The Future of Bitcoin in Commerce

Sep 9

Transcript

Hey, this is Bobby with the Bitcoin Chamber, and today I'm here to talk about the future of Bitcoin within commerce, within our communities.

Now, one thing that I want to preface with is individuals having optionality is one of the most important things. You know, we all have our own preferences. We all have our own desires. And as business owners, what we need to do is always be paying attention to the fact that customers have preferences. If you run a business, you know, there's competitors out there, alternatives for your customers, so you have to do a great job serving them from customer service all the way through the process.

And customers have preferences to use Bitcoin.

You know, one thing we're seeing today is, as of July 9, 2024, we're seeing that Bitcoin is a major point of this presidential election. It's on the ballot on the Republican side, and the Democrats as well have also shown some signs of trying to show support after the Republicans have. And it's a core topic in the world right now, and as businesses, what we need to do is consider the growth and the adoption of digital assets, and specifically Bitcoin.

So that being said, it's here, and what can we do as business owners now?

One of the more important things, I think, is when you use a centralized payment system, you introduce risk. So we saw in the Canadian protests a few years ago, folks were cut off from banks. We saw in Russia, they were cut off from the SWIFT system in access to dollars. We've seen people fleeing from other countries, you know, Russia or Ukraine, and the only way they can actually get their money or any of their property across the border is Bitcoin.

Now in America, where I live, that's not as much of a problem.

It can be, but it's not today. So a lot of folks, you know, we are very lucky to be living under the state that has the world reserve currency, so we've got a lot more freedom than, let's say, other countries. But the thing about America too, like we said at the beginning of the video, is we're giving people optionality. There's legislation being passed that protects running your own node, holding your own keys, using Bitcoin within commerce, protecting mining, all the above.

And why does this matter?

Well, as digital money and Bitcoin become more commonplace, and more people own it, they're going to want to spend it. And for you as a business owner, it's important to understand this shift. And one thing that's interesting about Bitcoin that has been shared in other presentations that have happened at different conferences from business owners, whether it be crowd health, a healthcare company, doctors that are in Austin, Texas, and ranchers who sell meat locally, many of them have brought up a few specific things.

Bitcoiners often end up becoming a higher retention customer, meaning they stay longer, they have a less likely chance of churn, and they are a recurring buyer, so there's a higher lifetime value of that customer.

Also, typically, Bitcoiners have a high set of values. They have a high standard, they have quality expectations, and they are good people. And what this really means, and I think why this is happening and unfolding, is because if you understand Bitcoin, you've often gone down this rabbit hole of understanding how money functions, what are the incentives that drive the standard of quality across all facets of life.

And by going down that rabbit hole and understanding money and how it drives most incentives and outcomes, you start to understand why those people are great customers.

Money is on both ends of every economic transaction. You know, like we work to earn, and when we earn, we earn to experience things, right? We spend our money, we spend our capital to buy product and services, and we often provide a product or service to earn capital. So money is at the center of nearly every single economic transaction and interaction.

So what is the future of commerce? What is the future of Bitcoin?

Well, one thing that is happening and is going to continue to happen is more people hold Bitcoin. As they hold Bitcoin and currencies fail—which, if you study history, you'll see that most currencies fail within 25 to 27 years—everyone's experiencing inflation. I don't think that's much of a secret.

So what do people do to address that?

Well, everything is financialized. You know, collectibles, cars, homes have become assets that are investable, assets beyond their utility value. So everything becomes monetized. You know, you see, all everything, basically, you know, have a value and there's a market to trade it. Well, the good thing about having Bitcoin is there's two things there.

One, it's liquid in 24/7; it can be spent at businesses.

And we're seeing that rise and happen more and more. You know, often things start as a store of value, and then they can become a medium exchange when we're talking money, and then, you know, and so on. So the store value is there. And now what's happening is we're seeing more and more of the medium of exchange piece and rather than just going and selling Bitcoin for fiat, you know, we hold Bitcoin as Bitcoiners, not because we want to go trade back into dollars.

You know, what rational person wants to go trade back into a weak currency?

We hold the better money because we want to spend it on things we value in the future because the most valuable things are the things that require work. You know, they require time to make. They're of higher quality, and they cost more, so we hold better money. And what's unfolding is we're seeing those with assets, spendable assets. They're the ones that can afford the better things, and those who have Bitcoin, who have, at this stage, you know, over the last 10 to 15 years, a faster-growing level of wealth than others, they want to spend that on things that are valuable and add value to their life.

So as a business owner, you can understand how these people with high standards, who have a deeper understanding broadly of how a lot of things work, and just the cogs within these machines of how incentives function in the role of money.

