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.
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.
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.
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.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.
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.
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.
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.
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.
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.
-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. 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.
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.
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.
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.
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 $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
Is there any business owners accepting Bitcoin still?
Gambling platforms are still accepting Bitcoin and so far they are doing fine. Exchanges and other company that have good reserved funds still process Bitcoin transactions.
How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
There are suggestions about the use of the lightning network, it may solve the confirmation and fee issue but obviously, you have to look for an exchange that has lightning network transactions open. You can also use a legit application where internal transfers are free for example, sending funds from one Binance account to another Binance account is free. Then from there you can convert the payment to your fiat currency through P2P so there is no need to transfer BTC on and pay for the expensive transaction fee.
For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some ....
I am not involved in any business that directly accepts payments in BTC but i still have concerns for them for example, at the micro level, we accept payments in BTC and sometimes i think about how would they manage them, as per transaction costs around 3$ 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.
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,
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
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.
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.
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.
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.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.
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 $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
The fate of BTC payments is in the hands of users.Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.
It is strange to hear the phrase that you can't afford a 5$ 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
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.
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.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.
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.
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.
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.
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.
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.
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.
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.
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
Quote
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.
Quote
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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