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Topic: Bitcoin as payment option for clients - page 2. (Read 230 times)

sr. member
Activity: 630
Merit: 352
December 14, 2023, 03:11:28 AM
#5
Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

You've been been generously informed about how to access the Bitcoin Blockchain and preferable wallet to use, so it's left for you to open the links that have been shared and increase your knowledge. I'll just tell you that  Bitcoin, is an alternative means of payment and your clients needs to have Bitcoin, wallets too, before you can comence transactions. You have to consider Bitcoin, transaction fees, it sometimes gets very high, like we experienced lately, this is because of the congestion in the mempool. So who bears the high fees, is it you or your clients? There's alternative of lightening network, but you'll have to master it's complexities. Also transactions can delay sometimes, and what if you need to confirm payment on time? This are some of the things that you also need to consider before fully adopting Bitcoin, as a means of payment. Bitcoin, payment however guarantees privacy between you and your clients, no third parties involved, because it is a decentralized digital currency.
sr. member
Activity: 728
Merit: 444
December 13, 2023, 05:31:41 PM
#4
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?
There are hardware and software wallets that can provide you with the level of security that you require to safeguard your bitcoins. Its usage will come down to personal preferences. Because I am a big fan of convenience and how easily a wallet can be used by anyone, I favor software wallets. And then, if you want a bit of extra security, you can set up a multisig wallet despite its initial complexity in setting up. Other things to ensure extra measures of security include regular software wallet updates, the use of strong passwords, and backing up your seed phrase.
hero member
Activity: 812
Merit: 560
December 13, 2023, 12:00:29 PM
#3
1. How can the transaction process be optimized for maximum security?

The bitcoin network uses the blockchain technology to perform all of it transactions operations, you can choose to read more about blockchain technology and understand more better, bitcoin transactions are immutable, secured and irreversible except the glitches comes from you at your end.

2. What metrics are available for measuring transactions?

Everything is there on the blockchain, you can also use the mempool to extract some other informations as needed by you.

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

Use Electrum wallet, it's a multisig bitcoin wallet, has an extended security measures.
hero member
Activity: 2366
Merit: 793
Bitcoin = Financial freedom
December 13, 2023, 11:34:55 AM
#2
1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

1. Bitcoin transaction itself is irreversible so you can consider a transaction with 1 confirmation as funds received.

2. Bitcoin transactions and their fees are based on the weight not on the value of your transaction which depends on the number of inputs/UTXO and number of outputs and what kind of address like legacy, Segwit, Taproot. You may get better understanding if you read the reply I quoted.

Legacy addresses starts from 1
Nested segwit starts from 3 (although not only nested segwit starts from 3)
Segwit version 0 starts from bc1q
Segwit version 1 starts from bc1p (pay-to-taproot)

This is the formula necessary for the calculation:

Formula:
For legacy address: vbyte= Input*148 + output*34 + 10 plus or minus input
For nested segwit: vbyte= Input*93 + output*32 + 10 plus or minus input
For segwit version 0: vbyte= Input*68 + output*31 + 10 plus or minus input
For pay-to-taproot: vbyte= Input*57.5 + output*43 + 10 plus or minus input


To know more about the input and output virtual size: https://bitcoinops.org/en/tools/calc-size/
To know more about the transaction virtual size: https://jlopp.github.io/bitcoin-transaction-size-calculator/
For mempool (beginners): https://mempool.space/
Mempool for advanced users: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight


3. Electrum on an air-gapped device will be my suggestion but you can also go for open sourced Hardware wallets.
newbie
Activity: 24
Merit: 0
December 13, 2023, 11:01:27 AM
#1
Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?
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