They want to have higher quality things. They don't want some, you know, cheap junk home. They don't want, like, cheap goods that are made with low-quality materials that break and tear up or cause health issues. They're seeking out the best form of money, the best form of food, the best service, and the greatest experience. You know, they really care about these things.

So as it relates to the future of commerce, sure, Bitcoin right now might be niche, but it's becoming standard.

And for you as a business owner, if you're still here, this is one of the key points beyond the psychology of Bitcoin and just how money functions. As a business owner, you need to have this optionality and the ability to take payments in different ways. Let's say a credit card processor goes down. What are you going to do? Well, being able to accept alternative forms of payment, like cash or Bitcoins, is important.

What if you get cut off from Stripe or your PayPal account shut down?

If you just go Google, you know, PayPal locking up money, or Stripe shutting down payments for certain folks, or even like banks, de-banking people. You'll see a myriad of stories as to how, you know, people just get cut off at the knees for their business or individual rights just doing commerce with Bitcoin. This is not the case. Bitcoin cannot be censored. It cannot be stopped, and it allows you to be the custodian. You're not having to rely on third parties. You are making a transaction from one person to another, one business to another, etc. So this is incredibly important.

So the future of Bitcoin and commerce is by accepting Bitcoin and making it a part of how you extend your brand into the world.

It's going to become not only a competitive advantage, but something that is critical and important to attract the highest quality customers, to reduce your churn, to create a higher lifetime value, and to give, you know, the best offering you can to the market.

We'll make more content talking about the future of Bitcoin and commerce, but I think this is just a good primer and a good breakdown as to what's unfolding.

And you know, over the next few years, we're going to see many more wallets come out, many more enterprises hold it. Folks are going to hold it in their retirement account. Pensions are using it. It's becoming a standard portion in the allocation of portfolios. And therefore, as the value goes up, those who hold it will naturally want to spend it. You know, we don't hold money to take it to the grave.

We have money and we invest in assets to create value in our life, for experiences, to get time back.

Right? Why do people save for retirement? Because they want time when they're older. But rather than saving until you're 67 or 72 and near death, people now have a better form of capital that allows them to live and thrive across any age and time. So I hope this is helpful.

Stay tuned. We're going to be creating more content to not only help business owners want to integrate Bitcoin, but also to help Bitcoiners who have grown their wealth take a step out into business and create more value for their community and to sell products and services to not only build more cash flow, but to bring the high quality and standards that we all love and believe to the world.

So until next time, this is Bobby, we'll see you.

Hey, this is Bobby with the Bitcoin Chamber, and today I'm here to talk about the future of Bitcoin within commerce, within our communities.

Now, one thing that I want to preface with is individuals having optionality is one of the most important things. You know, we all have our own preferences. We all have our own desires. And as business owners, what we need to do is always be paying attention to the fact that customers have preferences. If you run a business, you know, there's competitors out there, alternatives for your customers, so you have to do a great job serving them from customer service all the way through the process.

And customers have preferences to use Bitcoin.

You know, one thing we're seeing today is, as of July 9, 2024, we're seeing that Bitcoin is a major point of this presidential election. It's on the ballot on the Republican side, and the Democrats as well have also shown some signs of trying to show support after the Republicans have. And it's a core topic in the world right now, and as businesses, what we need to do is consider the growth and the adoption of digital assets, and specifically Bitcoin.

So that being said, it's here, and what can we do as business owners now?

One of the more important things, I think, is when you use a centralized payment system, you introduce risk. So we saw in the Canadian protests a few years ago, folks were cut off from banks. We saw in Russia, they were cut off from the SWIFT system in access to dollars. We've seen people fleeing from other countries, you know, Russia or Ukraine, and the only way they can actually get their money or any of their property across the border is Bitcoin.

Now in America, where I live, that's not as much of a problem.

It can be, but it's not today. So a lot of folks, you know, we are very lucky to be living under the state that has the world reserve currency, so we've got a lot more freedom than, let's say, other countries. But the thing about America too, like we said at the beginning of the video, is we're giving people optionality. There's legislation being passed that protects running your own node, holding your own keys, using Bitcoin within commerce, protecting mining, all the above.

And why does this matter?

Well, as digital money and Bitcoin become more commonplace, and more people own it, they're going to want to spend it. And for you as a business owner, it's important to understand this shift. And one thing that's interesting about Bitcoin that has been shared in other presentations that have happened at different conferences from business owners, whether it be crowd health, a healthcare company, doctors that are in Austin, Texas, and ranchers who sell meat locally, many of them have brought up a few specific things.

Bitcoiners often end up becoming a higher retention customer, meaning they stay longer, they have a less likely chance of churn, and they are a recurring buyer, so there's a higher lifetime value of that customer.

