Topic: What's the fate of BTC payment now - page 3. (Read 392 times)
There've been other times and reasons for transaction fees to spike, but that was always a temporary thing. I think the interest to Ordinals will decrease soon. I don't mean it will be gone, but I think there will be enough room for various transactions, and transaction fees will get back to normal. Average transaction fees are already going down fast each day, so it might just be a couple of days till a transaction costs around a dollar or two. It's a very temporary trouble, and I hope you'll be able to accept Bitcoin payments soon.
For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice
That's not a long period of time, since you could've started accepting it in December, so it's like you saying:
Listen up everyone, there's something wrong with a currency that's worked for the last 13 years because i had to stop accepting after 6 months.
I feel for you, so sad
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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.
And I believe bitcoin bitcoin doesn't care about ordinals, just as it did not care about hash wars, Faketoshi, Chinese bans, and people like you saying it's over. One of us has to be wrong, I wonder who it is.
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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.
Try LN. It's cheaper and faster.
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.
I also don’t see the need as it is now to accept payment in bitcoin for small transactions if it is not a cross border transaction. The little transactions can be done in fiat currency and if OP needs to save them in bitcoin then he can just convert them to bitcoin after accumulating them either weekly or monthly. The transaction fee won’t actually favour a smaller payment at anytime.
Make your transaction using wallet like electrum, put the function on static when making payments, pump the transaction fee using the RBF features, also make weekend payment abd study when the mempool is not congested.
If it is a mobile electrum wallet then it is easier to use the BlueWallet. The weekend and night transactions been easier with the less mempool les congested was before this saga, I also did a midnight transaction and a 36sat/vbyte was confirmed. But my thinking is since everyone is trying to move their transactions to the weekend with same hope of it been less congested wouldn’t it result to congestion of the mempool. Even last weekend the mempool wasn’t that less congested.
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
In case everything is normal where no factors affect the Mempool aside from normal transactions, then the weekend will get fewer activities that could lower the fees.
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.
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. 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.
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.
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.
Is there a need to stop accepting Bitcoin though? Why don't you just give a notice that paying with Bitcoin is not recommended right now? Even if you are running your own payment node I don't think the cost is that high (CMIIW). Unless you don't accept other payment options, I don't think you need to stop it. What kind of business payment are you doing with your BTC? Is it swapping to fiat? If that's the case, you can probably pause that and accept the volatility risk and wait until the fee stabilizes to liquidate your money. hero member
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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.
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.
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
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 you noticed it that currently as we speak, things have bee getting better with bitcoin transaction fees, yet the Ordinals still exist, i believe there's much ongoing through the decision on this experience and very soon we will understand where it's all heading to.
Is there any business owners accepting Bitcoin still?
If course people do, transaction fee shouldn't be a barrier if you're buying something worth thousands of USD in bitcoin and just paying not more than $20 to $50 USD in bitcoin as charges, whereas things have gone down now unlike before.
How are you doing it? Is there any way to go around this?
Make your transaction using wallet like electrum, put the function on static when making payments, pump the transaction fee using the RBF features, also make weekend payment abd study when the mempool is not congested.
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.
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.
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.
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