Author: alicexbt 2022-10-23 20:51:16
Published on: 2022-10-23T20:51:16+00:00
The biggest risk in accepting bitcoin payments is FX risk, as the merchant must commit to a certain BTCUSD rate ahead of time for a purchase. One way to address this risk is by turning it into a certainty. If the price of BTC increases between when the invoice is generated and when a transaction is included in a block, give the customer a future purchase credit equal in value to the difference between the price they paid and the value of the purchase at confirmation time. However, this means that the merchant will always either break even or lose money on the exchange rate part of the transaction and will need to raise their prices accordingly. This would be unappealing to implement, but it seems better to address the incentive incompatibility than hope no large miners ever start performing full RBF.There are several methods to approach this issue, one of which is using multiple exchanges from different countries as there are always possibilities for arbitrage. There are different types of businesses that accept bitcoin payments, and everyone has their own way to deal with the issues. For example, in a website for booking flights, the user's ticket may be canceled if they couldn't make a payment within a certain amount of time and confirmations. It is important to give priority to bitcoin projects that could improve demand for block space, even if opening and closing channels. While Full RBF should be tried and if default is an issue, devs should convince some nodes and miners or agree on one of the pull requests. It is important to test as many websites, apps, projects etc. as possible before making something default and also consider the percent of usage. Things that could help improve business for companies that accept bitcoin payments could be done in other ways. Zero conf is old school but we can try new ways and do partnerships with more organizations (outside North America and Europe). In summary, while the biggest risk in accepting bitcoin payments is FX risk, several methods can approach this issue. Full RBF should be tried, and if default is an issue, devs should convince some nodes and miners or agree on one of the pull requests. It is important to test as many websites, apps, projects etc. as possible before making something default and also consider the percent of usage.
Updated on: 2023-06-16T01:05:03.561400+00:00