Building On Bitcoin With Sats Ledger
Company Name
Sats Ledger
What product are you building
A pair of physical ledgers plus ~45 stickers to introduce kids to the magic of Bitcoin in a risk-free way. We want to Make Saving Great Again.
What does it do?
Kids love things they can hold in their hands, but if you want to introduce them to the wonderful workings of Bitcoin, that usually starts in front of a computer or phone screen.
When I was a kid, I had my own personal savings books, and one of the things I remember fondly was being able to take birthday and pocket money to the local Post Office and getting my account updated by the clerk. They would create a new entry in the book telling my how much interest my account had made since the last time I called in, and I'd get a kick from seeing my small stack of savings grow. That was my first introduction to 'number go up' - and it made me motivated to save more. So I figured it might be cool to offer kids that same kind of experience with stacking sats, whilst gently introducing them to some of the core principles of how Bitcoin works.
Working with a 'Bitcoin Buddy' (usually the parent or relative who gifts the child the Sats Ledgers), the child records in their copy of the ledger all the tasks/activities/achievements/chores that they have completed and earned sats for. Because the ledgers are identical, the Buddy does the same, which means the child starts to understand how distributed record-keeping keeps parties honest (and prevents them from being cheated out of their money!) and also helps them to build 'proof' of their work over time. The Bitcoin Buddy keeps the actual sats earned safely in cold storage for the kid so that they are not exposed to the potentially traumatic risk of private key loss.
When the child has completed a page (a 'block') they get a bonus 'block reward' - which is cut in half at the midway point in the ledger where we also explain the halving process! There is a difficulty adjustment at the end of each block, allowing the kid and their Buddy to discuss whether tasks should be easier or harder in the next block. It's pretty straightforward, but provides a useful anchor for animated discussions around a variety of Bitcoin concepts.
Why do you think we need it?
Bitcoin can be tricky for kids to get to grips with. Sats Ledgers aim to make that process easier and more fun. We all know the adage of "starting 'em young" - it seems society has forgotten this when it comes to teaching kids about money - heck, many adults still don't even understand it, because it is never taught in school or really talked about on TV. So it's up to us to teach them - and as Bitcoin enthusiasts, we can give them a head-start in their understanding of money and the role it plays in society. Sats Ledgers are just one way of helping kids to adopt a Bitcoin standard from the get-go.
Who is involved?
My friends @BitkoYinowsky provided expert graphics help on the logo and ledger layouts, and @Volker_BTC & @SoulExporter generously translated the ledgers into German.
Two local printing companies here in the UK print the physical ledgers and stickers. I take delivery of them, and then my kids help me put them together into packs before we shrink-wrap them for delivery. They do a good job of organising the workflow and dividing their labour, and it's a great way for them to earn sats :)
What made you decide to start this project?
I made version 1.0 of the ledgers using two notebooks I had lying around at home so I could use the concept with my kids. I figured that making it a 'proper' product and adding stickers would create a much better experience, and so creating something market-worthy just came from there. I loved the idea of giving other families the same solution and helping Satoshi's fire spread in the minds of kids.
The friends I’ve made and messages of thanks I’ve had from some of my customers have made the project worth it alone. It’s been a humbling and life-affirming experience and I'd encourage anyone to go for it if they have their own idea for a project - you never know where it might take you.
How does this service/product add value to the bitcoin space?
I guess the main value is that it helps onboard new Bitcoiners to the network in a fun way that doesn’t risk the horror of private key loss. What I wasn't expecting to hear from some users is that their usage of Sats Ledgers has resulted in their families being brought closer together - by encouraging joint-activity, memory-making and reflection. The ledgers seem to have acted like a family journal of sorts. I never expected that, but it is easily my favourite outcome from the project. I do believe that Bitcoin and Family are found at the intersection between sound value + sound values, though - and that we build a better world with both.
Why are you building on Bitcoin versus on a shitcoin or creating your own shitcoin?
"Come on, maaan!" ~ Joe Biden
What has been your biggest challenge building on Bitcoin?
Getting from Zero to One. When you start making something, you realise that ideas are 10 a penny - execution is everything, and executing well takes focus, time and a lot of energy.
Making seemingly complicated Bitcoin concepts easy to understand can also be tricky, but I enjoy doing that. It makes me think and challenges me to question whether I really understand something.
Finally, creating something new also causes a little self-doubt - especially when you know your customer base is smart as hell. Is the product needed? Will people like it? There's only one way to really find out and that's to offer it and see what the market thinks! You get it wrong? Great - you learned something and can try again. In the words of Calvin Coolidge, "press on!". You can achieve whatever you want if you simply vow to not give up.
Where can people learn more about this?
SatsLedger.com and @satsledger
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