What's the fate of BTC payment now - page 2.

mindrust

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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.

There isn't much you can do at this point. You can try using the lightning network or use some other altcoin which is cheaper. If you want to continue using bitcoin then LN is the way to go. If you want to do it on the first layer then you will have to wait for the devs to fix ordinals and that time may never arrive. Maybe they don't even think something is broken right now. Have you considered this possibility? Because I have seen users in the forum saying exactly that.

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Quote from: tranthidung on May 12, 2023, 09:14:15 AM

Quote from: Outhue on May 12, 2023, 08:35:08 AM

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice

You should announce it in your business thread instead of creating a new thread (this one) for the announcement. In future, if you want to resume your business, make another announcement in that thread, not create another new thread.

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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 could be wrong but do you have a business and accept Bitcoin as a payment method. So (assume it is true), your customers will have to make on-chain transactions to send their bitcoins to your wallets. They bear the transaction fee, not you. Correct me if I am wrong with my theory.

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Is there any business owners accepting Bitcoin still? How are you doing it?

Big or small, you can always receive bitcoins. Problems appear only if you are senders and have to pay transaction fees.

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Is there any way to go around this?

Lightning Network.

I think what op is trying to say is that it might be to high for his or her customer to afford the transaction fee if they wants to pay through bitcoin, as for op he only receives payment but at the other end he might finds it very difficult to confirm payment immediately after their clients pays through bitcoin since the network congestion taking too long.

However, op I don't think this would last long just have patient after awhile transaction will be normal.

Bitcoin_people

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It is not your fault that you have stopped trading due to higher transaction fees in Bitcoin. However you pause at the moment, resume later. Bitcoin is not really doing much business as it stands now. Transaction Free was having a lot of problems but now it is back to its previous position. However, it may take some time for Bitcoin transactions to be processed and normalized, so you can continue trading now. At the moment, Bitcoin transaction fees are much lower than before. But I think it would be better if you don't trade in bitcoins for your low priced products but trade bitcoins for the more expensive ones. If you do this, you will not have to shut down Bitcoin transactions for military time but will always be able to keep Bitcoin transactions open.

Ben Barubal

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The ordinals are not the same as the ico because during the peak of the ico way back 2017 the fees of bitcoin were not this high when you make a transaction with it. It's nonsense saying it's just like ico it's a big lie.

Apart from that, I thought that if the developers of bitcoin don't really do that, it is not unlikely that all the merchants who accept bitcoin as payment options in their business will actually remove it because the fees are expensive.

qwertyup23

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Quote from: Mate2237 on May 12, 2023, 09:43:10 AM

Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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.

Op the transaction fee of bitcoin has come down so your business customers can continue the payment method of bitcoin. The fee price as for now is 0.00002963. the only bad news right now the price of bitcoin. Bitcoin price right now is $26,400.
You giving discount for bitcoin payment can't spread the news of bitcoin but can only give the news of your business. With the transaction fees in bitcoin, you can't give discount on bitcoin payment but you can give a bonus. Your bitcoin acceptance business is not clear to me. The thread is looking for another thing here.

There are other ways in order to combat high transaction fees. I agree- it is heavily congested which resulted to high fees nowadays but one way in order to combat this kind of problem is by switching your payments from weekly to bi-weekly. With this, you can save at least some money in the process if you send/use BTCs regularly. In this way, you can mitigate the costs as this would impact your business.

While this may be the current state, I do think that this is only temporary- it will not last that long that TX fees are high on the market. Everyone is currently facing this world-wide problem and everyone is also thinking of solutions to at least reduce the cost.

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Quote from: Flexystar on May 12, 2023, 03:53:00 PM

-snip-
The solution should be worked from the deep roots such as bitcoins core and blockchains mechanism. I’m not sure if devs have already discussed or not but that seems impossible otherwise we would have never been discussing this today.

the root of the problem is known, it must be fixed immediately. The Bitcoin network must stay on its corridor and not be added with accessories that make the network worse. Dev will certainly think of the best way out. if not immediately overcome this problem, Bitcoin will be increasingly deserted by users.

And the Lightning network is the future of Bitcoin, but there are still few developers.
Even though the Lightning Network service is faster, more efficient, and more efficient.

and Hope that business people who use Bitcoin payments keep it up and can move to the Lightning Bitcoin network.
It's just a matter of time and the Bitcoin network will return to normal with fees that are also normal.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

This is the unfortunate reality. I have seen small businesses in my country before, who accepted cryptocurrencies as a mode of payment but eventually decided to stop doing so. There are many reasons; convincing them to do so by giving discount, the fear of losing due to market volatility and such. For now, I think it is better to accept that this industry is not ready yet for such change. It is okay on the other hand to use Bitcoin and other crypto as an investment because it is a profitable one especially if you could manage the risk and make use of the market price volatility.

Let us wait for further improvements and developments in general. Regulation in the first place is struggling to be implied so what more of merchants encouraging people to use crypto as a mode of payment. We'll get into it maybe not today but someday.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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.

