Soak Quest's avatar
Soak Quest 3 weeks ago
The hardest part about building a business for Bitcoiners is the volatility. This is obvious when we think about Bitcoin financial service businesses, but its true for any business that services Bitcoiners. When the price is up, things are good and their customers show their insane loyalty. But as soon as the price turns down, even around 10%, spending patterns change in a pretty major way. Though they may still be up 100s of percent, Bitcoiners are humans who get used to the new normal of their higher net worth quickly. Unfortunately this occurs at the same time as your bitcoin is lower in price and you are human, so you feel it even more. Running a business for Bitcoiners is not for the faint of heart.

Replies (6)

The temporary solution until we reach a. bitcoin standard is to educate customers to use a service like @jack mallers' @strike where the customer pays dollars from their cash account and the business receives Bitcoin. Then it doesn’t matter the Bitcoin price is up, down, or sideways because they’re spending fiat anyway. Yes, customers need to KYC with Strike, but if they’re Bitcoiners, they’re likely DCAing on an exchange, so they’re already KYCed. View quoted note →
since you need to interact with the fiat world, you need to use their tools. I think. If price go down, take a loan against your bitcoin instead of spending it.