Market Research Poll \ stacker news ~bitcoin

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1296 sats \ 28 comments \ @siggy47 15 Sep bitcoin

This post is an attempt to do a little informal market research regarding stackers' willingness and desire to start using bitcoin for day to day expenses. I have been lurking around the ~AGORA territory and nostr to get an idea of what products can be bought with sats.

My impressions are that at this early stage most sellers are offering either bitcoin related merch or specialty items, both of which understandably are priced higher than what a family might be willing or able to spend for necessities. Examples include Zeus t-shirts, Pubkey hoodies, high quality beef, specialty coffees, ghee, tallow soaps and deodorant, etc.

I wonder if stackers would want to buy basic necessities (think toilet paper, generic coffee, paper towels) by mail at prices at or below what you would expect to pay with fiat?

Yes77.4%

Yes, but only in bulk, like at Costco12.9%

No. I prefer hodling my precious sats6.5%

No, I like shitcoining gift cards. 3.2%

31 votes \ poll ended

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136 sats \ 7 replies \ @SimpleStacker 15 Sep

I don't think i'd buy daily necessities using sats unless it's from a platform that I trust to deliver it to me speedily and efficiently, and in which I have some reasonable ability to resolve disputes with.

That's why I said in a previous comment that the first order of business for a bitcoin merchant is to build a product/platform that people actually want to use. I think the idea of wanting to build a bitcoin business before focusing on the product itself is putting the cart before the horse.

Ultimately, I voted for "No I like shitcoining gift cards" because that's my practice right now. Most of my bitcoin spending, other than on SN, SNZ, and a few merch items here or there, has been gift card purchases.

74 sats \ 6 replies \ @siggy47 OP 15 Sep

I see your point. Let me ask you this. Would you take a chance on a stacker you knew and developed a level of trust with from SN who had access to wholesale merchandise and featured a product or two every week or so? Keep in mind that these would be small purchases if you desired?

159 sats \ 5 replies \ @SimpleStacker 15 Sep

I think I would, but it also depends on how low the price (inclusive of shipping) is compared to fiat.

I'd also prefer bulk orders in that case, since I don't want to have to spend too much time managing the logistics of ordering.

66 sats \ 3 replies \ @DarthCoin 15 Sep

yeah shipping is key that matter in this. Will be necessary to have sellers for each region, to lower the costs of delivery.

I will not order 100 TP from a seller delivering from US or China to Italy.

Buying from local stores is the best way. So for all these daily products we have to convince more local small shops to accept bitcoin. In my case was years and years of convincing work until I find 2-3 that can deliver to me anything I need and pay in BTC. So I sporadically buy online, only when I find something better or they cannot deliver in time.

33 sats \ 2 replies \ @siggy47 OP 16 Sep

The ideal situation, which is probably a long way off, would be for some of the stores carrying necessities in BCEs like Bitcoin Ekasi to be able to hook up with wholesalers who accepted bitcoin. They could completely cut fiat out of the supply chain, and offer these communities way more choice of products to improve their lives.

I'm thinking the stores you buy from in bitcoin are probably buying their inventory with fiat.

36 sats \ 1 reply \ @adlai 16 Sep

BCEs

I never realised there was a plural to "Before Common Era"... a little help please?

137 sats \ 0 replies \ @siggy47 OP 16 Sep

😀 Sorry. I meant bitcoin circular economies.

30 sats \ 0 replies \ @siggy47 OP 15 Sep

That was my response too when I asked myself this question. As it is we buy many items in bulk.

36 sats \ 2 replies \ @adlai 16 Sep

The below comment is a meta-comment, about the default poll options likely unchanged by @siggy47

Twenty four hours is ridiculous. You people need to lose your "hats" and think in financial quarters, not impulse purchases of artsy lighters stacked and dangling by the cash register, especially when well over half the demographic who'd likely vote for at least one of your options probably doesn't check sites like this on a daily basis.

100 sats \ 1 reply \ @siggy47 OP 16 Sep

Yes. That is a good point and my screw up. I don't have much experience with polling posts.

I intend to keep exploring this issue here and on nostr, so I will extend the time of my next poll.

36 sats \ 0 replies \ @adlai 16 Sep

Well, thanks to your intrepid and forgiveable oversight, I've finally encountered a question where I learned that voting is not free!