Quote from: Outhue on May 12, 2023, 08:35:08 AM

Is there any business owners accepting Bitcoin still?

Gambling platforms are still accepting Bitcoin and so far they are doing fine. Exchanges and other company that have good reserved funds still process Bitcoin transactions.

Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

There are suggestions about the use of the lightning network, it may solve the confirmation and fee issue but obviously, you have to look for an exchange that has lightning network transactions open. You can also use a legit application where internal transfers are free for example, sending funds from one Binance account to another Binance account is free. Then from there you can convert the payment to your fiat currency through P2P so there is no need to transfer BTC on and pay for the expensive transaction fee.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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 ....

I am not involved in any business that directly accepts payments in BTC but i still have concerns for them for example, at the micro level, we accept payments in BTC and sometimes i think about how would they manage them, as per transaction costs around 3$ as of today, but a few days back the transaction were costing more than $20 and it was hell lot of money, and now i read your post and after reading replies i can assume, it is difficult to face huge transaction fee for business that can't afford them because. i have seen many platforms making transactions in these situations too and many halted them.

But as Dr_Strange has suggested you to not put an end to BTC as a payment method but just put a temporary halt on it, because this ordinal problem will eventually sort out and fees are already decreasing so i think you should not permanently halt it instead halt it temporarily.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

Due the higher fees, longer transfer rates We found a better or more practical way to get paid.
Litecoin is as decentral as Bitcoin and has a fast payment ratio,

Flexystar

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Quote from: tranthidung on May 12, 2023, 09:20:42 AM

Quote from: Aanuoluwatofunmi on May 12, 2023, 09:17:02 AM

also make weekend payment abd study when the mempool is not congested.

It is partially true only.

During weekends, there are less demand for transactions than intra-week days (working days) so usually you will have less waiting transactions in mempools during weekends. But it does not mean mempools always are not overloaded in weekends. The network can be congested a few weeks or months and if you fall into such periods, mempools will only get cleared a little bit but still likely congested.

Read more about weekend effects

Guide to check fees: Taker, maker, deposit, withdrawal, transaction fees

Whether it’s lower on weekend or higher on intra week, I think his business and customer won’t look at the calendar and then do the transaction. That would be dramatic to see. Like someone would come on Monday and say to hey hi bob, Are the fees still up? If yes then let me come by weekend to check if the fees are lesser. Lolz.

This would be for sure no way to go around it. However, as @tranthidung stated above the Lightening network, no one can ever doubt that. I only have one concern about use or LN, whether buyers would change their way to go around it? What if they just stick to what they have, like bitcoin and still keep complaining about it?

The solution should be worked from the deep roots such as bitcoins core and blockchains mechanism. I’m not sure if devs have already discussed or not but that seems impossible otherwise we would have never been discussing this today.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

With the focus on accepting bitcoin and having a long term plan for them coins except otherwise, you've got little or no reason to worry t your end. At the very least, your at the receiving end and not the one sending them bitcoins and there isn't any fee for that. It'more of a customer thing as they are the once sending them bitcoins which puts them responsible for the fees.

Where it raises a little concern is;
1. You having to lose your customers (that's those that prefer bitcoin payment in this time of high fees)
2. Should a customer still proceeds to make payment in bitcoin, you've got the issue of mempool congestion and confirmation time.
3. Should the bitcoin constitute your capital and making withdrawals is the means to refilling stock, you get to face the high fees as well.

These are te concerns you might face as a merchant that is accepting bitcoin but, you could as well take payment in fiat for an alternative. It isn’t a use or die medium.

tabas

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It is okay for you to halt accepting Bitcoin payments if that's what you think shall be good for you and for your customers. Until the fees drop down then accept it back anytime as you wish. Mostly, you've got no problem since you're just going to receive it but the problem will turn to the customers and they're the ones to shoulder the fees, since they're the ones that will be sending payments to you in bitcoin. I guess you just have to remind your customers to check the fees first if they want to pay you with bitcoin but it won't be like this forever.

Outhue

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Quote from: tranthidung on May 12, 2023, 09:14:15 AM

Quote from: Outhue on May 12, 2023, 08:35:08 AM

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice

You should announce it in your business thread instead of creating a new thread (this one) for the announcement. In future, if you want to resume your business, make another announcement in that thread, not create another new thread.

Quote

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 could be wrong but do you have a business and accept Bitcoin as a payment method. So (assume it is true), your customers will have to make on-chain transactions to send their bitcoins to your wallets. They bear the transaction fee, not you. Correct me if I am wrong with my theory.

Quote

Is there any business owners accepting Bitcoin still? How are you doing it?

Big or small, you can always receive bitcoins. Problems appear only if you are senders and have to pay transaction fees.

Quote

Is there any way to go around this?

Lightning Network.

If all I do is accept Bitcoin as payment into my wallet address how am I going to restock the goods I sold? Be calming down mister, I am not stupid.

Do you expect me to give my customers my Binance wallet address so that I won't need to make any transactions to the exchange? Why aren't people thinking before making comments?

