The solution for repeat customers is to use the lightning network. Yours fees will significantly reduce on average (as reach transaction has no fee until the channel is closed).
Using standard/layer 1 bitcoin transactions for every transaction is probably not going to be viable for quite some time, if ever. If every business, or even 1/100th accepted bitcoin, the mempool would exponentially grow and I can't see how that would work in viably in terms of layer 1 fees.
Topic: Bitcoin high transaction fees is a disadvantage to small business owners - page 3. (Read 482 times)
June 22, 2023, 05:08:43 PM
June 22, 2023, 04:47:53 PM
Bitcoin transaction fees, of course, are a demotivating factor. If you need to send $10 and you have to pay $20 per transaction, you will naturally use something other than bitcoin. I ran into this problem myself recently - and I had to wait for transaction fees to come down.
The feed and its volatility are still a problem, this is why many are still not accepting crypto as mode of payment as they don’t want to lose their profit by just accepting crypto as a payment. Though some merchant can afford to have this one, but its not for everyone yet hopefully soon we can have a better solution to handle this one. June 22, 2023, 04:39:58 PM
also to be cautious of bitcoin high transaction fees. I did a little research on it and found out the inevitability of the high fees.
My problem with these high transaction fees,
My problem with these high transaction fees,
And who mentioned to you that the Bitcoin fee is currently high compared to what some Bitcoiners spent about a month ago when the transaction fee really skyrocketed?
First, I would say that it's not a forceful thing for customers to pay you in Bitcoin; anyone who wants to pay with Bitcoin would definitely and will do so without minding whatever fee it costs. The reason is that some people are still happy to spend their Bitcoin to purchase a thing, but with the current transaction fee, it's not really too much that customers can't afford if they really want to purchase some stuff and pay with Bitcoin ($1 or $0.5). In my shop, I already have some customers wanting to pay with Bitcoin. So, I would just encourage you to accept Bitcoin payments if you want, and some Bitcoiners would still pay and cover the T-fee.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
Indeed! There are some customers who are just happy to pay using their bitcoin.
Also, there are instances that fees are low depending on the network activity.
So just let your customers pay if they want to, anyway, it is not compulsory to pay via btc.
And it is up to you when will you cash out your collection. People will pay if such payment method is available.
No harm done if you will just post it on your shop about bitcoin's acceptance.
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June 22, 2023, 04:15:07 PM
also to be cautious of bitcoin high transaction fees. I did a little research on it and found out the inevitability of the high fees.
My problem with these high transaction fees,
My problem with these high transaction fees,
And who mentioned to you that the Bitcoin fee is currently high compared to what some Bitcoiners spent about a month ago when the transaction fee really skyrocketed?
First, I would say that it's not a forceful thing for customers to pay you in Bitcoin; anyone who wants to pay with Bitcoin would definitely and will do so without minding whatever fee it costs. The reason is that some people are still happy to spend their Bitcoin to purchase a thing, but with the current transaction fee, it's not really too much that customers can't afford if they really want to purchase some stuff and pay with Bitcoin ($1 or $0.5). In my shop, I already have some customers wanting to pay with Bitcoin. So, I would just encourage you to accept Bitcoin payments if you want, and some Bitcoiners would still pay and cover the T-fee.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
June 22, 2023, 03:58:15 PM
Bitcoin transaction fees, of course, are a demotivating factor. If you need to send $10 and you have to pay $20 per transaction, you will naturally use something other than bitcoin. I ran into this problem myself recently - and I had to wait for transaction fees to come down.
That is why the business owners that accept it have a really hard time receiving payments as well as sending them unless they just accumulate them over time, but still, there are businesses that accept it just for the awareness and curiosity of the people, and it is indeed successful for some businesses, but those are the businesses that are selling items that are expensive like watches, jewelry, and cars.
wont really be that bad but its true that when it comes to fees then this is where hindrance and hesitation would happen because people cant just afford on paying up that big on something cheap that they do bought.
Dont know if Lightning Network is already available now or had been implied to be safely be used when it comes to payments with Bitcoin because this is the only way i could see on which Bitcoin
could be used specially into these kind of transactions in between merchants and consumers.
June 22, 2023, 02:21:10 PM
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Using Binance, has also been suggested to me, that it is a better option to escape bitcoin high transaction fees. I would love to make the efforts to introduce my customers to the use of Binance, as an exchange in our transactions, but Binance is presently having an issue with SEC in my country. Nevertheless, I'll still keep the option in mind, pending when they resolve their matter.
