High transaction fees and businesses that accept bitcoins.

[Doan9269]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

We can't just because of transaction fee deny customers from making payments neither should that be a discouragement on them as well, i think using one or two dollars as cost for transaction fee isn't that too much beyond bearable approach until a lasting solution is given on this, meanwhile the level of how this affects us also depends on the rate of transaction we are taking, tou can't compare someone making a huge sum to the one making just less than hundred dollars to have same experience, lastly try to engage making weekend transactions when the mempool is mostly believed to be less congested and study the fee rate on mempool before making any transaction and you can always go for low priority as well.

[Queentoshi]

We can't just because of transaction fee deny customers from making payments neither should that be a discouragement on them as well, i think using one or two dollars as cost for transaction fee isn't that too much beyond bearable approach...

Have you really tried any recent transactions on the network the fees are surely higher than one or two dollars. So I just think you are talking and do not really understand the question asked.

lastly try to engage making weekend transactions when the mempool is mostly believed to be less congested and study the fee rate on mempool before making any transaction and you can always go for low priority as well.

I asked how business people are handling it, not customers.

[Awaklara]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

the impact on buyers or sellers who do accept payments using Bitcoin is of course quite large. but I'm sure the solution is still there. that's because they will stick with the payment alternative using the other one. the situation does not allow business people to use Bitcoins in transactions, this can be a problem for the business. even major exchanges are also suspending Bitcoin withdrawals due to the current high transaction fees. it is best to avoid trading in advance until conditions improve.

[GiftedMAN]

The transaction fees are becoming so unbearable to be honest and it's discouraging especially to people who are new to Bitcoin. These high fees have affected some bitcoiners who exchanges Bitcoin to their local fiat currency, I remember a friend of mine telling me that he tried converting some of his Bitcoin to fiat but the fees she was asked to pay was half amount she's trying to convert.

The only thing I have done to encourage some of my customers who pay with Bitcoin is to reduce some amount from the price of the items that I sell at least that shows how important they are and I also encourage them not to give up knowing that the high fees will not remain forever.

[boyptc]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

They always have the choice to use bitcoin lightning as a choice but it's not that many of them knows about LN.

There are still some alternatives that these businesses can accept if the fees for Bitcoin isn't willingly accepted by their customers to get paid with.

Other than that, they have no choice but to set some fees for their customers and let them alone wait until it's confirmed in the network. Although for businesses and customers this is a hassle choice to make.

[|MINER|]

One of the reasons for asking for higher transaction fees is that the Bitcoin network has become congested due to excessive transaction requests. No one can say for sure how long this situation will last.
I think for avoiding this kind of situation or problems everyone should be familiar with the Lightning Network as store merchants can now continue their transactions through it.

[Jon_Hodl]

I think all of this highlights the importance of the incentives in bitcoin.

The higher the on-chain fees, the greater the incentive to not spend on-chain and to use alternative scaling technologies as well as develop new ones. I am particularly interested in CoinPool which I heard about from Marty Bent. It seems like it can increase scaling and privacy by orders of magnitude. That is a much needed and welcome innovation.

As far as merchants today are concerned, I think that there are almost none who accept payments on-chain for over the counter purchases like a cup of coffee or a beer. If you want to accept bitcoin as a merchant and are new to bitcoin, I have been referring people to use the payment gateway Voltage (https://voltage.cloud) since they are non-custodial, the don't require any KYC, and their fees are incredibly low. Voltage takes care of everything like managing lightning liquidity and all the merchant has to do is accept lightning payments and everything else it taken care of without sacrificing custody.

The only real problem I see in the short term is a merchant needing to liquidate bitcoin to pay for overhead and they are crippled by on-chain fees but maybe Voltage has that sorted with batched transactions to open/close channels.

I think all of this ordinals noise will fade away but it highlights the need for even more alternative scaling technologies and will incentivize the development of those new technologies.   

[Cryptomultiplier]

One of the reasons for asking for higher transaction fees is that the Bitcoin network has become congested due to excessive transaction requests. No one can say for sure how long this situation will last.
I think for avoiding this kind of situation or problems everyone should be familiar with the Lightning Network as store merchants can now continue their transactions through it.

