Topic: How do you educate petty traders in adopting Bitcoin? - page 2. (Read 603 times)

That's exactly the point. It's never a hard thing if you wish to educate these market retailers and street vendors by giving them a lecture about bitcoin. But never expect that they will eventually follow what you say. They have their own business that needs more attention and that they are making daily profits from it once their products are sold out. However, bitcoin is also profitable in its own way but  these petty traders will find it hard to adopt it because they might perceive it the wrong way which will only cause more troubles on their part. So better ignore them because that's how they are comfortable of making money.

It will be quite difficult to convince a street hawkers and traders to accept bitcoin, they are used to fiat transactions, they do balance their account at the end of the day with fiat, they will completely reject any idea of online transaction via bitcoin, because category of such traders are partially literate, though majority accept fiat transfer via POS which is a straight forward transaction, though as the level awareness of using bitcoin for transactions, it will get to a time when educated hawkers and traders will start to embrace such transactions however for now status quo remains.

I wouldn't say it is out of our hands. It is out of our hands individually, but as a community it is still in our hands. Meaning, if we want to help people adopt to bitcoin a lot more, we could literally move that direction with our money. How? For any project that is aiming at increasing the adoption, we could help them with our money, it could be using them, it could be investing into them, it could be supporting them with chatter, it could be paying them to keep going (patron style) and so forth.

Basically, we could still voice our opinion on the matter as a whole. Sure that is not just one person going around yelling bitcoin to anyone, but as a whole we can still do some things.

Petty traders usually trade with small amounts of money. It doesn't make sense to use a money with a high value such as bitcoin for small amounts of money. In addition, they will have paid an excessive fee for this. It's not attractive at the moment.

Well it might not be a job for you but one thing you should know is that the trend is moving towards digital currency and the economy of the world is moving it's direction to Crypto currency now. In less than no time things would change but don't forget that there are those whom are fast adapting and those whom would need guidance to scale through the process. I believe strongly believe someone thought you as well so why not do the same to others so all can be in the same boat.

Its not my job at all, why would I care about educating other people? Let the market decide for it, and if they are not really willing to learn by themselves then it would not really matter at all. We do not need to have everyone involved in the crypto world, there could be some people missing and we would still be fine. Market is already big enough, and it could get bigger and bigger as well with the same people who are already invested into it, that would make it a big market without needing some people who had to be convinced or educated 12 years and 2 trillion market cap reached and did not come and require us to hold their hands.

This is a nice suggestion and a good idea
 Your approach is a welcomed development. I think doing the explanations in the presence of his kids would be a good move as they would be very fast in understanding the system and how it works. If per adventure he doesn't flow with it, his kids would be able to put him through and as note that you have achieved a big goal by getting a family into the system maybe he would decide to tell his customers about his experience with the aid of his kids whom you have already instilled the blockchain education in. This is amongst too many ways to get to the masses.

Transaction fees and price volatility are some of the things that shop owners may worry about. LN can certainly help them handle small transactions, but it's hard to expect them to be willing to adopt bitcoin as a means of payment especially since there aren't many automated options for converting bitcoin to fiat yet.

For some countries, crypto taxes are starting to be set and enforced by the government. This will charge each bitcoin owner to pay more fees when they convert their bitcoin to fiat. Obviously in my opinion this is another obstacle if shop owners are going to have a lot of considerations before adopting bitcoin as a means of payment.

To be honest I haven't given it any thought to promote bitcoins among the small business owners in my city. There aren't many places where I come into contact with street sellers and vendors. Most shops in my city are big chains which aren't very personal shipping experiences. Over the last 10 years all the small businesses closed down, the only ones left are small tahr away restaurants or kiosks. The kiosk closest to my house is run by an old Indian man who is talkative and friendly. I tend to buy snacks and beers there after work even though it's more expensive than supermarkets. Maybe I should try and mention bitcoins to him, but he is definitely above 60 years old, would be better if his kids could help him with crypto currencies. Then again who would actually pay with cryptos for cigarettes or alcohol there? Most of the regular customers I see there are also quite old and drink a lot of alcohol. Maybe retuning old bottles and getting the money in cryptos could be a way to promote it.

