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Author Topic: How do you educate petty traders in adopting Bitcoin?  (Read 556 times)
CryptSafe (OP)
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June 10, 2022, 03:45:37 PM
 #41


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?

You are ok to say that but don't you think as teens they are it would be a good move telling them about blockchain though they might not have any mobile phone to start up immediately but atleast the knowledge of it been instilled in them to give them a better edge in putting them ready for it.

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June 10, 2022, 04:04:54 PM
 #42

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.

This is it,they are not ready.They don't want any complicated transaction method,they just want to get by.Many of those people are hard headed and only believe in their way,furthermore bitcoin popularity has not reached to all kind of people,so it will be hard for us to make them adopt bitcoin.
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June 10, 2022, 11:53:12 PM
 #43

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?
You could not expect for these market sellers to level up in their social status as they are only earning quite a small amount compared to higher positions in big companies. Its more on they can sustain their necessities in life than to spend on things that brings no returns at all. However, i'm not saying that bitcoin does not ensure profits, but these small stall owners will consider daily profits than long term investment profits. The reason why i think its hard for them to get involved with bitcoin.

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June 11, 2022, 05:30:11 AM
Merited by Bitstar_coin (2)
 #44

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?
Let us be realistic. I understand we all want Bitcoin to be a global adoption and from your own explanation, most if not all the traders you mention don't do big numbers in terms of cash daily, or even if they do, it is usually in bits and that is where the problem is. Why were people complaining so much when ETH fee was high? even then you would remember that the whales cared less about fees that's the same problem that these petty traders will encounter with their daily trades with Bitcoin. They do little transactions at a time mostly amounting to small satoshis and if they will be paying fees for every transaction plus price volatility, you can see why people on that level of education as you mentioned might not adopt it for transactions.
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June 11, 2022, 08:44:53 AM
 #45

What steps would you take in drawing the attention of the traders to Bitcoin?

To be honest I haven't given it any thought to promote bitcoins among the small business owners in my city. There aren't many places where I come into contact with street sellers and vendors. Most shops in my city are big chains which aren't very personal shipping experiences. Over the last 10 years all the small businesses closed down, the only ones left are small tahr away restaurants or kiosks. The kiosk closest to my house is run by an old Indian man who is talkative and friendly. I tend to buy snacks and beers there after work even though it's more expensive than supermarkets. Maybe I should try and mention bitcoins to him, but he is definitely above 60 years old, would be better if his kids could help him with crypto currencies. Then again who would actually pay with cryptos for cigarettes or alcohol there? Most of the regular customers I see there are also quite old and drink a lot of alcohol. Maybe retuning old bottles and getting the money in cryptos could be a way to promote it.
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June 11, 2022, 09:22:53 AM
 #46

Let us be realistic. I understand we all want Bitcoin to be a global adoption and from your own explanation, most if not all the traders you mention don't do big numbers in terms of cash daily, or even if they do, it is usually in bits and that is where the problem is. Why were people complaining so much when ETH fee was high? even then you would remember that the whales cared less about fees that's the same problem that these petty traders will encounter with their daily trades with Bitcoin. They do little transactions at a time mostly amounting to small satoshis and if they will be paying fees for every transaction plus price volatility, you can see why people on that level of education as you mentioned might not adopt it for transactions.
Transaction fees and price volatility are some of the things that shop owners may worry about. LN can certainly help them handle small transactions, but it's hard to expect them to be willing to adopt bitcoin as a means of payment especially since there aren't many automated options for converting bitcoin to fiat yet.

For some countries, crypto taxes are starting to be set and enforced by the government. This will charge each bitcoin owner to pay more fees when they convert their bitcoin to fiat. Obviously in my opinion this is another obstacle if shop owners are going to have a lot of considerations before adopting bitcoin as a means of payment.

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June 11, 2022, 01:13:09 PM
 #47

What steps would you take in drawing the attention of the traders to Bitcoin?

To be honest I haven't given it any thought to promote bitcoins among the small business owners in my city. There aren't many places where I come into contact with street sellers and vendors. Most shops in my city are big chains which aren't very personal shipping experiences. Over the last 10 years all the small businesses closed down, the only ones left are small tahr away restaurants or kiosks. The kiosk closest to my house is run by an old Indian man who is talkative and friendly. I tend to buy snacks and beers there after work even though it's more expensive than supermarkets. Maybe I should try and mention bitcoins to him, but he is definitely above 60 years old, would be better if his kids could help him with crypto currencies. Then again who would actually pay with cryptos for cigarettes or alcohol there? Most of the regular customers I see there are also quite old and drink a lot of alcohol. Maybe retuning old bottles and getting the money in cryptos could be a way to promote it.


