As banks are collapsing, it’s the perfect time to get the word out to people that Bitcoin solves a lot of these problems. I think these new Bitcoin commercial hits the mark. It’s well produced, and it effectively highlights several of the inconveniences relating to the traditional banking system.
Of course, it doesn’t go too deep down the rabbit hole (like this article does), but it’s relatable and great for spreading awareness. Check it out..
Speak with your local small business owners. Education them. Help them get set up with a wallet if they’re new to all this, and explain the benefits of accepting crypto to them.
It’s to their benefit to do so, because every time a retailer accepts a credit card payment, they lose up to 3% in fees. Some stores in your neighbourhood would end up saving thousand of dollars per month if they made the transition (assuming the masses started paying with crypto as well).
When you really think about it, these credit card companies are making an absolute killing because those transaction fees essentially get charged over and over.
Let’s say we have $1000 that we spend at a local store..
We pay with our credit card, and the vendor takes a 2% hit on transaction fees.
The vendor then takes that money, and orders some inventory, also paying with a credit card. The supplier who just received the order also gets hit with a 2% merchant fee.
The cycle just repeats as currency flows through the economy, and these credit card companies collect fees over and over on that initial $1000 dollars.
Then, add to that all the interest payments they get and it’s clear to see what an ingenious business model it is.
Rather than further enriching these companies, paying with cash (for now, and where possible) remains the best option until more vendors start accepting cryptos.