Things I should know before implementing Bitcoin payments into my business?

[excro]

Hello all, I recently heard that it is possible for someone to spend a certain amount of Bitcoin twice, while spending it only once. How does one achieve this and how can it be prevented?

I am very curious, as I own a small electronics shop and I want to implement Bitcoin as a payment. Are there any other kinds of attacks that I should know about?

Regards, excro 

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[Yogee]

You could prevent falling victim to customer double spending by waiting for blockchain confirmation before releasing the items to them. It's what centralized exchanges and other platforms such as crypto casinos practice. The standard used to be six if I'm not mistaken but some of them reduced it to just one. It's up to you how many you want before you consider it as payment or deposit.

[The Cryptovator]

If you do not require at least one confirmation to processing the order then there is the chance of double-spending. If you don't know what is double spend then just Google it. In an easy word, spend an unconfirmed transaction again with a higher fee than previous transaction fees called double spend. There are a few wallet or script support double spend. So if you accept payment with at least one confirmation then there is no chance to spend it again. You have to implement your system this way.

Here is a list of a few payment getaways from where you can compare and choose which would be best for you. list-Bitcoin Payment Processors.

[coupable]

It's clear that you don't know too much about how the bitcoin network function.
Please take into consideration that double spend a single transaction that have at least one confirmation will cost a lot of money to proceed it so don't except someone to do it for small money. At opposite, the bitcoin protocol allows users to double spend a transaction which is not yet confirmed in addition to some other features like RBF/CPFP.
Better solution is to wait until the custmer transaction gets at least one confirmation before releasing the items to him.
Or you have also the option to use a paiement gate from the list mentioned in the reply above. Note that almost all of them are third part compagnies with whom you will have to sign an agreement and they get a portion from each transaction, i would recomment BitPay or CoinPaiements. The only free paiement gate imo is BTCpay and it's really friendly use but it still need the minimum of knowledge about the bitcoin protocol which you miss.

[haidil]

It's too risky if you only rely on a payment system that is not certain that the environment in which you live can be supported. Maybe you should pay attention to the systematic performance of the Bitcoin network and with the consequence that the goods you sell may not necessarily guarantee the same quality as Bitcoin. If you don't consider all of that, it's better to just undo it, even though your intentions in implementing payments are very good. But it is not that easy to complete all the procedures.

[Hamphser]

Hello all, I recently heard that it is possible for someone to spend a certain amount of Bitcoin twice, while spending it only once. How does one achieve this and how can it be prevented?

I am very curious, as I own a small electronics shop and I want to implement Bitcoin as a payment. Are there any other kinds of attacks that I should know about?

Regards, excro 

Other than double spending issue then you should know the current position or condition of crypto into your country whether its allowed or been prohibited because we do have something called tax
since this is a business.

About double spending then you could use up some payment processor like bitpay or something like that or you could make out directly into your own wallet but of course
you do need to have at least 1 confirmation to ensure that the transaction would push through.

[BIT-BENDER]

 I think what @coolcryptovator has given you about double spending is very pleasant. Aside what you heard already, how about timing, would your client have patient for delayed confirmation? especially those that want to pick up stuff and rush out, always tell your client to use good transaction fee when they make their payment to you, so you can receive it on time, also why the Rush, Bitcoin or crypto-currency is going no where, I think you should have knowledge about Bitcoin especially wallets, transaction and more before you use it as a payment option for your business.

[BitMaxz]

i would recomment BitPay or CoinPaiements. The only free paiement gate imo is BTCpay and it's really friendly use but it still need the minimum of knowledge about the bitcoin protocol which you miss.

Don't suggest any payment gateway that you don't know like Coinpayments because Coinpayments ban most of the countries including United States. So it's not recommended to use such a payment gateway.

The only recommended payment gateway for safety and if you don't want to pay for extra fees then a non-custodial payment processor is what he needs like BTCpayserver. If you can host it with your own it doesn't ask for a fee except if you use 3rd party service to host BTCpayserver.

@excro to avoid any double-spending attacks from your website use BTCpayserver it allows you to change the transaction how many confirmations before you release a product. By default, it was set to 6 confirmations but 1 confirmation should be enough and it's impossible to reverse the transaction.

[sheenshane]

I am very curious, as I own a small electronics shop and I want to implement Bitcoin as a payment. Are there any other kinds of attacks that I should know about?

First, thank you for using Bitcoin as payment, you're helping Bitcoin at the same time and give widespread awareness on it to the people.

