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234 sats \ 17 replies \ @Natalia 24 Jan \ on: Stacker Saloon

Did a little experiment on pricing - so if given the same product and offered two options to pay, BTC and fiat, same price, most people would choose Fiat. Even someone attempted to pay in sats but chose Fiat in the end ( this was the interesting one; I thought paying sats was so much easier as there was no need to give out so much info, but people probably thinking, ugh no discounts, I will pay in useless fiat ).

But then when paying in sats got discounts, people would choose BTC if they knew how.

21 sats \ 2 replies \ @supratic 24 Jan

you are assuming all your customers know about bitcoin and inevitably choose fiat. Assumptions are never good and are made to be broken or validated.

0 sats \ 1 reply \ @Natalia 24 Jan

I'm not assuming anything, it's called learning from doing and sharing my experience and happy to learn more.

0 sats \ 0 replies \ @mo 24 Jan

deleted by author

23 sats \ 1 reply \ @NovaRift 24 Jan

Very interesting experiment. I think if we want to orange pill people, we need to provide discounts? Like, suppose a restaurant gives a 20% discount to people only who pay in Bitcoin. Will make other people think about it and may start using Bitcoin?

0 sats \ 0 replies \ @Natalia 24 Jan

yes! BTC only is too early if I'm being honest; offering both and discounts when paid in sats is better, at least for now.

21 sats \ 11 replies \ @Natalia 24 Jan

Did you experience the same as a merchant, or what would you choose when it comes to paying as a customer 👀

111 sats \ 10 replies \ @DarthCoin 24 Jan

There are some circumstances here that should be taken in consideration:

if the customer still have fiat available to spend, will always try to pay first with fiat and save the sats. fiat = weak money that you want to dump as fast as you can
if the customer do not have fiat anymore, will always pay with sats, no matter if there's a discount or not. This is the case when customer also earn in sats.
if the customer still have fiat and sats to spend, will choose the BTC merchant that will offer a good discount for paying in sats.

Conclusion: if you are a merchant and want more bitcoin customers, always offer a discount for BTC payment (it doesn't matter if is 5 or 10 or 20%).

22 sats \ 4 replies \ @Natalia 24 Jan

if you are a merchant and want more bitcoin customers, always offer a discount for BTC payment (it doesn't matter if is 5 or 10 or 20%).

agree, that's what I used to do, but then I just changed a bit to see how things work this time:)

0 sats \ 3 replies \ @DarthCoin 24 Jan

As a merchant you have to satisfy all types of clients. Otherwise, slowly you will lose. Another example is that you could add an extra % to the final sum, if the customer choose to pay with fiat rails/VISA/MC, to make them to feel the pain of using fiat.

When they will see that in fiat is even more expensive than BTC (discounted) then will think twice.

21 sats \ 2 replies \ @Natalia 24 Jan

you could add an extra % to the final sum

ppl does this when paying by card here ( you are paying for the bank fee if paid by card ) some old ppl even accept cash only, it's wild. 🤣🤣🤣 then slowly I get into the habit of using cash.

0 sats \ 1 reply \ @Sh7 24 Jan

at least cash preserves privacy.. Btc in vault and cash in your pocket. Ther's another problem now... or two: scaling and exchanging.

0 sats \ 0 replies \ @Natalia 24 Jan

yes, what I do is pay cash in random shops where I don't see myself going back again, but I try to pill the shops that I like and go to all the time.

0 sats \ 4 replies \ @supratic 24 Jan

Where are the customers (probably 95% of the population at this stage) that only know about fiat, maybe click "sats" for curiosity, satisfy a willingness to learn more, just to find another boring QR code they try to scan with their phone and does nothing?

0 sats \ 3 replies \ @Natalia 24 Jan

are you having a bad day? do you want to see more junks in the saloon or someone actually doing the work and sharing the observation.