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Author Topic: I want to implement Bitcoin payments in my hardware store.  (Read 336 times)
wnet (OP)
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September 09, 2021, 05:55:19 PM
Last edit: September 11, 2021, 01:41:36 PM by wnet
Merited by DdmrDdmr (6), LoyceV (4), o_e_l_e_o (4), excro (4), Pmalek (2), hugeblack (2), The Cryptovator (2), bitmover (1)
 #1

I own a hardware store and I feel like Bitcoin payments could help my business stand out from others. I heard about Bitcoin back in 2017 but I saw that more and more countries are starting to accept it as a legal tender so I thought: why not implement this great technology into my business?

I have a few questions though.
First, I heard that Bitcoin transactions are not the fastest, can I find a way to solve this problem?
Is there any way for customers to abuse Bitcoin payments or perform some kind of attack?
Do I need some kind of machine to accept Bitcoin payments?

Tell me if there is anything important I need to know before accepting Bitcoin in my store.

Thanks

Edit: My hardware store now accepts Bitcoin! https://bitcointalk.org/index.php?topic=5359186
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September 09, 2021, 06:57:49 PM
 #2

Welcome to the forum. Good to see that you want to accept Bitcoin for your business. That's what we want to see always.
First, I heard that Bitcoin transactions are not the fastest, can I find a way to solve this problem?
Ask your customer to increase transaction fees. Transaction speed depends on the fee. If your customer uses lower fees then it will take time, if use higher fees then it will reduce confirmation time. Using SegWit address would help reduce higher fees and make transactions faster. Better if you can use Lighting Networks, but doubts your customer is aware of it.

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Is there any way for customers to abuse Bitcoin payments or perform some kind of attack?
Yes, there is. It's called double-spending. If you don't know about double spend then just Google it. But you can skip this risk by requiring one confirmation for the payments.

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Do I need some kind of machine to accept Bitcoin payments?
No, you don't need any machine to accept Bitcoin payments. You just need a Bitcoin wallet and payments gateway to accept Bitcoin.

Quote
Tell me if there is anything important I need to know before accepting Bitcoin in my store.
Here a list-Bitcoin Payment Processors. Hope it will help you to choose the right payments processor.

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September 09, 2021, 06:59:23 PM
 #3

First, I heard that Bitcoin transactions are not the fastest, can I find a way to solve this problem?
The speed of the transaction depends on the fee paid and the state of the network for on chain transactions. However, using lightening network processes most of the transactions off chain, which means they would be confirmed much faster.

Is there any way for customers to abuse Bitcoin payments or perform some kind of attack?
A double spend can be done if you accept transactions before they are confirmed. For this, just wait until transactions are confirmed.
Also, confirm that what you are sent is Bitcoin, as some Bitcoin wallets can receive forks of Bitcoin, that are different.

Do I need some kind of machine to accept Bitcoin payments?
No. For lightening network you just need to run your own node or connect to a node, this can be done using your computer on electrum wallet.
You can also use payment gateways like Btcpay.

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September 09, 2021, 07:00:04 PM
 #4

Is this a physical store? You can do that by using any trusted wallet that has lightning feature for faster transaction, such as electrum, eclair, etc. , probably using your phone or tablet for bigger screen for showing the QR code on the store, no need of any kind of machine. Or using any payment gateways, to avoid substantial cost from your end.

Just use "wallet-only" on the smartphone/tablet on your store for security reasons, and have spare one to check if the transaction is successful.

I didn't see any kind of abuse using bitcoin payment though as long as they pay the exact amount, and you give the bought item(s) after at least 1 confirmation. In case of return/refund, make a terms that you will only give fiat value for returns/refund for lesser hassle,
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September 10, 2021, 07:17:27 AM
 #5

There are a few things you need to know before continuing the business of selling in your store, in accepting and paying with Bitcoin.

The first: A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets.

And the second: How to Accept Bitcoin Payments with BitcoinPay

After you have done all the processes in the article, you are now ready to start your business in accepting and paying with Bitcoin.