Obviously I'm going to be arguing with myself for much longer, and probably not complaining quite like I did in my first week on the site. Gotta work on that ratio... only fools stack those hatty credits.

138 sats \ 0 replies \ @Undisciplined 15 Sep

I think it’s hard to get the delivery costs down to where they’d need to be.

I’d gladly support a merchant who figures it out though

36 sats \ 3 replies \ @AG 16 Sep

Interesting topic for next TM7! Why it's not in the ~AGORA?

83 sats \ 2 replies \ @siggy47 OP 16 Sep

I wanted to get a wide representation of stackers. I know some don't follow all territories. Don't worry, though. I will be using ~AGORA if and when I try it out. BTW, did you straighten out that gift card issue yet? @BlokchainB generously bought me that card. I need another SN hat!

36 sats \ 1 reply \ @AG 16 Sep

I was going to send you a DM on nostr about it. Yes it should work. Make sure you enter the code in to the Gift Card input field at checkout - not the Coupons one at the top.

0 sats \ 0 replies \ @siggy47 OP 16 Sep

Thanks. I'll give it a try.

136 sats \ 0 replies \ @DarthCoin 15 Sep

People will not start spending their sats on daily necessities until they will start earning them (not buying/DCA).

Only then will see the true value of each sat and how they should spend it.

36 sats \ 3 replies \ @BlokchainB 15 Sep

I sell razors on agora using Zeus pay and no bites yet

55 sats \ 1 reply \ @siggy47 OP 16 Sep

I just checked out your razors. The boxes appear to indicate they are razor blades only. Is that correct?

36 sats \ 0 replies \ @BlokchainB 16 Sep

Yeah I switched blades and had these extra ones. I have more extra shaving stuff I tired to sell for sats but no bites

146 sats \ 0 replies \ @siggy47 OP 16 Sep

That's what I'm talking about. If I didn't have a full ZZ Top beard I would buy one. I really want to sell toilet paper, but people might be particular about brands.

72 sats \ 1 reply \ @aljaz 16 Sep

imho spending bitcoin (for majority of your expenses) when you're not earning bitcoin is at best activist mindset, at worst foolish

0 sats \ 0 replies \ @adlai 23h

have you ever played around with electric prototyping kits of much simpler variety than Arduino and upwards?

there is much to be said for the metaphor of wallets as capacitors rather than anything so civilised as a database.

36 sats \ 0 replies \ @cryotosensei 16 Sep

Singapore’s super app, Grab, allows us to top up our e-wallets using BTC. Consequently, we can buy groceries at the GrabMart and have them delivered to our house. I don’t particularly mind expending my BTC this way if the platform accepts sats. (Right now, it only accepts the mainnet)

72 sats \ 0 replies \ @Solomonsatoshi 15 Sep

Alibitress.com have set up something along these lines.

it would be worth looking at them as they have been going a while though I am not sure of how successful or even legit they are.

Have never used them but they have been up and running for several years now and effectively have the full range of products that are available on aliexpress- so a fairly large and global shipping capable product offering.

36 sats \ 0 replies \ @guerratotal 15 Sep

Realistically, I think there's still a long way to go to get to the point where you can buy basic necessities with SATs. I think an item would cost double or triple the price of what I find at the local grocery store.

It must still be very satisfying to see that item arrive via mail knowing you bought it with your Bitcoin.

36 sats \ 0 replies \ @grayruby 15 Sep

Sure if I could buy these items for less than I would in fiat (I could replace the sats I use to by the goods)

The issue with this is almost all the sellers costs will be in fiat so they need fiat liquidity either via credit (which can't be infinite and has a cost) or by selling a portion of the Bitcoin they receive. How much of a discount can they offer to be competitive with big players like Amazon just to retain a small amount of Bitcoin and arb melting fiat.

I much prefer this business model in a service industry business. Say I offer home HVAC services. I have healthy margins, so I can charge in Bitcoin and undercut my competition on price. Capturing a smaller margin which I would be able to retain in Bitcoin after paying all expenses but the Bitcoin grows in value over time. So basically I am using Bitcoin's presumed appreciation as a competitive advantage.

I was planning to do this as a test with a window washing business this summer but I got working on other things and never did it.

36 sats \ 0 replies \ @0xbitcoiner 15 Sep

If delivery doesn't hike up the price too much, then why not?