Topic: Bitcoin high transaction fees is a disadvantage to small business owners (Read 424 times)

This has been talked about a lot and a lot of people worry about it but the reality is that small business owners do not really depend on bitcoin all that much. They are doing something that is a bit more personally maybe big enough for them but financially small as the name suggests.

This is why I believe that they can still use paypal or any other method, or just use an altcoin that has low transaction fee, or just not use crypto at all and just use fiat. I am not saying that they shouldn't, but transaction fee shouldn't be a worry, if it is a worry then I believe that it is not really a big deal for anyone, it is just not going to end up being all that important. I think it is quite important to just ignore it and continue if you could do that.

I agree with the problem as a real determination in success for BTC.  Ironically the smallest things do count like convenience in the usage of any product.   The immediate idea I had is a monthly tab system to clear BTC spending so not every single transaction is handled by immediate clearance with people waiting around but with known amounts and on a scheduled date.    Some might say thats a work around but it might be more fitting for an ideal of lowest costs possible in % comparison to fiat currency and allows the offering of both types of payment.   That would only work with people who can be given any credit allowance to clear.   I know this system is already operated with gold, credit cards can be paid off vs a gold balance but its cleared monthly.

Well, it makes sense but we are talking about general challenge. Knowledge with how this technology is being used and how it works would indeed be  challenge to some users but if it is with group of people, perhaps small and big businesses, then factors such as transaction fees would be also given attention. And I agree with it. Bitcoin has an advantage over fiat when it comes to taxation but since transaction fees are becoming higher as well, then many people are not seeing this blockchain as a better alternative. Which is why Bitcoin is more being used as an investment than currency.Huge fees are also dependent with the exchanger you are using. Third party or centralized exchangers would obviously cost you more than what's supposed to. Aside from TX fees, another challenge I guess is volatility especially for businesses,needing to sustain their daily stocks especially if the market price is falling 'coz it would result to loss on their end.

For now it need some improvement to settle up the fees so that this coin can be use on business sector as alternative mode of payment since its really bad if we experience high fees condition since we can't do anything since it will just hurt there business if they decide to continue and just pay those huge fees since it take huge part on their profits. I guess they should add alternative alts if they plan to add crypto so that costumers may have different options if network clogged and high fees exist.

The real disadvantage that I see is the lack of knowledge from the user side. Alot of people still struggles with online transactions because of the digital payment system, some don't even know how to operate online banking app let alone pay with digital currency.
High transaction is one part of the problem, knowing to to operate digital payments is the biggest challenge.

This is sad truth of Bitcoin transactions for years. Its still unresolved issue. Fees are too high for Bitcoin to be treated as currency. Sometimes fees increase a lot in busy times but we nearly never see fees getting as cheap as Blockchains like binance smart chain. I wish Bitcoin developers were able to solve. They made issue less annoying with later updates but its still there and it must be solved to increase adoption.

The things is when there's a lot of transaction in bull or any day, it would be a hassle for the Bitcoin to use as transactions due to traffic of the process. It would be a good to use Bitcoin as an alternative mode of payment or transaction but there's also cons like that. And true if you're in a business you should plan to not engage in the market as you use Bitcoin for your business. It will just makes thing complicated and inconvenient.

You have done well to incorporate Bitcoin into your business payment systems. This could be a medium to attract more customers to your business and on the other hand increase bitcoin awareness in your area. There might be network issues using bank transactions but Bitcoin is more reliable. The privacy and unrestricted transaction limit is also an advantage of using it in your business. 

Small business owners shouldn't consider using Bitcoin for receiving payments for petty goods. The transaction cost will be too much that a fiat transaction would be preferable. Most of these small business owners are not aware of the lightning network, while others feel it is a bit complicated to use. Using Bitcoin for transactions will favour big businesses. The transaction fee is indeed a major impediment to the use of Bitcoin as a legal tender. For now, using it as an investment is the best option for people like me.

