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Comments (5)
I’ve always thought a telling sign of the free market starting to truly understand the hard money properties of Bitcoin would be merchants starting to demand payment in Bitcoin instead of merely accepting payment in Bitcoin or just avoiding Bitcoin.
Just like historically merchants demanded payment in gold because it was actually hard money. They didn’t just accept payment in gold, they demanded payment in gold.
IF all your suppliers are ready to accept payments in Bitcoin AND all your employees are fine with being paid in Bitcoin AND there is enough customers in your area of operation willing to pay in Bitcoin, congrats. You may become the catalyst of a Bitcoin circular economy in that area. Otherwise, you’re just exposing your business to currency risk which you will have to manage.
Stop stop i can only get so erect…
There will come a day where you won’t accept fiat because of the volatility of fiat to bitcoin and the losses from the exchange. For example, when one dollar = 100 sats, and someone gives you a dollar that you want to bring back to bitcoin, but for exchange rates you only get 95 sats. That is a 5% loss to accept dollars.
When 1 USD = 10 sats, and you only get 9 sats from bid/offer and pay away 1 sat for an “exchange fee”. That is a 20% loss from accepting the dollar…
Commit business suicide in one easy step!