![]() Crypto exchanges, wallet providers, payment services typically all charge fees to generate revenues. If the customer chooses the lowest fee, then in the worst case a Bitcoin transaction can remain in the mempool for a few days.Fees play an essential role in the crypto ecosystem as they make up a large proportion of the industry’s company revenues. Those who value 100% security should wait for up to 6 confirmations, which can take up to an hour if the customer has paid the fee for the highest priority. ![]() No customer would accept having to wait a long time to get their coffee after making a Bitcoin payment.įor a higher-priced product, it is advisable to wait for at least one confirmation on the blockchain to make the payment secure. If it is a digital good with a low price, it is recommended that delivery of the digital product or access to the service is already granted when the payment appears in the mempool.Ī similar procedure should be followed when a customer wants to pay for a coffee. If the customer chooses a low priority to keep the cost of Bitcoin payment processing low, it may take time for the incoming Bitcoin to be credited to the merchant wallet.Īs a merchant, you ask yourself when you are considered to have successfully completed a Bitcoin payment to a customer. Since the cost of payment processing is borne by the customer, a customer may not care how quickly a Bitcoin payment is confirmed on the Blockchain. However, the Bitcoin transaction fee is indirectly significant for a merchant. This is the case, for example, when bitcoin is sent directly to a bitcoin exchange to be exchanged for fiat currency. It only becomes relevant if the incoming Bitcoin payments are to be forwarded to another Bitcoin address. But these fees can quickly jump up as demand for bitcoin increases.Īs a merchant, the Bitcoin transaction fee does not play a role in payment processing. In August 2021, when this post was written, the transaction fees are very moderate. As a rule, Bitcoin wallets send a Bitcoin payment with the highest priority and therefore with the highest fee. Significance of the Bitcoin Transaction Fee for MerchantĪnyone making a payment from their Bitcoin wallet cannot specify the exact fee amount. LNbits – Lightning Wallet and Account System.Lightning Channel Management und Rebalancing.Cashu – Lightning eCash Wallet and Mint System.Starbackr – Earn Bitcoin with your content.BTCPayWall – Bitcoin Paywall for Content and Digital Goods.Electrum Lightning Wallet – Lightning Wallet with Electrum Wallet.Payment per download with Bitcoin Lightning. ![]()
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