- Samourai crypto wallet developers remove fiat conversions from their latest update.
- Developers have removed fiat to help users get ready for a crypto-only world.
- Developers have allowed a “final crutch” to merchants only.
The privacy oriented Samourai Wallet has taken what could be the first step towards a world where cryptocurrencies completely will replace fiat currency. The wallet will henceforth not show users’ wallet balances in fiat but their equivalent in leading digital currencies.
Stress Towards “Crypto-only” World
They announced the unexpected move in an official blog post on September 28, 2018. The Samourai development team noted that it was fundamental that cryptocurrency enthusiasts walk the talk when they talk about “participating in the Bitcoin economy” and start a transaction with Bitcoin “and nothing else” in between.
Apart from focusing on the technical aspects of the App, the announcement went on to a more cultural level to welcome new international users and bid farewell to fiat currency. The announcement stated:
“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 that network, BTC, and nothing else.”
By saying “farewell to fiat” the team has removed Bitcoin-to-fiat conversions from their latest (0.98.97) version of the cryptocurrency wallet. The team seems to be aware that this initiative will cause discomfort among users or even cause them to lose a percentage of their market share. The developers have said they firmly believe removing the “fiat cultural crutch” was the right decision to create the right environment for a future where cryptocurrencies become independent of fiat currency. The team stated:
“We are now nearing the end of 2018 and realize that users will never be ready […] this is precisely the reason that within the context of a Bitcoin wallet it is a crutch. We have made the decision that as of version 0.98.87 to remove that crutch. All fiat currency conversions have been removed from Samourai Wallet.”
About Samourai Wallet
Samourai Bitcoin wallet was first launched in 2015 and has been providing Bitcoin conversions since then. The development team said they had noticed the disturbing trend in 2017 when crypto influencers, financial data providers, news outlets and users still referred to Bitcoin transactions in terms of fiat currency and concluded that users will never be ready.
The updated Samourai Wallet version 0.98.87 is already available in Google Play Store for testers and supports 12 languages including Portuguese, Spanish, Russian, Turkish, English, to name a few. They have allowed a little final crutch for merchants:
“We have decided to keep fiat currency conversion within the Sentinel Watch Only app, as independent merchants who frequently use the app and other use cases require the use of a currency conversion function.”