Lightning Network is the solution for this one.

Unfortunately, not many are using it for various reasons thus, business owners like the OP who are accepting Bitcoin as an alternative way of payment might be selling at a loss because they're the ones that will shoulder the fees, and that affects the total revenue of the business. Of course it differs when the price of Bitcoin goes up because you might get those fees that you've paid thru capital appreciation.

Right now, Bitcoin as an alternative way of payment is only applicable to huge business that have large transaction like maybe a corporation, or maybe if some real estate agents who are selling homes are accepting Bitcoin then we can add it on the list as well. Overall, it isn't worth it for small business owners to accept Bitcoin as another way of payment, but there are other altcoins out there who has a lower transaction fee, and lower transaction speed. You can use that altcoins as well aside from Bitcoin if you really want to integrate cryptocurrency in your business.

Overall, this is one reason why I don't believe Bitcoin will be accepted as a currency globally. Compare to fiat, more people will just use fiat when they are paying just because of lower to no fees at all.

Even bitcoin's low transaction fees are not a better solution for small businesses or consumers. I don't know about other countries, but in my country, when using cash or e-wallet services are almost free, everything is completely free and very fast. So using bitcoin for payment is also not a better option. But for international payments, bitcoin will outperform fiat.
To be honest, I still think bitcoin would be more suitable as an investment than a payment method, as we will still be converting bitcoins before and after the payment into fiat.

I can't deny what the OP wrote about. Because for small businesses that accept payments, of course, in small amounts. then of course transaction costs will be an issue that needs to be considered enough. So what I can suggest is that your business should set a minimum amount that you can accept in bitcoin payments. This minimum amount must be what allows you to cover transaction costs and still benefit from your business.

So set a minimum transaction in your business for the bitcoin payment option. if it's too small an amount that can lose profits due to transaction costs then avoid it. and set a higher minimum amount that can still cover the transaction costs of the profits you get.

In my country, if you use cash or a bank, even a $300 or $500 transaction won't be charged extra. Of course, 1 dollar is nothing compared to 500 dollars, but 1 dollar will also buy a meal, so there is no reason to waste it.

I agree with OP, transaction fees are an issue for bitcoin when using it as a payment method. Not to mention daily necessities, I wouldn't waste my money unreasonably when buying 1 cup of coffee worth $0.50 but paying an extra $1 in transaction fees if using bitcoin. Fiat prevails over bitcoin in this respect, and we shouldn't deny that.

If Bitcoin transaction fees were deducted based on the transaction, then maybe no one would bother to trade Bitcoin. The fee for transferring $50 is the same as for transferring $1,000, which has become a major barrier for small traders in Bitcoin transactions. When Bitcoin transaction fees were normal, no one complained about these transaction fees, but suddenly, when the transaction fees increased abnormally, it became very difficult for small traders. Small traders will find more incentive to invest in Bitcoin if transaction fees return to normal.

Yes, Bitcoin has "inherent" problems - low speed, high commission, "primitive" functionality.
That is why it seems to me that Bitcoin's position is not a day-to-day bargaining chip for buying everyday goods, but an investment tool. Real "digital gold in bullion" - not convenient, cumbersome, but - it counts and evaluates all other cryptocurrencies.
I.e. its main audience is "cryptobanks", medium and large investors, etc. audience, but not the average person who went to buy a pack of ice cream

Yes, the high transaction fees associated with Bitcoin can be a disadvantage for small business owners. Bitcoin transaction fees are determined by the network's supply and demand and they can fluctuate greatly over time. In times of high demand, fees can be quite high which can make it difficult for small businesses to justify using Bitcoin as a payment method. Small businesses may not have the resources to absorb the cost of high transactions fees, which could eat into their profit margins. This is especially true for businesses that operate on tight margins, such as those in the retail or food service industries. That being said, there are ways for small businesses to mitigate the impact of high Bitcoin transaction fees. For example, they could consider using a payment processor that offers lower fees or using a different cryptocurrency with lower transaction fees. Some businesses may choose to pass the cost of transaction fees onto their customers by adding a surcharge of bitcoin payments. While high transaction fees associated with Bitcoin can be a disadvantage for small business owners, there are ways to work around this issue and still benefit from using cryptocurrency as a payment method.

