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Market Video Update, Happy Easter - Meme Section, Learnings from orange pilling merchants
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Market Video Update 🟡
Happy Easter - Meme Section 🟢
What I learned from orange pilling merchants 🟢
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🟡 Market Video Update
recorded by Pascal Hügli
After Bitcoin's strong move off of its lows, we assess the current situation from a macroeconomic point of view once again. As a global recession seems to be closing in, central banks might have to pivot, which would give Bitcoin some more potential to run. We also look at the mini alt-season that is currently unfolding. Last but not least, we share some interesting news about interoperability solutions and discuss some current crypto narratives.
🟢 Happy Easter - Meme Section
Insight DeFi wishes all readers a happy Easter! 🐰
We would also like to thank all our readers for their loyalty. A special thanks also goes to all those who keep supporting us with their finances. It also helps us if you share the newsletter with your closest ones. Especially Easter is a good opportunity for this. 🙏😜
We'll be back in two weeks with more and longer insights into the crypto world. Stay tuned.
🟢 What I learned from orange pilling merchants
written by Joel Kai Lenz
I usually write about Bitcoin’s role in the world, or how certain problems are currently being solved in the community. Today, I want to focus on a personal story, particularly merchant adoption.
We Bitcoiners often focus too much of our time on educating people on the topic of sound money, proof of work, and why Bitcoin differs from FIAT currency. However, we frequently miss out on the most crucial task: Using Bitcoin with merchants as a payment solution!
I took it upon myself to visit a few businesses in London that accept Bitcoin and asked them why they got on board. Let me tell you, their answers were quite fascinating!
Lightning is fast and cheap to use for businesses
The first business I visited was the Kapucin coffee shop in Richmond. For those who don’t know, Richmond is a bit outside the city in South West London and more of a family area. This hasn’t been my first time at Kapucin. I like the area the coffee shop is in, the people are super friendly, and their coffee is excellent.
Once I ordered and told them that I wanted to pay with Lightning, the barista smiled and got the payment terminal ready. Once the transaction went through, literally within a second, we ended up talking. I asked him why they accept Bitcoin, especially Lightning, and how much he knows about it.
To my surprise, he was pretty well-informed. He told me about the El Salvador news, how Lightning works, and that they accept Bitcoin because a guy in here introduced it to them. They mainly use it to get around the hidden fees associated with other PoS systems or MasterCard and Visa.
I asked him if he also knew if the owners keep the Bitcoin they get in their treasury. He answered they might now because of the price increase, but to his knowledge, they covert most of it at the end of the month. I thanked him for the great conversation and told him I needed to find a table to enjoy my delicious coffee.
It was amazing to talk to someone who’s not part of Bitcoin Twitter because they use Bitcoin for a particular use case and mostly don’t talk about it daily. I get their point, though; it’s relatively easy to use, they can increase their purchasing power if the price increases, and they save on fees. To them, it’s more of a payment solution and less of a currency or savings tool. Cool, I got the first answer and planned a trip to the next business.
It’s possible to have Bitcoin with you at all times
The second business I visited was L’Atelier in South West London. They’re a small Moroccan restaurant that just recently discovered Bitcoin. I was there for an evening with the London Bitcoin Space, where we ate delicious food, drank delicious wine, and had a great time talking about Bitcoin.
At the end of the evening, I was able to talk to the owners of the restaurant. I asked them the same thing and quickly realized they were earlier in their Bitcoin journey. When I got to the point and asked why they use Bitcoin, they both told me that it’s fairer money to use and, just like Kapucin, they can save fees.
I must explain that both owners are Moroccan and know what it feels like to lose your savings or have an authoritarian government controlling your life. They wanted to find a financial solution that would allow them to keep their money forever. One of the owners even told me that they’re not there yet, but Bitcoin is their best shot.
The last business was a small coffee shop in Central London, the owner of which was fully orange-pilled by a friend and used Bitcoin to gain new clients; after all, Bitcoiners are pretty simple and come back if they’re able to spend their Sats, and he can use it as a store of value for his kids. He himself does not want to get rid of the Bitcoin he earns, so he can hand them over to his kids in the future.
Merchants are an excellent resource for understanding what we still need to improve
As you might have guessed by now, there is a point I’m trying to make. After visiting and talking to these businesses, I realized there are so many details we still need to improve.
We won’t find the answer to this on Bitcoin Twitter. We need to go out there and speak to businesses courageous enough to accept Bitcoin. They are the best resource for us to build with and find even better solutions to onboard more people.
With that in mind, make sure to go out there and find local businesses that are accepting your Sats. Tools like BTC Map are great for this and will be your new best friend for finding the closest Bitcoin business near you.
The content does not constitute an individual investment recommendation or an invitation to buy or sell crypto assets. Insight DeFi disclaims any liability as a result of actions based on the contents of the newsletter. The Insight DeFi team holds some of the crypot assets featured in this newsletter in their private portfolios.
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