High transaction fees affects buyers and seller in payment in bitcoin

[Agbamoni]

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

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[Oshosondy]

Some people are still using bitcoin even as the transaction fee is high. If they can not use bitcoin network fee or payment, they can use lightning network. If they can not use any of the two, let them use altcoin like litecoin for payment because the fee is very low.

[mk4]

The answer is simply to use alternatives (stablecoins through Solana or Tron) and wait for a viable Bitcoin layer-2 or sidechain to be stable and widely accepted. There's simply not point to use Bitcoin base-chain unless you're paying for something far less more than the transaction fee.

[Aeroplanino]

Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

A trade is done if the transaction is confirmed by miner.

No confirm, the trade is not done because the sender can double-spend unconfirmed transaction any time.

[Oshosondy]

The answer is simply to use alternatives (stablecoins through Solana or Tron) and wait for a viable Bitcoin layer-2 or sidechain to be stable and widely accepted. There's simply not point to use Bitcoin base-chain unless you're paying for something far less more than the transaction fee.

Why using stable coins when you can also use fiat? Stable coins are just tokenized fiat and they are risky than fiat because they are pegged. I will prefer to have other coins like litecoin, litecoin or tron itself and other coins like bitcoin when talking something about bitcoin.

[Zaguru12]

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin.

Don’t get me wrong but bitcoin is just an alternative and as a business person you look at which option seems suitable, bitcoin was projected by satoshi to be an alternative when fiat payment would be more like an hassle. Yes business using bitcoin as payment are actually doing well to grow its adoption but at this point it is best to find other alternatives like the local currency you use and use bitcoin when only for cross border transactions and it is cheaper or convenient.

Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

6 confirmation is the secure number of confirmation needed by a seller to accept bitcoin payment although it could be less, this confirmation time actually varies but it is not as long as we place it today and the Mempool congestion doesn’t have any effect on the confirmation time if at all you set the fee at a transaction more than enough to get into the next block

[EarnOnVictor]

Bitcoin network is killing business around it, what is happening is so discouraging, yet people will continue to trade and invest in it or even stake it and get their money. But this is a different ballgame when it comes to the reliability of sending and receiving money through it. This is so bad as the network has allowed and has let this ugly congestion situation continue unabated. Miners are the only ones gaining from this but this is selfish and it will not mean well for Bitcoin and what Satoshi envisaged for it.

About your question, I do not think there is a solution for those who are building businesses around Bitcoin. It is either they pay the high fee or move to another coin/token that will run their business smoothly. Honestly, I am certain that the number of those who are sending and receiving money through Bitcoin will be so little now unless they do not have a choice because I can't imagine myself continuing to pay such insane amounts of money for fees everytime. I better use my money for something else. There are some companies I deal with now that have started advising their customers against the use of Bitcoin to avoid issues since complaints are too much. If this continues like this, it can never mean well for Bitcoin payments in the long run.

[Fatunad]

Some people are still using bitcoin even as the transaction fee is high. If they can not use bitcoin network fee or payment, they can use lightning network. If they can not use any of the two, let them use altcoin like litecoin for payment because the fee is very low.

Options and methods are really that available on which it would really be just that right that you would be making adjustments whenever we do see network condition is really a mess or being clogged up on which it would really be that resulting into that high fees. I do understand the feeling into those people who got stuck because of having high fees, unless if you are having tons of money then this condition wont really be that an issue
but for those who are really just that average traders or investors who are really that making those transations then this current fee would really be giving out such impact or would really be a hurting one.
Just like on what you had said we can always have the option since there are altcoins which are really that cheap and fast when it comes to fees and transaction confirmation.

Now that the network is really that congested and doesnt really go below 100 sats per byte. Whenever it do hover out into that point the fees starts up to climb
again and again on which i do have honestly tons of micro transactions had really be that pending for almost a week now. It doesnt have the chance
on getting confirmed.

[tabas]

LN is one solution and as said about stablecoins on different chains. But at this time if you're aware of the offchain transactions, this can be done through the same exchange from user to user transfer and that will be fee less.

Some people are still using bitcoin even as the transaction fee is high.

Yeah, this is us. We are just waiting for the right timing that the mempool isn't asking that much and the fee is bearable. But when it's not, then obviously we're not going to make it and will have to go back to the waiting game.

