The following is my updated script for my next "All About Bitcoin Cash" video. I have worked in the valuable feedback which I received from the community so far after I published the original script here. Thank you to everyone who contributed. 💚
And I would love to hear more of your feedback. If you read this article soon, I can still take your feedback into account.
The script for the video begins here
Hello everybody and welcome to "All About Bitcoin Cash!"
Recently I've been thinking about how to increase the adoption of Bitcoin Cash in the real world.
For instance, imagine how great it would be if Amazon or another big company started to accept Bitcoin Cash payments. And I thought about what would have to happen for that idea to become a reality.
How could we convince someone in a leading position at Amazon or another company to make the decision that they start accepting Bitcoin Cash for payments?
And then I thought "how easy would it be if the people who can make such a decision were already Bitcoin Cash supporters?"
My next thought was "how could we get Bitcoin Cash supporters into such positions?" And I realised: "That is probably a task which is pretty hard to achieve..."
However, maybe we could start the other way around: We are already Bitcoin Cash supporters. And some of us have some skills. Maybe we could start a company - or offer our services. And then we would accept Bitcoin Cash for payments, of course!
It then hit me and I realized: "Wait a minute! I'm a person who has some skills! Why can't I offer my skills for Bitcoin Cash?!"
One of my skills is that I am a fitness instructor and I have been instructing group fitness classes for years...
I usually work for the local university, but during the lockdowns, the official classes were paused and I offered some online and some outdoor fitness classes on my own. And people actually quite liked them...
I offered these classes for free, but as I actually needed to buy some equipment, I asked the participants for donations.
I needed a portable speaker for the outdoor classes. And a better camera, a strong light and a Bluetooth headset for the online classes.
Therefore, I came up with the idea to ask my participants for donations. Anyone was allowed to participate in the classes for free. And if they liked the class, they could just give me a small donation at the end.
I gave my participants a choice of several ways to donate: They could donate cash if they participate in person. Or they could send me a bank transfer. Or they could send money via PayPal. And I also offered Bitcoin Cash payments, but unsurprisingly, no one used that last option to send me donations. Unsurprisingly and unfortunately...
So let's try to change that!
I have been thinking about how I could incentivize my participants to use Bitcoin Cash to donate for the fitness classes... And I came up with an idea:
What I will be doing now is: I will record a video for my participants. This video will be in German - as I live in Germany and my participants speak German.
I change the donation to a participation fee of 2€ - which is reasonably cheap for a fitness class that runs 60 or 75 minutes. They can pay that amount in cash, per PayPal or per bank transfer.
And I will also offer Bitcoin Cash payments. However, if a participant decides to pay in Bitcoin Cash, then I'll drop the fee to 0.50€. That is a discount of 75%. The reason for that is: I believe that Bitcoin Cash is currently undervalued by a factor of ten. That means that when someone buys 1 BCH now for $500, I think they get an exceptionally good deal - as the price should be closer to $5,000 than to $500. That's why I accept 0.50€ instead of 2€.
My participants get a 75% discount and once the BCH price 10x-es, I have received more than double what I ask for in Euros.
In addition to offering them to pay in Bitcoin Cash, I will tell my participants that they can also join noise.cash or read.cash and get rewarded in Bitcoin Cash for writing articles or using social media. If they do that, then they can pretty much participate for free in my fitness classes.
What am I trying to achieve?
I hope to onboard quite a few people to noise.cash and read.cash - which themselves are onboarding mechanisms to Bitcoin Cash. This means that the main purpose of these platforms is to get new users to Bitcoin Cash - who will hopefully learn about Bitcoin Cash. And in the best case scenario they will also fall in love with Bitcoin Cash.
As a side note: That actually does happen sometimes. At least in my case it did. 😉
And I hope that by offering the fee with a 75% discount in Bitcoin Cash than in Euros, this will be enough of an incentive for my participants to use Bitcoin Cash.
And one additional onboarding idea: Handing out free BCH cashbacks
Maybe the rebate for paying in Bitcoin Cash is not enough to get my participants to use Bitcoin Cash...
That's why I offer any participant who pays the 2€ fee to send them 0.25€ in BCH for free. If they accept this cashback, they can either keep the Bitcoin Cash - or they can send it back to me and pay for the next class. That way they get a third class for free if they participate twice in my class and accept the free BCH.
And seriously, why wouldn't they accept the free money?
By giving my participants free Bitcoin Cash, I will probably get them to install a BCH capable wallet. And when they send me the Bitcoin Cash back, they will realize how easy, fast and cheap it is to make or receive a BCH payment.
Maybe they won't be impressed by that if it's their first crypto currency transaction - because honestly, that's just how crypto currencies should work - but if they are used to transact BTC, then BCH will blow their minds.
Or alternatively if they ever have to deal with BTC in the future, they will hopefully remember how much quicker and cheaper BCH was in comparison.
What do you think about the idea?
Originally, my idea was to set the regular participation fee to 1€ instead of 2€. And I wanted to ask for 0.10€ if they decide to pay in Bitcoin Cash.
However, after I posted my original script for this video on read.cash, I received valuable feedback from the community. They pointed out to me that 0.10€ is kind of a ridiculous amount to charge. And they are right. That's why I changed it to 0.50€ - which is still very low to be honest, but at least it's not ridiculous.
My original concern was that 1€ - the amount that they would have saved with the original pricing - was too low of an amount to incentivize most participants to learn about Bitcoin Cash...
I believed that most participants may rather pay more than learn something new.
And I believed that if I charged more for the classes, then the participation might drop. Or my participants might think that I'm greedy...
However, now I'm comfortable with charging more, because they have a way to reduce the amount. And that way is to use Bitcoin Cash.
The higher fee also increases the incentive to learn about Bitcoin Cash from 0.90€ per class to 1.50€ per class. If a participant joins eight classes, they save more than 12€ by using Bitcoin Cash.
What do I plan for the German video that I will make for my participants?
I am considering to include a short primer on Bitcoin Cash in the German video.
However, my concern is that my participants might feel like I'm trying to force Bitcoin Cash down their throats. Or that Bitcoin Cash could feel like a cult if I praise it in the video...
That's why I'm looking forward to your feedback!
Anyway, wish me luck! I hope my plan will work out for the benefit of Bitcoin Cash.
This is a very nice one. Go ahead, it's a success already.