It's well understanding that Bitcoin price is not a stable coin or have a fixed price, while accepting Bitcoin as a means of payment is a good idea, just that Bitcoin price changes from time to time, and also consider the price value to your product selling to accept Bitcoin. Therefore as a long term holding of Bitcoin has not to complain. But rather has a positive mindset that bull run we soon start and make more profits as well.
Since many countries are yet to accept Bitcoin as legal tender, there would still be time for this to take place. There are only few countries which had accepted Bitcoin to be use as legal tender so far and this will take enough time for the market to experience full adoption. Now that the war between Russia and Ukraine is still going on, there are some persons and countries which are indirectly using Bitcoin to trade and this will soon lead to the adoption of Bitcoin by them. Now that Bitcoin is experiencing congestion making the transaction fee to increase, we hope this will not halt the adoption and use of Bitcoin for payment. 
Topic: What's the fate of BTC payment now (Read 386 times)
Things are back to normal this morning, you can now make transaction on the bitcoin network with $1 or $1.05 and within few seconds the transaction will go through, mind you, I don't know how long this will last because bitcoin Ordinals are not out of the woods yet.
And some centralised exchange are now planning on listing this so-called ordinal, this show that it is possible for new big amount of money to go into Ordinals again and this will cause another spike up in the transaction fee of Bitcoin, so do not feel comfortable right now thinking we are out of the woods.
Some people are talking about a separate bitcoin fork, i don't know how this will work out but if this is going to work out then they should just proceed with the fork, anyone think that fork is the solution for this?
Really? Nice, now people will be doing business again using their bitcoin and this could help the price to recover but not the fees because I heard what the cause the fees to rise last time is that the network is being under attack or being spammed by someone else. I hope they will get caught if possible or get karma at least because they are destroying bitcoin. They cause so much hassle to us bitcoin users.And some centralised exchange are now planning on listing this so-called ordinal, this show that it is possible for new big amount of money to go into Ordinals again and this will cause another spike up in the transaction fee of Bitcoin, so do not feel comfortable right now thinking we are out of the woods.
Some people are talking about a separate bitcoin fork, i don't know how this will work out but if this is going to work out then they should just proceed with the fork, anyone think that fork is the solution for this?
About the forkings, I think we already have done so many bitcoin forks in the past. Did they solve something? I doubt if they did but lets try again and see if these can separate that ordinal thing to the main chain and won't interrupt the happenings here.
This is really unfortunate to hear, but I do appreciate that you were accepting bitcoin payments up until now. I personally believe that things will get better with time, and I do still have a lot of hope that lightning network will soon be much more efficient, easy to use and a big breakthrough for bitcoin payments.
Let’s just hope they come sooner than later.
Let’s just hope they come sooner than later.
Leaving aside what has happened recently, trying to pay for low-value goods or services is going to be like trying to pay for low-value goods or services with gold: you won't be able to. Even if there are a few places that accept bitcoin as currency, with the commissions you have to pay, proportionally higher the lower the amount, it is not going to be worth it. The same thing happens with gold today.
This is the problem when they don't know how to use the lightning network and they don't spend little time learning it because they will end up like this guy who thought that there was no remedy for the ongoing high transaction fees. though we cannot blame the person if he wanted to temporarily stop the service, we can say that he is lack of some hassle to educate his customers with Lightning network and if the others will also do the same, then there will be few stores and services that will stop accepting bitcoin payments at the moment. They just need to learn some new knowledge and fix this problem as soon as possible so that they won't gonna make it harder for their customers.
There are things that other people are not comfortable with or does not agree on some methods so they tend to avoid to use such option. LN is quite complex for newcomers and might bring more problem to both parties if they both don't know how to use it. It is a business and obviously, mistake is not an option. @OP is probably skipping LN for that reason. Aside from that there are people who do not like LN and will rather pay huge amount in an onchain transaction than using it.