[fzkto]

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

It seems to me that if the business is some small sales or services, it is better to use some other coin. For example usdt, because at the moment of purchase the price is fixed in dollar equivalent. In general, bitcoin has long since become not the best means of payment. For example, if I need to buy something for 10 dollars, I'm not comfortable paying fees as much.

[rhomelmabini]

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

I think that's why you should find alternatives in the market when you think there's a high transaction cost and there are plenty of choices out there. If I have that business I think I'll go with altcoins and fo sure you'll not be the one affected in this situation, you'll still find customers for sure if you market altcoins.

[alankasman]

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

It will be an obstacle for business people who use Bitcoin as a means of payment if Bitcoin transaction fees are high. The solution may be to carry out transactions using the lightning network or using Tron or stable coins.
I have never used the lightning network for transactions and am not familiar with it, but when Bitcoin transaction fees are high then the alternative is to use stable coins.

[Jating]

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

I think LN is the answer for those stores and it has been proven already. But as far as online goes, I do agree with the current fees, you don't expect someone to buy using their bitcoin specially that it was initially design for "micropayments", the mempool is congested because of BRC-20 ordinals that everyone is really affected and suffering.

As far as I know there was a proposal, anyways, it's beyond us for now, the devs or who is involved should debate whether they will implement it or not.

Or course, those businesses have options to used other cryptos, but it will defeat the purpose of bitcoin being that supposedly coin to handle that.

[Kemarit]

We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

Sadly this is the case right now, Bitcoin is unusable as a payment method by online sellers. Although before the main reason is that it's volatile, now it's the high fees because we have been under attack before the developer of Bitcoin ordinals have found a loophole and exploit it and they it created hype causing the mempool to be also congested, hence bitcoin enthusiast trying to get their transaction to be in front by paying high fees.

I'm not into business that take Bitcoin, but in this kind of situation? I will honestly stop accepting it. And then uses other crypto as an alternative because BTC is not viable for use now.

[Jegileman]

Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.

6 confirmation is the secure number of confirmation needed by a seller to accept bitcoin payment although it could be less, this confirmation time actually varies but it is not as long as we place it today and the Mempool congestion doesn’t have any effect on the confirmation time if at all you set the fee at a transaction more than enough to get into the next block

What the OP is insinuating is that; no buyer will want to wait for long before receiving payment through bitcoin after they’ve done a transaction between themselves. The transaction fees will determine how fast the transaction will get into the next block, not all sellers can wait for that and no one wants to set a high transaction fees for an amount that is not worth it.

[cakravothy]

of course, with a high sending fee, the money spent by the buyer is more, so the overall price is more expensive. even the price is above the market price of the product purchased.
If transactions using crypto currency, the majority of people prefer small fees and multiplatform networks so users can choose the cheapest sending fee. like USDT, there are many networks that are used.

[kentrolla]

There is no point in using Bitcoin as a payment method when the charges are exorbitant hence I would rather suggest and this is something which I had been doing for a while now, we should start utilizing other crypto assets like altcoins or stable coins instead of Bitcoin for transfer because it doesn't make sense for us to pay such high transaction fees.

But, still the opinions are divided while some would agree with my method and some would disagree and say that we should only do higher transactions to cut down on transaction fees.

[Sexylizzy2813]

I don't really know who or what's the major cause of this high transaction fee and it's very worrisome to the extent that some people have no choice than to go with whatever fee or charges that comes up. It would have been better if we can set a default fee at least we'll know how much we're losing while conducting any transactions.
Business is really slowing down, Bitcoin holders or sellers are losing and there's nothing we can do to get it back to normal, talking about the fee.
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?

[LogitechMouse]

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Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

Just accept altcoin instead of Bitcoin, or don't accept any cryptocurrency at all.

Right now, Bitcoin is more of a store of value than a currency. The ones who are still sending Bitcoins right now are probably those who want to hold in preparation for the bull run, and not those people who want to buy something because the fees are just too high that they can't afford it anymore. I don't see any point at least this time for Bitcoin to be used to pay for something.

Find another alternative payment method, or don't accept Bitcoin. It's just too much, and TBH, I don't know if the fees will go down anytime soon. These ordinals kill the main purpose of Bitcoin which is to be used to buy something. More of a currency side thing, but it's becoming an asset now.

[rat03gopoh]

For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.

Only 2 options: suspend bitcoin acceptance or utilize centralized wallet internal transfers (for physical stores). I know a little about LN, but not the people around me and need to see the scale of the business. Moreover it is also not fee-efficient for small businesses or if bitcoin is just an alternative.