Bitcoins & On-line Retailing

[Supercrypt]

I think it is possible, but to be honest prices are quite high right now and fees are pretty much exorbitant. Sending just a few dollars will likely cost a huge chunk of the value due to fees. It will be plausible only if the platform will use other cryptocurrencies that have smaller transaction fees, like DOGE? Since those kinds of crypto have super small fees and its actually negligible.

Things would actually become easier as time goes on and I am sure once the scaling issue gets resolves, it would even make transactions easier than we can imagine probably with the deployment of LNs.

Although, it is always best for one to start when it is not a huge thing right now, that way, you can target the crypto enthusiasts into your store and get to keep some loyal ones. There are still some alts you can add to bitcoin like you said, but you have to be careful knowing Alt market can be crazy.

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[ivrynx]

there is no doubt that any business done online like on-line retailing will be using bitcoin as means of payment, but as of now we can see that the transactions seems to be taking too long, i agree with the other posts that we could also use other crypto currency as payment, however if we do that, the problem will be the value of the coin, since we'll be needing to convert it to the altcoin and vice-versa, by this time, what i can see is another form of crypto currency will be used next to bitcoin, and we might have two dominant crypto currencies in the future,if the transactions become slower and slower.

[Mister1k]

there is no doubt that any business done online like on-line retailing will be using bitcoin as means of payment, but as of now we can see that the transactions seems to be taking too long, i agree with the other posts that we could also use other crypto currency as payment, however if we do that, the problem will be the value of the coin, since we'll be needing to convert it to the altcoin and vice-versa, by this time, what i can see is another form of crypto currency will be used next to bitcoin, and we might have two dominant crypto currencies in the future,if the transactions become slower and slower.

You are worry about the payment delay right but most of bitcoin payment API will be faster than usual transfer speed of bitcoins. We have to get the payment in bitcoin means we need some wallet address added to the cart in its online store.
I see that you are worry about converting altcoins to btc. There are various exchange available in online so you can use that convert it. I understand that this double time work for you.

[Whosdaddy]

In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?

They can really play a huge role and there is no doubt about that.
I started some discount recently for those who may want to use cryptocurrency (Bitcoin and Eth for now) and I was surprised at the turn out in my country. A lot of people would really want to have a real life feel of what they are holding and the ability to start now when things are still fresh will make you to pull some weight to have some loyal customers in the long run.

[madwica]

You can start accepting bitcoin as mode of payment give customer an option by accepting digital currency but you need to consider the volatility of bitcoin. Your income in bitcoin would be decrease/increase in the future but if you take payment in term of bitcoin would be your additional investment much better to hold it for long period of time.

Also that is one of the good thing to promote crypto currency in your country even we all know that your government supports bitcoin but not all people in india aware in digital currency by the help of your business it will be more popular in a couple of years.

[Angi]

Bitcoin and online  retailing is  good and its possible that it can happen to the whole country  but for now  some places is use it if ever happen that we can use our bitcoin  in retailing its better  and good but for  now maybe  we consider first  the  other things  like  if people will be like it or even our government will accept this idea.

[Kemarit]

In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?

Of course, Bitcoin was initially design to be a online payment right? P2P without any third party like banks. So its really applicable for India's booming online retailing business. But we all know that the main hindrance for bitcoin to accepted as payment options is the high transaction fee and slow confirmation. And just a few days ago, we have heard that Steam stops accepting bitcoin as payment because of this issue. But I believed in the future we will see a lot of merchants accepting bitcoin if this whole issue can be fixed. Lighting Network (LN) could be the one. It hasn't been implemented yet but I just hope this will be the solution(long/short).

[grinstring]

It could possibly happen. Many online retail stores accept bitcoin and as more stores adapt them, others would possibly follow suit. It’s easily possible online.

[wxxyrqa]

In a country like India were On-line retailing is growing, can bitcoin & other crypto-currencies play an role also can they be used for loyalty program's for off-line & on-line retailers ?

Of course, Bitcoin was initially design to be a online payment right? P2P without any third party like banks. So its really applicable for India's booming online retailing business. But we all know that the main hindrance for bitcoin to accepted as payment options is the high transaction fee and slow confirmation. And just a few days ago, we have heard that Steam stops accepting bitcoin as payment because of this issue. But I believed in the future we will see a lot of merchants accepting bitcoin if this whole issue can be fixed. Lighting Network (LN) could be the one. It hasn't been implemented yet but I just hope this will be the solution(long/short).

I just do not understand what you're talking about, because to date, my transaction has lasted from the first of January until today and Bitcoin has not yet come to my wallet. Transactions have become quite friends and still last very long. I do not understand at all, because it's possible that my transaction is suspended. So what can be the business with Bitcoin?

[filtyfrank251]

I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.

[katinko]

I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.

It depends, if retailers are risk taker and wanting to have more bitcoin in the future they will make bitcoin part of their mode of payments. Also it is online shoppe the transaction time is not concern here since almost all online shoppe process the transaction within 2 -3 days that is why it is ok to used bitcoin to purchase online.

[serjent05]

I think retailers should not use bitcoin to trade because you know that bitcoin fees are so high that usually every retail order is not too big so customers will not be willing to pay a large fee. for your transaction. I think using bitcoin for exchanges like buying real estate, housing, cars ... is very reasonable because these items are of great value so people are willing to spend 20-50 $ for the fee Because it's fast and safe.

It depends, if retailers are risk taker and wanting to have more bitcoin in the future they will make bitcoin part of their mode of payments. Also it is online shoppe the transaction time is not concern here since almost all online shoppe process the transaction within 2 -3 days that is why it is ok to used bitcoin to purchase online.

It is ok with the retailer since he is only accepting Bitcoin from the customer, the problem here lies if the customer is ok with paying 10 to 20 dollars for a 50 dollar item.  I do not think that Bitcoin is wise to use in an online Retail store, I would vote for altcoin instead for very low transaction fee.  Bitcoin is great for online shopping if it is a big order else, we will beending  paying almost twice the original amount due to the Bitcoin transaction fee.

[BillCoin]

I think it is possible, but to be honest prices are quite high right now and fees are pretty much exorbitant. Sending just a few dollars will likely cost a huge chunk of the value due to fees. It will be plausible only if the platform will use other cryptocurrencies that have smaller transaction fees, like DOGE? Since those kinds of crypto have super small fees and its actually negligible.

Things would actually become easier as time goes on and I am sure once the scaling issue gets resolves, it would even make transactions easier than we can imagine probably with the deployment of LNs.

Although, it is always best for one to start when it is not a huge thing right now, that way, you can target the crypto enthusiasts into your store and get to keep some loyal ones. There are still some alts you can add to bitcoin like you said, but you have to be careful knowing Alt market can be crazy.

People are always saying "Lightning network will fix it all and we will be able to send dust payments".
You just forgot to mention that ALL new users will need to pay the regular fee, as opening and closing channels within the lightning network costs even more fee then just broadcasting a regular transaction.


Also, it will take years until people will actually use it, we can see how Segwit address came out, and few months after, 95% of the transactions are done by non-segwit addresses.
Don't expect that the release of Lightning network is going to be a magic solution to the situation, it has it's own problems.