0 sats \ 5 replies \ @aoeu 21 Sep 2023 \ parent \ on: A kit to help local businesses start using Bitcoin bitcoin
Although I'd hate to suggest it, I wonder if using a service like OpenNode/IBEX to convert immediately back into fiat would eliminate the accounting hassle of staying entirely in bitcoin? Or, they'd at least be able to provide data that the business' accountants would understand.
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21 sats \ 0 replies \ @dtonon OP 21 Sep 2023
Yes, would eliminate the "hassle", but this way we are going nowhere. Maybe it is better to let the business owner manually convert to fiat, so he can decrease the conversion ratio when he trusts Bitcoin more as a safe store of value.
This article, recently shared on SN, talks also about this: https://graduallythensuddenly.xyz/pay-me-in-bitcoin-theory/
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0 sats \ 3 replies \ @DarthCoin 21 Sep 2023
Going back to fiat is lame and useless. NEVER recommend to a merchant to do such thing! Damn it, going back to fiat will never create that Bitcoin circular economy! https://darthcoin.substack.com/p/how-bitcoin-will-save-the-world
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0 sats \ 2 replies \ @aoeu 21 Sep 2023
I was chatting with a local bison rancher about accepting bitcoin and he mentioned that he would love to accept bitcoin (via Lightning), but needs to be able to pay bills in USD (feed, equipment, etc). So what am I supposed to do? Tell him that he shouldn't do that? It is all bitcoin or nothing? Or show him ways to accept bitcoin and then he can choose to convert it back to USD to pay for those bills?? The former would mean that he won't accept bitcoin, while the later means that he will accept bitcoin and be part of developing the bitcoin circular economy.
Until the places that he buys his feed from and gets his equipment also take bitcoin, there will always be a need to convert back to fiat. Yes, I'd love a circular bitcoin economy, but it can't go from nothing to circular economy as quickly if there aren't these (temporary) intermediary steps.
If also showing businesses how to convert back to fiat means that they will actually start accepting bitcoin, so be it. It won't be my recommendation, but it is still reality.
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0 sats \ 1 reply \ @DarthCoin 21 Sep 2023
Simple: he will find another suppliers that accept Bitcoin or convince them to accept. THIS is how you start the bitcoin circular economy and you NEVER go back to fiat.
If you do not do this, you will NEVER escape from fiat slavery, no matter what water you drink to get drunk...
FIAT DELENDA EST - watch that presentation by Jimmy Song.
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0 sats \ 0 replies \ @aoeu 21 Sep 2023
In an ideal world, this is definitely the way to do a bitcoin circular economy. Screw anyone not accepting bitcoin.
We can all agree that the ideal scenario would be: I pay for bison from him in bitcoin and he pays for his supplies with bitcoin. Done.
Other two more realistic options for him:
  1. He takes bitcoin, keeps some to save/spend, converts some to fiat as needed. or 2) He chooses to not take bitcoin at all because he needs the fiat to buy supplies.
Option 1 would at least be a step forward in the right direction. It would be better than him not taking bitcoin at all. If I force the ideal scenario then I am stuck not being able to buy bison with bitcoin.
I bet forcing the ideal scenario would actually be possible in certain parts of the world that have a fiat currency that is hyperinflating rather than the USD "we slowly steal your value" inflation.
I'll check out that video. Thanks.
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