Think about it. What if the ones producing the best stuff only accepted Bitcoin.
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27 sats \ 1 reply \ @pillar 11 Nov 2022
Demand for Bitcoin would increase, stimulated by the consumers who want to buy those products and need to get their hands on some satoshis to pay for them. More demand, same supply, higher prices. It's the same reason that makes the petrodollar agreement increase the demand (and value) of dollars.
On a personal level, if you make a discount for your products or services if people pay you in Bitcoin (or charge an extra fee for paying in fiat), you are pushing for adoption yourself. A similar action when you are the consumer is to offer yourself to pay extra if the other party accepts your Bitcoin instead of fiat.
If enough people keep on behaving this way, Bitcoin gets used more and more, and demand for it increases. At the same time, demand for fiat decreases. The price of Bitcoin (measured in fiat) going up is a signal of this happening.
Eventually, when nobody wants fiat anymore, Bitcoin has reached the end stage and pricing in fiat loses meaning.
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10 sats \ 0 replies \ @Undisciplined 11 Nov 2022
I think it's also worth noting what the cost side of the ledger looks like.
If someone is only willing to accept Bitcoin, they will be foregoing potential sales to those who aren't in Bitcoin (and aren't close enough to adopting that this product will bring them in).
This will mean demand for their product is lower than it would otherwise be and they'll be selling less product at lower prices.
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10 sats \ 0 replies \ @sommerfeld 11 Nov 2022
That is exactly how the petrodollar system works: oil (one of the most demanded commodities worldwide) producers only accept and price in USD.
It has worked well for 50 years for the USD.
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0 sats \ 0 replies \ @cointastical 11 Nov 2022
Accepting bitcoin for payment is a fantastic method to obtain bitcoin free of any KYC, so that's one thing that can be gained.
That will also help with reaching mass adoption as nocoiner customers who really want to make that purchase and are willing to absorb the friction that comes with acquiring bitcoin will then gain familiarity with bitcoin and possibly become hodlers, for one reason or another.
What that won't do however is maximize revenues for that producer. Some producers have the luxury of being able to do that. Most do not.
An alternative is for a producer to add a surcharge (premium) for those paying with fiat. (Or, offer a discount to those paying in bitcoin). This helps the producer earn some revenues in bitcoin, yet will result in few of the lost sales that a bitcoin-only payment policy would have. And it helps some start their journey into bitcoin, who might not otherwise, if nothing else because they made the connection between bitcoin being so desirable the producer was willing to take a discount even to receive payment with it.
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