Also, lightening networks is another option to manoeuvre this high fees, but frankly I don't understand how it works yet. I'll go through and diligently study the links that have been shared on this topic.
Speaking about Binance Pay, it might be a handy option to accept cryptocurrency. With a caveat you know it is inherently and technically not transacting cryptocurrency. In other words, Binance is the middleman and the controller.
I'm aware some of the merchants do use Binance Pay to get ridden the fee burden, especially if Binance adoption or usage is popular within some countries. What I'm suggesting for your case, is since you are mainly here to utilize the advantages and gain, and you tried to apply it to your business, you should consider the payment option preference for your user/customer.
Lightning network lack of adoption. Binance has scrutiny in your country. So I think one option is to simply accept Bitcoin as it is, or depending on customer awareness of LN, you can also implement it. After all, if you are here for the gains, implementing third-party processors like Binance Pay may be the cheapest solution, but you and the customer don't have any advantages of bitcoin.
June 22, 2023, 08:16:56 AM
You may be on the right track to a problem with no specific solution, the high transaction fees of using bitcoin can be a disadvantage for small business owners. Some customers may be willing to pay a small fee to use bitcoin because of its convenience and security in transactions. It's important to find ways to minimize your transaction costs, perhaps by switching to lower-fee bitcoin exchanges or using multi-signature wallets like those for segwit or lightning, which helps reduce transaction costs and increase processing speed.
It may take some effort to research and develop these solutions, but for small businesses it can save thousands of dollars each year. And moreover a crypto participant promoting bitcoin does not mean using them often, many solutions come from altcoins that can make you more stable and they are completely part of the market and have a correlation. relations with BTC.
It may take some effort to research and develop these solutions, but for small businesses it can save thousands of dollars each year. And moreover a crypto participant promoting bitcoin does not mean using them often, many solutions come from altcoins that can make you more stable and they are completely part of the market and have a correlation. relations with BTC.
June 22, 2023, 08:14:01 AM
Bitcoin transaction fees, of course, are a demotivating factor. If you need to send $10 and you have to pay $20 per transaction, you will naturally use something other than bitcoin. I ran into this problem myself recently - and I had to wait for transaction fees to come down.
That is why the business owners that accept it have a really hard time receiving payments as well as sending them unless they just accumulate them over time, but still, there are businesses that accept it just for the awareness and curiosity of the people, and it is indeed successful for some businesses, but those are the businesses that are selling items that are expensive like watches, jewelry, and cars.
June 22, 2023, 08:07:52 AM
Bitcoin transaction fees, of course, are a demotivating factor. If you need to send $10 and you have to pay $20 per transaction, you will naturally use something other than bitcoin. I ran into this problem myself recently - and I had to wait for transaction fees to come down.
June 22, 2023, 07:50:06 AM
I run a small business and I receive payments for my goods in fiat currency. So joining this bitcointalk forum has really enlightened me about the advantages and gains of trading and investing with bitcoin. So going a step further, I decided that I want to place adverts that customers can have the option of making payments when they buy goods in my shop with bitcoin.
Not all businesses are suitable to receive payments in Bitcoins especially small business and depending on what is it that you sell. So before you even start to consider the option of receiving money in Bitcoins, first take a look at your business critically and come to a good conclusion if accepting payment in Bitcoins is what your business really needs, if it will help your business or you are doing it under the pressure from other business owners. I believe that there are other ways a business owner can help promote Bitcoins other than making it a means of payment in their business when their business is not suitable for it. 
June 22, 2023, 07:41:57 AM
OP, it is good that you are taking such a bold step to adopting bitcoin as a means of payment and I hope bitcoin is acceptable in your country where you are.
Before you do this I would advise you to do a proper in-depth analysis for your betterment before further implemention.
As we all know, transaction fees these days are something else and it would not be making any sense paying for a smaller good with a high transaction fee but rather buying a product of high price will be okay if paying for a transaction fee but we all know both parties involved in a business definitely have in mind to cut down expenses. So it all narrows down to the particular goods to be paid for.
Before you do this I would advise you to do a proper in-depth analysis for your betterment before further implemention.
As we all know, transaction fees these days are something else and it would not be making any sense paying for a smaller good with a high transaction fee but rather buying a product of high price will be okay if paying for a transaction fee but we all know both parties involved in a business definitely have in mind to cut down expenses. So it all narrows down to the particular goods to be paid for.
