With the high cost of bitcoin transactions now, people feel uncomfortable using bitcoin as a means of payment. They would be happier if they could pay using fiat and keep their bitcoins as an investment.
Later, after transaction costs decrease, they will want to use bitcoin as a means of payment.
But a bitcoin investor would rather keep his bitcoins than pay for what he bought, especially if he doesn't have a lot of bitcoins.
But that is @OP's wish and hopefully his customers will use bitcoin to pay for what they buy.
Topic: Bitcoin investment is kind - page 5. (Read 764 times)
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country, secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
It's okay that you will accept Bitcoins for paying for those vehicle parts that you will sell. That's just gonna be another alternative for your customers but whichever they prefer to pay you then that's okay. You'll just have to display the QR on your shop and put the logo of Bitcoin because it adds exposure to Bitcoin there and who knows if you'll be able to meet other people that are bitcoin investors there too. You can just give them a warning that paying right now is going to cost them some bucks. And it's up to you whether you'll add also some other payment options for altcoins or stable coins and then when you think that the time is right, you'll be the one to convert it to Bitcoin if ever you think that you'll be investing on it because everyone is aware of what's coming to Bitcoin.
current fees are not very friendly to senders. just imagine for now, if you make a transaction, you will be charged a fee of 8 dollars and i'm not sure that any of your customers will want to pay fees of that amount just for their transaction. unless they send bitcoin via binance pay, perhaps fees won't be a problem for them because it's free.
and you can consider opening payments for altcoins. because with the increasing number of crypto payment options for your customers, maybe they will be more interested in paying with you in crypto. you can use binance or other exchanges for these payments and easily convert them directly to bitcoin if you want. but if that's too complicated for you, sticking with bitcoin payments is fine too.
and you can consider opening payments for altcoins. because with the increasing number of crypto payment options for your customers, maybe they will be more interested in paying with you in crypto. you can use binance or other exchanges for these payments and easily convert them directly to bitcoin if you want. but if that's too complicated for you, sticking with bitcoin payments is fine too.
I think you are taking a good initiative and it seems like you are also very enthusiastic about Bitcoin, so you plan to use Bitcoin as a means of payment or transaction in the vehicle spare parts shop that you will set up.
And I hope that the problem of increasing transaction costs will not be an obstacle in carrying out your initiative, the important thing is that you have introduced Bitcoin by implementing alternative payments or transactions using Bitcoin in your business. And hopefully your business will soon be carried out according to your plan, and without any obstacles, and regarding the problem of expensive transaction fees, we all hope that this problem will recover quickly and return to normal.
And I hope that the problem of increasing transaction costs will not be an obstacle in carrying out your initiative, the important thing is that you have introduced Bitcoin by implementing alternative payments or transactions using Bitcoin in your business. And hopefully your business will soon be carried out according to your plan, and without any obstacles, and regarding the problem of expensive transaction fees, we all hope that this problem will recover quickly and return to normal.
Where are you based by the way? Just don't commit the mistake of launching your vehicle parts shop that only accepts Bitcoin payment. If you do that, your shop might have few to zero customers. But if you accept Bitcoin payment alongside fiat payment, card payments, and other online payment options, then there's no problem and you are probably good to go. The mempool is still congested with more than 300,000 unconfirmed transactions. Fees are still high. This might discourage your customers to pay in Bitcoin.
It's true what you say, of course someone will think twice about transacting this asset with fees that are still quite high. Personally, of course I don't want to pay for Bitcoin, because I know this asset is very, very rare, so now it's better for me to hold it for a longer period of time. Of course, as a customer, it's better for me to just use cash, because the cost difference is enough to buy another product.For Op, the breakthrough is very good in the Crypto currency payment industry, but you need to remember that if you make transactions with customers, what do you do with Bitcoin and hold it longer or what?. As we know, prices fluctuate greatly. What if prices fall sharply, Do you have emergency funds to cover product shortages in your store?