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September 10, 2021, 08:26:41 AM
Merited by bitmover (3)
 #6

The previous users have answered your questions, I just wanted to add a few things.

If you want another resource for Bitcoin payment processors, you can take a look at this list.
BTCPay Server is probably the most recommended payment processor around here, so I would suggest you have a look at it.

Bitcoin transaction confirmations depend on the transaction fees the senders are willing to pay. But you also have to take into account Bitcoin's block time. A new block is mined every 10 minutes on average. Even if your customers overpaid in terms of fees, they can't get their transaction confirmed at least until the next block is found. The 10 minutes is just an average. Sometimes it can be just 1-2 minutes and sometimes 45 minutes between blocks. A high fee gives your transaction priority for getting into the next block, it doesn't guarantee quick transaction confirmation if you need to wait 30 minutes for the next block. I just thought you should know that. 

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September 10, 2021, 01:04:01 PM
Merited by Pmalek (1), gagux123 (1)
 #7

BTCPay Server is probably the most recommended payment processor around here, so I would suggest you have a look at it.

BTC pay server will basically do everything for you.

It will generate new address for each order, making your control over each order/payment very easy.
It is free to use, 0% fees. it is also open source. Certainly the best option.

It will generate QR codes and all the user interface for you and also suggest fees for users for fast confirmations.



Personally, I wouldn't worry about transaction confirmation times. A fast confirmation will arrive in 10 minutes, and a slow one will take just a few hours. You can send the product once you receive the payment.

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September 10, 2021, 01:20:35 PM
 #8

BTCPay Server is probably the most recommended payment processor around here, so I would suggest you have a look at it.

BTC pay server will basically do everything for you.

Also, BTCPay supports Lightning, which is a great plus: https://docs.btcpayserver.org/LightningNetwork/

Take note that depending on your technical knowledge, you might need some help from some devs. As far as I know the easier path is to use Coinbase commerce, which I know people won't recommend, but it might be your only option if you want it to be implemented seamlessly.

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September 10, 2021, 04:09:14 PM
 #9

When you want to check about transaction fees of bitcoin then you can check it here mempool.space. You only need a wallet to receive the payment. If it is a physical store then you can find a trusted wallet where there is a Qr code of your wallet and the amount set and you only have to show it to the person who will pay bitcoin.

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September 10, 2021, 04:11:42 PM
Merited by Pmalek (1)
 #10

You only need a wallet to receive the payment. If it is a physical store then you can find a trusted wallet where there is a Qr code of your wallet and the amount set and you only have to show it to the person who will pay bitcoin.

That could be the easy solution if you're planning on holding the BTC. But in most cases, stores would prefer the BTC to be automatically converted to fiat at point-of-sale simply to eliminate potential complications with accounting/taxes. (or if the store owner simply doesn't want to hold volatile assets)

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September 10, 2021, 06:47:33 PM
 #11

If it is a physical store then you can find a trusted wallet where there is a Qr code of your wallet and the amount set and you only have to show it to the person who will pay bitcoin.
I don't think it's right to show Qr code to customers all the time.  Because I have seen that in the case of MEW wallet, if you scan the Qr code with the help of Metamask, the wallet becomes connected and the private key of the wallet can be extracted. Although MEW and Bitcoin wallet are completely different. I don't know if there is any such system in bitcoin wallet.
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September 10, 2021, 07:23:51 PM
Last edit: September 10, 2021, 09:59:46 PM by khaled0111
Merited by Pmalek (2), mk4 (1)
 #12

^^
No, you're wrong  Smiley The qr code you are talking about is used to sync different wallets whereas the qr code in this case is nothing else but an invoice (no private key/seed will be exposed). Any one who scans it will only see the receiving address and the amount to be paid.

@op, as suggested above, btcpay is your best option and I just want to add that it can also be used in physical stores thanks to their Point of Sale App.