You have heard all those suggestions above about how much confirmation you needed so that the transaction will surely get confirmed, especially the one suggested by BitMaxz.  Since Bitcoin transactions might be reversible if there's no confirmation show that at least only one confirmation beyond that, it's a reversible transaction.

Anyway, good luck with your business, and I hope that you already understand how the flow of Bitcoin price in the market, it could be double the value or it could be less than the value of your Bitcoin.

[Hippocrypto]

Hello all, I recently heard that it is possible for someone to spend a certain amount of Bitcoin twice, while spending it only once. How does one achieve this and how can it be prevented?

I am very curious, as I own a small electronics shop and I want to implement Bitcoin as a payment. Are there any other kinds of attacks that I should know about?

Regards, excro 

You should be aware that other people don't trust bitcoin yet, most of them misinterpreted the ways it was going with. Other people was a victim of ponzi scheme using Bitcoin as their method of investment, so it really needs education before letting other people adopt into the system of digital payment using cryptocurrency btc. One ways to make it possible is to promote bitcoin basic prior doing such payment transaction, and run an evaluation on first attempt.

[GreatArkansas]

Here is a list of a few payment getaways from where you can compare and choose which would be best for you. list-Bitcoin Payment Processors.

+1. Selecting a good and fit for your business Bitcoin payment processor is the best. Coinbase and BTCPay are good for me.

I think what OP means spending twice is double-spend? Or the user accidentally sent a twice transaction?
Another alternative to use is by using the lightning network, I believe this is the best to use too especially if the business is small and as we all know how fast lightning is and almost free transaction fee.

[oktana]

The only thing I'll look at is the fact that transaction speed is not perfect. This is the biggest challenge that I think should be considered before integrating BTC as payment because some payments could take longer time. But, since you're at the receiving end, you do not have to worry so much because when your customer pays with Bitcoin, you're the one who gets to wait to finally receive it into your wallet, and not your customer.

[Kong Hey Pakboy]

Thank God no one has said to not pursue it because of lacking of customers that use bitcoin for payment. It's a good thing though that we shouldn't be discouraged that no one or only a few is using it in your area, the important thing in this is that there's always the option. For me, the only question that you should ask is if you're going to spend money to integrate a bitcoin payment or not.

[Dread Pirate Roberts]

I am very curious, as I own a small electronics shop and I want to implement Bitcoin as a payment. Are there any other kinds of attacks that I should know about?

I answered in terms of business only. because in a business the important thing is the ease of circulation of money and the ease with which you manage it. but in terms of asset security, I think if you directly use the wallet of an exchange to directly convert to your currency it still seems safe. but if you use a personal wallet, you can also use a barcode board for your address instead approach each other's phones.

[Yogee]

The only thing I'll look at is the fact that transaction speed is not perfect. This is the biggest challenge that I think should be considered before integrating BTC as payment because some payments could take longer time. But, since you're at the receiving end, you do not have to worry so much because when your customer pays with Bitcoin, you're the one who gets to wait to finally receive it into your wallet, and not your customer.

I don't really care if that's your plan if you happen to be in business but to say that excro doesn't have to worry since he's the recipient is wrong. The "problem" on TPS goes both ways actually. You should wait for at least one confirmation before you release the product the customer bought. It takes ten minutes on average for a bitcoin transaction to confirm and the customer could still double spend within that time frame.

[coupable]

i would recomment BitPay or CoinPaiements. The only free paiement gate imo is BTCpay and it's really friendly use but it still need the minimum of knowledge about the bitcoin protocol which you miss.

Don't suggest any payment gateway that you don't know like Coinpayments because Coinpayments ban most of the countries including United States. So it's not recommended to use such a payment gateway.

I think you are right. We shouldn't suggest anything we aren't sure about.
Indeed, i used BitPay as a custmer (use it in several services using it) but didn't use CoinPaiements before. I suggested it because i knew that it run a promotion here managed by Lauda which is a trusted user. Ok this doesn't look as a solid reason but i trust veteran users here and i trust that they don't support random projects .

[blockman]

In general, initially it is necessary to assess whether it is necessary to introduce such a function at all. I understand that the main goal is a banal hype. But sometimes there is simply no audience that will use bitcoins to pay.

In some places that there are not that many bitcoin people, this is true. The same as how a business functions, you should also look at the location if it's necessary to be added. But I understand that there are business owners that are also bitcoin holders and they want to take the advantage of being probably the first shop to accept bitcoin in their locale and that's not a problem because they're also helping to give exposure and assurance in their place that there's a shop for specific products that's willing to accept bitcoin payments.