This is a nice suggestion and a good idea
 Your approach is a welcomed development. I think doing the explanations in the presence of his kids would be a good move as they would be very fast in understanding the system and how it works. If per adventure he doesn't flow with it, his kids would be able to put him through and as note that you have achieved a big goal by getting a family into the system maybe he would decide to tell his customers about his experience with the aid of his kids whom you have already instilled the blockchain education in. This is amongst too many ways to get to the masses.

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June 11, 2022, 01:22:36 PM
 #48

Its not my job at all, why would I care about educating other people? Let the market decide for it, and if they are not really willing to learn by themselves then it would not really matter at all. We do not need to have everyone involved in the crypto world, there could be some people missing and we would still be fine. Market is already big enough, and it could get bigger and bigger as well with the same people who are already invested into it, that would make it a big market without needing some people who had to be convinced or educated 12 years and 2 trillion market cap reached and did not come and require us to hold their hands.
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June 11, 2022, 01:32:21 PM
 #49

Its not my job at all, why would I care about educating other people? Let the market decide for it, and if they are not really willing to learn by themselves then it would not really matter at all. We do not need to have everyone involved in the crypto world, there could be some people missing and we would still be fine. Market is already big enough, and it could get bigger and bigger as well with the same people who are already invested into it, that would make it a big market without needing some people who had to be convinced or educated 12 years and 2 trillion market cap reached and did not come and require us to hold their hands.

Well it might not be a job for you but one thing you should know is that the trend is moving towards digital currency and the economy of the world is moving it's direction to Crypto currency now. In less than no time things would change but don't forget that there are those whom are fast adapting and those whom would need guidance to scale through the process. I believe strongly believe someone thought you as well so why not do the same to others so all can be in the same boat.

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June 11, 2022, 02:10:13 PM
 #50

Petty traders usually trade with small amounts of money. It doesn't make sense to use a money with a high value such as bitcoin for small amounts of money. In addition, they will have paid an excessive fee for this. It's not attractive at the moment.
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June 11, 2022, 02:48:21 PM
 #51

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.
I wouldn't say it is out of our hands. It is out of our hands individually, but as a community it is still in our hands. Meaning, if we want to help people adopt to bitcoin a lot more, we could literally move that direction with our money. How? For any project that is aiming at increasing the adoption, we could help them with our money, it could be using them, it could be investing into them, it could be supporting them with chatter, it could be paying them to keep going (patron style) and so forth.

Basically, we could still voice our opinion on the matter as a whole. Sure that is not just one person going around yelling bitcoin to anyone, but as a whole we can still do some things.

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June 11, 2022, 03:27:21 PM
 #52

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.

This is it,they are not ready.They don't want any complicated transaction method,they just want to get by.Many of those people are hard headed and only believe in their way,furthermore bitcoin popularity has not reached to all kind of people,so it will be hard for us to make them adopt bitcoin.
It will be quite difficult to convince a street hawkers and traders to accept bitcoin, they are used to fiat transactions, they do balance their account at the end of the day with fiat, they will completely reject any idea of online transaction via bitcoin, because category of such traders are partially literate, though majority accept fiat transfer via POS which is a straight forward transaction, though as the level awareness of using bitcoin for transactions, it will get to a time when educated hawkers and traders will start to embrace such transactions however for now status quo remains.

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June 11, 2022, 04:16:31 PM
 #53

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.
That's exactly the point. It's never a hard thing if you wish to educate these market retailers and street vendors by giving them a lecture about bitcoin. But never expect that they will eventually follow what you say. They have their own business that needs more attention and that they are making daily profits from it once their products are sold out. However, bitcoin is also profitable in its own way but  these petty traders will find it hard to adopt it because they might perceive it the wrong way which will only cause more troubles on their part. So better ignore them because that's how they are comfortable of making money.

