A new browser extension is making waves in the crypto community, as it automatically converts the prices of everything on websites into Bitcoin and Sats (the smallest unit of $BTC ). The creator of this utility argues that this is a step towards broader Bitcoin adoption, while also helping users better visualize spending in cryptocurrency, and may even curb unnecessary transactions.
Imagine: A Ninja blender: 84,182 sats. A Lamborghini Aventador: 3.83 BTC. A luxurious five-bedroom apartment overlooking Central Park: 560 BTC. The entire annual income of the highest-paid athlete Cristiano Ronaldo: 2.570 BTC.
Seeing money in terms of Bitcoin and Sats, rather than dollars, can bring a refreshing and sometimes quite humorous perspective. But the creator of this utility says it also helps you realize how much Bitcoin you could accumulate instead of spending on other things.
The #OpportunityCost utility launched on Chrome and Brave Browser on Tuesday, with Firefox compatibility soon to be rolled out. Immediately, it created a lively wave on social media as cryptocurrency enthusiasts rushed to see their favorite products priced in Sats and began to realize how much Bitcoin they had spent on 'silly things.'
This utility was created by Marty Bent, managing partner at the investment firm Ten31 and founder of the Bitcoin-focused media company TFTC (short for Truth for the Commoner).
Bent shared with Decrypt that this utility serves multiple purposes, but most importantly, it is a memetic tool that helps ordinary people understand what he believes the future will look like. 'You can try to explain everything to them. You can grab their shoulders, shake them, urge them to do something. Many people hear you when you do that, but not many listen,' he explains. 'So, I think this app is a good way to help people see Bitcoin and really start to envision what the world would look like if Bitcoin were their money.'
Ironically, this utility launched the same day veteran economist and Bitcoin critic Peter Schiff said he would admit he was wrong about cryptocurrency if everything were priced in Bitcoin. The creator of the utility says Opportunity Cost is a step in the right direction for this to become a reality. 'I don't think many people who don't care about Bitcoin will download it right away,' Bent says. 'But the power of this tool is that it can spread very quickly. Because people who care about Bitcoin will screenshot things priced in Bitcoin, share them, and those outside will see that and hopefully start to have questions about Bitcoin in their minds.'
Although he hates the term 'Bitcoin maxi' (Bitcoin fanatic), Bent understands that most people will label him and his company exactly that. He states that he uses Bitcoin every day as a form of payment, and his company, #TFTC , pays all its employees at least partially in Bitcoin. Therefore, this utility is also a tool to help his employees better understand the prices of the products they are purchasing.
Bent believes that Bitcoin is simply a better form of money to hold and use compared to fiat currency because the dollar is being inflated. For this reason, he opposes the use of stablecoins, cryptocurrency tokens pegged to the value of fiat currencies like the US dollar. 'They are still tied, metaphorically, to the dollar, which is being inflated every year,' he says, referring to Tether, the largest stablecoin issuer USDT. 'Stablecoins are inherently unstable in the sense that they are pegged to a currency that is continuously depreciating. And so, I think you want to hold a better form of money.'
To further illustrate this point, a new feature being developed will show users products priced in less Bitcoin due to the increasing value of Bitcoin, even when similar products are priced higher in fiat currency due to inflation.
By viewing products in Bitcoin, he also believes it could reduce unnecessary spending habits. 'When you shop online and engage in consumerism,' Bent explains, 'it not only helps you assess how much you are spending in Bitcoin but also makes you ask yourself: Would I rather have this piece of jewelry that I am buying online right now, or this amount of Bitcoin?'
He added, 'When you see a four-bedroom apartment in New York City priced at 500 Bitcoin, it makes people question, is that apartment really worth 500 Bitcoin?'
