How do you educate petty traders in adopting Bitcoin? - page 4.

CryptSafe

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Quote from: sunsilk on June 09, 2022, 08:39:31 AM

It's good to educate them but putting them into investing in bitcoin is unlikely and difficult to happen IMO.

And that is because they're doing their own hustle to put food into their tables and they barely save money so, as an investment, they might listen to us but unlikely invest.

They can't just sacrifice a budget of meal a day into an investment that they've just known. But I know that some of them might really get into it being inspired but still, they need to have a better explanation that this ain't just an overnight rich scheme.

Though investing isn't a bad idea but at their level, it would be nice educating these people and letting them know what they stand benefiting from blockchain. I think at first is teaching them on how it works and maybe if they are willing, you tell them they could accept Bitcoin as means of payment for their commodity which would ease them the time and stress of running around to and fro the bank if the need be.

Questat

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Quote from: CryptSafe on June 09, 2022, 06:26:48 AM

I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society.

Well, just to hope that these types of people would like to listen and have an interest in crypto they are pretty sure busy with their daily jobs. We can't urge these people to adopt Bitcoin, perhaps it was not ideal to do so. Let things may come momentarily that the use of Bitcoin become officially considered legal tender as for sure that time everyone will think about adopting to new technology.

As to the extent of hearing some noise about banning and scam issues about Bitcoin, many were thinking negatively instead of giving support for this.

mk4

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Quote from: CryptSafe on June 09, 2022, 07:05:39 AM

The petty traders I meant are hawker stall, street vendors, street hawkers, market men and women, kiosks that do daily trading often.

Then I don't think you should be telling most of them to adopt bitcoin, unless your country has a BitPay-like service where every payment received gets automatically converted to your local currency.

Most of those people live paycheck to paycheck; unless they have a good amount of spare money(emergency fund aside), they shouldn't be buying bitcoin imo.

sunsilk

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It's good to educate them but putting them into investing in bitcoin is unlikely and difficult to happen IMO.

And that is because they're doing their own hustle to put food into their tables and they barely save money so, as an investment, they might listen to us but unlikely invest.

They can't just sacrifice a budget of meal a day into an investment that they've just known. But I know that some of them might really get into it being inspired but still, they need to have a better explanation that this ain't just an overnight rich scheme.

Apocollapse

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Those hawkers, businessman, vendors, salesclerks etc you mentioned above are depends on where did they live. If they live in where Bitcoin get banned by their government, how it's possible they accept Bitcoin as a payment alternative? Pretty sure someone will report to the police and they will get arrested since it's against their law. Though they can buy Bitcoin in Decentralized exchange, but they can't publicity it.

Asiska02

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Educating this petty traders will go a long way in helping them and their businesses to grow. But most of them are not educated and find it difficult to use smartphones. They have to get someone to help them go to bank to get their money too with all the stress in it. But nevertheless they’re some people who still are educated and still find themselves in the streets selling to get their daily needs because of lack of job opportunities.
The best thing to do is to organize seminars for them at their convenience and let them know the important of having to learn bitcoin as it will help grow their business and reduce stress from transacting using banks. It will be easier if more of them are educated and are acquainted to the internet.

kryptqnick

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Doing tons of daily transactions when selling products in a kiosk or at a market isn't really trading. The price stay more or less stable, and the goal is to sell the products you have and get money for them in return. The purchases from places like this also tend to be small and fast, so I'm not sure Bitcoin is good for that. I think it's more productive to convince businesses that sell something pricey and probably online to accept Bitcoin. Transactions on a market happen very fast and are small.

Mbitr

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IMHO - the only reason to educate street market traders would be for long term investment purposes.
If they have high volume and low price items, then cash would be king - particularly for tax purposes ! Why would these folks want to declare to the relevant tax authorities what they are selling. The huge benefits for using bitcoin is that all transactions are recorded on the Bitcoin blockchain - but for traders wishing to avoid tax , this would be a major disadvantage!

Jating

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Quote from: CryptSafe on June 09, 2022, 07:05:39 AM

Quote from: mk4 on June 09, 2022, 06:37:15 AM

Can you be more specific on what you mean by "petty traders"?

If you meant traders that trade forex/stocks/crypto/etc, is there anything you can do? They most likely started trading to hopefully create an income source. Telling them to buy/hold/use bitcoin (especially without much capital) wouldn't give them that.

The petty traders I meant are hawker stall, street vendors, street hawkers, market men and women, kiosks that do daily trading often.

Might be hard though, I mean these people are always on the street and try to make money. And maybe they will have a false vision or hope when they see that bitcoin might be way out of their current life. Yeah, maybe teach them what is bitcoin but also put a caveat that it's not a get rich quick scheme. Another question is where will they get their money if they are willing to invest (risk) on it. For sure this are hard earn money from sweat and tears.

CryptSafe

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Quote from: mk4 on June 09, 2022, 06:37:15 AM

Can you be more specific on what you mean by "petty traders"?

If you meant traders that trade forex/stocks/crypto/etc, is there anything you can do? They most likely started trading to hopefully create an income source. Telling them to buy/hold/use bitcoin (especially without much capital) wouldn't give them that.

The petty traders I meant are hawker stall, street vendors, street hawkers, market men and women, kiosks that do daily trading often.

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Quote from: mk4 on June 09, 2022, 06:37:15 AM

Can you be more specific on what you mean by "petty traders"?

I'm a bit confused as well, do you mean online traders or people who do physical buying and selling of commodities?

If the later is the case, and you feel very inclined to introduce these traders to bitcoin and crypto, you can go ahead to organise talk shows or some sort of exposition that will be happening live at the market place while their business is ongoing, I say "while their business is ongoing" because most of these traders will be reluctant to leave their business for any sort of talk. Daily transaction is super important to these people.

mk4

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Can you be more specific on what you mean by "petty traders"?

If you meant traders that trade forex/stocks/crypto/etc, is there anything you can do? They most likely started trading to hopefully create an income source. Telling them to buy/hold/use bitcoin (especially without much capital) wouldn't give them that.

CryptSafe

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I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society. Some are uneducated and are not anywhere near technology to get acquainted with blockchain and Bitcoin. I believe if they are informed and have knowledge about Bitcoin properly they will want to key into it so as to save themselves of unnecessary stress and expenses from banks and other groups.
What's your opinion in educating these petty traders and letting them know more about Bitcoin because I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
What steps would you take in drawing the attention of the traders to Bitcoin?

Topic: How do you educate petty traders in adopting Bitcoin? - page 4. (Read 560 times)