Topic: Bitcoins & On-line Retailing (Read 868 times)
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I think it is possible, but to be honest prices are quite high right now and fees are pretty much exorbitant. Sending just a few dollars will likely cost a huge chunk of the value due to fees. It will be plausible only if the platform will use other cryptocurrencies that have smaller transaction fees, like DOGE? Since those kinds of crypto have super small fees and its actually negligible.
Things would actually become easier as time goes on and I am sure once the scaling issue gets resolves, it would even make transactions easier than we can imagine probably with the deployment of LNs.Although, it is always best for one to start when it is not a huge thing right now, that way, you can target the crypto enthusiasts into your store and get to keep some loyal ones. There are still some alts you can add to bitcoin like you said, but you have to be careful knowing Alt market can be crazy.
People are always saying "Lightning network will fix it all and we will be able to send dust payments".
You just forgot to mention that ALL new users will need to pay the regular fee, as opening and closing channels within the lightning network costs even more fee then just broadcasting a regular transaction.
Also, it will take years until people will actually use it, we can see how Segwit address came out, and few months after, 95% of the transactions are done by non-segwit addresses.
Don't expect that the release of Lightning network is going to be a magic solution to the situation, it has it's own problems.
I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.
It depends, if retailers are risk taker and wanting to have more bitcoin in the future they will make bitcoin part of their mode of payments. Also it is online shoppe the transaction time is not concern here since almost all online shoppe process the transaction within 2 -3 days that is why it is ok to used bitcoin to purchase online.It is ok with the retailer since he is only accepting Bitcoin from the customer, the problem here lies if the customer is ok with paying 10 to 20 dollars for a 50 dollar item. I do not think that Bitcoin is wise to use in an online Retail store, I would vote for altcoin instead for very low transaction fee. Bitcoin is great for online shopping if it is a big order else, we will beending paying almost twice the original amount due to the Bitcoin transaction fee.
I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.
It depends, if retailers are risk taker and wanting to have more bitcoin in the future they will make bitcoin part of their mode of payments. Also it is online shoppe the transaction time is not concern here since almost all online shoppe process the transaction within 2 -3 days that is why it is ok to used bitcoin to purchase online.
I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
Of course, Bitcoin was initially design to be a online payment right? P2P without any third party like banks. So its really applicable for India's booming online retailing business. But we all know that the main hindrance for bitcoin to accepted as payment options is the high transaction fee and slow confirmation. And just a few days ago, we have heard that Steam stops accepting bitcoin as payment because of this issue. But I believed in the future we will see a lot of merchants accepting bitcoin if this whole issue can be fixed. Lighting Network (LN) could be the one. It hasn't been implemented yet but I just hope this will be the solution(long/short).
It could possibly happen. Many online retail stores accept bitcoin and as more stores adapt them, others would possibly follow suit. It’s easily possible online.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
Of course, Bitcoin was initially design to be a online payment right? P2P without any third party like banks. So its really applicable for India's booming online retailing business. But we all know that the main hindrance for bitcoin to accepted as payment options is the high transaction fee and slow confirmation. And just a few days ago, we have heard that Steam stops accepting bitcoin as payment because of this issue. But I believed in the future we will see a lot of merchants accepting bitcoin if this whole issue can be fixed. Lighting Network (LN) could be the one. It hasn't been implemented yet but I just hope this will be the solution(long/short).
Bitcoin and online retailing is good and its possible that it can happen to the whole country but for now some places is use it if ever happen that we can use our bitcoin in retailing its better and good but for now maybe we consider first the other things like if people will be like it or even our government will accept this idea.
You can start accepting bitcoin as mode of payment give customer an option by accepting digital currency but you need to consider the volatility of bitcoin. Your income in bitcoin would be decrease/increase in the future but if you take payment in term of bitcoin would be your additional investment much better to hold it for long period of time.
Also that is one of the good thing to promote crypto currency in your country even we all know that your government supports bitcoin but not all people in india aware in digital currency by the help of your business it will be more popular in a couple of years.
