Xtr3m3hodl on Nostr: Official Exchange rates are meaningless. Anyone can choose their exchange rate and it ...
Official Exchange rates are meaningless. Anyone can choose their exchange rate and it is dependent on the other party to acceptor reject if the underlying base currency is in Satoshis.
If user A chooses their exchange rate as 400sat/$ and they have got 5000sats, $8 dollar shows up in their wallet.
If user B chooses their exchange rate as 450 sat/$ then if user B expects $2, they generate an invoice which amounts to 900 sats. User A would see the amount on this invoice as $2.25 and either pays it or reject.
No need for a central rate agreement
If user A chooses their exchange rate as 400sat/$ and they have got 5000sats, $8 dollar shows up in their wallet.
If user B chooses their exchange rate as 450 sat/$ then if user B expects $2, they generate an invoice which amounts to 900 sats. User A would see the amount on this invoice as $2.25 and either pays it or reject.
No need for a central rate agreement