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Samourai Wallet Disables Cryptocurrency Conversion Into Fiat

The developers stated that they had to take the step as a way of changing the mentality of users. However, the team is ready to handle challenges that might face users.


No Fiat Feature on Samourai Wallet

Balances will not be viewed through the Samourai wallet. The team’s announcement is meant to spur mainstream cryptocurrency adoption.

The news was published on the wallet’s website where new international customers will also transact through the platform. The wallet which focuses on privacy is now taking a cultural approach.

The firm said that it is key for clients to learn that when payments are done using bitcoin they will remain under the crypto’s network. The announcement further acknowledged that changes might inconvenience existing clients. The operators noted that some users might lose  market shares. However, they maintained that the move is justified since they want to create an environment where cryptos can run on their own with fiat money.

Samourai Developers Explain Reason Behind Disabling Fiat

The developers added that it is time to classify cryptos just as the normal currency. The developers further highlighted their own understanding when the system was created three years ago. They were sure that users might not be prepared to relate fiat with cryptos during transactions. They stated that as long as the fiat feature existed, then thinking of cryptos independently would not be possible.

The new feature will take effect under the 0.98.87 version. The developers further pointed out that three years later since inception, the mentality of crypto and fiat comparison has not changed.

The team also made a number of updates to facilitate reading of balances. The balance will be in form of Satoshis. The new feature will enable clients to get a good reference in Satoshis from the point they transact. For example, 90,000 Satoshis will be equivalent to 0.0009 bitcoins.

The wallet will be accessible to a number of countries in Europe and Asia. Portuguese, Chinese users are among those who will benefit from the wallet.

Developers noted that the fiat conversion to cryptos will only be available under the Sentinel Watch Only app. It will be used by independent merchants who often use the app.

1 year ago

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