The short answer is… Not really.
The amount of PUTs only account for “SAFE storage” activity. P2P transactions beyond SAFE storage do not trigger PUT activity.
If Safecoin is more spendable, it will have a greater chance for mass adoption.
But don’t worry, we have already brainstormed several solutions to keep Safecoin spendable, should the fiat value rise. We can make change by using the one of following:
- Direct Divisibility… break Safecoin into smaller units.
- SAFE GB… secondary currency, using SAFE storage.
- Tier System… similar to: gold, silver, copper.
#1 (Direct Dvisibility) is the most desirable but could have some drawbacks. It increases the transaction workload on a small Network. We expect this to resolve as the Network grows overtime.
#2 (SAFE GB) is naturally inflationary and its smallest unit of account is nearly worthless. IMO, it’s the easiest to implement. But it also competes with SC as the more spendable currency, just like your M-Pesa example.
#3 (Tier System) uses an escrow solution that freezes Safecoin when converting up or down tiers. This could reduce transaction workload. But it might confuse new people, not familiar with the different Safecoin tiers. It is also subject to different fiat valuations. Gold and silver do not have the same relative value even though their supply ratio remains stable.