TL;DR: Lots of How To content is out there, and when it comes to cryptocurrency, much of it involves wallets or exchange use and mining. Hardly any tackle what might be the true sleeping giant, merchant adoption. CoinSpice Executive Editor Hayden Otto takes viewers on a quick run-through of how to present fast, peer-to-peer, uncensorable digital cash to businesses, choosing, of course, bitcoin cash (BCH) as his main selling point.
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Easily Onboard a Merchant with Bitcoin Cash
“Are you accepting bitcoin cash yet?” is Otto’s provoking question, going about his day as a consumer, eating lunch, dry cleaning clothes, and whatever else routine errands require. At first blush, it’s presumptive. Yet. Yet? Yes, yet. It’s going to happen, almost inevitable, so let’s get you set up. Viewers can predict a merchant’s response. “What’s bitcoin cash?”
“We have a great range of home made meal options from sandwiches, bagels and burgers to Lasagnes, quiches and fresh salads,” The Old Railway Cafe details. “Boasting a large range of coffees, frappes, milkshakes, thick shakes, fruit smoothies and an atmosphere that invites you stop and stay for a while.”
Located in Townsville City, North Queensland, Australia, open weekdays from dawn until early afternoon, The Old Railway Cafe might be an ideal place for a digital currency such as bitcoin cash (BCH). The world’s top 4 crypto was birthed on the idea of using it as cash, easy and frictionless, for what are known as “micropayments.” And while it can also handle millions of dollars worth at a time as well, BCH is hands down the most business friendly for smaller establishments especially.
You’ll hear an exchange with Otto quite typical when business owners and managers consider the proposition. What are the onboarding requirements? Account set ups? Identification numbers? Licenses? Certifications? When they hear and see how nothing of the sort is involved, and the transaction times are lightning quick, along with being dirt cheap, BCH becomes something of a proposition impossible to refuse — they’d be making a bad business decision NOT to accept bitcoin cash.
The video is by no means exhaustive on the subject. Some other hints to onboarding a merchant include: offering a trial period could be a nice ice breaker (for some, commitment to yet another payment system can seem scary if their only previous experience is with legacy fiat systems), along with an offer to underwrite the establishment’s acceptance of BCH … buying the bitcoin cash back in fiat at the time-stamped value it was received (documented through receipts).
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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