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Love the idea of saving transaction fees for merchants. But what about the customers spending lightening sats. Is @jack mallers strike app the only app that instant converts fiat to lightening to avoid taxable spending events? Is there a fee from strike for this service? Does cash app do that @jack @miles 🌞 ? Also, even if it’s not a taxable event, do you still need to record the spending events to prove they are not taxable. Do these apps make nice little reports for the tax man? Most normies aren’t gonna spend in lightening if they are constantly concerned about the IRS. Too much friction for most. @BTC Sessions do you have a tutorial for tax free lightening spending at a square pos?
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I like the idea but the devil’s advocate in me thinks it might end up being an extra friction point and even a red flag for some merchants if a bunch of plebs stat nagging them about Bitcoin who get kickbacks for it. But there aren’t a lot of us out there and most of the merchants I’ve talked to in DC have been receptive to the idea.
@miles @jack for the last several years we have been explaining sats to our fiat friends. Let’s make sure it says β€˜sats’ somewhere during checkout since a lot of them have the basic understanding that sats are like cents of dollar. What is the point of confusing normies? I don’t want to have to explain to them every time that Square POS labeling is weird. The amount of human time we are going to waste on this is gong to be ridiculous. Thank you for your attention to this matter!