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Author Topic: 1 year of accepting crypto payment in my fashion store  (Read 736 times)
Asuspawer09
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March 09, 2024, 11:45:14 PM
Last edit: March 11, 2024, 01:56:01 AM by Asuspawer09
 #61

I'm curious about what do you do on fees since there are probably huge fees when the network is congested especially if you are using Electrum as your wallet. Even though you used other options or networks it would still could probably .5 cents of fees but it is still a fee that the customer needs to pay, I mean if you are going to ask me if not willing to pay that fees so that I could buy something using Bitcoin, Personally I would just use what is convenient to me which is fiat money that is obviously going to be much easier, I mean if something is not convenient enough to someone there was no point on using the other one unless it is convenient when it comes to you.

Just like what I mentioned in the past I think the Bitcoin is still not ready to be used as a payment method just because of the volatility of the market price if you are going to integrate it into your business that is going to take a lot of cash on your business, on your business you need to have cash flow on course if a lot of people buy using Bitcoin you can't just sell that Bitcoin for sure at any time you like because it can be a bad timing or probably the market price just drop. Its just like you are continuously investing on Bitcoin everytime someone pays using Bitcoin your investing on it already, so it's still not perfect, where something like an E-wallet could easily do, like fast transactions, it might take some time for the transactions to get confirmed in the network or worse could get stuck as well. If on bad timing your transaction could get stuck on the network probably would take days if you are unlucky, that could also be a thing because transactions might get canceled or get stuck for a very long time.

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March 09, 2024, 11:48:09 PM
 #62

I think you should convert it to fiat immediately because when you go to restock, you will have to pay in your local currency. If you decide to leave the money as Bitcoin then in volatile times like this, you can think of it as an investment. Hopefully Bitcoin will be accepted by many people and its volatility and transaction fees reduce as well so people can actually hold their money in BTC without worrying if their gain has been tampered.
Exactly, I think that bitcoin isn't as good as a way to be part of your revenue because of it's volatility so it's not a good thing to save that bitcoin especially when you're running a business and from what I've heard, it's really hard to run one because you're going to think up of all the costs that you're business will have to sustain, there's upkeep cost, restocking, salary for the workers and upgrading the business and I don't think that bitcoin is up for that business sustain. I'm just talking about what I think works but it seems that you're doing just fine though so I guess you can keep doing that but do be careful as bitcoin's more suited as a means of investment rather than a currency.



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March 10, 2024, 01:47:38 AM
 #63

Im curios what dp you do on feees since there are probably huge fees when the network is congested especially your using Electrum as your wallet.

same thought as i am sure that there would be a lot of buyers or customers not willing to pay in bitcoin due to its high fees… i know i wouldn’t buy a product with even a 5% additional fee plus not to mention it’s not exactly fast to make a transaction

maybe if i were buying something i wouldn’t want anyone to know then i would only be accepting of fees but anyway it has been a couple years since op posted so i guess it’s working somehow

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March 10, 2024, 02:30:18 AM
 #64

Im curios what dp you do on feees since there are probably huge fees when the network is congested especially your using Electrum as your wallet.

same thought as i am sure that there would be a lot of buyers or customers not willing to pay in bitcoin due to its high fees… i know i wouldn’t buy a product with even a 5% additional fee plus not to mention it’s not exactly fast to make a transaction

maybe if i were buying something i wouldn’t want anyone to know then i would only be accepting of fees but anyway it has been a couple years since op posted so i guess it’s working somehow

Same as the last time I went to an island where there are restaurants that accept bitcoin payment as mode of payment for their services that are offered but I have not seen anyone pay bitcoin payment because of the high transaction fee and it is quite slow the signal on that island is also so the payment is not processed properly and even though I have bitcoin to pay, I didn't try it because the transaction fee is high, the amount of the fee could buy me a simple meal so I chose to pay instead



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