84 sats \ 1 reply \ @earnbitcoin 28 Apr 2022 \ on: "Working for bitcoin" How do you incentivize people to pay in bitcoin? bitcoin
You might pay more than 5% above spot to acquire KYC-Free bitcoin.
If acquiring KYC-Free bitcoin is your aim, then offering more than a 5% discount to customers might be the level needed to persuade some of them to begin paying with bitcoin, which achieves two of your goals (1. acquire KYC-free bitcoin, 2. from your customers).
If you have repeat customers, this doesn't need to be an ongoing offer -- just enough to get them to do it once, and they may then decide to offer their goods and services for bitcoin so as to acquire bitcoin which they need (or want) to pay you.
But understand, ... there's a couple of things at play.
- Nobody wants to draw from their stack to pay bills. They would rather pay in fiat, and leave their stack.
- Nobody wants to buy bitcoin, only to simply turn around and spend that bitcoin (unless, ... the discount for paying in bitcoin is worth the time, expense, and hassle.
But if your customers themselves earn in bitcoin, then they would spend in bitcoin (versus first having to convert that bitcoin into fiat, and then paying in fiat).
So orange pilling your repeat customers themselves is one method to increase the potential supply of customers who would then pay you, in bitcoin.
But there's also Strike's approach. With Strike, your customer is paying you from a USD balance. They don't even need to ever even touch bitcoin. They are simply having Strke send $X amount of dollars to pay your Lightning network invoice. This could be the only thing you are missing, as it becomes simple math:
- "Pay my $100 invoice with your credit/debit card directly and pay $100.
- "Pay my $100 invoice with your credit/debit card by using Strike and pay only $97 plus whatever Strike charges (which is ~1%, or $0.97, in this instance).
Strike is not the only exchange/app that does this, but it is the most well suited for this transaction, and I believe they will accommodate businesses (i.e., corporation instead of an individual) as well.
Also, someone at Strike just made a bitcoin invoicing app as a hackathon project using the new Strike API. http://paymeinb.tc/
Code is open source, so anyone can fork it and customize it for their own business. https://github.com/verbiricha/invoices
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