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September 10, 2021, 07:27:59 PM
 #13

I don't think it's right to show Qr code to customers all the time.  Because I have seen that in the case of MEW wallet, if you scan the Qr code with the help of Metamask, the wallet becomes connected and the private key of the wallet can be extracted. Although MEW and Bitcoin wallet are completely different. I don't know if there is any such system in bitcoin wallet.
You must have scanned the wrong qr code. Not all qr codes can make your wallet connected to another wallet. Some qr codes are for directly input the wallet address that the funds will be sent to. I could give you an example of a qr code where if you scan it then you will see what's in the qr code same as barcode. Prefer to what bitmover provided and you'll know. In mew there are two qr codes that will be shown if you want to save the information of your wallet where the first qr is your eth wallet and the second is the qr code of your private key.

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September 11, 2021, 01:44:18 PM
 #14

My hardware store now accepts Bitcoin! https://bitcointalk.org/index.php?topic=5359186
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September 11, 2021, 02:57:18 PM
 #15

My hardware store now accepts Bitcoin! https://bitcointalk.org/index.php?topic=5359186
How's it going on now?

I'm just curious after you've said that there are 4 persons who have used Bitcoin payment and so far now how many of them?  What are those improvements of accepting Bitcoin as payment in your store compared to a cash basis?

Regarding the technical issues of using Lightning Network, you can always ask it here in the community if there are difficulties you've experienced, as you've noticed, we're happy to see that there's someone like you who adopted this technology that could be lead to others to do the same as what you've done.  Good luck with your business and hoping for a success.
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September 11, 2021, 05:29:55 PM
 #16

My hardware store now accepts Bitcoin! https://bitcointalk.org/index.php?topic=5359186

This is so good to see BTC along with LN in action practically. We need more such cases in order to make BTC reach main payment system.
Most of your questions are already answered many times by experts. I have a query which I wanna ask from you. How are you coping the price volatility of BTC? Like if you received 100$ worth of BTC 10 days back then they must be around 80 or 90$ by now. How you adjusting this price volatility or you are happy to keep BTC no matter how much they vary in price. 

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September 12, 2021, 04:18:21 AM
 #17

We need more such cases in order to make BTC reach main payment system.
That would take a while. Im not pessimistic that it would occur but time constraint it will take a lot of those cases in order to fulfill those wide range adoption. But there are cases that btc has been accepted and become legal on some country. I like OP way of inquiring here very natural, and the incorporation of LN is really an appropriate for his store.

Congrats OP.

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September 12, 2021, 11:10:16 AM
 #18

Well, first of all congratulations on implementing your store's payment method using Bitcoin Smiley

An interesting point is that, as you own a hardware store and this involves knowledge related to technology, as Bitcoin is something technological, there are great chances that your customers will pay using crypto, because some of them know and are already familiar with and use Bitcoin Cheesy

Although your doubt is already resolved, I would like to share my thoughts in relation to it!

First, I heard that Bitcoin transactions are not the fastest, can I find a way to solve this problem?
So this is something to note, in fact `Bitcoin is not fast compared to some altcoins. But you can solve this by increasing your fee, using a SegWit Bech32 wallet (starting bc1) or even using LN

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Is there any way for customers to abuse Bitcoin payments or perform some kind of attack?
Yes, unfortunately yes, and it is double-spending. One way you can be on the safe side is to wait for at least 1 confirmation of the respective payment.

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Do I need some kind of machine to accept Bitcoin payments?
No, this is not necessary,

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Tell me if there is anything important I need to know before accepting Bitcoin in my store.
• 1° Hmmm, I've been thinking and couldn't find something very relevant.
But I would advise you to research to find out about the tax laws and taxes related to receiving Bitcoin, to see how everything will be taxed.

• 2° - Try to find an interesting video or website that teaches you some kind of step-by-step implementation of crypto like form of payment in a store.

• 3° - Have you thought about using any other crypto for a payment method? ADA? XLM? XRP? (I know Ripple is not the best option lol Grin), but these examples I mentioned, transactions happen quickly, even faster than Bitcoin

Well, that's it, I hope I helped you Cheesy

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September 15, 2021, 02:25:13 PM
 #19

Congratulations. Where is your hardware store located? Is Bitcoin a legal tender in your country? How do you pay tax?

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