Jeff - How do you think we get more businesses to accept payments in Bitcoin? There is such a steep learning curve that it takes years sometimes for the average person to understand it, especially when they aren’t deep into Bitcoin Twitter/NOSTR drinking from the firehouse of knowledge. Do we just have to accept the fact the sales process is extremely long?
Discussion
The rails allowing adoption are becoming easier to integrate, and network effects reinforce themselves regionally first. Small communities with all/most businesses on which drives a self reinforcing loop of user adoption.
Thanks. IYO How can individuals accelerate adoption within their local communities? Part of me wants to host BTCPayServer at no cost for all businesses in my community to help and eliminate any cost objections they might have to adopt a Bitcoin standard. Would love to hear what others are doing as well.
I think companies like Fedi, Breez and others will be helpful in making adoption easier but agree with you. Each of us has a role in advancing the world we want to see.
Most just fall into a false belief that their is nothing they can do.
It’s why #Nostr and #Bitcoin is so different and compelling. A community of incredible people driving things forward.
I agree 100% that empowering the community is the way.
Local ~> Global
Nostr is an amazing driver.
#Plebchain 💪
I agree with you that most fall into a false belief that there is nothing they can do. I recently sold my last business and all I can think about now in “retirement” is helping people adopt a Bitcoin standard to build the world we want to see, even if I make no money doing it. It’s one of the most important things we can do IMO. When my kids ask me what I did to help civilization get through this financial crisis and 4th turning, I want to at least say I tried my best.
Maybe you can start a group or hashtag. All I'm doing so far is asking cafes if they accept Bitcoin or Lightning. I think if enough people start doing that, it'll motivate the owners.
I’ve asked a couple places near me. I got tumble weeds lol
I mean a group in here to explore ideas.
But the fact that adoption is slow just means you're early 😁
You asked if they accept Bitcoin, or you asked if you could help? I think it’s all in the delivery and has to be something they can understand in minutes without spending 100 hours studying bitcoin like we have. I’m still trying to find the key that unlocks that moment.
I asked if they accept btc. I brought up the savings on fees and thought that would have been appealing.
That certainly helps. It’s definitely getting more attention and people know it’s possible now; however, they also have a tainted view on what it is, why it’s important, and what it’s actually used for. Need to find the elevator pitch that makes them understand the importance in that quick interaction.
Agreed. Elevator pitch. Five sentences is about three sentences too many for most people.
#orangepill as I see it is 99 percent anarchy or Number Go Up.
We need some thinking dedicated to grassroots action dedicated to practical use for businesses.
There are a lot of problems in broad Bitcoin adoption, but the major one I see is the chicken-and-egg or Catch-22 problem. Why have Bitcoin as a currency if no one accepts it? And why should my business accept it if no one uses it?
One thing I've been exploring is the percentage of *profit* (not revenue) lost to credit card transaction fees.
Example:
300k/year revenue
200k go to wages
50k other expenses
9k credit card processing
41k profit
When you look at it as "3 percent of revenue" it doesn't sound so bad. BUT IT'S OVER TWENTY PERCENT OF PROFIT!". Just for the privilege of accepting plastic, of which charges can be reversed!
Yep - that’s a great way to think of it. What I was planning on doing was writing a short letter with a gift to all businesses I visit (gas stations, restaurants, retail stores etc) saying how much I spend each visit, and how much they’d save just with me paying in Bitcoin. Then highlight another 2-3 key points. It would get lengthy, but something they can read on their own to get them interested to at least have a discussion. I’m going to test with a few and tweak the message to see what works/doesn’t work and report back.
I would think focusing on the consumer would be best. Theylll be the ones asking if the business access btc.