Topic: High transaction fees affects buyers and seller in payment in bitcoin - page 3. (Read 431 times)

It will be an obstacle for business people who use Bitcoin as a means of payment if Bitcoin transaction fees are high. The solution may be to carry out transactions using the lightning network or using Tron or stable coins.
I have never used the lightning network for transactions and am not familiar with it, but when Bitcoin transaction fees are high then the alternative is to use stable coins.

I think that's why you should find alternatives in the market when you think there's a high transaction cost and there are plenty of choices out there. If I have that business I think I'll go with altcoins and fo sure you'll not be the one affected in this situation, you'll still find customers for sure if you market altcoins.

It seems to me that if the business is some small sales or services, it is better to use some other coin. For example usdt, because at the moment of purchase the price is fixed in dollar equivalent. In general, bitcoin has long since become not the best means of payment. For example, if I need to buy something for 10 dollars, I'm not comfortable paying fees as much.

LN is one solution and as said about stablecoins on different chains. But at this time if you're aware of the offchain transactions, this can be done through the same exchange from user to user transfer and that will be fee less.

Yeah, this is us. We are just waiting for the right timing that the mempool isn't asking that much and the fee is bearable. But when it's not, then obviously we're not going to make it and will have to go back to the waiting game.

Options and methods are really that available on which it would really be just that right that you would be making adjustments whenever we do see network condition is really a mess or being clogged up on which it would really be that resulting into that high fees. I do understand the feeling into those people who got stuck because of having high fees, unless if you are having tons of money then this condition wont really be that an issue
but for those who are really just that average traders or investors who are really that making those transations then this current fee would really be giving out such impact or would really be a hurting one.
Just like on what you had said we can always have the option since there are altcoins which are really that cheap and fast when it comes to fees and transaction confirmation.

Now that the network is really that congested and doesnt really go below 100 sats per byte. Whenever it do hover out into that point the fees starts up to climb
again and again on which i do have honestly tons of micro transactions had really be that pending for almost a week now. It doesnt have the chance
on getting confirmed.

Bitcoin network is killing business around it, what is happening is so discouraging, yet people will continue to trade and invest in it or even stake it and get their money. But this is a different ballgame when it comes to the reliability of sending and receiving money through it. This is so bad as the network has allowed and has let this ugly congestion situation continue unabated. Miners are the only ones gaining from this but this is selfish and it will not mean well for Bitcoin and what Satoshi envisaged for it.

About your question, I do not think there is a solution for those who are building businesses around Bitcoin. It is either they pay the high fee or move to another coin/token that will run their business smoothly. Honestly, I am certain that the number of those who are sending and receiving money through Bitcoin will be so little now unless they do not have a choice because I can't imagine myself continuing to pay such insane amounts of money for fees everytime. I better use my money for something else. There are some companies I deal with now that have started advising their customers against the use of Bitcoin to avoid issues since complaints are too much. If this continues like this, it can never mean well for Bitcoin payments in the long run.

Don’t get me wrong but bitcoin is just an alternative and as a business person you look at which option seems suitable, bitcoin was projected by satoshi to be an alternative when fiat payment would be more like an hassle. Yes business using bitcoin as payment are actually doing well to grow its adoption but at this point it is best to find other alternatives like the local currency you use and use bitcoin when only for cross border transactions and it is cheaper or convenient.

6 confirmation is the secure number of confirmation needed by a seller to accept bitcoin payment although it could be less, this confirmation time actually varies but it is not as long as we place it today and the Mempool congestion doesn’t have any effect on the confirmation time if at all you set the fee at a transaction more than enough to get into the next block

Why using stable coins when you can also use fiat? Stable coins are just tokenized fiat and they are risky than fiat because they are pegged. I will prefer to have other coins like litecoin, litecoin or tron itself and other coins like bitcoin when talking something about bitcoin.

A trade is done if the transaction is confirmed by miner.

No confirm, the trade is not done because the sender can double-spend unconfirmed transaction any time.

The answer is simply to use alternatives (stablecoins through Solana or Tron) and wait for a viable Bitcoin layer-2 or sidechain to be stable and widely accepted. There's simply not point to use Bitcoin base-chain unless you're paying for something far less more than the transaction fee.

Some people are still using bitcoin even as the transaction fee is high. If they can not use bitcoin network fee or payment, they can use lightning network. If they can not use any of the two, let them use altcoin like litecoin for payment because the fee is very low.

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.