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112 sats \ 4 replies \ @Manikese 8 Jul \ on: Bitcoin Accepted - PoS systems bitcoin_beginners
This is an important article. Many times per week I am at a new place / restaurant buying something. Every time I pay, I always ask if they accept Lightning payments. They always say no, all but one didn’t know what it was (I’m based out of North Carolina). I’ll ask to talk to the owner and explain the cost difference between Lightning and credit cards.
I believe it is our responsibility to do so.
I don’t ever want to convert BTC to fiat. BTC is useless if we can’t trade it for goods and services.
explain the cost difference between Lightning and credit cards.
Don't do that "cost comparison". Is kinda meaningless.
- LN is The Payment Network for Bitcoin - YES, as VISA/MC is the payment network for fiat too.
- LN have also fees, but are the way around, payer is paying the fees, not the merchant (in VISA case). And sometimes in fiat terms could be even higher than VISA.
- LN is THE FINAL SETTLEMENT, not like VISA that takes up to 6 days to settle. And over LN there's NO CHARGE BACK ! This is key difference between LN and VISA.
- LN is Bitcoin. Not a token, not a shitcoin, not something else. Over LN is always transacting sats (bitcoin) using HTLCs.
- LN is self-custody (if you use proper wallets)
- LN is private (no matter what haters says) and P2P.
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I don’t appreciate the command. But thank you very much for the info. Final settlement is huge! I’ll definitely be adding that in when I mention Lightning. Yes, user pays the fee, that is a good point. I have only seen a few cents at most, where a CC company will charge 3% or $3.00 for just a $100 purchase.
Also, Matthew Kratter recommended offering to pay 110% for services done on your property or for any services/goods if they take BTC. I think this is a great idea. One could also give 10% discounts to customers who pay in BTC.
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One could also give 10% discounts to customers who pay in BTC.
I pay groceries and my beers in sats with a 10% discount (because I pay in BTC).
See more about an adoption story I wrote some time ago.
When I onboard merchants I always tell them:
- charge 5-10% more if customer pays with VISA (make them pay and feel the pain)
- charge 3-5% more if they pay with bank transfer
- charge with discount up to 10-15% if they pay with BTC. If you hold those sats, you will not regret it.
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I love his YouTube channel
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