Post
Topic
Board Bitcoin Discussion
Re: My dream business succeeded
by
Ndabagi01
on 17/01/2024, 18:15:43 UTC
My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

Congratulations on starting your dream business. After achieving your dream from the start of the year, 2024 will be a rollercoaster year. The congestion of the mempool, which results in high transaction fees for bitcoin, has been a significant setback for businesses that use bitcoin as a means of payment. Individuals cannot confidently pay or send money without incurring high fees. I don't think anyone will want to pay in bitcoin right now; just keep collecting your payments in fiat until further notice.

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Edit: after much deliberation and suggestions from responsible members that gave their individual opinion to me here, I have therefore retorted to use TRC 20-USTD and BNB for payment hence, I've removed my initial wallet address i made available earlier as my intended payments method but however, I'm optimistic to use bitcoin as a payment method for my business in the future when transaction fees will definitely reduce to a considerate price and probably no congestion in the mempool.

It is good that you listen to the advice of forum members who know more than you; this will help your business grow and attract customers of various types who will use different methods of payment to pay for your services. I don't think the bitcoin price will fall anytime soon because of the growing number of users on the network as a result of its widespread adoption. We remain optimistic that the transaction fee will decrease in the future, but it does not appear that it will happen anytime soon.