pam on Nostr: There was an interesting experiment Martti Malmi did yesterday by adding currency ...
There was an interesting experiment Martti Malmi (npub1g53…drvk) did yesterday by adding currency converters on zaps.
- The Bitcoin girl in me was meh
- The non-metric girl in me was double meh
- The curious girl in me was surprise to see a value to a note and rather excited
I realised 2 things :
1. this idea of monetary value was what jack (npub1sg6…f63m) was talking abt - on zapping notes
2. My brain hasn’t processed the conversion between money we commonly use, and Sats
We often hodl instead of spending Bitcoin hence interpreting the monetary aspect of Bitcoin into our daily lives is not common yet.
But if we want Bitcoin to be a global currency, we need to step up in building an environment where we can buy and sell commodities and services using Bitcoin, and use it for global trade - export, import
(obv not for NFTs used to pump and dump)
From global trade perspective 80% of global trade ~$30trillion is in USD.
To kick off these massive Bitcoin usage as money, we’ve got to penetrate into industries world wide. We may need on ramp / off ramp in some places initially.
Rule of thumb from ad to sales conversion, it takes 5 views before someone reads, 10 views before they remember and 20 views before they buy. Another rule of thumb says only <5% of eye ball views convert to sales.
Hence it’s not just about building a system, but also on penetrating the market repeatedly and effectively until users adopt.
It was a small thing yesterday, but seeing this value made a big difference. I’m super excited on the future Bitcoin holds.
Keep building and breaking barriers y’all ❤️
- The Bitcoin girl in me was meh
- The non-metric girl in me was double meh
- The curious girl in me was surprise to see a value to a note and rather excited
I realised 2 things :
1. this idea of monetary value was what jack (npub1sg6…f63m) was talking abt - on zapping notes
2. My brain hasn’t processed the conversion between money we commonly use, and Sats
We often hodl instead of spending Bitcoin hence interpreting the monetary aspect of Bitcoin into our daily lives is not common yet.
But if we want Bitcoin to be a global currency, we need to step up in building an environment where we can buy and sell commodities and services using Bitcoin, and use it for global trade - export, import
(obv not for NFTs used to pump and dump)
From global trade perspective 80% of global trade ~$30trillion is in USD.
To kick off these massive Bitcoin usage as money, we’ve got to penetrate into industries world wide. We may need on ramp / off ramp in some places initially.
Rule of thumb from ad to sales conversion, it takes 5 views before someone reads, 10 views before they remember and 20 views before they buy. Another rule of thumb says only <5% of eye ball views convert to sales.
Hence it’s not just about building a system, but also on penetrating the market repeatedly and effectively until users adopt.
It was a small thing yesterday, but seeing this value made a big difference. I’m super excited on the future Bitcoin holds.
Keep building and breaking barriers y’all ❤️