We all know that we are likely to get more excited about bitcoin payments being accepted if it’s some local vendor because that makes us believe that cryptocurrency is on its way towards mainstream adoption.
For anything to be successful, it is important that the layman endorses it. So if it is a nearby donut shop or a local clothing brand, we would advise you to go and check it out. If you are team crypto then the small part that you can play is by promoting them.
But why is it important that crypto advocates shud approach small local merchants?
The game of usefulness starts with small merchants
Did the egg came first or the chicken? It doesn’t matter and much like this; this ingenious technology will be of no use if they are no users. Having new users is challenging but cryptocurrency has made it past that point, the problem begins when people don’t know where to spend it. Why would someone be interested in buying something that they won’t be able to use anywhere? Sounds logical enough.
Small business models are ideal for this. You can easily approach small businesses as they have little complexity and direct access to the owner. A local economy with one business can grow into dozens of businesses with dozens of consumers.
Businesses to Customers
These small businesses become customers of bigger businesses. Bigger crypto-accepting business is likely to convert immediately unless significant volume and stability are reached. The smaller business, on the other hand, is less likely to convert and use it to shop at other supporting vendors or keep it for personal use.
The micro economy is much more likely to expand quickly in comparison to corporate giants.
The bigger the business, the later the adoption
The goal of any industry is to be the largest and most demanded and cryptocurrency wishes to be the same. It wants to be accepted by the most demanded merchants. But with larger businesses, the process is often slow. Corporate approval, standardizing infrastructure, avoiding upsetting partners can be an insurmountable hurdle for larger entities.
However, adoption by small businesses could force larger entities to stay relevant – and woke – in order to retain customers. Localized adoption is the way bitcoin and the likes of it could be widespread.
A local market revolution if you’d like to call it.