Bitcoin as payment option for clients

[Omahabit]

Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

[Findingnemo]

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

1. Bitcoin transaction itself is irreversible so you can consider a transaction with 1 confirmation as funds received.

2. Bitcoin transactions and their fees are based on the weight not on the value of your transaction which depends on the number of inputs/UTXO and number of outputs and what kind of address like legacy, Segwit, Taproot. You may get better understanding if you read the reply I quoted.

Legacy addresses starts from 1
Nested segwit starts from 3 (although not only nested segwit starts from 3)
Segwit version 0 starts from bc1q
Segwit version 1 starts from bc1p (pay-to-taproot)

This is the formula necessary for the calculation:

Formula:
For legacy address: vbyte= Input*148 + output*34 + 10 plus or minus input
For nested segwit: vbyte= Input*93 + output*32 + 10 plus or minus input
For segwit version 0: vbyte= Input*68 + output*31 + 10 plus or minus input
For pay-to-taproot: vbyte= Input*57.5 + output*43 + 10 plus or minus input


To know more about the input and output virtual size: https://bitcoinops.org/en/tools/calc-size/
To know more about the transaction virtual size: https://jlopp.github.io/bitcoin-transaction-size-calculator/
For mempool (beginners): https://mempool.space/
Mempool for advanced users: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

3. Electrum on an air-gapped device will be my suggestion but you can also go for open sourced Hardware wallets.

[Doan9269]

1. How can the transaction process be optimized for maximum security?

The bitcoin network uses the blockchain technology to perform all of it transactions operations, you can choose to read more about blockchain technology and understand more better, bitcoin transactions are immutable, secured and irreversible except the glitches comes from you at your end.

2. What metrics are available for measuring transactions?

Everything is there on the blockchain, you can also use the mempool to extract some other informations as needed by you.

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

Use Electrum wallet, it's a multisig bitcoin wallet, has an extended security measures.

[alastantiger]

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

There are hardware and software wallets that can provide you with the level of security that you require to safeguard your bitcoins. Its usage will come down to personal preferences. Because I am a big fan of convenience and how easily a wallet can be used by anyone, I favor software wallets. And then, if you want a bit of extra security, you can set up a multisig wallet despite its initial complexity in setting up. Other things to ensure extra measures of security include regular software wallet updates, the use of strong passwords, and backing up your seed phrase.

[Kelward]

Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

You've been been generously informed about how to access the Bitcoin Blockchain and preferable wallet to use, so it's left for you to open the links that have been shared and increase your knowledge. I'll just tell you that  Bitcoin, is an alternative means of payment and your clients needs to have Bitcoin, wallets too, before you can comence transactions. You have to consider Bitcoin, transaction fees, it sometimes gets very high, like we experienced lately, this is because of the congestion in the mempool. So who bears the high fees, is it you or your clients? There's alternative of lightening network, but you'll have to master it's complexities. Also transactions can delay sometimes, and what if you need to confirm payment on time? This are some of the things that you also need to consider before fully adopting Bitcoin, as a means of payment. Bitcoin, payment however guarantees privacy between you and your clients, no third parties involved, because it is a decentralized digital currency.

[mk4]

1. Use a reputable escrow/middleman

2. Just compute the price? Use CoinGecko to check for prices.

3. Hardware wallets like Ledger/Trezor for long-term holdings, BlueWallet for day-to-day transactions.

• https://chainsec.io/wallets
• https://chainsec.io/scams

[Learn Bitcoin]

----

Well, you already got the suggestion about what you should do. But, for your security, I would like to elaborate on what you should not do as a Bitcoin user.

1. Never store your Bitcoin on online accounts. No matter what platform it is. It could be exchanges, casinos, or whatever. They do not give you a private key to your Bitcoin. There is a famous quote. Not your keys, not your coins.

2. Never share your private key with anyone; never store it online. Most new Bitcoin users keep their private keys online in storage, such as Google Drive.

