Replying to Avatar SweetSats

Our IRL business offers customers a choice between added 3% credit card fees *on top* OR a 10% discount for bitcoin payments. Considering that most businesses operate on somewhere around a 30% margin or markup, being willing to offer customers a10% discount is basically already cutting any ‘profits’ by 1/3.

On the other hand, I personally believe when it comes to incentivizing #Bitcoin use, the onus shouldn’t be on small businesses at all. IMO it should really fall on #Bitcoiners who want to incentivize bitcoin adoption to be willing to pay MORE in order to convince businesses to accept bitcoin as payment. Flip the tables. We *want* to be able to SPEND bitcoin everywhere and anywhere. The only way to make that happen is to make it worth while for everyone involved.

The more we are willing to spend our bitcoin, the more businesses will accept it, the more valuable it becomes – and the cycle continues.

I know I am personally happy to pay a small mark up to help support Bitcoin-based businesses and services. I’m also glad to offer a discount on my proof of work if you #paymeinbitcoin instead of fiat 🤙
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Joda 1y ago

good points. I think the most important thing is to be kind and patient. Not everyone "gets it" or has the time or interest.

As a customer, I like to just always *ask* any business I'm paying if they accept bitcoin. I don't feel the need to throw them down the rabbit hole. We're still early. Planting a seed and answering questions is my vibe. If they get a couple more customers asking to pay in bitcoin, then they might start thinking about it.

But I've seen quick adoption go poorly. Hard-core bitcoiners talk someone into accepting bitcoin, then they get zero customers paying in bitcoin.

This bootstrapping catch-22 is talked about a lot by the guys who try to start circular economies.

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SweetSats 1y ago

Definitely sounds like the right approach. I always try to ask, "You guys don''t accept Bitcoin (yet), do you?" And if they say No, then just just smile and move on– but planting the seed is enough! If enough people ask, they maybe eventually they will get the bug and do the work on their own to start to look into it.

But like you mentioned, if you really push adoption and convince someone who is skeptical to accept Bitcoin, then they go through the setup and cost of doing it and then no one actually pays with Bitcoin, it can be counterproductive! They feel like they were right to be skeptical.

Baby steps! Plant the seeds, the rest will follow 🌱