The current Bitcoin fees may not be friendly for small-value transactions when compared to fiat currencies, as fiat transactions generally have lower fees.

However, from another perspective, the way banks create money can be seen as unfair and should be taken into account.

In my opinion, true fairness lies in Bitcoin. I am still eagerly awaiting the introduction of Central Bank Digital Currencies (CBDCs) in the global economic market. What the government offers through its CBDCs will greatly impact Bitcoin's position in the eyes of the public.

Being quite new in bitcoin, I normally seek for opinions from more knowledgeable people in cryptocurrency matters, so I don't make avoidable mistakes. I however agree that one should not totally rely on opinions and information  given, but can receive them as a guide, in making informed decisions.

 The exchange rate of my country's fiat currency is approximately 650 naira to 1 USD, so if a seller adds one dollar equivalent to the market price, the buyer will most likely walk away, because due to the harsh economy, nobody is ready to add a cent more for payments So the most viable option for me now is to explore the lightening networks, hopefully if my small business can bear the very low transaction fees, then I'm on my way to advertising the option of making payments with bitcoin, in my business.

Although Bitcoin offers extremely fast and unlimited transaction possibilities, Bitcoin's high transaction fees cause significant inconvenience to small business owners. And for small business, frequent small transactions are often burdened by high fees that make it financially impossible to accept Bitcoin as a payment option. Since we first use an exchange site or wallet to get bitcoins, I think we should use any exchange or wallet that has free internal transaction fees.

People buy BTC from the exchange or an app.  So basically if they are using the same exchange as you or apps, internal transfers are free.  So the issue of high transactions is solved by simply using the same application or exchange and just doing internal transfers.  You can still use Binance (even though SEC sue it) or other exchanges that enable internal transfers.  In times like this small business owners need to be creative in adapting into the situation.

Now that the network fee is down, I hope many of those small business will keep running transactions because everyone now can afford the fee which is very normal now. Bitcoin is the only coin that many investors have a concrete trust on and then that the fee was high, many investors decided to go for other coins for transactions to reduce expenses. Bitcoin adoption was halted when the network fee increases making some newbies to quickly switch to other coins mostly stable coins and run there trdaes.

Using 3rd party payment processors ruins the point of taking crypto in the first place IMO. Having to deal with a 3rd party holding your funds is too risky. I suppose if it meets the needs of your customers and there isn't any other way of accepting crypto currency then it might serve a utility. Reality are that the fees are going to be significant and you'll need to factor them into operating costs. The suggestions in this thread might mitigate fees to some degree but they're unavoidable.

Well, that's also an good idea of using bitcoin lighting network but the transaction fee difference is not that much. So, it will still cost them. And i think the Pay ID method is better as it provide free transaction fee.

But still, as i mentioned,op has to provide different ways to customers for there easiness to pay in BTC. And i found many other alternatives of lighting network technology but i prefer this one. Now it all depends on the customer, as not every customer is using lighting network for transaction.

The bitcoin transaction fee was high for longer and it’s like 10 dollar transaction fee for the 20 dollar transaction.So many people had suffered a lot at the time of this transaction fee increase.In such conditions,the experienced people should use of holding their coins during that situation.Some uses the holding altcoin to compensate during such situations.NFT also increased the use of crypto currency and increased the transaction fee too.

I am pretty sure fees are not that high. Obviously if you gonna go to the shop and buy dollar worth stuff then that's different story. Yet you can set the fees and priorities the transaction speeds for bigger ones.

As discussed by various fellow member LN is something that we should start learning and adopting all the way through crypto space.

