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1638 sats \ 3 replies \ @jimmysong 16 Jun \ on: Bitcoin Circular Economy - a hard to achieve goal for many people bitcoin
So one step I think will become much more prominent in the coming years is not convincing merchants to take Bitcoin, but Bitcoiners acquiring businesses and operating on a Bitcoin standard.
I've found it's mostly hopeless in getting businesses to adopt Bitcoin, as they don't really get it. You need Bitcoiners that understand its value to run these businesses, and there's a tremendous opportunity as many of these profitable businesses are being sold due to boomers retiring. Even a few businesses in the same town will have a pretty big effect, and these businesses will have a major advantage with Bitcoin on their balance sheet.
I've found it's mostly hopeless in getting businesses to adopt Bitcoin, as they don't really get it. You need Bitcoiners that understand its value to run these businesses,
I think you nail it.
We do not need clueless merchants that only see in Bitcoin as another Paypal, dumping it instantly on fiat. We need real Bitcoin merchants that understand the value and power of Bitcoin.
In my almost 12 years in Bitcoinlandia, I was helping a lot of merchants, but your words make more sense nowadays. It was a real struggle to convince merchants to accept bitcoin and in the same day they dump it for fiat, not even trying to save the small amounts they received or paying some employees.
Now I choose very wisely my "victims" in onboarding with Bitcoin.
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So one step I think will become much more prominent in the coming years is not convincing merchants to take Bitcoin, but Bitcoiners acquiring businesses and operating on a Bitcoin standard.
Agreed. The thesis I am mentally working out before writing up a post on this topic is that there is a chicken and egg paradox preventing retailers from adopting Bitcoin. Retailers don't want to trouble themselves with Bitcoin until there is mass adoption, and people won't adopt Bitcoin until there is ubiquitous retailers accepting it. It is wasted energy trying to get retailers to accept Bitcoin.
What will happen are use cases where fiat simply cannot compete for specific types of economic activity. Bitcoin, Lightning, NOSTR, and eCash, the "stack", enable new economic functions that fiat simply cannot compete with, like zapping pennies or even fractions of a penny right here on @sn. And the IoT universe will use the stack for transacting in purely automated and digital ways. KYC regulations will be the ball and chain that doom centralized entities like Visa/Mastercard from competing in the IoT space.
We think of Bitcoin as a layer on top of the Internet. I argue that we can rebuild the Internet on top Bitcoin. Imagine remaking email so that it costs 1 sat to send. Spam is immediately eliminated. And the quality of each email just went up by several orders of magnitude. Free email is not free for the recipient to waste their time with.
And digital advertising, the bane of the Internet, enriching a few centralized entities like Google and Facebook, while sucking time and resources from billions of people can be flipped and inverted. Companies that want us to look at ads can zap us for our valuable time directly, disintermediating the middle men and removing fiat from the equation as per Brian Harrington's first video and distribute the trillion dollar ad revenue in sats back to the people. If everyone is getting zapped, adoption will skyrocket. And retailers will capitulate. Thanks @darthcoin for posting these 2 videos. And @jimmysong FIAT DELENDA EST indeed!
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