What business thread you talking about? I am a fashion designer offline and I sell clothes and materials, I hold only a small portion of my profits in Bitcoin and I use the rest to buy back some goods for another customer.

I mainly focus on Bitcoin only, and that's the fault that I see here.

m2017

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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 fate of BTC payments is in the hands of users.

It is strange to hear the phrase that you can't afford a 5$ transaction from your customers. Do you understand exactly the basic principles of bitcoin operation? It's amazing that you were able to add BTC for payment in your business at all.

Ordinals and high transaction fees don't mean the end of the ~~world~~bitcoin.

I understand that you want to make your business attractive to buyers and there is a solution for this. Many have already been told about Lightning Network above.

I can suggest one way that you will not like. In fact, you can let your clients know that they can charge low fees to save them from overspending. But the side effect will be that the confirmation of transactions will be very long now. As a result, you will retain your customers. Are you willing to take on these peculiar risks (goods / services provided, and payment will come later), that's the point.

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Quote from: avikz on May 12, 2023, 10:18:17 AM

There are now two ways to handle bitcoin transactions. The first way to put a complete stop on BRC-20 madness which seems highly unlikely.

Yes it is very unlikely because BRC-20 will continue to grow because of the hype and maybe it will last longer if there is a lot of interest in the BRC-20 Ordinal.

Quote from: avikz on May 12, 2023, 10:18:17 AM

The second way is to adopt lightening network. I believe this is the most reasonable way to take. Check the post created by tranthidung above. It will give you a decent idea on what needs to be done for LN payments. I believe this is the way forward now.

Many have suggested using the express network however it depends on the OP whether to go with this option or just stop paying bitcoins in his business.
Now Binance will also adopt the lightning network so it will be easier for us to transfer there and exchange other coins or maybe stablecoins.

Gozie51

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You don't need to create panic in your business and chase your customers away because of the scalability challenge of bitcoin which I think LN is going to be away forward. I don't know the kind of business you run whether online or physical business, whichever way, your customers are bearing the brunt of transaction except you are concerned with the fees they are foregoing.

Moreover, your customers that are dealing in bitcoin transaction to paying the bills should have an idea of the current issue and this is where your managerial skills and conviction ability comes in.

Therefore, you as a business owner should educate and inform your customers more on the ordinal issues of bitcoin currently and remember this is not the first time this is happening, meaning it will be sorted out. Apart from LN payment, and depending on the nature of your business you can introduce them to the option of stablecoins whose fee is merely $1, if they can't part with the fees with bitcoin now.

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Quote from: Dr.Bitcoin_Strange on May 12, 2023, 09:20:49 AM

Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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.

IMO, as long as Bitcoin is not your only means of payment in your business, then there is nothing wrong with taking a pause at the moment that the fee is so high. By the way, I do accept Bitcoin payment in my business, and during this period, I have also encountered the challenge of a high fee, which I had to share 50/50 between myself and the customer. At least I have a business where if I sell one piece of my furniture, it always has a lot of profit, so I still feel not much cheated by the fee, but just that it's abnormal to me since I have not experienced such a situation before and also the fact that I still started accepting Bitcoin payments last year and having to see this situation taking place now. I believe it will be handled, though it might take some time to normalize. My advice to you is that if you feel you are spending so much having to cover fees for customers and also that they are not willing to cover the transaction fee themselves, you can yet take a pause, and when the fee is normal, you can start accepting again.

From what tranthidung said, I think you should create those thread and announce it there.

Taking a break in acceptance of bitcoin is not a bad idea but I would advice and suggest why not switch over to the lightning network as its main purpose of creation is to tackle situations like this, although I know it adoption is quite low for now but this crisis that have surface with ordinals on the bitcoin on chain network will make many folks start adopting lightning network technology and with some time past it will no longer be a thing of complaint anymore. Some seniors have already drop some useful links to study all about the lightning network so I guess you give a try and see the outcome.

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Quote from: Outhue on May 12, 2023, 08:35:08 AM

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.

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.

I understand how it feels mate that your expectations in regards to bitcoin payment was cut short but that should not be a thing of concern to you.

Putting an end to bitcoin payment on your business isn't a cool one you know because customers are already aware of the happenings. You are indirectly telling them that you do not deem it fit for payment irrespective of the ordinals attack. There is a better way of doing such rather than coming up with that direct actions.

It is optional interns of payment for goods and services. If any customer of yours can afford to pay with bitcoin including the fees that's no problem and if they insist you have no option than letting them pay as to making sure you satisfy your customer and that alone Will make them come back with more customers in refference to buy more. This is business and as such should be treated as business. Do not stop any payment process for your customers let them make their choice in payment option.

avikz

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There are now two ways to handle bitcoin transactions. The first way to put a complete stop on BRC-20 madness which seems highly unlikely.

The second way is to adopt lightening network. I believe this is the most reasonable way to take. Check the post created by tranthidung above. It will give you a decent idea on what needs to be done for LN payments. I believe this is the way forward now.

Topic: What's the fate of BTC payment now - page 2. (Read 341 times)