I’m wondering: are there really people now who will pay with Bitcoins? Knowing the commission prices. And then, people who own Bitcoin probably purchase it as an investment; that is, they are interested in long-term holding. Are auto parts such a scarce commodity that you need to spend bitcoins on them?
OP, no offense, but I wouldn't buy with Bitcoin. Now it's more of an investment, but you, OP, can continue; everyone has the right to a dream.
OP, no offense, but I wouldn't buy with Bitcoin. Now it's more of an investment, but you, OP, can continue; everyone has the right to a dream.
Probably many people has invested in bitcoin and they got profit and some also got loss for the investment, also some people have converted their business payment with bitcoin instead of making payment with fiat currency but nevertheless you can not decide to follow a steps of someone who benefited with bitcoin and open a shops and demand payment with bitcoin,
Every person who has made a new step in their own business must have previously given good consideration to the step they are creating. As you have said, there are some people who have converted their currency to Bitcoin as a form of their business in terms of investment and there are also those who have directly invested in Bitcoin without having to make any form of conversion. And for those who want to accept Bitcoin as payment in businesses they manage themselves, this is something that is very common in several other shops in the world.Quote
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country, secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
It seems like you have a better plan for yourself at the start of next year and also want to make a big change by accepting Bitcoin into your business payments. I also feel quite impressed with this because I also have a hobby of modifying the motorbikes that I have so that all the motorbikes that I use now are really no longer in factory standard condition. Probably many people has invested in bitcoin and they got profit and some also got loss for the investment, also some people have converted their business payment with bitcoin instead of making payment with fiat currency but nevertheless you can not decide to follow a steps of someone who benefited with bitcoin and open a shops and demand payment with bitcoin,
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country, secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country, secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
For me as an investment, Bitcoin was actually great when it comes on investing, its probably one of the one investment that could easily gives you profit if you are lucky, and compared to other cryptocurrency Bitcoin was probably the safest cryptocurrency investment that you could do.
But when it comes to using Bitcoin as a mode of payment in a business I do think that it is not yet ready for that since there are so many things that is not right until now, like what you mentioned the fees have a lot of problems, especially today where the fees could skyrocket when the network was congested if your going to use that on your business that could easily be a problem in the future, Also if your going to accept Bitcoin as a payment that is just way too risky since its a business you always need to have liquid cash if something occur, but if they use Bitcoin as a payment you cant really just sell it immediately since that is just going to lose you money, accepting Bitcoin as a payment means all of that payments are going straight as your Bitcoin invement.
it's good if emotions are controlled. for example, we are ambitious people who want wealth quickly. People like this are not very suitable for investment here, even when I tried at the beginning I always lost money just because I sold too quickly. when I held it went down but after selling it went up. This is just a matter of trust in predictions and patience in consistently taking profit targets. As long as emotions are stable then it's time for crypto investments to run smoothly, this is very good for people who are early adopters who will definitely be helped a lot by that.
Where are you based by the way? Just don't commit the mistake of launching your vehicle parts shop that only accepts Bitcoin payment. If you do that, your shop might have few to zero customers. But if you accept Bitcoin payment alongside fiat payment, card payments, and other online payment options, then there's no problem and you are probably good to go. The mempool is still congested with more than 300,000 unconfirmed transactions. Fees are still high. This might discourage your customers to pay in Bitcoin.
I would even consider it a bad idea and that he is destroying his business if he just uses bitcoin as the sole means of payment for his auto parts store. Even if the mempool is not congested, bitcoin transaction fees are cheap, I believe it is still not common for people to use bitcoin for payment in most countries. Bitcoin should just be an alternative means of payment alongside fiat, it cannot completely replace the role of fiat money these days and we need to accept that reality. If OP does this then he is really hindering his own work.