There are ways to overcome this, and that is through the lightening network. Though I am just learning about this just now and willing to be a peer for the network it seems perfect solution for the same. May be just the right one and they can get instantaneous transaction with this so no long waits in the que neither waiting of the confirmation or vice versa. I am not sure how this strategy or network can be implemented on the shop keepers desk but for sure it will take lot of infrastructure and support from various organizations that can reach out to that level.

A big problem for small traders is Bitcoin's high transaction fees. Because most of the money that small traders invest in Bitcoin is spent on fees. As a result, many small traders have withdrawn from this type of business. When Bitcoin transaction fees were normal, it was very easy to make Bitcoin transactions with very small fees, but recently, due to the increase in transaction fees, this is no longer possible. It is not only a problem for small traders but it is a big problem for all types of traders. Big traders often need to do small transactions at that time but they cannot do small transactions due to extra transaction fees.

What is there in transaction fee, the question you should have asked yourself is will you be worried is will you complain if you are sending bitcoin to an exchange, you will surely pay the transaction fee to the miner before it gets to anyone, instead of converting on exchange and trade or swap to get other currencies, I would bear the cost of transaction since I'm the one buying. However, considering how high the naira to the dollar is in Nigeria, I will settle for Bitcoin through lightening Network.


I understand your frustration when you convert $$ to naira, they look big but when you look at the other countries that make payments through dollars, you will choose to make payments through Bitcoin as you will not be paying just the fees when you used card or fiat, the associated task will discourage you.

To talk about the last few months we can see that there has been a serious increase in miner commissions due to the serious popularity of Bitcoin NFT's. Although this does not indicate a permanent rise on miner fees, we usually see increase abnormally when there is high hyped NFT mints. This has a very serious negative impact especially for receiving or sending small amount of payments. Considering such situations it would be better to prefer blockchains such as Solana, which have low transaction commissions in addition to the option to receive payments with Bitcoin. Of course, choosing a different cryptocurrency may not be very positive for users who will pay but it will be a good remedy to avoid high miner commissions.

I appreciate your recognition to utilize Bitcoin for small business transactions, which reflects how deep Bitcoin is integrating in activities of our everyday life. As many  members have already recommended to use Binance account for making payments, but it will necessarily require all your customers and suppliers to maintain their accounts with Binance exchange which seems quite difficult task. An alternative option worth considering,  is to explore possibility of using Lightning network of Bitcoin which is relatively low cost solution.

This Idea will make his Business more troublesome and this is not a good idea to grow his business at all. It can affect his business with bad impact. Because people aren't much responsible to pay due payments after buying anything.

There can be a solution to use Bitcoin Lightening Network. It's also a good idea if he use Binance Pay ID. I am not sure if it will be a good idea but he can use other blockchain for Bitcoin to receive payments as sender will have to pay a very lower fees.

The thing that makes it difficult for us to use Bitcoin for direct transactions is a very expensive transaction fee, to send bitcoin with trust wallet it takes around $ 0.6 to $ 2 depending on the network's busy schedule, and when the price of bitcoin is more than $ 60k, I once sent $ 140 at a cost of $ 8.

Bitcoin network fees aren't always high, it only becomes high during a specific amount of time when Bitcoin network gets congested but that doesn't always happen and if such situations were to repeat itself, you can make use of lightening network to avoid your customers paying high fee for faster confirmation. Lightning network has been in use for some years now and businesses using it doesn't have any challenge.

Don't worry you're not using an altcoins that the value might drop or you have to convert it to Bitcoin. Lightening network still makes use of Bitcoin not altcoins for its transaction and you'll receive the transaction instantly. But this isn't a problem because majority of the time Bitcoin fee is low.

I don't know who told you that bitcoin transaction fees are high, but it's best to avoid relying on sources like makeuseof.
I've never run a store before, but I've bought several digital products for an average of $30 to $600 and it's cost me less than a dollar on average for most transactions. Currency volatility may be a more convincing reason, although you must understand the risks associated with this industry, which must be thought of as part of the future development of these currencies. Imagine as if you bought Apple shares in the early 2000s.