3. Never install any wallet software without a verification. Always download the wallet software from the official source. For the Electrum wallet, manually type the address on your browser address bar. The website is electrum.org

4. Do not fall for phishing websites. Always double-check the URL before you input any credentials.

[Gladitorcomeback]

Welcome to the forum Omahabit. This is  best place for providing services with Bitcoin as a payment option. it's fantastic to hear  that you are considering Bitcoin as a payment option for your services. Here are some tips to optimize your Bitcoin transactions and ensure security:

As you already given reply that minimum one confirmation is enough for verification of payment and you can provide services without delay once you found that one confirmation showing in btc explorer.  transaction confirmation time, transaction fees and status of blockchain network congestion are  are generally used for measuring Bitcoin transactions. Keep an eye on confirmation times to know about transaction speed.


You ask about wallet so if you intend to provide service for long term then don't believe on software wallet as you can loss because your private key stores online. Use a hardware wallet for the highest level of security. Popular choices include Ledger and Trezor. These wallets store your private keys offline which minimize the hacking risk. You should order from official site, any Unofficial source could lead to lost of fund.

[Crypt0Gore]

Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

1. Once you make a transaction from your bitcoin Wallet its irreversible, you need to make sure that you are sending to the right receiver, check the address very well before pushing the send tab in your wallet.

2. Saying measuring transaction I am guessing transaction fee? Is this is correct then you can use mempool.space to check the minimum transaction fee you can use and if you want the faster speed you need to use the highest transaction fee on mempool.

3. I still believe that hardware wallet is the most secured crypto wallet, go with hardware wallets that are fully open-source and also air gapped, no internet connection means they are completely offline which is exactly what anyone should need.

[ultrloa]

Bitcoin as payment option for clients

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

This is already a good idea since for announcing that you are open to receive bitcoin as payment method of your service then you can attract a lot of clients which is using cryptocurrency. For sure there's a lot more benefits you can get with it especially if you increase up your knowledge and understanding regarding on bitcoin investment.

Also you don't need any technical tools to use since simply sending the funds on your personal wallet is really enough to make our transaction successful but make sure you check your receiving address before dealing with client so that no issue will happen.

Use Mempool or Coingecko also you can try to check blockchair or other blockchain tools.

The safest thing you could do to make your wallet safe from hackers and scammers is always check anything people sent to you and if they say download this because it has something then don't do it especially if you are not familiar with the link since this is how phising attack will happen or worse they stole your wallet credentials. Also don't find those to good to true offers as interesting matter since it always a scam so avoid any large return offer since its totally not true.

[ZAINmalik75]

1. How can the transaction process be optimized for maximum security?

Never share your seed phrase or recovery key with the client, ask the client to send funds directly to your wallet address, because many clients try to oversmart and will say give me your seed phrase so I can top up directly in it. That's why don't listen to this excuse and if you think they might scam you, then you can use smart contract feature which will make your trade more smooth.

2. What metrics are available for measuring transactions?

You can measure a transaction by transaction fee, the confirmation remains, and confirmation completed, and how much time remaining confirmations will take, etc. are some measurements that you can use to measure the transaction but these data can be seen using the respective explorer, and to for better understanding you must have a little idea about explorers. For BTC you can use meme. space but there are many other platforms that you can also use just type BTC explorers.

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

There are many types of wallets, but the main info that you must have is custodial and noncustodial wallets, custodial means you don't own the keys, for example, wallets of centralized exchanges, and noncustodial wallets mean you own the key like Electrum which is the famous BTC wallet and easy to use.

[Ruttoshi]

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

Noncustodial wallets are safe to an extent because you are in control of the keys. To have a good safety of your wallet is on your hands to do that. You should use an online wallet for small funds, wallets like electrum and blue wallets are safe for mobile and can be easy to understand. If you have a big amount of bitcoin that you are saving, it is good to use a hardware wallet like passport or Trezor. If you can set up electrum cold storage wallet it will be better if you can't afford to buy a hardware wallet.

Here is the link on how to set up an electrum cold storage wallet. https://electrum.readthedocs.io/en/latest/coldstorage.html   

[Omahabit]

I am so amazed with the information I got for the post and question. It is good to be here. Now I am confident in investing in Bitcoin with some percentage of my income, thanks to everyone who shared their valuable knowledge with me.

 I will do my research with the information shared so far.
Thanks  @ everyone once again.

