Bitcoin on the streets: The trick to onboarding UK merchants into BTC

“Do you accept Bitcoin? “Would you like to?” These were the questions that echoed in Reading, England, United Kingdom. They came after a long day of hard work for two British Bitcoin (BTC), advocates.

James Dewar, founder partner of Bridge2Bitcoin and MSW, a business development specialist for CoinCorner, set out on a marathon mission to adopt merchants in Reading. They spoke to 63 cafes, restaurants and shops in six hours to convince them to accept BTC.

The Bitcoiners arrived with flyers, sales experience, and lots of enthusiasm for the largest cryptocurrency in the world. Dewar explained to Cointelegraph that around half of the 63 merchants they spoke with rejected them. Ten were worth a follow up. Three businesses were either quickly or immediately onboarded. Dewar continues:

“It’s a 33% hit rate in two weeks, which from my perspective from a standing starting is pretty good considering the adoption curve.”

Although 3 out of 63 merchants might seem trivial, this is representative of the global adoption of Bitcoin.

The global adoption of Bitcoin is around 3%

Dewar explained that Bitcoin awareness is low at the moment as we are below the threshold for adoption. It’s worth trying and asking your local merchant if he accepts Bitcoin. Dewar jokes that people might be reluctant to accept or reject the offer even if Dewar hands out PS10 notes in the street. This is because it’s “Sales in general,” Dewar says.

It seems like a no-brainer to us, right? It’s absolutely possible to do it. However, it’s not easy to get the message across. People don’t understand. It’s like giving out tenners in public!

MSW, who was with Dewar, explained that Bitcoin acceptance makes sense commercially for many merchants. One of the many benefits is that you can accept pounds. SumUp is like a cheaper version with bonus marketing. SumUp is popular in restaurants and bars across the country.

Why not add businesses to other cryptocurrencies? MSW, who was with Dewar during his journey, says that the Lightning Network is “the best way to send value, at low fees, and instantly.” The Lightning Network is superior to Ethereum (ETH), and other cryptocurrencies, as a payment network.

MSW has been involved in various Bitcoin merchant adoption walks in Edinburgh, Oxford and London since then. There have been varying degrees success. Coach Carbon, a Bitcoin soccer coach, teamed up with MSW in Oxford just a few weeks later. Jordan Walker, the CEO and founder of the U.K. Bitcoin collective joined MSW in Edinburgh. Walker and MSW spent the day onboarding merchants in preparation for the first Bitcoin-only conference in the United Kingdom.

Source: Bitcoin Collective

Isn’t Bitcoin meant to be HODLing, not spending? MSW and Dewar would agree that Bitcoin is a store-of-value, but they support spending Satoshis. Due to the “Bed and Breakfasting” laws in the UK, Bitcoin cannot be used for capital gains and can only be replaced after 30 days. MSW also emphasizes that Bitcoin purchases in shops are educational.

I am bullish on merchant adoption because it helps to demystify Bitcoin and shows that it does have a purpose. Bitcoin can be used to buy a coffee or ice cream, or go to your local cat cafe and stroke some cats.

James and MSW both agreed that it can be difficult and frustrating for some, but the end result can be very rewarding.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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