Finney21 on Nostr: P01 - shopify opportunity: raw notes2_unsorted [11.7.23 - block 815,736] Insights ...
P01 - shopify opportunity: raw notes2_unsorted [11.7.23 - block 815,736]
Insights from conversation with Santosh
—
Intuitive merchant experience is essential. 1 click merchant wallet activation with 10,000 sats
Opportunity for Shopify: become the LSP that routes all merchant bitcoin payments
Brand image boost by helping merchants protect themselves from the monetary debasement
The first interaction is what matters. Goal is to get a second interaction
Success = continuing to have interactions with Shopify
Approach Shopify through fiat lens, not through Bitcoin lens
Emphasize benefit to Shopify shareholders
Consideration: how will the market perceive this decision? What could be the consequences on Shopify share price
Visa’s pitch: data, data, data
Bitcoin’s pitch: convenience, global acceptance, reduction of barriers
Customers no longer need a bank account to purchase from Shopify merchants (this is huge)
Someone from rural Africa without a bank account that has an internet connection can make a purchase from a shopify merchant in Argentina
Merchant in Argentina can protect themselves from inflation and trade with customer in Africa who doesn’t have a bank account
This is the power of Bitcoin - the digitally native money built for the global internet economy
Consider consequences on current payment methods
First interaction: think big, tone down the Bitcoin and turn up the benefits to shareholders and merchants
Next step: big brain consultant call. Collaborate on drafting an open letter
One page open letter to Shopify. Handwrite the letter? Print on nice paper? From Satoshi? Orange envelope with a ₿ stamped/painted on it
Stakeholders: Shareholders, company (brand image), customers (merchants)
Define stakeholders, explain how Bitcoin benefits each stakeholder
#Bitcoin integration with Strike: How was it perceived? What’s the internal company impression of Bitcoin?
There could already be a Shopify team already researching or implementing a bitcoin payments project
Understand Shopify’s pain points
Bitcoin unlocks payments without barriers (1.4 billion unbanked people)
Keep the letter simple, playful, to the point
Paint a picture of what Shopify could look like in 2033 with bitcoin payments enabled
Someone with an internet connection in rural Africa buys something from a merchant in Argentina
Merchant subscriptions could be paid in bitcoin
Project objective: Educate and train a Shopify Bitcoin team
Challenge: selling Shopify on a solution to a problem they may not even know they have
Step 1: bring awareness to the problem
Insights from conversation with Santosh
—
Intuitive merchant experience is essential. 1 click merchant wallet activation with 10,000 sats
Opportunity for Shopify: become the LSP that routes all merchant bitcoin payments
Brand image boost by helping merchants protect themselves from the monetary debasement
The first interaction is what matters. Goal is to get a second interaction
Success = continuing to have interactions with Shopify
Approach Shopify through fiat lens, not through Bitcoin lens
Emphasize benefit to Shopify shareholders
Consideration: how will the market perceive this decision? What could be the consequences on Shopify share price
Visa’s pitch: data, data, data
Bitcoin’s pitch: convenience, global acceptance, reduction of barriers
Customers no longer need a bank account to purchase from Shopify merchants (this is huge)
Someone from rural Africa without a bank account that has an internet connection can make a purchase from a shopify merchant in Argentina
Merchant in Argentina can protect themselves from inflation and trade with customer in Africa who doesn’t have a bank account
This is the power of Bitcoin - the digitally native money built for the global internet economy
Consider consequences on current payment methods
First interaction: think big, tone down the Bitcoin and turn up the benefits to shareholders and merchants
Next step: big brain consultant call. Collaborate on drafting an open letter
One page open letter to Shopify. Handwrite the letter? Print on nice paper? From Satoshi? Orange envelope with a ₿ stamped/painted on it
Stakeholders: Shareholders, company (brand image), customers (merchants)
Define stakeholders, explain how Bitcoin benefits each stakeholder
#Bitcoin integration with Strike: How was it perceived? What’s the internal company impression of Bitcoin?
There could already be a Shopify team already researching or implementing a bitcoin payments project
Understand Shopify’s pain points
Bitcoin unlocks payments without barriers (1.4 billion unbanked people)
Keep the letter simple, playful, to the point
Paint a picture of what Shopify could look like in 2033 with bitcoin payments enabled
Someone with an internet connection in rural Africa buys something from a merchant in Argentina
Merchant subscriptions could be paid in bitcoin
Project objective: Educate and train a Shopify Bitcoin team
Challenge: selling Shopify on a solution to a problem they may not even know they have
Step 1: bring awareness to the problem