I AM SO EXCITED FOR SQUARE BITCOIN DAY ā”ļø
4 days till potentially hundreds of thousands of merchants opt in to accepting bitcoin
Am I overexcited?
Am I misreading this?
SQUARE HAS 4 Million merchants in the US alone. What if 5% opt in?! š¤©
Discussion
Hopefully Square pushes some instruction/education notes to the merchants so they can see the light.
Haha, your excitement is totally justified š even 5% of 4 million is huge! This could be massive for Bitcoin ā”ļø
Looking forward to it as well. Iām excited to see progress toward broader adoption. Less friction and lower fees for businesses at pos is a huge win. Even if most businesses donāt realize it yet, they will soon.
Steak 'n Shake has reported a 50% savings in payment processing when accepting Bitcoin. Anyone know if Square will be passing similar savings onto their clients who choose to opt in?
I think so for the first year 2 years only. Then a 1% fee after that.
Cool. That's a great way to orange-pill merchants into appreciating Bitcoin - hopefully to the point of wanting to pass some or all of those savings onto their customers in order to attract more Bitcoin for themselves. (then, the question will be: does Square make it easy for merchants to choose to do so? e.g. option to automatically provide a 2% discount to the customer for purchases in Bitcoin).
Ultimately, a proper incentive structure should result in all participants benefiting by transacting in Bitcoin rather than fiat.
I donāt think the merchant would pass on the savings to a customer. Mostly because itās a tiny amount (2%) for the customer but thatās a huge amount across all transactions for the merchant.
So the incentive would already be there for the seller to accept bitcoin like what Steak ān Shake has done.
And I believe most Bitcoiners want to support the circular economy more than save 1-2% on a transaction so we are aligned as well.
I think most Bitcoiners would be happy to support a circular economy... but, that's not a very big economy right now. What we need is to convince precoiners that it's in their interest to join that economy. That's not an easy sell to someone who's currently earning 1-2% cashback on their fiat credit - and would instead have to be paying 1-2% or more to CashApp (or whoever) to acquire the Bitcoin in the first place to hand over to the merchant.
PS. If I were a merchant, I would certainly want to pass those savings along in order to attract even more Bitcoin customers.
That would be huge if it happens
Iām the treasurer for my kidsā schoolās booster club. Just received my new stickers with the Bitcoin logos, for the concession stand terminals.
Even if Iām the only one who pays in it by the time my kid graduates, Iām pumped for it!
Has anyone generated any material that we can provide to square merchants with instructions or something? We need to make this as easy as possible for them if we are going to request that they change their settings to accept Bitcoin payments.
I saw Square had marketing material, but I'm thinking about writing an article.
I'm thinking about making bsiness cards with a QR code to this article, but I'm open to better ideas.
Itās up to us to get more merchants on board and only support those that do with our business
Definitely very exciting; continued integration and infrastructure development options are all very much needed for ease of long-term adoption
Us bitcoiiners, if they have dry powder.. Buy to SATs to spend SATs, repeat ( especially if you frequent anywhere that uses Square Terminals)
How easy is it for merchants (or more importantly checkout staff) to enable Bitcoin payments?
It'll be a dud initially like always. I don't make the rules š¤·
When Square flips the switch, Bitcoin becomes everyday money overnight. The domino effect will be insane.
unfortunately i'm not optimistic about the (short term) adoption of this. if i see multiple businesses within driving distance turn this feature on i'd be ecstatic.
Hopefully they have a way to search for merchants that opt in
I have spoken with 2x merchants with square terminals in the last week
A butcher and a cafe
Both the owners confirmed they didnāt know much about the Bitcoin feature being rolled out
So huge educational journey ahead
Also, 1 have some feedback I didnāt expect, which was they were concerned about the reporting. Ie they liked being paid in Bitcoin direct to a lightning wallet of theirs, and they were worried if they started using Square Bitcoin payments, they would be āflagged and investigatedā. It seemed a very valid concern tbh
Lots to be excited about no doubt though
The question is: will their customers want to pay in Bitcoin?
Youāre a pedophile
Steak and Shake had a post about how they were one of the few fast food joints with profit growth (15% quarter growth).
They have Bitcoin front and center on their menu and on the payment choice screen (cash, credit, Bitcoin).
The first thing on the menu is a "Bitcoin burger" with a giant "B" stamped on it.
Most are overlooking that most of these merchants have employees. It is more like some 20 million people could be having the what is bitcoin talk.