How about giving 2% cashback to increase lightning adoption? \ stacker news ~bitcoin

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How about giving 2% cashback to increase lightning adoption?

424 sats \ 13 comments \ @speed_LN 9 Jan 2023 bitcoin

I wanted to reach out and propose an idea that I believe could help increase lightning adoption among our customers. As you know, merchants typically pay 2.9% + 30 cents for credit card usage and have accounted for this in their business model.

What if we kept the pricing the same for merchants, but offered a 2% cashback to customers instantly for using the lightning network? This way, customers would be incentivized to use the lightning network and could potentially save money on fees.

I think this could be a great way to increase adoption and encourage more people to try out the lightning network. What do you think?

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258 sats \ 2 replies \ @cointastical 9 Jan 2023

What if we

Who is "we"?

Start there.

25 sats \ 1 reply \ @DarthCoin 9 Jan 2023

I think he wanted to say "merchants".

25 sats \ 0 replies \ @cryptocoin 9 Jan 2023

deleted by author

224 sats \ 5 replies \ @DarthCoin 9 Jan 2023

Is not a bad idea. This strategy worked for me few years ago (2017-2018) but in a different way. I made the discount directly on the price, not a "cash back".

I informed all my clients with a letter saying: From now on I will start accepting Bitcoin and gradually drop the use of fiat payments. You could get free courses and support from me if you want to start acquiring BTC and/or accepting it for your business.

If you pay my invoices with a fiat bank transfer, the price will be increased with 5%
if you pay my invoices with credit cards, the price will be increased with 10%
if you pay my invoices with fiat cash, the price stay the same
if you pay with Bitcoin, the price will be discounted with 10%

60% of my clients in few months they started acquiring BTC just as company reserves and slowly start paying me and other employees from those reserves. The rest they just didn't want to use BTC and after 1 year I stopped working with them.

Yes, are hard decisions but we have to go forward not backward to fiat money. Some people would say that is a suicide to stop accepting fiat. Yes, in some cases could be, but sometimes you have to take drastic measures, otherwise we will keep swimming in this shity mud of fiat.

You can also use gradually Bitwage.com, so you could still be paid by fiat maxis but you receive BTC, straight away, without even need of a bank account.

All depends of your level of bitcoin maximalism.

3 sats \ 2 replies \ @jerry 9 Jan 2023

Curious what biz are you in?

97 sats \ 1 reply \ @DarthCoin 9 Jan 2023

Now I am retired. I don't want / don't have to work anymore for a living. My time is dedicated to Bitcoin and help noobs with it.

0 sats \ 0 replies \ @jerry 10 Jan 2023

Cool. What biz were you in?

0 sats \ 1 reply \ @ek 9 Jan 2023

sometimes I imagine you have death stars as balls

0 sats \ 0 replies \ @DarthCoin 9 Jan 2023

https://i.postimg.cc/pT4jY2p9/big-balls.jpg

10 sats \ 0 replies \ @DeltaClimbs 9 Jan 2023

Payment rewards, you invented payment rewards. No one cares.

Have you ever heard a merchant say "gee, I really really wish I could be using Lightning, but I just can't figure out how to motivate my customers to use it, and I don't know what a 'price' is".

As another person mentioned, who is "we"?

When people want something, they will figure it out. At the end of the day, people have all sorts of things they are thinking about and 1-3% fees, though obnoxious, are usually not the top of mind concern, and it will not be a major driver of adoption, especially if you are talking consumer payments.

Not only is it dumb today (not dumb, maybe, just you being a bit new, which is fine), but it will be even dumber in 12 months. The fiat payment rails will be getting much cheaper with RTP TCH and FedNow.

You are making the mistake I see many bitcoin investors making: comparing the state of fiat as recalled by the retail individual (2 years in the past) to the expected state of Lightning 2 years in the future. Doesn't get much dumber than that!

Also, running an e-commerce store (https://getchroma.co, check it out), there are few people who went bitcoin even when we had a 16.15% discount.

0 sats \ 0 replies \ @LowK3y19 10 Dec

Would the cash back be in sats? That’s pretty cool concept

0 sats \ 0 replies \ @benthecarman 10 Jan 2023

We basically do this at the bitcoin company, you get around 4% more in rewards when paying in bitcoin/lightning vs using credit cards

0 sats \ 0 replies \ @Kaffi 9 Jan 2023

makes sense, but I don't know if this can be a "lets do this" as much as each merchant has the choice, kind of the point of lightning.