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 claims it is a step towards the widespread acceptance of Bitcoin, while also helping users visualize their spending in cryptocurrency, potentially curbing 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 provide 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 it on other things.
The #OpportunityCost utility launched on Chrome and Brave Browser on Tuesday, with Firefox compatibility coming soon. Immediately, it created a buzz 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 'frivolous' 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 many purposes, but most importantly, it is a memetic tool that helps ordinary people understand what the future he envisions may look like. 'You can try to explain everything to them. You can grab their shoulders, shake them, urge them to do something. Many people will listen to you when you do that, but not many will hear,' he explains. 'So, I think this app is a good way to help people see Bitcoin and really start to visualize what the world would look like if Bitcoin were their money.'
Ironically, this utility launched on the same day that longtime economist and Bitcoin critic Peter Schiff stated that he would admit he was wrong about cryptocurrency if everything were priced in Bitcoin. The creator of the utility said Opportunity Cost is a step in the right direction for this to become a reality. 'I don’t think many people who aren’t interested in Bitcoin will download it right away,' Bent said. 'But the power of this tool is that it can spread very quickly. Because people interested in Bitcoin will screenshot things priced in Bitcoin, share them, and those on the outside will see that and hopefully start having 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 as such. He says 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 buying.
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 speaking, 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 tied to a currency that is continuously losing value. And so, I think you want to hold a better form of money.'
To illustrate this point further, a new feature in development will show users products priced in less Bitcoin due to the increasing value of Bitcoin, even if similar products are priced higher in fiat currency due to inflation.
By viewing products in Bitcoin, he also thinks it could reduce unnecessary spending habits. 'When you're shopping online and engaging in consumerism,' Bent explains, 'it not only helps you assess how much money you're spending in Bitcoin, but it also makes you ask yourself: Would I rather have this piece of jewelry I'm 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 forces people to question whether that apartment is really worth 500 Bitcoin.'