June 22, 2023, 04:47:52 AM
My problem with these high transaction fees, is that customers naturally wants to minimize expenses, so if they choose to make payments with bitcoin, then they will want to exchange it at the exact rate of USD. So the seller bears the cost of the high fees alone, which may lead to selling at a loss. Although I'm guessing that the high fees might not affect big business owners, who receive payments in bitcoin, because they sell with higher profits, and when they minus the cost of the high transaction fees, it still won't affect their overall profits.
I feel that this is a big edge that fiat currencies have over bitcoin, because you don't have to pay extra to buy goods or services, even when you make fiat payments through banks, they only charge a token as transfer fees. So this high fees is a disadvantage to small business owners like me who has the intention of receiving payments in bitcoin.
I feel that this is a big edge that fiat currencies have over bitcoin, because you don't have to pay extra to buy goods or services, even when you make fiat payments through banks, they only charge a token as transfer fees. So this high fees is a disadvantage to small business owners like me who has the intention of receiving payments in bitcoin.
Even with SMES that selling low value item usually not advisable to use Bitcoin as mode of payment because of fee and the transaction speed. Lightning network is the solution but it’s not popular to many people which means only few accept this even on exchange.
I think the only time it’s good to accept Bitcoin as small business owner is if you will consider this Bitcoin payment as your long term investment and use your pocket money instead to replenish your business balance that goes to Bitcoin.
June 22, 2023, 04:37:35 AM
You should accept lightning network if you want them to pay with cheaper fees, although not all people are familiar with lightning network.
However you as an owner of your business don't have to force all of your customers to pay with Bitcoin, you just need to accept Bitcoin and give them an option to pay with the currency they prefer to spend. So if your customers buy a cheap product, they will pay with fiat, if they buy a lot products, they have an option either to pay with fiat or Bitcoin.
However you as an owner of your business don't have to force all of your customers to pay with Bitcoin, you just need to accept Bitcoin and give them an option to pay with the currency they prefer to spend. So if your customers buy a cheap product, they will pay with fiat, if they buy a lot products, they have an option either to pay with fiat or Bitcoin.
June 22, 2023, 03:26:33 AM
I feel that this is a big edge that fiat currencies have over bitcoin, because you don't have to pay extra to buy goods or services, even when you make fiat payments through banks, they only charge a token as transfer fees. So this high fees is a disadvantage to small business owners like me who has the intention of receiving payments in bitcoin.
Currently the issue of having bitcoin as a payment option in small scale businesses is actually hindered by the high transaction fee. The best of these option is to accept little payments in fiat and if you chose to invest them in bitcoin then you can buy them your self at later stage. The inception of the lightening network was actually the solution for fast and small transaction fee but it’s adoption isn’t growing rapidly as it would probably because some of the wallets do not support it just yet
If you use exchange like binance the easier way would have been using your pay or user ID but this also depends on the use to have same exchange and probably funds from it. So you can just add that too that People with the exchange can use that. But as you know the issue of centralized exchanges like this do not leave off your funds on them for long. Once they get to some quite significant amount you can withdraw them to your wallet. At least it will minimize the transaction fee
The fee and transaction completion time would at times be the issue for those accepting Bitcoin for payments. And to outsmart that, a big name like Binance could be of help since you would hardly see a person dealing with crypto nowadays without using a Binance wallet. This could help them to even pay for their goods and service for free.
I was thrilled 3 weeks ago when I wanted to fund a newly opened trading account with an Australian broker. The broker offers "Binance pay" and the transaction was fast, free and seamless. That's what we need this time, not only the LN, though it's also a good development, but still with its issues.
Using Binance, has also been suggested to me, that it is a better option to escape bitcoin high transaction fees. I would love to make the efforts to introduce my customers to the use of Binance, as an exchange in our transactions, but Binance is presently having an issue with SEC in my country. Nevertheless, I'll still keep the option in mind, pending when they resolve their matter.
Also, lightening networks is another option to manoeuvre this high fees, but frankly I don't understand how it works yet. I'll go through and diligently study the links that have been shared on this topic.
June 21, 2023, 10:52:00 PM
Agree.
I don't really belive that businesses will adopt bitcoin. There are people who tried to accept bitcoin is their small business and every time they just abandoned this.
First one all, people don't want to use bitcoin as money. Everyone wants to invest in it and get rich.
And the second, government hates bitcoin, so they making it hard for people and businesses to use bitcoin in everyday life.
