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How to bring hyperbitcoinization?
Through Bitcoin promotions and “satsbacks” of course!
@OshiApp helps to put your business on the map.
What is Oshi and how does it work?
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1/26
Are you a small business?
Have you considered accepting Bitcoin, but don't know where to start?
Signing up for Oshi can bring you more customers.
It also enables you to promote your business in a new and exciting way.
2/26
Oshi is a mobile app helping businesses to promote their services to BTC users.
The goal of Oshi is to increase BTC adoption and bootstrap BTC circular economies around the world.
It's not a payment provider or a wallet, but an aggregator for local business deals in BTC.
3/26
The adoption rate of Bitcoin is faster than the adoption rate of the internet.
Oshi can help you to tap into this growing opportunity through loyalty rewards.
Instead of coupons and punch cards, you can lure in customers by giving them Bitcoin as cashbacks or "satsbacks".
4/26
Granted, if you're already orange-pilled as a business owner and you accept BTC, you might not want to give the infinity/21 million coin back to your customers..
You want to accumulate it, right?
5/26
But think about it:
The 20% satsback you give for all BTC purchases is not much of a loss if you expect the price of BTC to appreciate.
In a few years, that discount will be free for you.
In the meantime, you're onboarding a lot of customers with exciting promotions.
6/26
Maybe you can start small and only give your customers the amount you save on credit card processing fees as cashbacks.
This is a "reward" for your customers for paying with BTC instead of credit cards.
7/26
You can also refer your customers to download e.g. a @Strike wallet at the counter.
Benefits:
✅ You will get the affiliate rewards from Strike.
✅ Next time shopping with you the customer can get a 20% BTC cashback.
This flywheel can bring you extra income.
8/26
If you don't want to hold BTC as a business, you can also convert the BTC instantly to fiat.
This can be done with Bitcoin enterprise solutions offered e.g. by @PoweredbyIBEX or @OpenNode where you can plug in your bank account and receive payments there.
9/26
Bitcoiners fantasize about orangepilling small businesses, but once they actually encounter a willing prospect, their mind is blank for good onboarding tools.
If the business has employees and the owner is not always there, just downloading a Lightning wallet isn't enough
10/26
With Bitcoin enterprise tools, businesses can go from not knowing what Bitcoin is to using a Lightning point of sale system with BTC rewards in as fast as 5 minutes.
11/26
You can also become a Bitcoin evangelist with Oshi.
On the app, you can get your own referral link (e.g. oshi.team/teemupleb) that you can give to businesses when onboarding them.
This will earn you 1% of the sales they make through the Oshi app.
12/26
You can also refer your friends or any individual to spend BTC on Oshi.
This will also earn you 1% of what they spend.
The business model for Oshi is to make money through sales commissions on the app.
13/26
Although Bitcoin adoption is growing, it still hasn't experienced its "Apple" moment of everybody starting to walk around with a Lightning wallet in their pockets.
Satsback incentives with Oshi can play a big part when that eventually happens.
14/26
The rise of the internet brought in the payment processors who started to take a cut from each transaction.
This made sense because they were the only ones with the technical capability to process electronic payments.
15/26
You had to have a debit/credit card to take part in online commerce.
This flywheel was intensified with the various cashbacks the credit card companies gave to customers.
However, the 2% cashback was often less than the processing fees, and it was the banks who profited.
16/26
For thousands of years, payments were generally peer-to-peer.
The last 50 years with payment processors have been more of an anomaly in the grand scheme of history.
17/26
Oshi is trying to revive instant and privacy-preserving settlements and replicate the incentive model used by credit card companies and bring it to the #Bitcoin circular economy.
18/26
As a Bitcoin user, you might think:
"Why would I spend my Bitcoin if it's going to be $1 million one day? I don't want to be another "Bitcoin Pizza Guy."
19/26
But what if you're getting sats back for all your BTC purchases?
And maybe not just 20%, but 40-50% because the businesses want to create a promotion flywheel to stack that scarce corn too?
20/26
Also, the gloomy reality in the future could be that if we don't transact now with real money (BTC), and grow the adoption base, we will end up with the only other option:
The fully programmable CBDCs that are not even real money, but censorable government IOUs.
21/26
Using Bitcoin and spending it helps us avoid this dystopian alternative reality.
You might think that as a pleb, your Bitcoin spending behavior doesn't have an impact.
22/26
But every action counts.
If you pay with Bitcoin every time it's possible, the person behind you in the line might think:
"Oh, he just paid with Bitcoin.. I didn't know it was that fast and easy.. cool.. next time I will try too.."
23/26
Something that Oshi should try to crack in the future are subscription payments since that's what many successful businesses thrive on.
The UX for that on LN is not quite there yet, but browser extensions such as Alby @getAlby are doing innovative work on that front.
24/26
Besides Bitcoin adoption, Oshi could invoke a small business renaissance.
Often it's the small businesses who are the most open for some new promotion tricks.
Saving on card processing fees is not often as good of a selling point as the extra promotion Bitcoin brings.
25/26
So what are you waiting for?
Go orange-pill all the food trucks in your local night market!
Bookmark this thread, get your own referral link ready and use the information here to set the merchants up with a Lightning wallet and a point of sale!
26/26
Finally, a presentation by Oshi founder Michael Atwood @dooowta at the @AdoptingBTC conference in El Salvador in November 2022: