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How to convince people to accept Bitcoin Cash as a payment method.

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Avatar for francis105d1
Written by   93
2 months ago

One of the things that has been a must for Bitcoin BCH is that is accepted as a payment method for everyone to pay your bills, goods and services. And it has been a quick goal to achieve, it is actually hard to make people accept Bitcoin BCH as a method to settled debts. It is up to the community to try to implement ways for people to accept it so that see more adoption around us in the real world.

Many people around the world hold crypto currencies, but many are just using crypto currencies to speculate in prices and as we all know that alone will not take far enough, only up to a point and after that no more, but if people accept it as it was meant to be the possibilities are endless, many people don't pay rent other do, many people buy their groceries at local own stores and many others buy their groceries at big corporations, if you pay your rent to a local landlord or buy your groceries from a local store own and operator by a member of your community, what I am about to write may work into helping people adopt Bitcoin Cash as a payment method.

You can offer your landlord to pay your rent in Bitcoin Cash and offer an insurance for his money if the price of Bitcoin drops within 60 days he or she can return the Bitcoin Cash to you and you will pay him in fiat currency. The landlord will have a wallet with balance and if price goes up within those 60 days he will decided to keep the satoshis instead fiat and you got a new person that now hold Bitcoin BCH and has a balance, if in the case price drops you can give him cash and you will get your satoshis back, the your landlord will know about Bitcoin Cash and will also know how to receive and send.

Your landlord will have to learn how to backup their private keys too so that he doesn't lose access to his money, this will work with small landlord and it will work better if your landlord owns the property and doesn't have to pay a mortgage to the bank, so he or she can keep it as savings after the 60 days have pass is your landlord responsibility and your insurance would have expired after 60 days.

This could also work for small shops where the owner knows you well, it will work with people in small villages where people know exactly were you live, you can buy for example $25 worth of food or groceries at your local store and offer the shop owner the same insurance that if price drops, you will give him the $25 in fiat and he will return your satoshis.

This could work in places where the community is small or in villages like they do exists in the third world, many people in those countries know each other for years and some of them even saw them since they were children. Small communities have this advantage over big developed cities because you can't create that trust that easily. And this could even be develop into a smart contract for those with the know how in the future once smartBCH is in mainnet. A way to insured people who receive payments for a certain period of time so that more merchants accept Bitcoin Cash as a payment method.

So in conclusion my idea is to provide insurance to the other party that doesn't have Bitcoin Cash and that it will be using it for the first time, giving insurance is an small price to pay so that others can know and try in my opinion. If you disagree with me let me know and present what will be your ideas in the comment section, if possible leave a like and subscribe it is free and it will help me a lot, and I promise I will try to create even better content in the future.

Comment, like and subscribe, it helps me a lot, thank you.

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Avatar for francis105d1
Written by   93
2 months ago
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Comments

Love the article. Accepting bch is my largest win ever.

$ 0.01
1 month ago

And there you have it you could write an article or give the link to your article if you already wrote about it on how Bitcoin Cash has been your largest win so far. It takes me time to write to every single comment so I apologize if I am answering a little bit late.

$ 0.00
1 month ago

I like your idea. I do live in a modestly big city and won't be able to use it with my landlord (whom I have never spoken with) or the local stores, but maybe with friends and acquaintances.

Maybe this idea could actually be implemented on a larger scale. If a BCH holder with deep pockets would offer a payment processor with such an in-built guarantee, I could see merchants or even companies use it.

$ 0.01
2 months ago

yeap something like that and flexusd could be that stable coin too, smartBCH is coming to BCH and we already have some smart contract I am pretty someone will pick my idea and create a smart contract that serves as the party that will insure funds . Something like you will have an smart contract where you will send let's say $100 worth of BCH and $100 worth of stable coin, and the smart contract will send the Bitcoin BCH to the party who you wish to pay and the smart contract will insured and hold your stable coin until the guarantee time expires, if let say the insurance time is 30 days and price drop 10% or whatever amount the other party could send the BCH to either the smart contract or the other party that started the process of payment the he will receive the stable coin. At least this could work with stable coins but in real life you could work out this with people who you know and now where you live or know you in general. And you could even offer cash in fiat and even offer the smart contract if the person prefers to have stable coin to buy the asset later.

$ 0.00
2 months ago

I have just written an article in which I try to build on top of your idea. Maybe someone will read it and have another improvement. 😊

Here is my article. https://read.cash/@MoreGainStrategies/onboarding-new-bch-users-by-adding-a-price-guarantee-to-bch-wallets-dcbe4da2

$ 0.01
2 months ago

That's good post the link I want to read, and pretty sure those that read this message could also be wanting to read it too.

$ 0.00
2 months ago

I like your idea, and it just might work if that's how we are to convince other people, not only merchants, to accept BCH as mode of payment. The bigger challenge is to get the whole supply chain - producers, manufacturers, distributors - to get into the boat and start realizing the functionality of this crypto.

$ 0.01
2 months ago

Those that have fiat today see their fiat as the only money if we present insurance their fiat value will be fix for a set number of days, and once they see that price goes up and down they may start to love volatility because it gives a chance to trade the ups and downs. The only people who are accepting fiat at this moment are those who their fiat currency has failed ( Venezuela, Zimbabwe and other) this way we remove the uncertainty of the market and put it in your side, but eventually people will accept the ups and downs as part of the market.

but we must first put our foot in the door, and by just saying that Bitcoin cash is a currency the only thing we have gotten is a door in your faces, smart contracts could help in this too by placing stables coin into a contract on which for a period of time a person can remind in case price comes down, but if you want people in the real world to accept it this is one way to do it.

Stable coins could help a lot too.

$ 0.00
2 months ago