It is easier said than done but well, it may be worth a try but still, it depends whether @OP is comfortable using LN. For a beginner, I believe they can use exchanges for internal transfers. This is much easier to learn and can save funds because most internal transfers are free.
Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
You can choose Binance pay system. There's no fee for one account to another account transfer. And it can be done in an instant. If you have problem using centralized exchanges, you can always withdraw to your personal wallet after you have collected 10-15 payments and the value is good enough to withdraw for you. It has helped me a lot in the past and it is also good when it comes to exchanges Bitcoin to fiat money if you choose to use that money again to expand your business. There's a lot of advantages in this but one thing that prevents many people is that it is a centralized exchange platform. So if you can use it to your advantage then it can help you a lot. One more thing you can use is Lightning network. But it's not commonly used in most of the platforms. So I guess this Binance pay can help a lot in this scenario.
LN is good but you need to orient your customers regarding the use of it though it would be the same path if you need to orient your clients also with BTC payments. however, most people prefer the route which is more convenient for them which is like using the binance pay app. if you think you can get your customers such apps, why not use it to your advantage in your business?
Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
You can choose Binance pay system. There's no fee for one account to another account transfer. And it can be done in an instant. If you have problem using centralized exchanges, you can always withdraw to your personal wallet after you have collected 10-15 payments and the value is good enough to withdraw for you. It has helped me a lot in the past and it is also good when it comes to exchanges Bitcoin to fiat money if you choose to use that money again to expand your business. There's a lot of advantages in this but one thing that prevents many people is that it is a centralized exchange platform. So if you can use it to your advantage then it can help you a lot. One more thing you can use is Lightning network. But it's not commonly used in most of the platforms. So I guess this Binance pay can help a lot in this scenario.
Leaving aside what has happened recently, trying to pay for low-value goods or services is going to be like trying to pay for low-value goods or services with gold: you won't be able to. Even if there are a few places that accept bitcoin as currency, with the commissions you have to pay, proportionally higher the lower the amount, it is not going to be worth it. The same thing happens with gold today.
This is the problem when they don't know how to use the lightning network and they don't spend little time learning it because they will end up like this guy who thought that there was no remedy for the ongoing high transaction fees. though we cannot blame the person if he wanted to temporarily stop the service, we can say that he is lack of some hassle to educate his customers with Lightning network and if the others will also do the same, then there will be few stores and services that will stop accepting bitcoin payments at the moment. They just need to learn some new knowledge and fix this problem as soon as possible so that they won't gonna make it harder for their customers.
Things are back to normal this morning, you can now make transaction on the bitcoin network with $1 or $1.05 and within few seconds the transaction will go through, mind you, I don't know how long this will last because bitcoin Ordinals are not out of the woods yet.
And some centralised exchange are now planning on listing this so-called ordinal, this show that it is possible for new big amount of money to go into Ordinals again and this will cause another spike up in the transaction fee of Bitcoin, so do not feel comfortable right now thinking we are out of the woods.
Some people are talking about a separate bitcoin fork, i don't know how this will work out but if this is going to work out then they should just proceed with the fork, anyone think that fork is the solution for this?
And some centralised exchange are now planning on listing this so-called ordinal, this show that it is possible for new big amount of money to go into Ordinals again and this will cause another spike up in the transaction fee of Bitcoin, so do not feel comfortable right now thinking we are out of the woods.
Some people are talking about a separate bitcoin fork, i don't know how this will work out but if this is going to work out then they should just proceed with the fork, anyone think that fork is the solution for this?
For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
I guess that would be the better decision because in the end, your customers will also not want to give additional 5$ just for the transaction fees aside from the amount of the things that they will buy. I guess for now, it would be better to accept altcoins that has lower transaction fees, or let them transact using Bitcoin on weekends only since there are little transactions at that time. Currently, Bitcoin's transaction fees starts at $1.02 (27 sats/vB), and comparing to where it was a few weeks ago, that's already low.Bitcoin is right back on track again. The problem on the high transaction fee had been resolved for now. I think it is good to reaccept Bitcoin as option for payment again.
Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
If it will stay, I guess we expect high transaction fees again once the bull market starts.On the other hand, this is just a theory, and anything can still happen. What if Ordinals will not be that popular in the future?
As long as there is no attack or exploit that intentionally ballon the transaction fee, I do not think that the price of transaction fee will surge like the recent one. Taproot is there to be able to minimize the size of the transaction and enable cheaper fee for the transaction.
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
I guess some business owners who are doing the same as you shared what they're doing here already.Better to stop it temporarily, or if you really don't then it might be better if you find an alternative like an altcoin. On the other hand, you can still try and convince your customers to pay in Bitcoin, but don't make it mandatory. I mean let them pay if they wanted to because there might be some of your customers who still wants to pay thru Bitcoin despite of the high transaction fees.
And now that the Bitcoin network seems back to normal, I believe it is ok to enable the Bitcoin payment again.
For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
I guess that would be the better decision because in the end, your customers will also not want to give additional 5$ just for the transaction fees aside from the amount of the things that they will buy. I guess for now, it would be better to accept altcoins that has lower transaction fees, or let them transact using Bitcoin on weekends only since there are little transactions at that time. Currently, Bitcoin's transaction fees starts at $1.02 (27 sats/vB), and comparing to where it was a few weeks ago, that's already low. Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
If it will stay, I guess we expect high transaction fees again once the bull market starts.On the other hand, this is just a theory, and anything can still happen. What if Ordinals will not be that popular in the future?
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
I guess some business owners who are doing the same as you shared what they're doing here already.Better to stop it temporarily, or if you really don't then it might be better if you find an alternative like an altcoin. On the other hand, you can still try and convince your customers to pay in Bitcoin, but don't make it mandatory. I mean let them pay if they wanted to because there might be some of your customers who still wants to pay thru Bitcoin despite of the high transaction fees.
It's well understanding that Bitcoin price is not a stable coin or have a fixed price, while accepting Bitcoin as a means of payment is a good idea, just that Bitcoin price changes from time to time, and also consider the price value to your product selling to accept Bitcoin. Therefore as a long term holding of Bitcoin has not to complain. But rather has a positive mindset that bull run we soon start and make more profits as well.
No, you are not correct, you got it all wrong. It occurs to me that you did not read the topic, you just posted out of title and might use your AI for it, this is not nice.The OP is talking about bitcoin price, the OP is experienced, he talks about the bad situation of the mempool. I was one of the first set to raise my concern about it when I could not get confirmed my BTC for days after using 15sat/vb for the transaction just in my usual way. I was able to accelerate that transaction later for free and I got the money.
The mempool got worse last week and some transactions cost over $22 to confirm. This will affect bitcoin business and it is the concern of OP, not the price.
It's well understanding that Bitcoin price is not a stable coin or have a fixed price, while accepting Bitcoin as a means of payment is a good idea, just that Bitcoin price changes from time to time, and also consider the price value to your product selling to accept Bitcoin. Therefore as a long term holding of Bitcoin has not to complain. But rather has a positive mindset that bull run we soon start and make more profits as well.
It's understandable that as a business owner, you need to prioritize financial stability and viability. While Bitcoin may have its advantages, it's important to assess the risks and costs associated with accepting it as a form of payment. It's always good to explore alternative payment methods and see what works best for your business.
Bitcoin is also an optional solution, it is not the primary payment method for your business, and I guess not too many people will use it as a payment solution. It's not too big of a problem for your business, more importantly, how to keep revenue is an important thing that you need to care about.
As for the spike in transaction fees, I don't think this problem will last long. I think it will be back to normal soon so you don't need to worry and all you need to do is wait, everything will be fixed soon.
