Lightning network for signature campaign payment? - page 2.

Synchronice

hero member

Activity: 840

Merit: 772

Watch Bitcoin Documentary - https://t.ly/v0Nim

Quote from: stompix on May 08, 2023, 07:54:51 AM

Quote from: Synchronice on May 08, 2023, 07:20:40 AM

There are some solutions:
~
3. Use altcoins for a limited time till fees go down.
4. This is the worst advice but if we all use the same exchange, we can all get rid of fees but I don't think that's ever gonna happen as it shouldn't.

5. Use Paypal! Cool

I don't think there would be a greater insult to a bitcoiner on this forum than having to get paid in Dogecoin instead of Bitcoin and not because of some funding problems but because, wow, right now the Doge network is better at doing transactions.
Seriously how would we even dare to show our faces here or ever use the word shitcoin if we're forced to use such a thing?

As for the centralized solution, just wow, as I said, why not Paypal or let's just use bank wires?
Seriously I can't believe what we've ended up discussing here, this is just crazy!

C'mon, the 4th one was definitely a joke. By the way, what's wrong with altcoins? I don't really get the cynicism towards altcoins, if I say in altcoins I prioritize monero, will it still be a joke for you? What's wrong with litecoin as a quick solution for limited amount of time? Doge is a joke coin and no one says it should be used in first place.

stompix

legendary

Activity: 2828

Merit: 6108

Jambler.io

Quote from: Synchronice on May 08, 2023, 07:20:40 AM

There are some solutions:
~
3. Use altcoins for a limited time till fees go down.
4. This is the worst advice but if we all use the same exchange, we can all get rid of fees but I don't think that's ever gonna happen as it shouldn't.

5. Use Paypal! Cool

I don't think there would be a greater insult to a bitcoiner on this forum than having to get paid in Dogecoin instead of Bitcoin and not because of some funding problems but because, wow, right now the Doge network is better at doing transactions.
Seriously how would we even dare to show our faces here or ever use the word shitcoin if we're forced to use such a thing?

As for the centralized solution, just wow, as I said, why not Paypal or let's just use bank wires?
Seriously I can't believe what we've ended up discussing here, this is just crazy!

Poker Player

legendary

Activity: 1372

Merit: 2013

I am indifferent, LN, some altcoin... I can adapt to anything, but I would like to bring here another option that has been pointed out in a campaign, although it may have its drawbacks:

Quote from: Trofo on May 08, 2023, 12:42:13 AM

Quote from: Coin_trader on May 07, 2023, 11:45:35 PM

Is it possible to have an option to not receive the payment for the week and just accumulate until the network fee is better? We can't still use the funds in this current state while the transaction fee on both our sides is high if we will gonna spend it now.

We will think about that, problem is at this point things could get worse before they get better. FOMO is always strong in crypto and it is difficult to predict when the transactions would get better. Still we can talk about biweekly payments or even monthly payments if that is something vast majority of participants wouldn't have a problem with.

@everyone let us know your opinion on the matter. You can also do it via PM in case you don't want it to be public.

ajiz138

hero member

Activity: 1470

Merit: 783

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

So I have two questions here:
1. For campaign manager: are you fine to spend more money due to high transaction fees right now?

Maybe it doesn't matter to the manager because they have the budget, but of course it will definitely set sat/vB for example below 50sat/vB and it will take a long time to receive confirmation.
But what is clear is the decision of the manager and the company team.

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

2. For participant: if you have two options to choose, are you prefer to receive your payment in your native segwit address or lightning network address?

Both don't matter if I want to pay or my own lightning network will definitely accept this payment option.

But the casino and mixing still don't accept bitcoin lightning network, so participants can't directly send their btc directly there if the lightning network is an option, of course, they have to go through an exchange first before they deposit back to the casino or mixer.

In my opinion, Segwit will still be the best because participants will be free to send BTC anywhere, while the lightning network is still limited, there are only a few exchanges that accept it, while for casinos there is no LN.

Synchronice

hero member

Activity: 840

Merit: 772

Watch Bitcoin Documentary - https://t.ly/v0Nim

There are some solutions:
1. Campaign participants will pay a dollar or two out of pocket to receive transaction quickly. I assume high tx fees won't remain longer, so it's okay.
2. Use lighting network for a while or permanently but it's not that simple, in first order, they have to enlighten campaign participants about LN and it depends whether campaign managers trust LN or not.
3. Use altcoins for a limited time till fees go down.
4. This is the worst advice but if we all use the same exchange, we can all get rid of fees but I don't think that's ever gonna happen as it shouldn't.

Personally, I don't want to feed shady people, so my vote goes to Lighting Network.

PX-Z

hero member

Activity: 1428

Merit: 836

Top Crypto Casino

Quote from: Wiwo on May 08, 2023, 12:41:24 AM

We are in a crazy time, but then this is not the first time we are experiencing this kind of situation with bitcoin network conggestion but on the long run, bitcoin fees is going return back to normal again.

The difference is it reaches new ATH that is much worse than before. Fee might go down but not too soon.

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

1. For campaign manager: are you fine to spend more money due to high transaction fees right now?

Coinomize just recently sent the campaign payment and it has 0.0055 BTC as fees which is more than $150, so i guess managers/owners can but not as always as this.

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

2. For participants: if you have two options to choo from are you prefer to receive your payment in your native Segwit address or lightning network address?

If there is an option, why not.
But the main problem is your tx fee when you send it later on to an exchange or wherever you want. Most recommended fee is $55 as of writing, might be better if exchanges supports lightning deposit too, well, there are already some like kraken and bitfinex but im not using them for KYC requirements reason and it's unfortunate.

Wiwo

hero member

Activity: 1022

Merit: 667

Leading Crypto Sports Betting & Casino Platform

We are in a crazy time, but then this is not the first time we are experiencing this kind of situation with bitcoin network conggestion but on the long run, bitcoin fees is going return back to normal again.

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

So I have two questions here:
1. For campaign manager: are you fine to spend more money due to high transaction fees right now?

I don't think any campaign manager or company team making payments will be fine spending high fees just to make campaign payments, this will have a long term negative impact on the entire campaign budgets.

And just as some platforms are already closing down their bitcoin withdrawals, some campaigns may be forced to halt payments for weeks or even pausing the compagn if these issues continue.

Quote from: Apocollapse on May 08, 2023, 12:19:43 AM

2. For participants: if you have two options to choo from are you prefer to receive your payment in your native Segwit address or lightning network address?

I don't have any problem with that even though my campaign payment is done on the casino which doesn't require any fees tipping from the platforms, but then if I were in a direct address paid campaign, I won't mind receiving payment through lightening networks address since it will solve the current situation until everything goes back to normal.

Apocollapse

hero member

Activity: 924

Merit: 728

To be honest I don't have any problem if I receive my signature campaign payment longer than before due to ordinals transaction spamming in bitcoin network, right now the fee for low priority is 345 sat/vB or worth of $13.66, the campaign manager obviously will pay higher than that because there are many participants/receipt addresses.

However I haven't see any campaign is paying their participants through lightning network, using native segwit will make the fee is more cheaper, but it's not really the best choice.

So I have two questions here:
1. For campaign manager: are you fine to spend more money due to high transaction fees right now?

2. For participant: if you have two options to choose, are you prefer to receive your payment in your native segwit address or lightning network address?

Topic: Lightning network for signature campaign payment? - page 2. (Read 339 times)