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Author Topic: What's the fate of BTC payment now  (Read 341 times)
Outhue (OP)
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May 12, 2023, 12:35:08 PM
Last edit: May 12, 2023, 12:49:36 PM by Outhue
 #1

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.


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tranthidung
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May 12, 2023, 01:14:15 PM
Merited by vapourminer (2)
 #2

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice
You should announce it in your business thread instead of creating a new thread (this one) for the announcement. In future, if you want to resume your business, make another announcement in that thread, not create another new thread.

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I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
I could be wrong but do you have a business and accept Bitcoin as a payment method. So (assume it is true), your customers will have to make on-chain transactions to send their bitcoins to your wallets. They bear the transaction fee, not you. Correct me if I am wrong with my theory.

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Is there any business owners accepting Bitcoin still? How are you doing it?
Big or small, you can always receive bitcoins. Problems appear only if you are senders and have to pay transaction fees.

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Is there any way to go around this?
Lightning Network.

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Aanuoluwatofunmi
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May 12, 2023, 01:17:02 PM
 #3

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

If you noticed it that currently as we speak, things have bee getting better with bitcoin transaction fees, yet the Ordinals still exist, i believe there's much ongoing through the decision on this experience and very soon we will understand where it's all heading to.

Is there any business owners accepting Bitcoin still?

If course people do, transaction fee shouldn't be a barrier if you're buying something worth thousands of USD in bitcoin and just paying not more than $20 to $50 USD in bitcoin as charges, whereas things have gone down now unlike before.

How are you doing it? Is there any way to go around this?

Make your transaction using wallet like electrum, put the function on static when making payments, pump the transaction fee using the RBF features, also make weekend payment abd study when the mempool is not congested.
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May 12, 2023, 01:20:42 PM
 #4

also make weekend payment abd study when the mempool is not congested.
It is partially true only.

During weekends, there are less demand for transactions than intra-week days (working days) so usually you will have less waiting transactions in mempools during weekends. But it does not mean mempools always are not overloaded in weekends. The network can be congested a few weeks or months and if you fall into such periods, mempools will only get cleared a little bit but still likely congested.

Read more about weekend effects

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May 12, 2023, 01:20:49 PM
 #5

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.



IMO, as long as Bitcoin is not your only means of payment in your business, then there is nothing wrong with taking a pause at the moment that the fee is so high. By the way, I do accept Bitcoin payment in my business, and during this period, I have also encountered the challenge of a high fee, which I had to share 50/50 between myself and the customer. At least I have a business where if I sell one piece of my furniture, it always has a lot of profit, so I still feel not much cheated by the fee, but just that it's abnormal to me since I have not experienced such a situation before and also the fact that I still started accepting Bitcoin payments last year and having to see this situation taking place now. I believe it will be handled, though it might take some time to normalize. My advice to you is that if you feel you are spending so much having to cover fees for customers and also that they are not willing to cover the transaction fee themselves, you can yet take a pause, and when the fee is normal, you can start accepting again.

From what tranthidung said, I think you should create those thread and announce it there.

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May 12, 2023, 01:40:10 PM
 #6

I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
Is there a need to stop accepting Bitcoin though? Why don't you just give a notice that paying with Bitcoin is not recommended right now? Even if you are running your own payment node I don't think the cost is that high (CMIIW). Unless you don't accept other payment options, I don't think you need to stop it. What kind of business payment are you doing with your BTC? Is it swapping to fiat? If that's the case, you can probably pause that and accept the volatility risk and wait until the fee stabilizes to liquidate your money.

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May 12, 2023, 01:43:10 PM
 #7

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.


Op the transaction fee of bitcoin has come down so your business customers can continue the payment method of bitcoin. The fee price as for now is 0.00002963. the only bad news right now the price of bitcoin. Bitcoin price right now is $26,400.
You giving discount for bitcoin payment can't spread the news of bitcoin but can only give the news of your business. With the transaction fees in bitcoin, you can't give discount on bitcoin payment but you can give a bonus. Your bitcoin acceptance business is not clear to me. The thread is looking for another thing here.









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May 12, 2023, 01:43:54 PM
 #8

Leaving aside what has happened recently, trying to pay for low-value goods or services is going to be like trying to pay for low-value goods or services with gold: you won't be able to. Even if there are a few places that accept bitcoin as currency, with the commissions you have to pay, proportionally higher the lower the amount, it is not going to be worth it. The same thing happens with gold today.

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May 12, 2023, 01:50:14 PM
 #9

also make weekend payment abd study when the mempool is not congested.
It is partially true only.
During weekends, there are less demand for transactions than intra-week days (working days) so usually you will have less waiting transactions in mempools during weekends. But it does not mean mempools always are not overloaded in weekends. The network can be congested a few weeks or months and if you fall into such periods, mempools will only get cleared a little bit but still likely congested
I'm with you on this, I've taken my time to study the wide saying that the Mempool is less congested during the weekends, and by virtue of that, lower fees are awaiting transactions. In reality, this is constructively true, but practically, it's not always so. What I observed is that the Mempool always follows the condition it gathered during the week-long towards the weekend, and if the condition is bad or affecting, there is no miracle it would do.

