Accepting Crypto Payments on eCommerce site

[egorkab]

Hi all, I run an ecommerce site selling auto parts and I've been accepting crypto mainly BTC and get crypto payments once in a while. Do you have any suggestions as to what crypto currency would be the best in terms of 1) low fees (5% fee on an average transaction makes it worse than PayPal and VISA/MC) 2) speed (1-2 sec for VISA MC vs 1hr(?) of crypto payment). Basically it needs to be less congested, yet popular currency.
Thoughts, ideas? I am all in for crypto, but it is just hard for non trader/speculator to make it work in the real world.

[mk4]

Nothing. We could say that almost every other altcoin are fast and cheap, but it's mostly because almost no one uses them. Hence it wouldn't make sense adding a cryptocurrency payment option that wouldn't be used in the first place.

An option: though adoption is low, you could try adding lightning payments. There's a bigger chance of someone actually using it.

[OcTradism]

Bitcoin is your main payment method. Lightning Network should be accepted for your customers. Channels and Lightning Network adoption are rising.

Altcoins are risky because of their centralization and low total hashrates on their networks. Low hashrates equal to higher risks of double-spend attacks. Centralization of altcoins will have risks of sudden law suits from governments (as SEC lawsuit on Ripple months ago) and governmental requests to freeze some wallets, addresses.

If you want to add some altcoins, please only choose a few top altcoins: Ethereum, Litecoin, BNB.

Ethereum and Litecoin are biggest altcoins in total hashrates and costs to do 51% attacks are expensive. The following website gives you estimated cost: https://www.crypto51.app/

[so98nn]

Nothing. We could say that almost every other altcoin are fast and cheap, but it's mostly because almost no one uses them. Hence it wouldn't make sense adding a cryptocurrency payment option that wouldn't be used in the first place.

An option: though adoption is low, you could try adding lightning payments. There's a bigger chance of someone actually using it.

Or may be he can just use the stabelcoins for the payment? Considering their nature of stable and fast transaction speed one can rely on that. Later the coins can be swapped to the bitcoin or whatever favourite coins OP has.

Idk, if there is any system which converts the coins that are received on particular address directly to the bitcoin, if it exists then OP can option out for that. May be like swap portals? But they change the address for each transaction I guess(!)

Adoption needs to be done, way out needs to be found out for the better future of crypto's. Otherwise they will be just nuts lying on the floor.

[mk4]

Or may be he can just use the stabelcoins for the payment? Considering their nature of stable and fast transaction speed one can rely on that. Later the coins can be swapped to the bitcoin or whatever favourite coins OP has.

Idk, if there is any system which converts the coins that are received on particular address directly to the bitcoin, if it exists then OP can option out for that. May be like swap portals? But they change the address for each transaction I guess(!)

Adoption needs to be done, way out needs to be found out for the better future of crypto's. Otherwise they will be just nuts lying on the floor.

I mean, I guess stablecoins makes sense. But taking into consideration that a huge majority of stablecoin adoption is on Ethereum, whereas fees aren't really any cheap either. But even so, stablecoins aren't really used that much in commerce or any other service outside of crypto exchanges (as far as I know).

[electronicash]

if i am your client, i would also want to pay where the minimum transaction fee which could be the XRP but if we are both in the coinbase, i'd probably use my coinbase account to pay you. coinbase to coinbase account transaction afaik won't be spending transaction fees correct me if I'm wrong. but this is if you are not very much concerned about data security on coinbase.

[skpanchal]

Most ecommerce platforms already have existing integrations, which makes setting up Bitcoin payments much easier. Ecommerce merchants using Magento, for example, have options such as BitPay, CoinGate, and more. Meanwhile, Shopify store owners can use Coinbase, Dwolla, BitPay, or GoCoin to accept BTC payments.