If your business allows for zero saving the only way Bitcoin can help you is accepting btc payments to attract / retain / reward (yes there are btc rewards / cash back solutions also) potential customers.
If making online sales your addressable market of Bitcoiners is huge, some estimations 100 million. And we’re passionate (to a point of being labelled as a cult by some) towards fellow Bitcoiners esp w/ businesses, the benefits of offering btc payment option to a potential customer base like that is obvious.
If your business only makes brick & mortar sales, you’d need to be in one of the globes Bitcoin circular economies for there to be any impact from btc sales. At this early stage of bitcoin’s evolution it would likely be a rounding error in terms of total sales.
If your business allows for zero savings, then that is all academic really, first point of order is to join the ranks of the millions & millions of businesses world wide that run an operation that has savings & thinks about how best to protect & grow that balance as the years roll on.
That’s when Bitcoin can really help the bottom line. You could even be someone that has a time preference that is so high that 2-3 years seems like a long time. Even on that timeframe the volatility of your savings in Bitcoin will become very favourable to the business bottom line.
Keep adding to the savings in Bitcoin, keep your borrowings an expenses & cash flow in fiat as required.
Bitcoins diminishing volatility over its lifetime has happened within a 120 million percent USD denominated price increase.
People & businesses with any form of savings only have to lower their time preference a little bit, e.g think in terms of 4 years halving cycles, to benefit massively from that volatility.
For any person or business with the opportunity to think about their savings, fiat is pathetic in comparison. It is really good at loosing considerable amounts (7%, 12%, 15%…) of purchasing power every 12 months, with low volatility / great stability. The popular CPI is the CPLie, it is provably not a reliable indication of how much purchasing power your fiat savings are actually loosing. And that effective loss in savings compounds negatively!
All Bitcoiners also have fiat on hand so they'll shop in my shop regardless.
As for Bitcoin future growth, "past performance does not guarantee future results" as they say.
Not sure how you can say all bitcoiners have fiat on hand? The saying ‘get on zero’ means get on zero fiat, by getting 100% onto the Bitcoin standard.
It’s an evolution of the saying ‘get off zero’ which encourages ppl to begin with Bitcoin by just allocating 1% to BTC.
It doesn’t just apply to ppl living in Bitcoin circular economies, some searching online shows ppl posting & podcasting about it, it’s not easy, but possible.
As more businesses, for e.g. your competitors, start accepting btc over time, they’re more likely to attract bitcoiners compared to businesses that don’t.
Peter schiff was saying things like past performance…. And Bitcoin is tulip mania…as far back as 2011 or 2012. He was very articulate about how the price will crash soon etc etc. 12-13 years & 2-3 million percent later we’re still all waiting on his call to ring true
I know it's "possible". It's also possible for me to wear a car tire around my neck. But how do I benefit.
If my competitors start accepting Bitcoin to the point I'm losing business I'll hop onto the bandwagon. But don't forget a business competes on the products and services offered first and only payment convenience second.
The wide range of benefits from Bitcoin are pretty clear at this point. Safe to say a little more than wearing a car tire around your neck 🤔
Perhaps you’ll be jumping on the bandwagon to accept btc payments when BTC in USD denominated terms is $0.1M per coin, $0.25M, $1M? Fiat printing has no ceiling, there’s no limit to how much your fiat savings iceberg can melt in purchasing power. Bitcoin is just the best expression of that fact.
History has shown the earlier you adopt it the more you benefit. Every person gets Bitcoin at the price they deserve
Like I said, I first worry about running a business at break-even savings comes later.
The world’s a big place, you do you. Some businesses are 30 years old sitting on millions, someone just registered a business yesterday.
Bitcoin is here today and will be there tomorrow as an apex predator in the world of savings for whoever is ready.
As for the exchange rate of Bitcoin vs. fiat, 0.1M or 1Mz why would I care of my business is Bitcoin in, Bitcoin out?
Despite the current stage we’re at in regards to the USD’s state of decay as a global reserve currency, it still remains the widely accept global UoA in most domains.
If the lifecycles of previous global reserve currencies, like the pound, livre, guilder etc etc, is any indication, USD should be nearing the end of its reign.
So while goods & services remain denominated in USD, those who obtain BTC earlier and can manage to hold onto it longer, win.
As for "get on zero", it's nice you have a saying but you also have fiat.
Can you say that for every single bitcoiner on the planet today? No, of course not. The trajectory has been pretty clear for some years now, more are joining the ‘get on zero club’ while less and less are remaining part of the ‘fiat only and no btc club’
The waters warm, you may as well swim, it’s better than drowning in fiats poison pool
Oddbean new post about login | logout