Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to support this in the way that needs to be done to allow proper accounting.
Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.
I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.
Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to…
I completely agree with your point regarding the decimal precision issue with Bitcoin. I would speculate that Bitcoin adoption is growing and will continue to do so.
What has helped my own experience with Bitcoin is recording the number of Satoshis (or Sats) rather than Bitcoin fractions. It makes the accounting much easier and intuitive.
You may be aware that a Bitcoin is comprised of 100,000,000 Sats.
Have you looked at implementing Sats (rather than Bitcoin fractions) as a foreign currency? This may solve the decimal precision problem.
Daniel Moule
supported this idea
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Dear Mr Blundell,
I completely agree with your point regarding the decimal precision issue with Bitcoin. I would speculate that Bitcoin adoption is growing and will continue to do so.
What has helped my own experience with Bitcoin is recording the number of Satoshis (or Sats) rather than Bitcoin fractions. It makes the accounting much easier and intuitive.
You may be aware that a Bitcoin is comprised of 100,000,000 Sats.
Have you looked at implementing Sats (rather than Bitcoin fractions) as a foreign currency? This may solve the decimal precision problem.
All the Best!