I'm going to meet up with the owner of my local cafe this week.
I'd like to give him some options for accepting bitcoin.
So I think a point of sale on his mobile phone would be best.
I see Wallet of Satoshi has one & also Breez (but no Australian dollars unfortunately).
I'd prefer to get him to take self custody of the wallet, but at the moment I'm not sure how orange pilled he is. He might want to keep the profits in BTC & the product cost might go back into fiat.
Anyway, what recommendations does SN have?
Lightning will be a must given the typical amounts of his sales.
I'll tell you what I do with my local cafes: begin with some custodial LN option. Could be WoS, LightningTipBot + Bluewallet, a wallet in the demo server of LNbits. You set him up in 5min.
And then tell him: use this, and whenever you have an amount that would hurt to lose, call me again. This amount depends on him. Could be $100, could be $1000, could be $10000.
And then, on the next visit, you give him the talk on custodial vs non custodial and you help him swap his funds out to some cold wallet he controls.
Why this way? Because, in my experience, if you try to teach them how to do things perfectly and fully sovereign on day one, they simply won't do it. Too much effort to accept Bitcoin when they probably won't get even 1% of revenue through it.
On the other hand, if you set them up easily, you get them rolling and, when they grow that initial stack, they will have a strong motivation to learn more.
This is exactly the way.
Also, set the expectations right. He might not make any sales with btc at all. Also a possibility. So, it should take minimal effort to get started.
Very much right.
In my local area there is a regular Bitcoin meetup. So, any time we set up a new business with their own POS, next thing is to let all the community know and kindly ask them to consider spending a few sats there if they are interested in the kind of stuff the business sells. We also tell the business owner about nearby locations that accept Bitcoin so they can go and spend their earnings if they want.
Good advice.
I'm not really such a good salesman. I just want to give him some options to get him started.
You can set your fiat currencies in Breez in the Preferences menu
Please read these guides
25% discount for a purchase in satoshi. it works) Checked at the flea market. Any item bought with satoshi has a discount. Then he sold sat + 87%, which is much more profitable and cooler. the question is how long he is willing to wait!
Blink (bitcoin beach wallet) has a POS, they also have a stable sats feature
Thanks, but it looks like they require a phone number to start.
unfortunately, yes
for a business you could also suggest that they set up a web pos that any employee can use (receive only) - eg opennode.com
it's a hosted / kyc solution but does enable fiat conversion and withdrawal
Think about blixt wallet for a self-custodial solution and/or coinos.io as a PoS
coinos.io is an option, but I think blixt is not suitable for this situation just yet. Mainly because when you open the app it takes a minute or so to sync
Blixt wallet still suffers from a few bugs. Might not be polished enough yet for a non power user.
I'd start by properly orange pilling him. That is, he should convert his existing savings into bitcoin and understand that he will save in bitcoin in the future.
You will most likely be the only person paying in sats for a coffee in the near future (probably until the next bull market, with btc exchange rate 10x from here, likely 6-9 months after halving in 2024). Wallet of Satoshi is best for this situation.
He briefly told me he's been in it for a long time. I'll find out when I meet him whether he's bitcoin only or trades/sh$tcoins.
If he is going to make BTC accepted I'll probably try organize a meet up with some other bitcoiners in the area to see how it goes.
I'd reccomend Breez
Breez looks good
Do you need to send onchain BTC there first to open a channel like phoenix?
If I'm not mistaken you can start recieving LN payments from square 1, but they do take an upfront fee for opening the channel, similar to Phoenix. The fee typically is smaller than Phoenix though
Tell him he can set up an account on my BTCPayServer for free.
Thanks for the offer, I'd prefer to keep it simple for now.
Have you used Wirex or Coinbase debit cards ? Probably easiest to get started using cryptocurrency for fiat transactions.
Advanced: find them a way to exchange ln sats to fiat non-kyc.
I would look into nodeless.io, it comes with a fee but it's less custodial than WoS and more reliable than a mobile wallet
Thanks, I'll look into it