Bitcoin fees

I was helping a customer merchant to integrate with Bitcoin. We sent some btc to each other so he would understand it. We send like $5. The fees were between $3-5. I understand that the fees are not depending on the amount, but if the fees are high like this then smaller scale transactions are basically a non-starter with Bitcoin. The buyer pays the fee of course, but it makes no sense to buy a thing for $10 and pay $5 in Bitcoin fees for a $15 to the consumer.

I haven't kept up with the fee market for a while so this was a surprise. I know segwit can bring the cost down a bit but I dont think it will be enough (I don't know if we used segwith or not - was using BRD wallet). Lightning is not close to being user-friendly enough to be realistic today (I think).

What are the options here if you want to sell say $5-$20 items using crypto? Would it be better to look at other crypto (Bitcoin Cash/ETH etc?) and not use Bitcoin at all?



Submitted May 21, 2020 at 04:24PM by ZeroRobot https://ift.tt/36hOzeV

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