[Coyster]

The bitcoin network uses the blockchain technology to perform all of it transactions operations,

The blockchain is a public ledger for the network, that is where all transactions that has been made in the past and will be made in the future are stored, the Bitcoin network doesn't "perform" transactions, it is the users of the network who make transactions using their own wallets.

Use Electrum wallet, it's a multisig bitcoin wallet, has an extended security measures.

Electrum is not a multisignature wallet, but you can create a multisignature wallet in electrum, just the same way you can create a 2fa or single signature wallet.

[Hyphen(-)]

I recently joined this great forum as a UI/UX designer who's interested in investing in Bitcoin. I've decided to use the Bitcoin payment option so that I can start investing in Bitcoin straight with my earnings because my interest in Bitcoin investing has increased.

If you start receiving payments in BTC then how can you run your business?
Aren’t you needing some money to buy equipments and tools for your design?
If yes, then you should only accept the money you cannot use soon or your profits in BTC to avoid withdrawing your BTC always because the price is not stable and withdrawing frequently will affect your business if the price of BTC is decreasing.

1. How can the transaction process be optimized for maximum security?
2. What metrics are available for measuring transactions?
3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

1. Yes! Bitcoin transaction is transparent in the blockchain, the transaction fee used always determines how fast your transaction will be.

2. Measuring transactions? I think blockchain will show you every detail you need about your transaction provided you have the t hash.

3. Use an open source wallet, for easy use, you can use electron wallet or blue wallets to save your Bitcoin safe.

[SatoPrincess]

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

I think questions number 1 & 2 have been answered extensively so I will respond to the third.
Use open source wallets like Electrum and Unstoppable. And if you are hodling large amounts of bitcoin, it is recommended you buy hardware wallets for storage. Always make sure to buy direct from the official website or company. Lastly, store your seed phrases properly and keep them offline. Writing your seed phrase on paper and backing it up in different locations is one way to secure your coins. You can also try other methods like Securing Your Seed Phrase with Washers

[nakamura12]

I would also like to add for the third question. One of the best wallets are already mentioned which is Electrum which have been used by many people since it is open source wallet. I don't want to delve into that part but there are other wallets that you can use but I won't recommend them for you to use but as a way of telling you that there are wallets that are not recommended to use like custodial wallets even though it is open source wallet. As you can see, custodial wallets doesn't let you store the seed phrase where it is use to access the wallet because custodial wallets seed phrase aren't shared to you. As many people have said, "NOT YOUR KEYS, NOT YOUR COINS".

[Pokapoka124]

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

You need to be careful of the links you open on your device as hackers often spam emails with malicious links. Hot wallets are vulnerable to hack because they are on mobile devices. Using a airgapped device will solve this problem.
[Guide] Secure air-gapped crypto wallet storage method
[GUIDE] How to Safely Download and Verify Electrum [Guide]

As for scammers, you should know that money doubling isn’t real. Any investment platform that promises high returns is most likely a scam. Don’t be greedy. Do your investigation before investing. I recommend you check the review of any website on scamabuse.com before making any financial commitment. Checkout the domain name, how long the website has been active and also the team behind the platform.

[Sandra_hakeem]

Bitcoin as payment option for clients

Well... I don't wanna discourage you but,. You'll definitely find that difficult- especially in the current BTC volatility and prove action.. you may end up losing at the end.

1. How can the transaction process be optimized for maximum security?

Your security depends on your stability and subconsciousness; Bitcoin network is secured... whatever happens would definitely be from your ends.

2. What metrics are available for measuring transactions?

measuring transaction??  Everything you'd wanna know about the fees( if that's what you call metrics) is available on the mempool.

3. Which wallet is the best to safeguard my funds and ward off con artists and hackers?

cold wallets are the most advisable ways to store your coins...paper wallets would also do alot of good too... Since you're trading with it on a daily, you'll also need a centralized exchange.

Sandra 🧑‍🦰

[Mate2237]

Op this a good idea of accepting Bitcoin as a payment option in your  business but you have to consider the transaction fee before accepting Bitcoin in your business. When the transaction fee is high who is going to pay for the fee? Is it you or the client or the customers? No, definitely the customers or the client will not pay for the high fee and from your end you can't or will not pay for it therefore before accepting Bitcoin you have to do your home work very well so that when you start then there will be no complain.

Instead I will advise you to buy and start the investment.