Bitcoin shopping cart meme
Months later they hear from the credit card company that the customer never received the product or that the charge was the result of fraud. Now the merchant has to refund the charges and cover the cost of the item and shipping costs. At scale this can add up to tens of thousands of dollars per year. Bitcoin Cash eliminates this so that you can focus on making sales and growing your company.
Since Bitcoin Cash is decentralized and the network operates without middlemen, fees are almost non-existent. At the time of this writing, the median transaction fee is 0. I was recently at a bar in Tokyo and when we showed the owner how to accept Bitcoin Cash he immediately set it up and started accepting it on the spot. This has been my experience with most businessmen I meet. Even better, Bitcoin Cash will enable you to accept micropayments on your site.
If you want to sell a digital product for a few cents, for example, you can do it! Anyone who has experienced the process of checking out with Bitcoin Cash knows how easy it can be.
Just enter your name, shipping info and pay! One or two less steps at checkout means less abandoned carts and more revenue. Bitcoin Cash has been on an appreciation trend since its launch. Accepting Bitcoin Cash enables merchants to widen their customer base. A growing number of consumers are starting to use BCH to purchase goods and services. Accepting the digital currency could be just the thing to set you apart and get them to choose you.
Not only that, but BCH can be used by anyone in the world who has a cell phone. Bitcoin Cash is market driven and since it is new, its value can swing a good deal. This is great when the price is going up, but it can be challenging if the price goes too low. You get the benefits of accepting Bitcoin Cash without the downside. While nobody but you knows your business and your risk tolerance, my general belief is that businesses that accept Bitcoin Cash should hold at least some of their earnings in Bitcoin Cash.
The price is going up on the whole and it could be a wonderful long term investment in your business. There are a loud but dwindling number of people in the cryptocurrency ecosystem who have made it their mission to loudly signal against Bitcoin Cash.
The guy on black hat world offfering to people to post in the site for money? Rest assured, these trolls go away quickly and the noise they make has no real power to disrupt your business. The fact is that Bitcoin Cash is used daily on Shopify stores around the world, at places like Newegg, to donate to non-profits like The Electronic Frontier Foundation, Mises Institute, The Internet Archive, as well as helping people get basic necessities in countries experiencing monetary collapse like Venezuela.
These coins are only as good as what we do with them. And given all the benefits of Bitcoin Cash, its potential for good and for growing your business far outweighs the cons of a few bad actors. The split happened after years and years of debates over how to scale Bitcoin properly. One side believed Bitcoin should be more like a banking settlement layer or digital gold with high fees and slow transaction times.
The other side believed Bitcoin should be decentralized digital cash that was fast and easy to use for all daily commerce. BTC became increasingly slow and unreliable while BCH maintained its low fees and fast times making it effective for bCommerce. While businesses like Steam Gaming have dropped Bitcoin, tens of thousands of new companies have started to accept Bitcoin Cash. If your goal is paying customers, use Bitcoin Cash. While Bitcoin Core fees have dropped significantly since then because less users are transacting with it, it is still too high to be reliable in commerce and fees can spike periodically, further harming your ability to accept Bitcoin Core payments.
As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin. Unfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically. This creates a problem for customers trying to purchase games with Bitcoin.
When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network. The amount it can change has been increasing recently to a point where it can be significantly different.
The normal resolution for this is to either refund the original payment to the user, or ask the user to transfer additional funds to cover the remaining balance. In both these cases, the user is hit with the Bitcoin network transaction fee again. With the transaction fee being so high right now, it is not feasible to refund or ask the customer to transfer the missing balance which itself runs the risk of underpayment again, depending on how much the value of Bitcoin changes while the Bitcoin network processes the additional transfer.
At this point, it has become untenable to support Bitcoin as a payment option. We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date. We will continue working to resolve any pending issues for customers who are impacted by existing underpayments or transaction fees.
Unfortunately it appears that the BTC developers and community have no real intention of fixing this any time soon. As a related point, the Bitcoin Cash community is dedicated to using their Bitcoin Cash to spread adoption. They spend their Bitcoin Cash regularly and will be excited to use it at your store in a way no other cryptocurrency community is. Any businesses that need payment system functionality should upgrade to Bitcoin Cash immediately.
Bitcoin Cash purchases are unaffected and working smoothly. Just looking at the increase of the total market capitalisation of all crypto currencies last year points to an amazing year for investors of these assets. Futures trading has provided a vehicle for institutional investors wanting to play these markets and combined with the fork of Bitcoin Cash and increasing popularity Bitcoin achieved around a 13x gain for the year.
For more information regarding the Bitcoin Fork and what it means for Bitcoin holders refer to our previous blog post Crypto Wars Bitcoin vs Bitcoin Cash. Bitcoin Cash has gained much traction and has a growing army of fans as the high fees and long confirmation times saw Bitcoin become virtually unusable when peaks in activity occur. Ethereum is a platform designed for the creation of blockchain based applications. It has not been all plain sailing as some bugs and vulnerabilities in products built on the platform have led to loss of investor funds however it seems the crypto community is increasingly desensitised to these occurrences as they have almost become common place.
Litecoin has benefited significantly from the issues with Bitcoin. As merchants, ATM providers and other crypto businesses are scrambling to integrate other options apart from Bitcoin it is well poised to take up much of the slack. It too has seen large growth throughout the year with many suggesting there are bigger things to come. Amazing growth for the banksters favourite coin which has defied all criticism and returned excellent results for investors.
It is much derided by the wider crypto community as it lacks the decentralised nature of most other options. Many banks are looking at utilising Ripple to facilitate more efficient bank to bank transfers and settlements. It can also provide a gateway between traditional finance and crypto based assets. Adoption rates for crypto currencies are still relatively low and we are only now in the early phase of this technology cycle.
Tokens distributed by these businesses primarily for fund raising are often created to be the keys to the software platform they are building. It is envisaged that this will create demand for these tokens and some also offer other utility value enabling passive income opportunities from owning these tokens. Much of this was due to the scaling issues that crippled the network.
This resulted in issues for many providers of bitcoin related services and merchants that accept bitcoin payment.