Also that is one of the good thing to promote crypto currency in your country even we all know that your government supports bitcoin but not all people in india aware in digital currency by the help of your business it will be more popular in a couple of years.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
They can really play a huge role and there is no doubt about that.I started some discount recently for those who may want to use cryptocurrency (Bitcoin and Eth for now) and I was surprised at the turn out in my country. A lot of people would really want to have a real life feel of what they are holding and the ability to start now when things are still fresh will make you to pull some weight to have some loyal customers in the long run.
there is no doubt that any business done online like on-line retailing will be using bitcoin as means of payment, but as of now we can see that the transactions seems to be taking too long, i agree with the other posts that we could also use other crypto currency as payment, however if we do that, the problem will be the value of the coin, since we'll be needing to convert it to the altcoin and vice-versa, by this time, what i can see is another form of crypto currency will be used next to bitcoin, and we might have two dominant crypto currencies in the future,if the transactions become slower and slower.
You are worry about the payment delay right but most of bitcoin payment API will be faster than usual transfer speed of bitcoins. We have to get the payment in bitcoin means we need some wallet address added to the cart in its online store.
I see that you are worry about converting altcoins to btc. There are various exchange available in online so you can use that convert it. I understand that this double time work for you.
there is no doubt that any business done online like on-line retailing will be using bitcoin as means of payment, but as of now we can see that the transactions seems to be taking too long, i agree with the other posts that we could also use other crypto currency as payment, however if we do that, the problem will be the value of the coin, since we'll be needing to convert it to the altcoin and vice-versa, by this time, what i can see is another form of crypto currency will be used next to bitcoin, and we might have two dominant crypto currencies in the future,if the transactions become slower and slower.
I think it is possible, but to be honest prices are quite high right now and fees are pretty much exorbitant. Sending just a few dollars will likely cost a huge chunk of the value due to fees. It will be plausible only if the platform will use other cryptocurrencies that have smaller transaction fees, like DOGE? Since those kinds of crypto have super small fees and its actually negligible.
Things would actually become easier as time goes on and I am sure once the scaling issue gets resolves, it would even make transactions easier than we can imagine probably with the deployment of LNs.Although, it is always best for one to start when it is not a huge thing right now, that way, you can target the crypto enthusiasts into your store and get to keep some loyal ones. There are still some alts you can add to bitcoin like you said, but you have to be careful knowing Alt market can be crazy.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
Yes it (bitcoin) can be used as like in the western countries where many stores and restaurants are accepting bitcoin as alternate payment method. But now observing the current scenario there is high fluctuation in the price and it would be difficult for retailers to set the price of a product or service in this instability.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
Yes, India is huge market and have kind of accept for bitcoin so it is good and you can try without problem.
if find many posts like this will update it later so they can help you.
I think it is possible, but to be honest prices are quite high right now and fees are pretty much exorbitant. Sending just a few dollars will likely cost a huge chunk of the value due to fees. It will be plausible only if the platform will use other cryptocurrencies that have smaller transaction fees, like DOGE? Since those kinds of crypto have super small fees and its actually negligible.
Using another cryptocurrency in a e-store doesn't seem logical to me as no other cryptocurrency has a user-base like Bitcoin does. If a company or online store starts to accept another cryptocurrency other than Bitcoin just for the lower fees, they won't get a lot of customers using that currency. So if the time is not right in present, they should wait for some time until all the things get settled and the fees gets quite normal again and then they should start accepting Bitcoin, but i don't think using another digital currency can be a good idea for any store.
I think it's very possible as long as there are companies or devlopers that facilitate it so it will be able to walk easily
but there is a problem that often occurs on the sale of goods offline prices tend to remain unchanged while crypto currency we all know the price is very volatile from time to time this will complicate the sellers and buyers because the value of goods that are not stabilized
Certainly, cryptocurrency is volatile, but it must be a risk one is willing to take as a merchant to start something like this. While some are paying and the value increases, the same thing can happen the other way round, but at the end it can still be balanced out.but there is a problem that often occurs on the sale of goods offline prices tend to remain unchanged while crypto currency we all know the price is very volatile from time to time this will complicate the sellers and buyers because the value of goods that are not stabilized
Yes, bitcoin has had some pretty huge spikes lately, but when I started few months back, I guess I have ended up having more than enough profit I could envisage from the growth in value of bitcoin alone after leaving some of the funds in the wallet a bit after.
In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?
Considering the banking system integration is not great especially in rural areas according to different websites, I believe bitcoin can play a huge role, since it doesn't have a competitor, and implementing a banking system would be hard, the only thing I see that could be remotely competitive, is mobile banking which starting to get traction these days.
In current situation bitcoins can not be used for all online retailing because of the transaction fee so bitcoin community need take steps for reducing the bitcoin transaction fee in the coming years then many people will pay as bitcoin for buying their products.Currently only big trades are happening with bitcoins like buying bulk orders paying with bitcoin.
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