What's the best approach for on-chain transactions when accepting bitcoin? \ stacker news ~bitcoin

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What's the best approach for on-chain transactions when accepting bitcoin?

320 sats \ 18 comments \ @aliceandthewonderland 26 Oct bitcoin

I'm curious about what would be the best approach if I were to start my own business and try to accept Bitcoin as alternative payments other than cash.

I know the Lightning Network is the way to go for fast transactions, but what if a customer can't use it due to liquidity issues or any other reasons and has to resort to on-chain transactions?

would I make the customer wait for the standard 6 confirmations? or 1-2 confirmations would be secure enough?

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10 sats \ 1 reply \ @flat24 26 Oct

Don't worry, just follow @DarthCoin's advice

10 sats \ 0 replies \ @aliceandthewonderland OP 26 Oct

yep, will do

1233 sats \ 6 replies \ @DarthCoin 26 Oct

Onchain is NOT for payments. Onchain is for TRANSACTIONS, the final settlement. Lightning Network (LN) is for payments. LN is The Bitcoin Payment Network. You use onchain strictly to open and close LN channels.

Please make this important distinction. THINK LIKE A BANK not just be a bank! https://darth-coin.github.io/beginner/be-your-own-bank-en.html

0 sats \ 5 replies \ @aliceandthewonderland OP 26 Oct

lightning only or cash..

0 sats \ 4 replies \ @DarthCoin 26 Oct

cash? WTF is that? you mean ecash cashu ?

0 sats \ 3 replies \ @aliceandthewonderland OP 26 Oct

ecash cashu fiat currency i meant

0 sats \ 2 replies \ @DarthCoin 26 Oct

fiat currency i meant

wait, you guys still use fiat? Daaamn we are in 2024 not in 2014...

0 sats \ 1 reply \ @aliceandthewonderland OP 26 Oct

what kind of utopian fantasy land are you living in now? I need to know the coordinates of this parallel universe so I can pack my bags and immigrate.

333 sats \ 0 replies \ @DarthCoin 26 Oct

Each one is creating his own world, not waiting for others to made it for them. In my SN bio I linked some interesting SN guides, did you read them? Especially this one: #576140 AND #692855

BE THE CHANGE IF YOU WANT TO SEE CHANGE.

0 sats \ 0 replies \ @Bitcoiner1 27 Oct

Btcpayserver is a good software to use. It will help you to accept on chain and lightning payments.

0 sats \ 0 replies \ @f6287b82CC84bcbd 27 Oct

its ok to do onchain but restrict it to higher value transactions - >100,000 sats to avoid too much dust.

Have a QR code where they can scan. cycle the QR code if you have to spend from the address.

But personally I would avoid it and use lnbits tpos. You can easily train staff how to use it. Liquidity is not your issue unless its inbound.

or you can just use wallet of satoshi and have them manage it all for whatever fees they charge

0 sats \ 0 replies \ @Bee_Aye 26 Oct

whats the business would be my first q

0 sats \ 0 replies \ @Rexdentron 26 Oct

Visit Bitcoin Ecosystem Map [October 2024], you'll get to choose Point-Of-Sale systems you can use to accept Bitcoin payments, otherwise the Lightning Wallets section can be useful too !

0 sats \ 3 replies \ @Cotton 26 Oct

Personally, I think Wallet of Satoshi is a solid choice since it supports both Lightning and on-chain payments, making it versatile :/

0 sats \ 2 replies \ @aliceandthewonderland OP 26 Oct

Yeah, in that case of on-chain payments, would it be necessary to make customers wait 6 conf? I believe I am over complicating myself. Lightning or cash might be the answer.

0 sats \ 0 replies \ @nikotsla 26 Oct

Indeed, just go for LN.

0 sats \ 0 replies \ @senf 26 Oct

One or two should be fine. It's very unlikely to see reorgs after that. I'd be more concerned about ending up with a bunch of low-value UTXOs (depends on how big you're thinking these on-chain transactions would be).

0 sats \ 0 replies \ @0382ea9355 26 Oct freebie

Realistically 1 confirmation is all you need. There hasn't been rollbacks in over 11 years and the previous ones happened due to btc core software bugs that are much more unlikely to happen now.