The lightning network has been a great innovation lately and it has been of good use to those who have employed its resources.
The transaction fees has been one huge talk lately and it is in one way due to policies of the financial government to keep Bitcoin transaction under tight scope.
With Bitcoin cards soon in use, I see the fees been lowered drastically and it would be a welcome relief to business who rely on its use for transactions.

[DaNNy001]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

The best advice right now is to put the Bitcoin payment option on hold due to network congestion, the wasted time before the transaction is confirmed, and the high transaction fee because, initially, it is an alternative mode of payment. When the mempool is free and the transaction fee is less, then the Bitcoin payment method will resume because we know it will not be a permanent thing because I am sure developers and miners will do something about this Ordinals.

Will this go so soon? I guess not, this is because the causes could be due to the creation of BRC-20 on the Bitcoin blockchain and Ordinals issues as I indicated here: (https://bitcointalk.org/index.php?topic=5451799.msg62208042#msg62208042).

I believe developers and miners will address the BRC-20 and Ordinals issues soon because transaction congestion and high transaction fees are out of control. Miners will take almost all of the transaction fee as their reward for processing the transaction, and if you choose to set a very small transaction fee, your transaction will take a very long time to process.

No doubt they will do something about it but the time factor needs to be considered here as many business have started experiencing setback due to this high fees and other users of crypto like myself is currently experiencing difficulty because of this matter that arrived and its already creating a bad impression to first time newbie and potential major consumers of this service. This current situation only benefits the miners and it needs to be corrected soon because time is going and more negative vibes are created because of this current crisis.

[Oasisman]

In this current time or situations is where we really appreciate the lightning network. All this time we already have the solution yet we're still asking how the buyers and merchants are going to adjust with this high transaction fees.
So, with what happened with the mempool (heavily congested) today, I bet there will be a significant increase of LN usage that we will see in the coming weeks.
Tx fees are continuing to rise, low priority is more than $15 at the time of this writing. That's crazy!

[CryptSafe]

This is the least happening expected at this point in time on bitcoin blockchain. Many hopes are dashed right now as there are lots of pending payments and withdrawals days past. Most transactions are still yet to be confirmed with more still pending.
It is currently frustrating and dissappointing for business owners but I think there is always a way.

A plan be could be ok by businesses since it has to do with financial transaction for their businesses to strive on. For the moment, the only problem is transaction fee increment which is on the high side. Business vendors accepting bitcoin as a means of payment can still do business with bitcoin  pending when the congestion is a bit reduced.

[kingvirtus09]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

It is not right to discourage you, if you believe in bitcoin you should stand by it, especially in this situation that is happening it is not forever like that. This is only temporary. It is possible not to release the bitcoin or make a transaction with it while the fees are still high. Because everything will back to normal like before with low fees. Just stay updated on issues like this. Although at the moment deductions are really high.

[Stella Mese]

In my opinion, high transaction costs are very scary because sometimes when buying and selling goods, it may not be what we want, for example when we buy
1 instant noodle but the BTC transaction fee is more expensive than the price of the goods we buy, so I think this BTC transaction fee must be fixed quickly because otherwise it's the same as wanting to make people not trust BTC anymore and eventually BTC investors will suffer losses.
if btc transaction fees continue to be expensive, in my opinion one day miners will also be affected because there will no longer be people willing to transact and invest in btc, especially the lower class.
but I hope transaction fees return to normal quickly and are cheap.

[GreatArkansas]

In my opinion, high transaction costs are very scary because sometimes when buying and selling goods, it may not be what we want, for example when we buy
1 instant noodle but the BTC transaction fee is more expensive than the price of the goods we buy, so I think this BTC transaction fee must be fixed quickly because otherwise it's the same as wanting to make people not trust BTC anymore and eventually BTC investors will suffer losses.
if btc transaction fees continue to be expensive, in my opinion one day miners will also be affected because there will no longer be people willing to transact and invest in btc, especially the lower class.
but I hope transaction fees return to normal quickly and are cheap.