If there is still a solution, this kind of thing shouldn't be a problem because small entrepreneurs can still use other alternatives for this kind of thing and some of the alternatives that you suggest are also not bad to use if both parties agree to complete the transaction. But lately I think the transaction fees on Bitcoin are not that big either and are still in the very reasonable category, because the sender can still reduce the fees as he wants even though the transaction takes a little longer to be successful.

Bitcoin fees are cheap if the transactions you make are large and international. if transactions are made in small amounts, such as payments at cafes, etc., it seems ineffective to use bitcoin as payment.

but if you don't mind fees and want to use your bitcoins directly where they support it, it seems that using bitcoins is a good option. especially when paying using bitcoin, senders don't need to worry about their identity and transaction security will be more guaranteed. so the choice is yours whether you want to pay with bitcoin or not.

What is the real solution to the OP's problem? What I see here are the payments of dissatisfaction between the parties, but are there more specific numbers, I mean what range is your business's payment at 1btc, or 100btc, or simply is a few tens of dollars in btc, really knowing btc and the crypto market without looking at solutions to altcoins is a waste. Are you willing to accept XRP, LTC,... payments for your business, the fees are significantly settled, and they still don't lose value encouraging more people to use crypto as well as btc.

Don't you think that 682 is a good number for the number of stores that use the Lightning Network, which proves that its use is fairly widespread? We may not be able to know the extent of the demand for using this service in those stores, but I am sure that it is almost the only solution for conducting transactions in small amounts on the Bitcoin Blockchain network. Today, there are many trading platforms that support the Lightning Network, which helped encourage more people to use it.
Of course, there are other methods that can be adopted, such as using alternative currencies with lower conversion fees, or using the internal conversion feature on Binance or other platforms. I just tried to accurately answer the OP's question about how to make payments using bitcoin in particular.

The good thing about crypto is that you do not have to use bitcoin all the time, you can use other coins which means that it would be cheap. Like lets say I will send you 5 dollars for a cup of coffee, I can do that with USDT which is stable so you do not lose any money, and do that with TRC20 so it won't cost a lot neither. That's the way to approach things and I am going to be able to pay you without much transaction cost.

It's not an easy task to get everyone to accept that, but if shop owners are worried about it, that's a good way and quick way too. You get the money right away, and nobody spends much money on it, and nobody loses or takes any risks. Even market movements doesn't matter in that case because you got a stablecoin.

Even with the transaction fee today, it is still considered high for the small businesses. Imagine paying $0.55 transaction fee for a $10 purchase, that's every purchase. If you want to maximize the use of your transaction fee, you need to buy everything you need in 1 transaction, otherwise you'll another fee for another transaction. There's a much cheaper fee but it'll really takes time before your bitcoin will come through.
Lightning network will be the beginning of the solution about high transaction fees and slow transaction. It's will just be a matter of time and we'll get to see this happen in the near future.

It's not high at all right now. Like just few cents and even less if you can wait for a while for the network confirmations. Yeah, I won't deny that the fees are high when the network is congested and it is something that we have to deal with, but I am sure, in the future, we will come up with some solution to these issues without compromising decentralization or security of the network. Also, you can use altcoins that have very low fees and very fast network confirmation. There are some good altcoins out there which might be helpful for "small business owners".

Accepting Bitcoin via Binance does not mean that you offer your customers the experience of using cryptocurrencies, but you risk the possibility of losing your money, as Binance is a centralized entity, and if it is hacked, your money has disappeared and no one will guarantee it to you.

Why not give the user several options such as paying by coingate and BTCPAYSERVER with the possibility of adding a lightning network, all of which will reduce your exposure to fees and consider that the money that goes directly to your wallet is similar to DCA.


