Bitcoin First & Bitcoin Only
Philosophy and Focus
Our biggest strength is our focus. We are Bitcoin first and Bitcoin only. Today the cryptocurrency industry is booming with new cryptos and ICOs. Everyday a new blockchain app is born that will revolutionise your favourite industry. We, on the other hand, are only focussed on Bitcoin and its usage as the currency of the internet. We think that the blockchain industry will eventually die and leave behind the only crypto currency that is true hard money. A currency with a strict monetary policy controlled by no one — Bitcoin.
Efficiency
Any distributed system by its very nature is inefficient compared to a centralised one. What you get in return is resiliency. Bitcoin isn’t about efficiency. It is about resiliency against authoritarian regimes and being a stable store of value across space and time that no one can confiscate or destroy by external actions.
Monetary Policy
Bitcoin has a monetary policy set in stone largely due to the disappearance of its founder Satoshi Nakamoto, lending it a dysfunctional governance model without a leading voice. A lot of people view this as a problem. Instead, any attempt at changing the rules has led to a hard fork and such forks usually end up getting forked again.
It is futile, stupid and outright suicide to try and fork Bitcoin as proponents of BCH are recently starting to understand.
Bitcoin — not Blockchain
Blockchain is not a technology. It is a data structure. In the past ten years, we’ve seen only one useful application and that is decentralised money. Money needs a global state that no one can distort and that every single person and institution on this planet can agree on and verify.
We use blockchain — a slow and immutable database because we cannot trust a centralised authority to issue and maintain a global record of payments. We give up Central banks and VISA to get a slow network that lets anybody send money to anyone 24x7 with a currency that only you control.
Money needs the ability to hold value across space and time and have a very low stock to flow ratio. While the math is not clear, it is estimated that Bitcoin will surpass gold in its stock to flow ratio sometime around 2025. The innovation will happen not on Bitcoin but on top of Bitcoin.
Rethinking finance from the ground up
Instead of focussing on creating our own token, we are focussed on leveraging what a decentralised programmable monetary good can enable in a hyper connected world. We have a strong bet on a future where eventually the hardness of Bitcoin as a store of value and it’s flexibility as a programmable currency will lead most people to hold some portion, if not their entire wealth, in it. We want to help you manage your Bitcoins.
Our biggest strength is our focus. We are Bitcoin first and Bitcoin only.
Freelancers are our heroes
Besides these philosophical ideas and our contrarian bet on the industry, our specific focus is on the digital freelancing market. The reasons for this choice are:
- It is expected that freelancers will become the U.S. workforce majority in a decade. We think that’s the future of work.
- Digital freelancers are not bound by who they work for. Delivering their final product takes a mere email. This exposes them to an international clientele and payments become painful. Chargeback and high fees make international invoicing a slow, expensive and painful experience. Bitcoins on the other hand are as easy as handing over cash. We expect digital nomads to switch to Bitcoins for both its hardness as money and flexibility in usage.
- Freelancers are independent. They trade their time in return for payments and don’t necessarily have any third parties to pay e.g. merchants who need to pay their suppliers. In short, the risk for accepting Bitcoins for individuals is very little compared to accepting them as a merchant who has employees and an inventory to manage.
As time progresses, we’ll double down on providing a true and native Bitcoin experience that adheres to its strengths and principles instead of trying to replicate regular fintech products. We will also adapt with times and the realities of the world. We will not choose other crypto currencies simply to have user or revenue growth because if Bitcoin collapses, so will the entire cryptocurrency industry and every other coin with it! We will focus all our energies on the security, simplicity and speed of our products.
If you are a freelancer or solopreneur who wants to invoice in Bitcoins, then head over to Saturn Wallet and give it a try.
