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69 sats \ 2 replies \ @spiderman OP 11h \ parent \ on: Sad State of Trying to Spend Sats bitcoin
As always, it is the critical mass and network problem. Merchants will have to pay their taxes, labours, suppliers and rent in Fiat, hence accepting Bitcoin just adds a layer of complexity, which I sort of have to agree with.
That is why I always believe the most positive signs of adoption would be when the goods
- whose demand curves are less elastic
- which are more essential at a survival level (for an individual, or polities)
- critical industrial components or supply chain bottlenecks
are available via Bitcoin and those merchants discount it, then it will trigger a stronger avalanche than small consumer facing businesses. Here are some present examples and some others that I hope to see.
- There are shops in Texas (unsurprisingly) that sell Firearms and ammunitions for Bitcoin
- Emarat (one of the largest oil companies in the Arab world) allows you to fill up your gas tank for Bitcoin
- Real estate sales in Florida to Dubai are being settled in Bitcoin
- Apmex (Gold/silver dealer) accepts Bitcoin
- Sino Global (a shipping corporation) accepts Bitcoin
But I myself have not checked whether they have outrageous mark-ups like my example in the original post.
I am hoping some copper, Aluminium, oil refiners, steel makers, ship builders, Lockheed Martin or Boeing, some cement companies, NextEra Energy etc. will get on-board with Bitcoin settlement (especially for global payments and final settlements worth like ~100 BTC or such).
They can have more base layer (pun intended) impact than cafes selling a latte or pizza for Bitcoin. But I will always wonder, what (if anything) will give them the nudge.
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There will be no change until the majority of us continue believing in this.
Not the majority, but the most economically powerful and influential suppliers (I already gave examples) demand hard money in exchange for their produces.
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