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June 11, 2022, 04:24:38 PM
 #54

Petty traders usually trade with small amounts of money. It doesn't make sense to use a money with a high value such as bitcoin for small amounts of money. In addition, they will have paid an excessive fee for this. It's not attractive at the moment.
still not a bit efficient and also constrained by their interests. Small traders with little money, of course they will never think about online transactions or even bitcoin, it will be very foreign. They only use paper money directly, because the transactions are small. It wouldn't be interesting right now. But maybe in the future there will be changes, because now online transactions using Fiat have started to be used and are easier.

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June 11, 2022, 05:01:33 PM
 #55

To start with online traders can offer discount on bitcoin payments. Once the bigger players start offering bitcoin payments, the customers will start adopting bitcoin. This will create demand for bitcoin payment system in the market and I bet soon small traders will also start  to accept bitcoin and they will themselves learn how to accept bitcoin, from formal as well as informal sources.
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June 11, 2022, 05:35:43 PM
 #56


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?

You are ok to say that but don't you think as teens they are it would be a good move telling them about blockchain though they might not have any mobile phone to start up immediately but atleast the knowledge of it been instilled in them to give them a better edge in putting them ready for it.
How can you teach them when they do not have personal mobile to practice what you teach. Without practice, they may forget all you taught them after some time. It will be like pouring water into a basket.
Btw some shops in my region are skeptical of alternate means of payment because of scam experiences they have had in the past. They operate on cash only and the bigger shops accept bank transfers and credit cards.

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June 11, 2022, 08:24:07 PM
 #57

~
The petty traders I meant are  hawker stall, street vendors, street hawkers, market men and women, kiosks that do daily trading often.
If you can convince them that they will be getting a substantial amount of transaction in cryptocurrency per day then i bet they will change their mind in accepting them. Fact is that it is impossible to expect street vendors getting a substantial amount of transaction in cryptocurrency and hence they would not want to add anything out of their comfort zone.
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June 11, 2022, 08:58:13 PM
 #58

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?
Unfortunately you can't really educate them on it, because they have learned one thing and learning another thing may not be that easy for them. For example, we have regular people who learned how to trade dollar to our own fiat and back, that's all they do, and some learn to do it with like 5-6 different pairs, and between each other as well, so what they do is small time forex simply, but with hand and they have a place to do it.

These people can't learn how to trade crypto because they wouldn't be able to understand it, they are not really that "smart", even if they become super rich, they are still not there, why? Because trading bitcoin very well requires math, not just calculations, but real math, like chart reading and TA type of stuff.

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June 11, 2022, 10:41:43 PM
 #59

It's good to educate them but putting them into investing in bitcoin is unlikely and difficult to happen IMO.

And that is because they're doing their own hustle to put food into their tables and they barely save money so, as an investment, they might listen to us but unlikely invest.

They can't just sacrifice a budget of meal a day into an investment that they've just known. But I know that some of them might really get into it being inspired but still, they need to have a better explanation that this ain't just an overnight rich scheme.

Though investing isn't a bad idea but at their level, it would be nice educating these people and letting them know what they stand benefiting from blockchain. I think at first is teaching them on how it works and maybe if they are willing, you tell them they could accept Bitcoin as means of payment for their commodity which would ease them the time and stress of running around to and fro the bank if the need be.
That's where it should really start. Trying to make them understand how it works and how it likes. Maybe a few lessons from the tech and then with bitcoin as a whole.

That's the main course when you're goin to teach them because only a few of them might actually be interested in the tech. But for bitcoin as an asset, this is where the interest of theirs will be taken into account.

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June 12, 2022, 06:57:59 AM
 #60

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.
They are biggest unbitcoined population in this world and they are quickly getting roped into altcoin and shitcoin schemes with their small cap income and ending up either with a token with no value and plain scammed.

Quote
What steps would you take in drawing the attention of the traders to Bitcoin?
It is not our job to educate them. Unless they realize the pros and cons of bitcoin and starts with the impetus of asking around, it becomes difficult to bring them to the bitcoin world.

Whenever you are trying to educate someone, the impetus coming from the teacher does not have a good impact unless the impetus comes from the learner. Still for those who I have come across I have tried to explain what bitcoin is and how it works, mostly teaching them how to avoid scams in the market and how to trade and open a trading account on a local exchange.

Most of these users have been lost to follow-up because they find the concept of "digital" in currency to be bag of shit or bitcoin to be too expensive and continued with the stock market that they already did.

R


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