Even as that there could be cryptocurrency payment option not only bitcoin because with the current network congest people would start asking over other network to pay with just as what is going on currently here in the forum where must of the manager's are looking for the other alternatives to pay their participants, if you only leave the option of bitcoin without including other currencies then i must say you will face a serious downtime for the network to scale through those your transactions or those that wants to pay with bitcoin. Even as that at the meantime you can use fiat to start with maybe when the network is free then people can start choosing that option as means of payment.
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country, secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
Glad to hear you plan to accept payments in bitcoin, this is a good move especially if your country legalizes transactions using bitcoin. The problem is that transaction costs are still quite high, in my opinion it's just a matter of time until transactions return to as low as before. Apart from that, because you also accept payments in fiat, there is no problem because your customers can use fiat if they object to bitcoin transaction fees which are still quite expensive.
What you are doing indirectly is promoting bitcoin and this is a small step that will bridge between people starting to know bitcoin and being able to use bitcoin for their needs. Hopefully you can do and apply it well to your business. Goodluck buddy
This is the challenge for you with a vehicle spare parts store that accepts bitcoin payments but the mempool is really unfriendly, I'm sure your customers don't want to pay more than $10 per transaction, even if it's $2 I think your customers might be a little reluctant.
Then there are suggestions with lightning network payments, as we see in some Europe that has implemented it, but I don't know whether the Lighting network will be more widely used than onchain or not, because the lightning network is not yet fully perfect, there are still some shortcomings that I know.
Unless you prepare other altcoin options, and bitcoin payments are still there but it's up to the customer to choose which one.
Then there are suggestions with lightning network payments, as we see in some Europe that has implemented it, but I don't know whether the Lighting network will be more widely used than onchain or not, because the lightning network is not yet fully perfect, there are still some shortcomings that I know.
Unless you prepare other altcoin options, and bitcoin payments are still there but it's up to the customer to choose which one.
Cryptocurrencies will continue to improve day by day in the future and Bitcoin will reach its highest growth target. Because in the modern era, now people will be touched by modernity, so it is very important to use bitcoin at this time, the more people use bitcoin, the more the number of transactions will increase and the mempool will continue to increase. A few coins in particular have pumped so their transaction fees increase slightly as transactions increase. So OP you are going to open a store that's great but you need to see if Bitcoin is legal in your country. If bitcoin is valid then you can openly accept bitcoin payments.
It is good to know that you have thought about the advantages of Bitcoin going up in value and that it is allow to use cryptocurrency in your country. But it is important to remember that some people have made money from Bitcoin but there are others who lost money too(talking about traders not holders).
And When it comes to the mempool of Bitcoin it is little bit hard to know that what will happen with mempool in 2024. It can make transaction fees higher and take longer to confirm. By the way It is a good idea to keep up with what is happening in the Bitcoin network so you can make sure your customers have an easy time paying.
And regarding Fee so I will say that this is really difficult to predict because there are Ordinals are involving and due to these Ordinals the fee is going up significantly. Soon or later the f*kng ordinals will not exist anymore then the fee will automatically go down. In the mean time I will you should take local currency from your costumers if they can't pay the high fee while making transaction in Bitcoin. And you can convert the local currency in Bitcoin and can hold.
And When it comes to the mempool of Bitcoin it is little bit hard to know that what will happen with mempool in 2024. It can make transaction fees higher and take longer to confirm. By the way It is a good idea to keep up with what is happening in the Bitcoin network so you can make sure your customers have an easy time paying.
And regarding Fee so I will say that this is really difficult to predict because there are Ordinals are involving and due to these Ordinals the fee is going up significantly. Soon or later the f*kng ordinals will not exist anymore then the fee will automatically go down. In the mean time I will you should take local currency from your costumers if they can't pay the high fee while making transaction in Bitcoin. And you can convert the local currency in Bitcoin and can hold.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
secondly I want to start having my own bitcoin with the payment of my vehicle parts, I don't know if mempool of bitcoin I have being hearing will still continue by next year 2024 because I sense that it's what will bridge people not to make a payment with bitcoin if i open by January 16th, because all the necessary arrangements has already put in place and awaiting for January 16th to open officially.