This is very easy with BTCPAYSERVER you need a little bit of technical knowledge which can be gained from YouTube videos, hiring a developer or using third party applications.

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.

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.

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.

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 👺👺

They could still make use of those common payment processors if they do really wanted on accepting crypto into their business but if they do really like on getting those coins into their own personal wallets then it
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Fiat payment system have fees, but they are paid by merchants rather than the buyers. In turn merchants have to rise the prices.

Which system is more expensive depends on a typical transaction size. Bitcoin fees don't care about the monetary value of transaction, so when the fees are high, small transactions become unviable. But for large transactions Bitcoin can be cheaper, because 1% from $5,000 would be higher than a typical Bitcoin fee.

But without Lightning Network Bitcoin is not viable for commerce, simply because it's limited to ~300k transactions per day, while there are 8 billion people on Earth.

i think not many people are using lightning network and both of them must be the same network.
base on this
lightningnetworkstore there are 682 stores that use lightning network.
but it's slow adoption

Bitcoin payment is optional, buyers should be responsible for the transaction fee, not you. If they do not want to pay with bitcoin, they can use fiat.

What if you use an exchange and a customer pay you and Binance freeze the coin and said that it is tainted? Even if the coin is later released, it would have been a difficult time and it is going to stress you out to get your coins. Bitcoin gives the freedom not to depend on any central organization.

I think this will depend from country to country. Like in my country, local bank transactions are of very low fee, most do not require fee, but with little monthly charge. There are online microfinance banks and fintech with zero transaction fees, or zero transaction fee for certain number of transactions in a month, with not monthly charge.

Binance Pay will encourage centralization and dependence on centralized authority. For this kind of shopping, lightning network has not two reasons it was created than this, to be able to spend bitcoin with cheaper fee and faster within a second or few seconds.

There is always good working around in such situations, and a while ago when I suggested Binance for small business payment here, some ill-informed people believed I was talking heresy due to their shallow understanding, not knowing that business is beyond whether or not you are using the non-custodial wallet, you should only try not to hold too much money there.

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.

Bitcoin transaction fee might not be a problem if you transfer large values.

Many payment processors will charge you a percent of a transaction,  like 1%. Even PayPal will do so.

So it depends on what you and yours clients want. Bitcoin also gives the user more privacy.

I do not know from which country you are but if Binance is available in your country then you could ask your customers to pay from Binance ID which will cost them nothing (free of cost transaction). I know many BTC user prefer to store there assets on non custodial or hardware wallets but still they will have some BTC in there exchanges too.

So you could ask them to pay you through your pay id, or you could make a QR code for yourself, i do not know if other exchanges also provide the same feature because it also has its limitations for example if a customer do not have account on Binanace exchange then you will have no other choice, so you have to find which exchanges provide this feature on your own.

No wonder, the transaction fee is so much for small business, but if you trust your customer so much, you should ask them to pay at the end of month, this the amount will be huge and your customer has to pay few dollars only. But it has its own limitation like customer could scam you.

Another way is. You only allow customers to buy things via BTC when they need to buy in bulk, in this way the amount will be huge and the customer will not feel the fee difference  snd they could happily pay the fee

This is a great initiative and I personally would love for people to use Bitcoin for their daily small businesses. This will be the biggest incentive for the rest to dare to use Bitcoin.
It is good that you have thought about this point before you start accepting bitcoin payments. Indeed, it is a big problem for small businesses to accept payments in small amounts for everyday products. But there really is a solution to that that you may not have come across.
The solution is to use the Lightning Network, which enables you to make transfers in small amounts on channels parallel to the Bitcoin network, and then send all the amounts in one transfer on the main network. Here are some useful links:
How to use the Lightning network?
Lightning Network questions

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

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. But I decided to first seek the opinions of experienced people who are into bitcoin, they encouraged me to go ahead, 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. https://www.makeuseof.com/what-are-bitcoin-transaction-fees/ 

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.