Merchants Don’t Read White Papers, They Read Cash Flow Statements
The article discusses the challenges and solutions for promoting Bitcoin as everyday money for merchants. It highlights that credit card fees significantly impact small business margins and positions Bitcoin as a digital cash alternative. Block has enabled Bitcoin payments for millions of Square sellers, but convincing merchants to adopt Bitcoin requires practical benefits rather than ideological arguments. The Bitcoin Merchant Community (BMC) is introduced as a peer-to-peer platform to connect merchants globally, while Bitcoin advocates are encouraged to lead in-person and creative promotional efforts. Free onboarding kits and materials are available to support merchants in accepting Bitcoin as a payment method.
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Introduction: The Challenge of Bitcoin as Everyday Money
Bitcoin as everyday money can only succeed if people can actually spend it. For most of Bitcoin's existence, there haven’t been many places to spend it. However, a major milestone was achieved with Block’s addition of Bitcoin payment support for millions of Square sellers. This made Bitcoin payments ubiquitous and easy to activate, placing almost every merchant seconds away from accepting Bitcoin.
The Merchant Problem: Why Accept Bitcoin?
While it's now technically possible for merchants to accept Bitcoin payments, the real challenge is answering the question: Why should merchants adopt Bitcoin? Small business owners are generally more focused on their bottom line than on ideological arguments about Bitcoin’s digital scarcity or immutability. What concerns them most are practical issues like credit card fees and the decline of cash.
Credit Card Fees as the Catalyst for Bitcoin Adoption
In a world focused on digital payments, credit card fees—often around 3% per transaction—have a devastating effect on small business profit margins, which commonly hover around 6%. This means that credit card fees can consume more than half of profits, creating a perfect scenario to promote Bitcoin as digital cash. Bitcoin eliminates these fees, providing an alternative for merchants to maintain profitability.
Building Trust Through the Bitcoin Merchant Community
Small business owners trust advice from their peers, which is why the Bitcoin Merchant Community (BMC) was established. This peer-to-peer initiative encourages business owners to explore Bitcoin’s potential for savings and efficiency. The community connects merchants through a Facebook Group and other resources, enabling them to share experiences and learn from one another—regardless of whether they use Square or another platform.
Spreading the Word: Advocating for Bitcoin Offline
To truly promote Bitcoin adoption, a different kind of advocacy is required. Online efforts often struggle due to information dilution, so in-person advocacy is key. This approach involves direct engagement with merchants, utilizing tools like bright orange, themed leave-behind kits to spread Bitcoin awareness. These kits, available at Bitcoin hubs such as Presidio Bitcoin in SF, The Space in Denver, ATL BitLab in Atlanta, and Bitcoin Park, serve as memorable resources for merchants.
Accessible Tools for Merchant Onboarding
For those uncomfortable with direct interactions, the Bitcoin Merchant Community offers a playbook and leave-behind combo pack that can be downloaded and shared passively. These materials empower both novice and experienced users to help merchants learn about the benefits of accepting Bitcoin. Ultimately, transforming Bitcoin into everyday money requires engagement at the level of merchants, who hold the key to fostering trillions of Bitcoin transactions in the digital age.