Bitcoin Small Business Roundtable at block 669,078
February 5, 2021•673 words
NOTE TO ALL:
I really enjoyed meeting those of you that I did not know previously and getting to talk live with passionate bitcoiners. Hope to do a lot more of this!
It would probably be easier to create a google doc to share so that everyone can edit, but fuck google. I'll try to figure out an easy way to make this editable or find something open source that allows collaboration on documents (I'm sure that exists). For now, here are my notes from today's discussion. Let me know if you want to revise anything in the notes.
Mission:
To help small businesses and their employees get paid in real money
[probably could stand to beef this up a little bit; would love to find a way to incorporate "no more blood in my beer"]
B shared personal experience helping small businesses as a "bitcoin consultant"
-fee structure is complicated, and taking a per-transaction fee dilutes the value proposition of getting away from traditional payment processors
-lightning integration still somewhat clunky
-thought it might make more sense to buy a small business and integrate bitcoin
J noted that credit card fees are only part of the problem, and a small one that small business owners have come to accept
-bigger issue is the holding time for money
--at best, small business owner gets paid in 8-10 days
--if mistake was made (e.g. swiping a chip card), it can take up to 30 days
--charge-back risk for six months
--some customers game the system to cheat contractors
---legal pursuit of claim recovery requires more time and money than it's worth
-many small businesses and independent contractors are already accustomed to the cash-based "underground economy"
AM points out that remaining within the bounds of the law is important
M thinks that the goal should be to enable the individual to make the choice
-the objective is to create and provide a playbook for the small business owner
-what that owner does with the playbook is not anyone else's concern
B suggests that the idea is more like a round-table forum for business owners
-"Bitcoin makes working great again"
P notes that based on his experience, the first step should be an inquiry form where a would-be user inputs a name and contact information at which point someone holds the users hand through set-up
Model seems like it has more potential with brick and mortar / IRL commerce
-e-commerce extremely cut-throat
-major e-commerce platforms can't be set-up to be bitcoin-only
--Woo with BTCPay Server plugin is really the only way to go bitcoin-only
--Shopify doesn't allow users to list anything other than traditional credit card payment as "default" option
OpenNode KYC process creates pain point
-B shared example of trying to set this up for a bar to facilitate lightning payments; required to provide information for all shareholders of the bar
AM idea to create affiliate program; send sats based on personal referrals
P inventory management / ERP systems integration would be a logical next step
-probably best to focus on easiest use cases first
Ultimately, small business should be able to plug into Bisq through an API to convert sats to USD as desired / needed
First two problems to address
1. how to create incentive for bitcoin on-boarders (ie, how to get the bitcoin consultant paid)
2. how to move lightning payment proceeds to savings account
UC can probably help here
Road map
1. build product / onboard inquiry platform
2. evangelize
-pay college kids to go door-to-door and pitch local businesses
-businesses onboard with an area- or industry-specific manager / ambassador
-business then passes to technical fulfillment with someone who can engineer the solution that meets specific needs
Next steps
-organize local meetups
-organize future (recurring) calls
--probably makes sense to maintain informal approach and limited meeting size to facilitate open exchange
--subject matter experts can coordinate among themselves as needed and distribute findings to other participants on future calls
-near-term expertise that would be useful
--lightning (Ryan Gentry?)
--BTCPay Server
--Bisq