Let us be realistic. I understand we all want Bitcoin to be a global adoption and from your own explanation, most if not all the traders you mention don't do big numbers in terms of cash daily, or even if they do, it is usually in bits and that is where the problem is. Why were people complaining so much when ETH fee was high? even then you would remember that the whales cared less about fees that's the same problem that these petty traders will encounter with their daily trades with Bitcoin. They do little transactions at a time mostly amounting to small satoshis and if they will be paying fees for every transaction plus price volatility, you can see why people on that level of education as you mentioned might not adopt it for transactions.

You could not expect for these market sellers to level up in their social status as they are only earning quite a small amount compared to higher positions in big companies. Its more on they can sustain their necessities in life than to spend on things that brings no returns at all. However, i'm not saying that bitcoin does not ensure profits, but these small stall owners will consider daily profits than long term investment profits. The reason why i think its hard for them to get involved with bitcoin.

This is it,they are not ready.They don't want any complicated transaction method,they just want to get by.Many of those people are hard headed and only believe in their way,furthermore bitcoin popularity has not reached to all kind of people,so it will be hard for us to make them adopt bitcoin.

You are ok to say that but don't you think as teens they are it would be a good move telling them about blockchain though they might not have any mobile phone to start up immediately but atleast the knowledge of it been instilled in them to give them a better edge in putting them ready for it.

Do you really understand the topic of discussion. I'll advise you read it well and get clues on what we are discussing because people we are talking about here are people with little or no ideas how the tech or blockchain runs.

It is not easier said than due to the fact that these vendors are also incapable of purchasing some sort of technology in order to store their cryptocurrencies. Let us say that these vendors were able to get their hands on some cryptos, the problem would be in cashing them out as this limits further their trade. But I doubt that such would be an issue to people who live in first-world countries.

As for third-world countries where majority of the BTC transactions exist, I hope that the technology would be somehow simplified in order for these "petty traders" to understand fully and adopt it to their respective businesses.

I'd advise them to get the coinbase or kraken app and monitor their charts regularly using 15 or 30 minutes timeline and especially for BTC or ETH, gather information from magazines like bloomberg, and other news outlets they will definitely discover a consistent pattern within a specific range then they can trade... The gain may not be as much but enough to get by... This will help them control greed too

They are not ready for crypto volatility, on the other hand small traders only take regular profit of 10-20% of capital. Even though you have taught bitcoin correctly, when they are faced with 2 choices about the method of using it efficiently and cheaply they will choose the centralized way. Yep, they would prefer to maintain regular profits to prevent spending on-chain transactions which are sometimes more expensive than bank fees, so privacy is not their main concern.

These kind of traders are common in my country. They are small scale businesses, frankly as much as I love businesses adopting cryptocurrency, I have to say I don’t think it is a good idea for them to adopt bitcoin, it’s not realistic, the total worth of the goods they trade on an average is about $80-$300. In my country for example, the hawkers who move about selling products, they are mostly young children and teens who do not have an mobile device with internet connection. How can they accept bitcoin as payment?

I think we have to look at the level of curiosity and interest of these traders about bitcoin, because not everyone is interested in bitcoin for the lower-middle market, because they are basically looking for profit to survive, but there is no harm in providing education about investing in bitcoin, who knows in the future they are interested

As I mentioned in some previous posts, any other BTC / Crypto adoption from here on is out of our hands. What we mustn't do is preach the BTC gospel to everyone and anyone, that's bad and it's ineffective, even counterproductive. So ''educating'' them is not something we should be doing. The question here is, what's their incentive to do so? Why would they opt for that? Most of the aforementioned petty traders, as you mentioned, are not amongst the top-class citizens financially (to put it lightly), and they rely on FIAT money that will ensure they put food on the table and pay their bills. If they don't have options of paying (easily) for those day-to-day necessities, then why would they accept crypto? To invest? Those people don't have the luxury of ''investing'' just so we can see crypto be forcefully adopted everywhere because we think it's the next best thing since sliced bread. This path we undertook this last cycle was too fast and too abrupt towards adoption for some reason or another and nothing good is coming out of it. Preaching to people about what good investment crypto is, it's just making it look like a Ponzi scheme, so maybe we should take a step back and let things take their course with natural government and crypto interweaving and gradual steps to see if and how all of this can work. If it can work on that level at all.