Well, if you are really serious about accepting bitcoin as one of the payment options for your goods, then you will have to find an alternative way of receiving bitcoin payment from customers without having them pay exorbitant fees all in the name of to have their transaction to you confirmed quickly.And such alternatives is to consider setting up a bitcoin lightening Network for receiving Payments from your customers. If you ask me concerning the current bitcoin mempool congestion, I would tell you that, it's not looking like something that will get decongested any time soon, January 16th is just a few days away, and we have a major bull run coming, there is a high chance that the congestion could get worser, thereby increasing transaction fees even higher, it's time for businesses accepting bitcoin or looking to accept bitcoin as payment for their goods or services look the bitcoin lightening network way, for a better and smooth experience accepting bitcoin as payment for goods and services.
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country,
Op, when you mentioned "criteria," does that mean you'll only accept payments in Bitcoin? If that's the case, I'd suggest reconsidering. Considering the current congestion in the Bitcoin mempool, it's uncertain if fees will decrease soon. So, don't let Bitcoin be the reason your plans face obstacles next year. There are other payment options. If you're planning to use Bitcoin, it should be an alternative, not the only method. You can't expect all your customers to learn Bitcoin for purchases. Consider adding other cryptocurrency like stable coins with lower fees compared to Bitcoin. This will promote cryptocurrency payments, and your store will become known for these payment methods. Goodluck with your business and I hope it all works out as planned.
It takes seriousness and patience to make a profit from Bitcoin investment, the very fluctuating price gives investors hope and anxiety. Many investors have succeeded in reaping large profits from Bitcoin investments, they always prioritize patience to achieve a level of success in investing.
Accepting payment in Bitcoin for every transaction on the vehicle parts you sell is not a bad idea. The current problem is that transaction costs are very high, making it difficult for customers in your shop to make payments using Bitcoin because if it is converted to fiat money they will spend more money than the actual price.
Accepting payment in Bitcoin for every transaction on the vehicle parts you sell is not a bad idea. The current problem is that transaction costs are very high, making it difficult for customers in your shop to make payments using Bitcoin because if it is converted to fiat money they will spend more money than the actual price.
So myself I have decided to launch a vehicle parts shops in my city by January 2024 and I have decided to use Bitcoin as one of the criteria of payment because of what I'm seeing for bitcoin increment and my country that permit for cryptocurrency transaction in my country
Nice call op.
Since you have said that your government does agree to cryptocurrency transactions in your region, I say it is a good call. As you won't have any issues with the authorities. however, the current conjestion of the mempool may act as an indirect setback to your decision.
This is because, customers may not want to make payment with fees that obviously seem uneconomical. And just like mk4 mentioned, you may actually end up using Bitcoin for mainly bulk and wholesale transactions.
Anyways, if all goes well and the mempool becomes less conjested, I suggest you put a discount on payments make in Bitcoin. this would motivate customers to make most transactions using Bitcoin instead of fiat. Like I mean who doesn't like a discount 😁
It's a good thing that you accept bitcoin as payment at your shop, but you need to look at how your customers are, whether they use bitcoin or not. If the majority of your customers don't use bitcoin, it means there's no point in installing a payment gateway using bitcoin because no one uses it.
And what are the regulations regarding payments with Bitcoin in your country? does the government allow that or not? because in many countries, the government prohibits people from replacing fiat payments with Bitcoin and violating this can result in fines. That's why you need to look at the government regulations in your country, don't let this cause problems for you.
And what are the regulations regarding payments with Bitcoin in your country? does the government allow that or not? because in many countries, the government prohibits people from replacing fiat payments with Bitcoin and violating this can result in fines. That's why you need to look at the government regulations in your country, don't let this cause problems for you.
Jump to: