How do you educate petty traders in adopting Bitcoin?

[franky1]

tl:dr; version:
bitcoin has no central body that will fly on a plane to YOUR town to train YOUR vendor in your town... emphasis YOU need to help your vendor if YOU want them to accept bitcoin in YOUR town.
wall of text version:

street vendors (tourist gift stalls, food carts, novelty merchandise stalls) accept whatever is most common to their customers.

in tourist area's they will accept multiple currencies EG euro stalls accepting american dollars
in smaller towns catering only to local population they only accept the local currency.

i know these small businesses dont have the volume power to beg credit card companies for convenient fee rates. but if the only method of payment a CUSTOMER has to offer the stall owner is a credit card. then thats what the stall owner has to accept.

in natural adoption without intervention/pressure, its less about trying to convince the market stall owner to accept a currency. its more about having the local population owning the currency and wanting to spend it. locally, to then help make the market stall owner realise he needs to accept it as a preferred method of payment via locals asking vendors if they accept currency X.

i know some will say its a chicken and egg. for instance. if local people cant find anywhere locally to buy things with crypto then local people wont get crypto to then ask vendors.
but the opposite can be said. if local vendors are not asked if they will accept crypto enough times by customers they wont see the point of accepting it,

this chicken and egg problem is what holds up natural un-intervened, unpressured adoption at the small local business level.
this issue circles clockwise and anticlockwise where by its needs to be educated how easy it is to set up a bitcoin address to watch for payments incoming. (very very easy 2 click process) and how cheap it is to set up a method to exchange the currency to local/native fiat(many options)

it requires educating vendors. not waiting for vendors to miraculously start using it.
bitcoin does not have some company/central lobby/education group to educate vendors. instead any and all people on this forum can do their part of speaking to vendors in their local area about accepting bitcoin

again bitcoin has no central body that will fly on a plane to YOUR town to train YOUR vendor in your town... emphasis YOU need to help your vendor if YOU want them to accept bitcoin in YOUR town.

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[Vaculin]

I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society. Some are uneducated and are not anywhere near technology to get acquainted with blockchain and Bitcoin. I believe if they are informed and have knowledge about Bitcoin properly they will want to key into it so as to save themselves of unnecessary stress and expenses from banks and other groups.
What's your opinion in educating these petty traders and letting them know more about Bitcoin because  I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
 What steps would you take in drawing the attention of the traders to Bitcoin?

It will be very difficult to draw their attention into bitcoin investments especially if they are not particular with bitcoin and they don't have the spare money to invest in it. Remember that the profits they produced out from selling in the streets with their small stalls are certainly low compared to those big business owners so financing for bitcoin investment is one thing that they can't hardly afford. Instead, if they earn extra money, i believe they will chose to add it on their business capital so they can expect for increase profits.

[KingsDen]

I see some people confused about what Op meant as petty traders in this context. But if you read Op carefully, the meaning of petty traders is explained in Op.
Petty traders in the context are the street marker retailers who sell directly to end producers. They gather in local markets and streets.

Well, if you wish to educate the petty traders about Bitcoin, you can go do it individually or organise a market public lecture to educate them.
But I will strongly advice that you shouldn't teach them to adopt it in their business. Many of them don't even balance their accounts and they are always confused with finance, especially the aged ones. Don't bother to increase their problems. You can teach them about Bitcoin and they will decide whether or not to involve it in their business when they must have gotten the full understanding of bitcoin.

[Viscore]

Doing tons of daily transactions when selling products in a kiosk or at a market isn't really trading. The price stay more or less stable, and the goal is to sell the products you have and get money for them in return. The purchases from places like this also tend to be small and fast, so I'm not sure Bitcoin is good for that. I think it's more productive to convince businesses that sell something pricey and probably online to accept Bitcoin. Transactions on a market happen very fast and are small.

This is the reason why those vendors in the streets or markets won't bite about bitcoin investment. They used to see profits after a day or two so if you are going to educate them about bitcoin as a long term investment, probably they will become skeptical to invest in it. Yes, they can expect huge profits in bitcoin but the problem is when. I suggest if you try to educate their big bosses or those who are big time businessmen, probably it will work for them.

[livingfree]

This is the reason why those vendors in the streets or markets won't bite about bitcoin investment. They used to see profits after a day or two so if you are going to educate them about bitcoin as a long term investment, probably they will become skeptical to invest in it. Yes, they can expect huge profits in bitcoin but the problem is when. I suggest if you try to educate their big bosses or those who are big time businessmen, probably it will work for them.

Mostly it's within the day and they have to roll all of their profits today for their capital tomorrow. That's usually how their capital works and they're just rolling any profit they make from selling.

That's the hustle they know how to do because it's easy and they're used to it. I think the easier approach is to ask them if they want to know and learn bitcoin and if they answer yes, that's where you'll explain to them what it is as an asset, investment and cryptocurrency.

[goldkingcoiner]

I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society. Some are uneducated and are not anywhere near technology to get acquainted with blockchain and Bitcoin. I believe if they are informed and have knowledge about Bitcoin properly they will want to key into it so as to save themselves of unnecessary stress and expenses from banks and other groups.
What's your opinion in educating these petty traders and letting them know more about Bitcoin because  I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
 What steps would you take in drawing the attention of the traders to Bitcoin?

Petty traders? That's not a term I have heard used before. Perhaps you mean retailers? That is a bit interesting.

Either way the essentials of getting anyone to adopt Bitcoin is to get them to develop an interest in integrating it into their business model.

I assume since most of their customers do not care about Bitcoin and would rather pay small purchases in fiat cash, then the vendors also would not care about Bitcoin.

[Darker45]

To be honest, these people don't have bank-related stress because they don't have bank accounts. But it's probably not because they are deprived by the banks of such opportunity but because they don't need it. They earn on a daily basis and also spend on a daily basis. Although they also have long-term savings, it is mostly spent down to the last penny after a year, or when that occasion they're saving for arrives. This is only my observation. I'm surrounded with this kind of people.

I'm not saying Bitcoin isn't for them, but if they intent to spend their savings after only a year, I'd rather encourage them to stay away from Bitcoin. But if they plan to keep their savings for many years, it is easy to tell them that Bitcoin is the choice. Not only will their savings most probably grow, they are also resistant to inflation and bank fees and all kinds of hassles involved with opening a bank account. You just need to show them the rise of Bitcoin's price through the years and they'll probably agree.

[adzino]

I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society. Some are uneducated and are not anywhere near technology to get acquainted with blockchain and Bitcoin. I believe if they are informed and have knowledge about Bitcoin properly they will want to key into it so as to save themselves of unnecessary stress and expenses from banks and other groups.
What's your opinion in educating these petty traders and letting them know more about Bitcoin because  I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
 What steps would you take in drawing the attention of the traders to Bitcoin?

I don't think it is suitable for them to use bitcoin. They are small sellers and do transactions frequently. Unless both the seller and the buyer uses the same centralized wallet/service (which then destroys the purpose of using bitcoin), it is not worth waiting for the confirmation time. Again, the fees might sometimes be half of what they purchasing.

Bitcoin is good, but not suitable for everything.

[ethereumhunter]

Doing tons of daily transactions when selling products in a kiosk or at a market isn't really trading. The price stay more or less stable, and the goal is to sell the products you have and get money for them in return. The purchases from places like this also tend to be small and fast, so I'm not sure Bitcoin is good for that. I think it's more productive to convince businesses that sell something pricey and probably online to accept Bitcoin. Transactions on a market happen very fast and are small.

This is the reason why those vendors in the streets or markets won't bite about bitcoin investment. They used to see profits after a day or two so if you are going to educate them about bitcoin as a long term investment, probably they will become skeptical to invest in it. Yes, they can expect huge profits in bitcoin but the problem is when. I suggest if you try to educate their big bosses or those who are big time businessmen, probably it will work for them.

I think it makes sense to steer them into long-term investors. At least they won't panic if the market goes down so they're still calm because we've been told that the market can move anywhere. But if they decide to buy and sell for a profit, we suggest always be careful and don't panic if you see the price drop a little. In addition, deciding to become a day trader will carry a greater risk than being a long-term investor because we have to face the ups and downs of the market that can make us panic.

[Kakmakr]

Well, first of all....

Is there enough people in your local area that will make it profitable for them to shift to Bitcoin payments? The small informal traders  with food stalls and such, will not accept Bitcoin as a payment option, if there are nobody paying with bitcoins.

We had a similar problem in our area, but we discussed this at one of our local Bitcoin meetups and we decided that we will support these guys, if they support us. Now a lot of people are buying lunch and even a cup of coffee with Bitcoin and some even use the Lightning Network to pay for it.

A lot of people just want to "hoard" bitcoins, but they forget that it should have utility for it to be a currency. Hoard 80% of the coins you buy, but try to spend 20% at small merchants like this. 

[lixer]

What's your opinion in educating these petty traders and letting them know more about Bitcoin because  I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
 What steps would you take in drawing the attention of the traders to Bitcoin?

Some vendors that you see in the street may look like they are poor but they are actually rich. They have a better house, have cars and their family live comfortably and they all achieved this because of their business so they are also part of the top class citizens in the society.

I believe that they already know bitcoin and maybe some of them are willing to accept btc if that is what is demanded by their customers but for those who are uneducated, they are the ones that we should be concerned of because they may not heard of btc before. We can educate them by simply telling them what is btc and what is its use and maybe do some actual demonstration.

[xSkylarx]

A lot of people just want to "hoard" bitcoins, but they forget that it should have utility for it to be a currency. Hoard 80% of the coins you buy, but try to spend 20% at small merchants like this.  

It's potential value in the future is what stopping many people to spend their bitcoin. Even me is also guilty of hoarding bitcoin rather than spend it. I only use it sometimes as form of payment to showoff to people. But on a daily basis, as long as I have other option I would not use my bitcoin to buy something. I would have 1 whole bitcoin by now if I was just frugal when I started to know about it way back 2016. Even if small merchants adopts bitcoin on their business, they would still need to convert it into fiat as bitcoin is not widely accepted yet so they won't bother to learn it in the first place.

[Nrcewker]

Can you be more specific on what you mean by "petty traders"?

Yes the OP isn’t very much specific about his thoughts or agenda.
If he is targeting altcoins trader then, let me say that there is no harm in altcoins trading.
I mean it’s people’s own choice what they want to do or what they should not do.
What we can do is that just show them examples.
I do also agree that Bitcoins with a larger sum of investment for a longer period of time will really be fruitful, but that doesn’t mean that other trading options are trash.
Willing to hear other people’s opinion on this.

[TheNineClub]

I have come to realize that mostly on daily basis, petty traders; hawker stall, street vendors, street hawkers, market men and women, kiosks do transactions often and frequently and they are not amongst the top class citizens in the society. Some are uneducated and are not anywhere near technology to get acquainted with blockchain and Bitcoin. I believe if they are informed and have knowledge about Bitcoin properly they will want to key into it so as to save themselves of unnecessary stress and expenses from banks and other groups.
What's your opinion in educating these petty traders and letting them know more about Bitcoin because  I believe this is amongst the grassroot adoption which starts from the base as they do transact more often than some of the big companies we hear of. Although the petty traders do little amount but it is most often on daily basis.
 What steps would you take in drawing the attention of the traders to Bitcoin?

As I mentioned in some previous posts, any other BTC / Crypto adoption from here on is out of our hands. What we mustn't do is preach the BTC gospel to everyone and anyone, that's bad and it's ineffective, even counterproductive. So ''educating'' them is not something we should be doing. The question here is, what's their incentive to do so? Why would they opt for that? Most of the aforementioned petty traders, as you mentioned, are not amongst the top-class citizens financially (to put it lightly), and they rely on FIAT money that will ensure they put food on the table and pay their bills. If they don't have options of paying (easily) for those day-to-day necessities, then why would they accept crypto? To invest? Those people don't have the luxury of ''investing'' just so we can see crypto be forcefully adopted everywhere because we think it's the next best thing since sliced bread. This path we undertook this last cycle was too fast and too abrupt towards adoption for some reason or another and nothing good is coming out of it. Preaching to people about what good investment crypto is, it's just making it look like a Ponzi scheme, so maybe we should take a step back and let things take their course with natural government and crypto interweaving and gradual steps to see if and how all of this can work. If it can work on that level at all.

[glendall]

I think we have to look at the level of curiosity and interest of these traders about bitcoin, because not everyone is interested in bitcoin for the lower-middle market, because they are basically looking for profit to survive, but there is no harm in providing education about investing in bitcoin, who knows in the future they are interested

[SatoPrincess]

The petty traders I meant are  hawker stall, street vendors, street hawkers, market men and women, kiosks that do daily trading often.

These kind of traders are common in my country. They are small scale businesses, frankly as much as I love businesses adopting cryptocurrency, I have to say I don’t think it is a good idea for them to adopt bitcoin, it’s not realistic, the total worth of the goods they trade on an average is about $80-$300. In my country for example, the hawkers who move about selling products, they are mostly young children and teens who do not have an mobile device with internet connection. How can they accept bitcoin as payment?

[noorman0]

They are not ready for crypto volatility, on the other hand small traders only take regular profit of 10-20% of capital. Even though you have taught bitcoin correctly, when they are faced with 2 choices about the method of using it efficiently and cheaply they will choose the centralized way. Yep, they would prefer to maintain regular profits to prevent spending on-chain transactions which are sometimes more expensive than bank fees, so privacy is not their main concern.

[Cryptodebjoe]

I'd advise them to get the coinbase or kraken app and monitor their charts regularly using 15 or 30 minutes timeline and especially for BTC or ETH, gather information from magazines like bloomberg, and other news outlets they will definitely discover a consistent pattern within a specific range then they can trade... The gain may not be as much but enough to get by... This will help them control greed too

[qwertyup23]

It is not easier said than due to the fact that these vendors are also incapable of purchasing some sort of technology in order to store their cryptocurrencies. Let us say that these vendors were able to get their hands on some cryptos, the problem would be in cashing them out as this limits further their trade. But I doubt that such would be an issue to people who live in first-world countries.

As for third-world countries where majority of the BTC transactions exist, I hope that the technology would be somehow simplified in order for these "petty traders" to understand fully and adopt it to their respective businesses.

[CryptSafe]

I'd advise them to get the coinbase or kraken app and monitor their charts regularly using 15 or 30 minutes timeline and especially for BTC or ETH, gather information from magazines like bloomberg, and other news outlets they will definitely discover a consistent pattern within a specific range then they can trade... The gain may not be as much but enough to get by... This will help them control greed too

Do you really understand the topic of discussion. I'll advise you read it well and get clues on what we are discussing because people we are talking about here are people with little or no ideas how the tech or blockchain runs.