Here’s Why Bitcoin is on the streets as the secret to getting UK merchants to accept BTC

"Do you take Bitcoin?" Would you like to? " These were the questions that echoed around the streets of Reading, near London, United Kingdom, after a long day's work for two British Bitcoin (BTC) advocates.

James Dewar, a Bridge2Bitcoin founding partner, and MSW, a business developer, took to the streets of Reading in a marathon merchant adoption mission. They spoke with 63 shops, cafés, and restaurants in just six hours, hoping to persuade them to accept BTC. The Bitcoiners detailed the data and their interactions with the general public, armed with flyers, sales experience, and oodles of enthusiasm for the world's largest cryptocurrency. According to Dewar, roughly half of the 63 merchants they spoke with were a straight rejection, and 10 of the 30 were "worth a follow-up." Three businesses were onboarded on the spot or quickly afterward.

Indeed, while 3 out of 63 merchants may seem trivial, it’s representative of where the world is in terms of Bitcoin adoption. Accepting Bitcoin makes commercial sense for many merchants, according to MSW, who accompanied Dewar. One of the advantages for many people is that you can only accept pounds. It's like a cheaper SumUp with added marketing. SumUp is a popular point-of-sale solution in bars and restaurants across the country. But why not onboard businesses onto another cryptocurrency? According to MSW, who accompanied Dewar on his journey, the Lightning Network is the best way to send value, for low fees and instantly. No other network comes close. Indeed, as a payments network, the Lightning Network outperforms Ethereum (ETH) and other cryptocurrencies.

MSW has since embarked on Bitcoin merchant adoption walks in Edinburgh and Oxford, with varying degrees of success. Coach Carbon, a Bitcoin football coach partnered with MSW in Oxford a few weeks later, while in Edinburgh, Jordan Walker, the CEO of the U.K. Bitcoin collective, joined MSW. Walker and MSW spent a day onboarding merchants ahead of the United Kingdom’s first Bitcoin-only conference. But, as gold 2.0, isn't Bitcoin for HODLing rather than spending? Dewar and MSW would agree that Bitcoin is a store of value, but they advocate for spending Satoshis. Furthermore, due to "Bed and Breakfasting" laws in the United Kingdom, there are no capital gains on Bitcoin that are spent and then replaced within 30 days. While it's a difficult day out and some people still have a deep-seated hatred for Bitcoin, MSW and James both agreed that the process can be "very rewarding."