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 $2.25 and either pays it or reject.
No need for a central rate agreement
Xtr3m3hodl
npub174…mfau3
2024-09-08 08:21:07
Author Public Key
npub1749epjq95kgdher4x4rs3vpnjrthh25kryzntd9c55s6gzd4vzrqzmfau3Published at
2024-09-08 08:21:07Event JSON
{
"id": "0bacef661335fd283b101b29f705173f2c9c8441a6caf46ad0465c51a67fc76c",
"pubkey": "f54b90c805a590dbe475354708b03390d77baa96190535b4b8a521a409b56086",
"created_at": 1725783667,
"kind": 1,
"tags": [],
"content": "Official Exchange rates are meaningless. Anyone can choose their exchange rate and it is dependent on the other party to acceptor reject if the underlying base currency is in Satoshis. \n\nIf user A chooses their exchange rate as 400sat/$ and they have got 5000sats, $8 dollar shows up in their wallet.\n\nIf user B chooses their exchange rate as 450 sat/$ 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. \n\nNo need for a central rate agreement",
"sig": "1336c3396c9132c38c619c6dcd0847294965d57d60eec3a3de5952bd5f13a036d0b7bd28186293fe9470833703be1926e4d0538ce8f3c6b4ac8c18d36f8b6f02"
}