obsolete while nearly the whole global economy still relies on them.
Bitcoin is volatile, and Bitcoin transaction fees are volatile as well. Unless you go with a centralized solution, you can't just use sats to counteract Bitcoin's issues. After all, sats are parts of Bitcoin, and if an average transaction fee at some point is $10, it's $10 in both BTC and in sats.

[JollyGood]

I am highly sceptical when reading these types of posts from newbie accounts. I see them as nothing more than attempts at trying to fish for merits but that is another matter.

Tell us about you since you are concerned enough with embracing sats for everyday transactions. How often do you use Bitcoin? How will your usage affect your transaction fees when spending?

~snip~

[Crypt0Gore]

Satoshis are still Bitcoins, just in smaller divisions. Infact 1BTC can also be called 100 million sats and 1 sat is 0.00000000BTC, same currency, same utility.

Bitcoin is already being used for everyday transactions. It is limited from global widespread adoption by scalability issues and politics. The world is not looking for a safer, secure, universal or stable currency, different countries are only looking to stake their claim as world powers and use their currency to control trade. It is more of politicking than improving a system.

- Jay -

There are times where Bitcoin as means of payment is bad for business, you can't use Bitcoin to purchase anything that's is so undervalued right now without paying too much, it is not worth it.

Right now Bitcoin is only good for buying expensive things, because of high transaction fee, which is why I am grateful that altcoins exists in this crypto space too, if any online store is ready to accept Bitcoin as means of payment there shouldn't be any thing stopping them from accepting alternative coins too.

To be honest, I don't use Bitcoin as payment anymore, most online retailers that I use accept stable coins and Tron too, which have cheaper fee, now I have Bitcoin as my store of value and also a way to keep my money out of centralised hidden cameras.

[ABCbits]

While i agree with OP's opinion, it's not really new idea. People have been using satoshi, mBTC and other less common unit when displaying price of their goods or services. Even Electrum use mBTC unit by default. Besides, i expect very few Bitcoiner use Bitcoin to pay goods or services on daily basis. Many Bitcoin owner either only hold or make payment on some occasion (e.g. pay yearly VPN).

[JollyGood]

In all honesty, as the way the situation currently stands, it is impractical to use Bitcoin for everyday transactions simply because of the associated transaction fees. I am still waiting for the OP to explain a little about his personal circumstances which would have been pivotal in his thinking when he decided to create this thread.