I don't really belive that businesses will adopt bitcoin. There are people who tried to accept bitcoin is their small business and every time they just abandoned this.
First one all, people don't want to use bitcoin as money. Everyone wants to invest in it and get rich.
And the second, government hates bitcoin, so they making it hard for people and businesses to use bitcoin in everyday life.
June 21, 2023, 10:15:13 PM
Bitcoin transaction fees can become a barrier for small business owners to accept Bitcoin as a payment method. Since Bitcoin's transaction fee value is evaluated based on the size of the transaction, larger transactions will have higher fees. This can especially affect small business owners, where transactions are smaller in value and therefore have higher transaction fees, than larger business owners.
It should be recognized that accepting Bitcoin as a payment method can provide many other benefits to small business owners, such as access to international markets, and avoidance of transaction costs. through traditional payment gateways. Besides, other alternative payment methods such as Lightning Network have also been developed to minimize the transaction costs of Bitcoin. Moreover, encouraging the use of bitcoin is not necessarily tied to the problem OP mentioned, I think there are many other crypto payment options to optimize fees, through the use of crypto will also help people know to bitcoin.
It should be recognized that accepting Bitcoin as a payment method can provide many other benefits to small business owners, such as access to international markets, and avoidance of transaction costs. through traditional payment gateways. Besides, other alternative payment methods such as Lightning Network have also been developed to minimize the transaction costs of Bitcoin. Moreover, encouraging the use of bitcoin is not necessarily tied to the problem OP mentioned, I think there are many other crypto payment options to optimize fees, through the use of crypto will also help people know to bitcoin.
June 21, 2023, 09:57:17 PM
Your problem is not with the transaction fees, as these fees can be closer to zero if the user uses the Lightning network to conduct his daily transactions to buy coffee or about 1% of item value for large payments for those who want to buy a smartscreen or new iPhone or other things whose price may exceed 500 dollar. Your problem is the fluctuation of exchange rates, as there are several price levels, and it is difficult to calculate the profits and losses due to the fluctuation of the exchange rate.
This problem can be solved by accepting stablecoins or using bitcoin payment processing services that transfer users' deposits directly to US dollars in your account.
Here is a list of Bitcoin Payment processors: https://bitcointalksearch.org/topic/list-bitcoin-payment-processors-5444578 from that list you can use CoinGate which support LN and Fiat conversion with 1% fees.
This problem can be solved by accepting stablecoins or using bitcoin payment processing services that transfer users' deposits directly to US dollars in your account.
Here is a list of Bitcoin Payment processors: https://bitcointalksearch.org/topic/list-bitcoin-payment-processors-5444578 from that list you can use CoinGate which support LN and Fiat conversion with 1% fees.
June 21, 2023, 08:36:01 PM
It's actually a disadvantage to everybody save perhaps the miners to whom those transaction fees are paid. Even those large businesses will also be affected by high transaction fees. Although it's not much of a problem to the one who receives, it might affect the sales. Of if you are after those Bitcoin payments themselves, they will surely shrink. People will certainly be discouraged to pay in Bitcoin, unless they're provided with discounts high enough for them not to mind the fees.
Perhaps it's about time to integrate Lightning in your Bitcoin payment system.
Perhaps it's about time to integrate Lightning in your Bitcoin payment system.
June 21, 2023, 06:57:22 PM
For me, Bitcoin is not really suitable for business purposes because of what you say, the transaction fees are high and it takes a long time to arrive. There are many other cryptocurrencies that are better than Bitcoin. It's just that they have more confidence in Bitcoin's stability and longevity.
June 21, 2023, 06:52:20 PM
Since you are to start accepting Bitcoin in your shop and your shop is not selling heavy materials or goods that are worth hundreds of thousands in every single purchase, for me, I will advise that to be on the safe side, you will have to increase the minimum purchase amount that customers will be allowed to pay with Bitcoin. For example, anyone who is buying goods below a hundred dollars should make use of another payment method unless they will agree to pay the fee and not deduct it from the price of the goods. That way, you could possibly not incur any losses.
Or you can just suspend your Bitcoin payment option for the time being since the fee is still kind of high until it normalizes back to the lowest level where it was before. I believe that one is favorable for small business owners like you.
Or you can just suspend your Bitcoin payment option for the time being since the fee is still kind of high until it normalizes back to the lowest level where it was before. I believe that one is favorable for small business owners like you.
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