In case everything is normal where no factors affect the Mempool aside from normal transactions, then the weekend will get fewer activities that could lower the fees.

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May 12, 2023, 01:59:16 PM
 #10

Leaving aside what has happened recently, trying to pay for low-value goods or services is going to be like trying to pay for low-value goods or services with gold: you won't be able to. Even if there are a few places that accept bitcoin as currency, with the commissions you have to pay, proportionally higher the lower the amount, it is not going to be worth it. The same thing happens with gold today.

I also don’t see the need as it is now to accept payment in bitcoin for small transactions if it is not a cross border transaction. The little transactions can be done in fiat currency and if OP needs to save them in bitcoin then he can just convert them to bitcoin after accumulating them either weekly or monthly. The transaction fee won’t actually favour a smaller payment at anytime.

Make your transaction using wallet like electrum, put the function on static when making payments, pump the transaction fee using the RBF features, also make weekend payment abd study when the mempool is not congested.

If it is a mobile electrum wallet then it is easier to use the BlueWallet. The weekend and night transactions been easier with the less mempool les congested was before this saga, I also did a midnight transaction and a 36sat/vbyte was confirmed. But my thinking is since everyone is trying to move their transactions to the weekend with same hope of it been less congested wouldn’t it result to congestion of the mempool. Even last weekend the mempool wasn’t that less congested.

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May 12, 2023, 02:09:27 PM
 #11

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice

That's not a long period of time, since you could've started accepting it in December, so it's like you saying:
Listen up everyone, there's something wrong with a currency that's worked for the last 13 years because i had to stop accepting after 6 months.
I feel for you, so sad Sad

Quote
Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

And I believe bitcoin bitcoin doesn't care about ordinals, just as it did not care about hash wars, Faketoshi, Chinese bans, and people like you saying it's over. One of us has to be wrong, I wonder who it is.

Quote
Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.

Try LN. It's cheaper and faster.

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May 12, 2023, 02:12:17 PM
 #12

There've been other times and reasons for transaction fees to spike, but that was always a temporary thing. I think the interest to Ordinals will decrease soon. I don't mean it will be gone, but I think there will be enough room for various transactions, and transaction fees will get back to normal. Average transaction fees are already going down fast each day, so it might just be a couple of days till a transaction costs around a dollar or two. It's a very temporary trouble, and I hope you'll be able to accept Bitcoin payments soon.

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May 12, 2023, 02:18:17 PM
 #13

There are now two ways to handle bitcoin transactions. The first way to put a complete stop on BRC-20 madness which seems highly unlikely.

The second way is to adopt lightening network. I believe this is the most reasonable way to take. Check the post created by tranthidung above. It will give you a decent idea on what needs to be done for LN payments. I believe this is the way forward now.

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May 12, 2023, 03:31:21 PM
 #14

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.

I understand how it feels mate that your expectations in regards to bitcoin payment was cut short but that should not be a thing of concern to you.

Putting an end to bitcoin payment on your business isn't a cool one you know because customers are already aware of the happenings. You are indirectly telling them that you do not deem it fit for payment irrespective of the ordinals attack. There is a better way of doing such rather than coming up with that direct actions.

It is optional interns of payment for goods and services. If any customer of yours  can afford to pay with bitcoin including the fees that's no problem and if they insist you have no option than letting them pay as to making sure you satisfy your customer and that alone Will make them come back with more customers in refference to buy more. This is business and as such should be treated as business. Do not stop any payment process for your customers let them make their choice in payment  option.
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May 12, 2023, 03:57:15 PM
 #15

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.



IMO, as long as Bitcoin is not your only means of payment in your business, then there is nothing wrong with taking a pause at the moment that the fee is so high. By the way, I do accept Bitcoin payment in my business, and during this period, I have also encountered the challenge of a high fee, which I had to share 50/50 between myself and the customer. At least I have a business where if I sell one piece of my furniture, it always has a lot of profit, so I still feel not much cheated by the fee, but just that it's abnormal to me since I have not experienced such a situation before and also the fact that I still started accepting Bitcoin payments last year and having to see this situation taking place now. I believe it will be handled, though it might take some time to normalize. My advice to you is that if you feel you are spending so much having to cover fees for customers and also that they are not willing to cover the transaction fee themselves, you can yet take a pause, and when the fee is normal, you can start accepting again.

