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20 sats \ 6 replies \ @Artilekt 7 Aug 2023 \ parent \ on: Have ever used BTC for payment in a retail store bitcoin
People think that the circular bitcoin economy will come from more people spending bitcoin but it will be when people demand bitcoin for their goods and services. When the guy selling the best hot dog in town will only sell it for bitcoin, that's when we'll be getting there.
true. currently, however, the hod dog guy would go broke if he would implement this strategy
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For sure, but that's why the current model of pressuring businesses to "accept bitcoin" just so you can spend it (why would you even want to spend the better money?) isn't going to go anywhere. Will have to come from the demand side. Someday.
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why would you even want to spend the better money?
I never understand this question. If bitcoin is the only money I have, how could I spend any other money? After all, even the most staunch low time preference bitcoiner will need at least food to eat and a place to sleep.
We have to make merchants understand that if they don't accept bitcoin, they will lose business to the ones that do.
And to the "bitcoiners" that think that just buying bitcoin and waiting for the fiat apocalypse is enough, they will find out that it's not. What will they do when their bank accounts/cards are blocked and nobody wants their bitcoin because they thought that merchant acceptance didn't matter?
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I never understand this question. If bitcoin is the only money I have, how could I spend any other money? After all, even the most staunch low time preference bitcoiner will need at least food to eat and a place to sleep.
Fair point. I think right now though the % of the population that has only bitcoin is an extremely small niche for businesses to target.
We have to make merchants understand that if they don't accept bitcoin, they will lose business to the ones that do.
I totally get this but it just hasn't worked. Bitcoiners generally don't spend their bitcoin. Even at Pub Key, a bar about bitcoin and targeted to bitcoiners, only around 1% of sales are with bitcoin. I don't want to spend my btc either, but I would have to if the guy I want to fix my car only accepts bitcoin.
What will they do when their bank accounts/cards are blocked and nobody wants their bitcoin because they thought that merchant acceptance didn't matter?
For sure and I'm not saying people shouldn't take this approach. I just haven't seen it really go anywhere.
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I still don't get it. You seem to be expecting merchants to demand payment in bitcoin, but do you demand getting paid in bitcoin for your work? I'd assume that if you got paid in bitcoin you wouldn't have fiat to spend.
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Want hot dog guy only accepts lightning payments send lighting channel closes
still hungry
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