This is really the problem because people tend to use Bitcoin for payment to make their life convenient and easy as become cashless.
But when this will come, it somehow becomes not convenient anymore. This is a known issue for an aged now, and that's why there are lot of new technologies that helping the Bitcoin community to solve this, best example is layer 2. Where layer-2 these days is still not that popular, so businnses that accepts Bitcoin are having difficult to handle this issue.

[Bazzu]

I personally don't have a solution, with the current high cost of BTC transactions, and to be honest I really feel sorry for people who do business by paying using BTC.

but according to my prediction this will not last long and in my opinion transaction fees will return to normal.
so in my opinion don't panic too much with a situation like this.

[YUriy1991]

If not many people are using Bitcoin, I don't think they will trying to find a way to solve the high transaction fee. This is different with Binance where withdrawal fee is one of their main source, I read if Binance is trying to adopt lightning network, not sure if they already have implemented it or not yet. For online business, people would choose to pay using altcoins because they're more flexible and altcoins fee are cheaper.

Yes, my argument in view of Bitcoin's current high transaction fees is indeed a temporary issue that will hopefully be fixed as the network grows and develops. However, there are also several other potential solutions to the problem of high transaction fees in Bitcoin that are worth considering. One potential solution like you said is to use a layer 2 scaling solution like Lightning Network, which allows transactions to be faster and cheaper by routing them through off-chain payment channels.

I think this approach has the potential to reduce transaction fees while keeping the Bitcoin network secure and decentralized and more. As the network grows and wider adoption, transaction fees will likely decrease due to increased competition between miners.

[LastKiss]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

Because of that and the big volatile price of Bitcoin is the major reason why until now Bitcoin is hard to adopt in a business since when we buy something locally its still better to use fiat money since no fee is applied compared to Bitcoin, but if we want transaction for global I think Bitcoin still an option.

[LogitechMouse]

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.

This high transaction fee problem with Bitcoin only affects the people who are transferring small amounts of Bitcoin to other people. For those who are transferring huge amounts, I don't see this as a problem for them especially if they really need it.

On the other hand, we know that most of the Bitcoin transaction are only small amounts, so this affects most of the Bitcoin holders (including me TBH). I guess many here already said it, but for business owners who are accepting Bitcoin, maybe accepting other coins aside from Bitcoin would help. I mean we can teach the buyer how to convert their Bitcoin into other altcoins. The other one I guess is to just stop accepting Bitcoin as payment for the meantime until the transaction fee goes down to what it is a few months ago.

We don't know how long with this high transaction fee will last, and it only started since the BRC-20 or Ordinals thing started. Maybe if the hype of it will go down, or if the hype of memecoins in general go down then we might see a bit of a decrease on transaction fees on Bitcoin. This transaction fees reminds me of 2017 where people doesn't want to transfer their Bitcoins because of very high transaction fees that they can't afford it.

[John Abraham]

We can't just because of transaction fee deny customers from making payments neither should that be a discouragement on them as well, i think using one or two dollars as cost for transaction fee isn't that too much beyond bearable approach...

Have you really tried any recent transactions on the network the fees are surely higher than one or two dollars. So I just think you are talking and do not really understand the question asked.

I don't think he tried transacting BTC this week. I've sent only 0.0001 BTC to and paid over 0.00005 BTC as fees (50% of the transaction amount); it's still unconfirmed for the last three or four days. I did it for testing purposes. Still, it makes me wonder what will happen if Mempool remains congested for a long time. Paying 10% as a fee for a transaction amount is too high already. Still, pay more fees if you want to confirm your transaction quickly. The current recommends fee by Blockchain is 292 satoshi per byte which is wild.

lastly try to engage making weekend transactions when the mempool is mostly believed to be less congested and study the fee rate on mempool before making any transaction and you can always go for low priority as well.

If you don't know about the recent Ordinal Scam Craze, Do a Google search, and you can check more info. You can check Ordinals Data from here https://dune.com/ddmrddmr/ordinals-data. Some Shit coins were developed in the Bitcoin Network, one of which is PEPE. Which has gone crazy for the last couple of days? The network has been congested for over a week now. Almost half a million unconfirmed transactions in Mempool, and nobody knows when this will end. 292 satoshi per byte fee is already out of my head.