From what tranthidung said, I think you should create those thread and announce it there.
Taking a break in acceptance of bitcoin is not a bad idea but I would advice and suggest why not switch over to the lightning network as its main purpose of creation is to tackle situations like this, although I know it adoption is quite low for now but this crisis that have surface with ordinals on the bitcoin on chain network will make many folks start adopting lightning network technology and with some time past it will no longer be a thing of complaint anymore. Some seniors have already drop some useful links to study all about the lightning network so I guess you give a try and see the outcome.

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May 12, 2023, 04:00:06 PM
 #16

You don't need to create panic in your business and chase your customers away because of the scalability challenge of bitcoin which I think LN is going to be away forward. I don't know the kind of business you run whether online or physical business, whichever way, your customers are bearing the brunt of transaction except you are concerned with the fees they are foregoing.

Moreover, your customers that are dealing in bitcoin transaction to paying the bills should have an idea of the current issue and this is where your managerial skills and conviction ability comes in.

Therefore, you as a business owner should educate and inform your customers more on the ordinal issues of bitcoin currently and remember this is not the first time this is happening, meaning it will be sorted out. Apart from LN payment, and depending on the nature of your business you can introduce them to the option of stablecoins whose fee is merely $1, if they can't part with the fees with bitcoin now.
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May 12, 2023, 04:06:25 PM
 #17

There are now two ways to handle bitcoin transactions. The first way to put a complete stop on BRC-20 madness which seems highly unlikely.
Yes it is very unlikely because BRC-20 will continue to grow because of the hype and maybe it will last longer if there is a lot of interest in the BRC-20 Ordinal.


The second way is to adopt lightening network. I believe this is the most reasonable way to take. Check the post created by tranthidung above. It will give you a decent idea on what needs to be done for LN payments. I believe this is the way forward now.
Many have suggested using the express network however it depends on the OP whether to go with this option or just stop paying bitcoins in his business.
Now Binance will also adopt the lightning network so it will be easier for us to transfer there and exchange other coins or maybe stablecoins.

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May 12, 2023, 04:25:23 PM
 #18

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice, I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.

Ordinals looks like it's here to stay, I don't believe that Ordinals is like ICO because they are different. And Ordinals came in a bear market, imagine what this will do to Bitcoin in a bull market.

Is there any business owners accepting Bitcoin still? How are you doing it? Is there any way to go around this? I will appreciate, because I don't want to stop accepting Bitcoin, I have my long term plan and accepting Bitcoin as payment have helped so far.


The fate of BTC payments is in the hands of users.

It is strange to hear the phrase that you can't afford a 5$ transaction from your customers. Do you understand exactly the basic principles of bitcoin operation? It's amazing that you were able to add BTC for payment in your business at all.

Ordinals and high transaction fees don't mean the end of the worldbitcoin.

I understand that you want to make your business attractive to buyers and there is a solution for this. Many have already been told about Lightning Network above.

I can suggest one way that you will not like. In fact, you can let your clients know that they can charge low fees to save them from overspending. But the side effect will be that the confirmation of transactions will be very long now. As a result, you will retain your customers. Are you willing to take on these peculiar risks (goods / services provided, and payment will come later), that's the point.

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May 12, 2023, 06:47:46 PM
 #19

For the first time since 2022 I have officially put an end to Bitcoin payments on my business until further notice
You should announce it in your business thread instead of creating a new thread (this one) for the announcement. In future, if you want to resume your business, make another announcement in that thread, not create another new thread.

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I have gave few people some discount advantages to spread news about Bitcoin and now I am not so sure anymore, I can't even afford $5 per Bitcoin transaction, and also my customers that are surety when it comes to Bitcoin payment have all halt.
I could be wrong but do you have a business and accept Bitcoin as a payment method. So (assume it is true), your customers will have to make on-chain transactions to send their bitcoins to your wallets. They bear the transaction fee, not you. Correct me if I am wrong with my theory.

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Is there any business owners accepting Bitcoin still? How are you doing it?
Big or small, you can always receive bitcoins. Problems appear only if you are senders and have to pay transaction fees.

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Is there any way to go around this?
Lightning Network.
If all I do is accept Bitcoin as payment into my wallet address how am I going to restock the goods I sold? Be calming down mister, I am not stupid.

Do you expect me to give my customers my Binance wallet address so that I won't need to make any transactions to the exchange? Why aren't people thinking before making comments?

What business thread you talking about? I am a fashion designer offline and I sell clothes and materials, I hold only a small portion of my profits in Bitcoin and I use the rest to buy back some goods for another customer.

I mainly focus on Bitcoin only, and that's the fault that I see here.

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May 12, 2023, 07:11:16 PM
 #20

It is okay for you to halt accepting Bitcoin payments if that's what you think shall be good for you and for your customers. Until the fees drop down then accept it back anytime as you wish. Mostly, you've got no problem since you're just going to receive it but the problem will turn to the customers and they're the ones to shoulder the fees, since they're the ones that will be sending payments to you in bitcoin. I guess you just have to remind your customers to check the fees first if they want to pay you with bitcoin but it won't be like this forever.

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