67 sats \ 8 replies \ @DarthCoin 11 Dec 2023 \ on: What fears and concerns have you encountered when speaking to merchants? bitcoin
Yes, the hardest part in convincing a merchant is their misconception of BTC "volatility".
Very few really understand the part where BTC is the "savings machine" and not the "get rich" one.
I always explain them that we are still early and even if the would have 10% from their income in BTC, is still a good thing to keep them as savings.
Later in time, they could start spending from this reserve, when is really needed, on employees salaries, paying a local supplier, paying a handy-man for a repair etc things like these, that do not affect too much their cash-flow but in the same time are slowly creating that Bitcoin circular economy.
Saying that you must convert your BTC instantly for fiat, is a clear message that your business will not survive anyways in such a rampant inflation ball-rolling. In other words they are really dumb and don't even know how to run properly a business.
Later they will regret it. ALL THE TIME they regret it. I had dozens of them calling me back after years, saying that they regret selling their BTC.
I have no more other words for those than:
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OMG what a terrible story!
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This sounds like a challenging experience, especially when you invest your own time in it. Nevertheless, I would recommend persevering and continuing!
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When people like this want to sell, I have managed sometimes to convince them to at least not sell 100%, but like 90%, keep some, you are in fiat profit anyway.
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yeah sometimes I have the same feeling, what's the point if I am the only one using it?
We have to be all in this if we want to go further.
Is fucking hard with merchants.
I don't know, maybe I was lucky but few years ago I found a good merchants that I convince him and from then was just easy for me, I pay all my necessary stuff through him.
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Its complicated..
Business operates under slim margins. Many have way less than 10% of profit after taxes..
Even that 10% can represent a lot..
When you add the volatility or the btc taxes..
Numbers simply doesnt add up..
Its probably the number 1 problem for business adoption..
Giant tech companies do not have this problem as often they have higher margins and less taxes..
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The question is also whether merchants in the current situation can or want to make significant reserves in Bitcoin if they haven't fully understood it yet.
In some conversations, I've noticed that a split, like half in fiat and half in Bitcoin, definitely sparks interest.
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