Questions of the day concerning Bitcoin payment

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed? Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

About the first question, it has been asked and answered many times on the forum, and to avoid repeating what has been explained many times, you should just get the seeking knowledge from this link of a thread created by @Charles-Tim: https://bitcointalksearch.org/topic/m.61326135

And for the second question, this depends solely on you as a business owner. You might use Bitcoin or altcoins depending on your take on the speed and transaction cost of the coins. But in all you do, make sure that you accept only the popular coins that would be easily exchanged for other coins or fiat.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed?

You can not increase transaction speed. Bitcoin blockchain has its block time in average about 10 minutes per block. Sometimes it can be seconds or a little bit shorter or longer than 10 minutes. You only can increase your transaction fee by fee rate (bump your fee with Replace-by-Fee) or use Child Pay for Parents in rare cases. Miners will prioritize and choose transactions which can help them to earn more in transaction fees.

Note that if you and me broadcast our transactions with a same fee rate but if your transaction has a bigger size that causes a higher transaction fee for miners, they will prioritize yours first. They pick transactions to confirm first from top of mempools.

Quote

Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Let's find some topics and read them

Lightning Network -- Basics (documents, data pages, files, plots)

Quote

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

When you accept a cryptocurrency, you must consider about its volatility, its trading volume that can impact your capital. If it has so high volatility and / or too low trading volume, you will get so many troubles when you want to sell it for cash or stable coin.

Bitcoin is the best.

mocacinno

legendary

Activity: 3584

Merit: 5243

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Zaguru12 on January 11, 2023, 04:42:09 AM

--snip--
Curious question, if a wallets does support RBF. Is it safe to double spend the transaction? This time around with a higher fee so it get picked fast?

Very simplified, this is the basic mechanism behind RBF... It's basically a flag that's located inside your transaction that indicates that it's fine for a node to kick the transaction from it's mempool if it receives a transaction double spending the same unspent output... It's a little more complex than this, but this is what it basically boils down to

Broadanbig

full member

Activity: 462

Merit: 117

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed? Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

You just raised a topic of concern as regards transaction fee. This is what most people do not understand. Some are yet to get it clear how transaction fee works and why does most transactions take much time to scale through.
As you have said that is how it works. The higher the transaction fee, the faster the transaction scales through. It depends on the fee request from your application from which you are carrying out the transaction but if you want to set the fee in the higher side for your transaction to speed up very fast it is your decision and will to do so.

The issue of adding other networks to your acceptable means of of payment is up to you. But if you are choosing, note that bitcoin has a strong base compared to others and also the most popular amongst other coin you hear about. There are other stable coin out there but for me, I will prefer to go with bitcoin as my own means of accepting payment for services rendered.

Quote from: Plaguedeath on January 11, 2023, 04:30:03 AM

If you want to learn about lightning network, you can read in this thread Table All Lightning Network Threads In One Place.

You can as well check the above Link as being posted by the other poster to know more on the lightning network.

Zaguru12

hero member

Activity: 868

Merit: 952

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed? Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

Sadly it’s the only way to get your transaction confirmed or picked by the miners. When the mempool gets congested the higher the fee the more enticing it get picked. Other than that you can just use the RBF method although not all wallets have it.

Quote from: mocacinno on January 11, 2023, 04:27:45 AM

But to answer your question: as a "normal" user, you can pay a sufficiently high fee, so the miners put your transaction into the block they're trying to solve instead of someone else's... If you don't you'll have to wait untill all transactions with a higher fee (in sats/vbyte of transaction data) are gone from the mempool (or at least untill a miner decides to add your transaction to the block he/she is trying to solve). If you pay to little fee, there are ways to solve this... For example: by paying a miner directly to include your transaction, by executing a CPFP or by bumping the fee (in case you opted in RBF).

The rest of your questions were answered by OmegaStarScream

Curious question, if a wallets does support RBF. Is it safe to double spend the transaction? This time around with a higher fee so it get picked fast?

Spaceman1000$

sr. member

Activity: 700

Merit: 270

As for your local Business, I would advise you stay with bitcoin, because at a local level, I believe bitcoin is one of the major and easy to get coin you will see at that level.

Plaguedeath

hero member

Activity: 854

Merit: 663

Just to add, if you want to stay using on chain Bitcoin network, you can use native segwit address(bech32) in order to reduce your fee, it's lower than the other address e.g. legacy, segwit.

If you want to learn about lightning network, you can read in this thread Table All Lightning Network Threads In One Place.

I'd second to use Bluewallet since it's the most simple wallet to use lightning network, you need to verify the signature too.

mocacinno

legendary

Activity: 3584

Merit: 5243

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed?

A sidenote so you don't get confused: the term "gas fee" is used for the ethereum chain... We don't talk about gas fees in relation to bitcoin (we just talk about "fees" or "transaction fees").
But to answer your question: as a "normal" user, you can pay a sufficiently high fee, so the miners put your transaction into the block they're trying to solve instead of someone else's... If you don't you'll have to wait untill all transactions with a higher fee (in sats/vbyte of transaction data) are gone from the mempool (or at least untill a miner decides to add your transaction to the block he/she is trying to solve). If you pay to little fee, there are ways to solve this... For example: by paying a miner directly to include your transaction, by executing a CPFP or by bumping the fee (in case you opted in RBF).

The rest of your questions were answered by OmegaStarScream

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Is increasing gas fee for BTC the only way to speed up its transaction speed? Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Yes, if you want your transaction to be confirmed as soon as possible, you have to pay higher fees. See here[1]. I'm not sure which wallet you're using, but not all wallets support LN. If you want to experiment with it, I suggest you go with Bluewallet. It's pretty simple to use.

Quote from: Crypt0Gore on January 11, 2023, 04:06:22 AM

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

It's up to you what you want to accept. If you're planning to use a payment processor and automatically convert your crypto to fiat, then the more the better I guess... otherwise, you should probably focus on what you're interested in holding. Here's a list of payment processors[2].

[1] https://mempool.space/
[2] https://bitcointalk.org/index.php?topic=5259548.20

Crypt0Gore

sr. member

Activity: 952

Merit: 275

Is increasing gas fee for BTC the only way to speed up its transaction speed? Also how can one use a lightening network in a BTC wallet? I've heard about this but I don't know so much about it..

Apart from Bitcoin is it fine to add other coins as a means of payment in your local business? Is this fine or it's better to stay with Bitcoin only.

Topic: Questions of the day concerning Bitcoin payment (Read 166 times)