Also, typically, Bitcoiners have a high set of values. They have a high standard, they have quality expectations, and they are good people. And what this really means, and I think why this is happening and unfolding, is because if you understand Bitcoin, you've often gone down this rabbit hole of understanding how money functions, what are the incentives that drive the standard of quality across all facets of life.

And by going down that rabbit hole and understanding money and how it drives most incentives and outcomes, you start to understand why those people are great customers.

Money is on both ends of every economic transaction. You know, like we work to earn, and when we earn, we earn to experience things, right? We spend our money, we spend our capital to buy product and services, and we often provide a product or service to earn capital. So money is at the center of nearly every single economic transaction and interaction.

So what is the future of commerce? What is the future of Bitcoin?

Well, one thing that is happening and is going to continue to happen is more people hold Bitcoin. As they hold Bitcoin and currencies fail—which, if you study history, you'll see that most currencies fail within 25 to 27 years—everyone's experiencing inflation. I don't think that's much of a secret.

So what do people do to address that?

Well, everything is financialized. You know, collectibles, cars, homes have become assets that are investable, assets beyond their utility value. So everything becomes monetized. You know, you see, all everything, basically, you know, have a value and there's a market to trade it. Well, the good thing about having Bitcoin is there's two things there.

One, it's liquid in 24/7; it can be spent at businesses.

And we're seeing that rise and happen more and more. You know, often things start as a store of value, and then they can become a medium exchange when we're talking money, and then, you know, and so on. So the store value is there. And now what's happening is we're seeing more and more of the medium of exchange piece and rather than just going and selling Bitcoin for fiat, you know, we hold Bitcoin as Bitcoiners, not because we want to go trade back into dollars.

You know, what rational person wants to go trade back into a weak currency?

We hold the better money because we want to spend it on things we value in the future because the most valuable things are the things that require work. You know, they require time to make. They're of higher quality, and they cost more, so we hold better money. And what's unfolding is we're seeing those with assets, spendable assets. They're the ones that can afford the better things, and those who have Bitcoin, who have, at this stage, you know, over the last 10 to 15 years, a faster-growing level of wealth than others, they want to spend that on things that are valuable and add value to their life.

So as a business owner, you can understand how these people with high standards, who have a deeper understanding broadly of how a lot of things work, and just the cogs within these machines of how incentives function in the role of money.

They want to have higher quality things. They don't want some, you know, cheap junk home. They don't want, like, cheap goods that are made with low-quality materials that break and tear up or cause health issues. They're seeking out the best form of money, the best form of food, the best service, and the greatest experience. You know, they really care about these things.

So as it relates to the future of commerce, sure, Bitcoin right now might be niche, but it's becoming standard.

And for you as a business owner, if you're still here, this is one of the key points beyond the psychology of Bitcoin and just how money functions. As a business owner, you need to have this optionality and the ability to take payments in different ways. Let's say a credit card processor goes down. What are you going to do? Well, being able to accept alternative forms of payment, like cash or Bitcoins, is important.

What if you get cut off from Stripe or your PayPal account shut down?

If you just go Google, you know, PayPal locking up money, or Stripe shutting down payments for certain folks, or even like banks, de-banking people. You'll see a myriad of stories as to how, you know, people just get cut off at the knees for their business or individual rights just doing commerce with Bitcoin. This is not the case. Bitcoin cannot be censored. It cannot be stopped, and it allows you to be the custodian. You're not having to rely on third parties. You are making a transaction from one person to another, one business to another, etc. So this is incredibly important.

So the future of Bitcoin and commerce is by accepting Bitcoin and making it a part of how you extend your brand into the world.

It's going to become not only a competitive advantage, but something that is critical and important to attract the highest quality customers, to reduce your churn, to create a higher lifetime value, and to give, you know, the best offering you can to the market.

We'll make more content talking about the future of Bitcoin and commerce, but I think this is just a good primer and a good breakdown as to what's unfolding.

And you know, over the next few years, we're going to see many more wallets come out, many more enterprises hold it. Folks are going to hold it in their retirement account. Pensions are using it. It's becoming a standard portion in the allocation of portfolios. And therefore, as the value goes up, those who hold it will naturally want to spend it. You know, we don't hold money to take it to the grave.

We have money and we invest in assets to create value in our life, for experiences, to get time back.

Right? Why do people save for retirement? Because they want time when they're older. But rather than saving until you're 67 or 72 and near death, people now have a better form of capital that allows them to live and thrive across any age and time. So I hope this is helpful.

Stay tuned. We're going to be creating more content to not only help business owners want to integrate Bitcoin, but also to help Bitcoiners who have grown their wealth take a step out into business and create more value for their community and to sell products and services to not only build more cash flow, but to bring the high quality and standards that we all love and believe to the world.

So until next time, this is Bobby, we'll see you.

Robert Michael

The Future of Bitcoin in Commerce

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