As for the spike in transaction fees, I don't think this problem will last long. I think it will be back to normal soon so you don't need to worry and all you need to do is wait, everything will be fixed soon.
payments with btc will continue if one store continues to provide its payment system, with a large fee I think customers will understand this problem. You can suggest other alternatives and not stop paying with btc itself
yes, indeed with the existence of expensive btc fee transactions it will definitely affect businesses that accept payments using btc,
and for a while there is certainly nothing wrong if you stop paying using bitcoin,
and if the btc transaction has returned to normal, you can resume receiving payments using btc.
so in this case you have to be able to set a strategy and of course you have to have a profit from your business.
and for a while there is certainly nothing wrong if you stop paying using bitcoin,
and if the btc transaction has returned to normal, you can resume receiving payments using btc.
so in this case you have to be able to set a strategy and of course you have to have a profit from your business.
-.-
I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
You don't have to stop accepting bitcoin for your business, what's going on will be resolved soon. Ordinals are just a fleeting trend like any other, it will soon be forgotten when the hype is gone. In my locality, people were excited about this new trend, but it cooled suddenly after bitcoin dropped to $26,000 yesterday. It shows people are entering Ordinals with a quick money mentality and will exit soon if the trend stops being hyped.
But what is happening now poses a challenge for the future of bitcoin as there will be other similar trends hitting the bitcoin network again. I hope the developer has a radical solution to this problem soon.
Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
The ordinals are temporary, so you shouldn't be discourage at this time,every business has its own ups and down, I guess this part of the challenge that your business is facing for accepting bitcoin as an alternative method of payment. The ordinals has reduced drastically because yesterday night,I did a transaction and the fee was as low as $1,which I didn't expected it and in 15mins,my transaction was successful. The bitcoin blockchain congestion will reduce to the minimal and everything will go back to normal. From the look of things by next week end,transactions on the blockchain will be cheaper than today. I also have a business that I accept bitcoin,what I did was to explain to my customers that pays in bitcoin about the recent ordinals attack on bitcoin blockchain and its effect on bitcoin transactions. I advised them not to make use of bitcoin and use fiat or that any bitcoin transaction should be delayed till when the blockchain is free from congestion. They were happy with the advice. Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
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It's okay to pause accepting Bitcoin payments to your business until things become more stable. You can put the notification in front of the cashier so that people who want to use Bitcoin can know about it.
I don't know if business owners still accept Bitcoin because, with the increase in transaction fees, they will also be in the same predicament as you. But you can use altcoins or even stablecoins to accept payments via crypto still. And once everything is back to normal, you even have multiple payment options via crypto. And it can open people's eyes to the fact that in crypto, there is not only Bitcoin but also stablecoins and altcoins.
I don't know if business owners still accept Bitcoin because, with the increase in transaction fees, they will also be in the same predicament as you. But you can use altcoins or even stablecoins to accept payments via crypto still. And once everything is back to normal, you even have multiple payment options via crypto. And it can open people's eyes to the fact that in crypto, there is not only Bitcoin but also stablecoins and altcoins.
What's the relation between BRC-20 tokens price with Bitcoin bull run? it's not actually make the BRC-20 tokens would create new ATH.
I disagree with you for saying BRC-20 tokens is different with ICO, it's same where the token has no use case and the price is greatly influenced by hype, after the hype ends, ICO slowly dead. Now the BRC-20 hype already over, the price is really greatly decreased and the Bitcoin mempool is back to normal.
And with the problem of high fee, why you're stop accepting Bitcoin payment? when you can keep accept it even no one want to pay with Bitcoin? it's not make sense how you're want to stop accepting Bitcoin.
I disagree with you for saying BRC-20 tokens is different with ICO, it's same where the token has no use case and the price is greatly influenced by hype, after the hype ends, ICO slowly dead. Now the BRC-20 hype already over, the price is really greatly decreased and the Bitcoin mempool is back to normal.
And with the problem of high fee, why you're stop accepting Bitcoin payment? when you can keep accept it even no one want to pay with Bitcoin? it's not make sense how you're want to stop accepting Bitcoin.
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