Terminology microdose:
Bitcoin (capital B) refers to the network through which the asset is created and moved around
bitcoin (lowercase b) refers to the asset which is the unit of currency of the #Bitcoin network
Finney21
npub1ks2l...pkex
#Bitcoin Consulting Firm [est.801408]
Scarce things:
#bitcoin
Block space
Time with a #Bitcoin consultant
Been a while. Time for some updates
Finney21 is a 21 person team of hardcore Wealth Consultants
Wealth = Health & #Bitcoin
Each team member has a unique specialty
Each team member is a guardian in our Fedimint
We gather every week on a 60 minute call to discuss a topic
We each contribute to and curate a world class resource library
We honour the legacy of Satoshi Nakamoto and Hal Finney by working together to accelerate the transition to scarce money
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Insights from conversation with Santosh
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Intuitive merchant experience is essential. 1 click merchant wallet activation with 10,000 sats
Opportunity for Shopify: become the LSP that routes all merchant bitcoin payments
Brand image boost by helping merchants protect themselves from the monetary debasement
The first interaction is what matters. Goal is to get a second interaction
Success = continuing to have interactions with Shopify
Approach Shopify through fiat lens, not through Bitcoin lens
Emphasize benefit to Shopify shareholders
Consideration: how will the market perceive this decision? What could be the consequences on Shopify share price
Visa’s pitch: data, data, data
Bitcoin’s pitch: convenience, global acceptance, reduction of barriers
Customers no longer need a bank account to purchase from Shopify merchants (this is huge)
Someone from rural Africa without a bank account that has an internet connection can make a purchase from a shopify merchant in Argentina
Merchant in Argentina can protect themselves from inflation and trade with customer in Africa who doesn’t have a bank account
This is the power of Bitcoin - the digitally native money built for the global internet economy
Consider consequences on current payment methods
First interaction: think big, tone down the Bitcoin and turn up the benefits to shareholders and merchants
Next step: big brain consultant call. Collaborate on drafting an open letter
One page open letter to Shopify. Handwrite the letter? Print on nice paper? From Satoshi? Orange envelope with a ₿ stamped/painted on it
Stakeholders: Shareholders, company (brand image), customers (merchants)
Define stakeholders, explain how Bitcoin benefits each stakeholder
#Bitcoin integration with Strike: How was it perceived? What’s the internal company impression of Bitcoin?
There could already be a Shopify team already researching or implementing a bitcoin payments project
Understand Shopify’s pain points
Bitcoin unlocks payments without barriers (1.4 billion unbanked people)
Keep the letter simple, playful, to the point
Paint a picture of what Shopify could look like in 2033 with bitcoin payments enabled
Someone with an internet connection in rural Africa buys something from a merchant in Argentina
Merchant subscriptions could be paid in bitcoin
Project objective: Educate and train a Shopify Bitcoin team
Challenge: selling Shopify on a solution to a problem they may not even know they have
Step 1: bring awareness to the problem
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Building on #Bitcoin
21st century ecommerce on top of a digitally native, global, decentralized, open monetary protocol called #Bitcoin
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Write an open letter to Toby and Shopify board of directors
Also send letter to VPs of engineering
Encourage everyone to study the Bitcoin Whitepaper. It’s a miraculous innovation in computer science
The 21st century digital economy is built on a global, decentralized monetary protocol called Bitcoin
Shopify can supercharge their e-commerce platform by integrating lightning payments and merchant wallets
7 person team: wallet software engineer, lightning software engineer, Ux designer for merchant wallet and payments, lightning architect, educator, comms/fixer, leader to nurture key relationships
1 month of planning, 6 month execution to ship merchant wallet (60 days) and turnkey lightning implementation for merchants
Do everything open source and in alignment with Bitcoin
Educate Shopify staff. Empower them with Bitcoin. Pay them their first 21,000 sats to learn about Bitcoin
Educate Shopify merchants. Empower them with Bitcoin so they can protect themselves from currency debasement that is threatening their business
Merchant benefit: a new cohort of customers who want to spend Bitcoin, lower transaction fees (0.5% routing fees to shopify)
Bitcoin protects merchants from central banks who are debasing currencies and devastating their businesses
Building on Bitcoin is good for the world, good for Shopify’s merchants, and good for Shopify’s shareholders
Shopify has an opportunity to pioneer the 21st century digital economy built on a digitally native monetary protocol called Bitcoin
Big events to announce the integrations when they are ready. Pilot and beta test everything in house within shopify
To cover in open letter (unpacked for presentation):
1. Why does Bitcoin (not crypto) matter?
2. How can Shopify benefit from integrating Bitcoin?
3. How can Shopify merchants benefit from Bitcoin?
4. What business opportunities are available to shopify?
5. What does the execution look like for integrating Bitcoin?
6. Read the whitepaper
Revenue generator: Shopify becomes the LSP for 1.75 million merchants
Merchant Ux: Bitcoin dashboard, merchant wallet, non custodial mobile companion wallet
Customer Ux: Bitcoin payment checkout (lightning)
Bitcoin is a superior payment network for the global digital economy. The protocol is open, global, decentralized, and digitally native
21st century digital money for 21st century digital merchants
Merchant benefits: lower transaction fees, instant settlement, no chargebacks, new customer base of people who want to spend bitcoin
Activate your shopify merchant wallet. We send you your first 21 satoshis when you do that. Education video, 1 click activation
Companion mobile wallet for merchants to track their store wallet balance and take self custody of satoshis
Why do we do this work?
Because we believe every human has a right to save the fruits of their labour in incorruptible money backed by energy, governed by the laws of the universe and immune to the foolishness and greed of man
Team mission: accelerate the transition to scarce money
#Bitcoin