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Need suggestion to Crypto use
hi.
i am new to crypto world. i want to use crypto for payments. i have account at binance and payeer. when i tried to buy domain from spaceship or porkbun, i see the bitcoin fee is around 44$ which is almost 5x higher then product price. i tried litecoin, but bitpay declined the transaction and not refunding since they dont support my country (BD).
so i am actually confused how you use crypto for payment and do transaction with lowest fee?
i see lighting network is cheapest, but spaceship or porkbun is not allowing it. anyone have any idea?
suggest me your crypto using strategy.
Comments
If you don't have any problem with traditional payment methods, chances are you will save some headache not touching crypto.
Crypto use for security (when Paypal, etc is not available) and privacy (AML rules apply, be mindful of how you obtain crypto) is valid too.
The current TX fee is about $0.5-$1, fluctuating depending on crowdedness of the network. Search for "bitcoin transaction fees", find a tracker you like and see if it's worth moving your BTC.
At current scale, Bitcoin simply isn't suitable for daily payment anymore. Coins with negligible fees like Litecoin, Monero, BitcoinCash are widely accepted. For stable coins (coin pegged 😭 to a fiat currency), it's usually BSC and Polygon. Check the supported asset list of the gateway(s) to narrow down your options.
The three former coins I mentioned above came into existence when the world was simpler, so they're usually easy to handle, with no or few changes to the way how you use it over time. That can't be said for more sophisticated networks you need for stable coins, but that's another can of worm.
Anyway, avoid withdrawing straight from the exchange, use a self-custodial wallet, one you generate/import secrets of your wallet. Exchange withdrawals are slow as they don't get executed instantly, sometimes fail and require care if they think your innocent spending is malicious. A wallet will allow you more control over nodes, fees (pay more if you need it to go through faster; exchanges often charge you a withdrawal fee higher than actual network fee, and set a minimun withdrawal amount), and more opportunities to be scammed, so be vigilant.
Some crypto payment gateways let you enter an optional refunding address in case things go wrong, most don't and you have to open a ticket, or in your case, not supported. Please double check the amount, sending address, and send it when the payment's still far from expiration. You should have about half an hour or longer, in rare cases like BTCPay, it's shorter as it doesn't require any on-chain confirmation.
By and large, you don't want your device infected with malware, your crypto wallet doesn't like that too. This too. Unlike traditional custodial accounts, you can't reset password or terminate sessions. Keep your wallet seeds/private keys safe and transfer everything to a new one if you think your wallet is compromised. That includes not using fake/sketchy wallet.
For networks with smart contract, don't interact with suspicious assets sent to your wallet.
And as always, educate yourself and stay in the loop. The crypto trend is overpassed by AI boom, but threat actors are still there, among us
.
Btw, be extra careful with large payments. There's no chargeback.
It's been very long since the day cryptocurrency took the term "crypto" from cryptography but the world still isn't ready for crypto to go mainstream globally. Could reach 100% IPv6 adoption before that maybe maybe.
Tldr do not use crypto.
44$ fee is ripoff. Making cash from fools. So easy.
Maybe you misread the fee? It's commonly specified as satoshis per byte of transaction which for simple payment should be around 250 bytes. Currently using some random fee estimator it's around $0.5: https://bitcoiner.live/. Of course it's worth it for paying higher amounts than $10, so higher end service or larger amount when you prepay credit for your account. As for wallet, I had good experience with Electrum which also let's you adjust the fee with estimated time to be included in the blockchain. Or use alt coins with lower fee.
I am from BD & use crypto for payment sometimes. For known, regular service, I usually I use debit card from local bank because it's cheaper & convenient. For making crypto payment, I always keep some LTC, USDC/USDT on Polygon & Solana network. Used to keep XMR too in the past, but slowly I am fully switching to stable coin only. Since 2021, I stopped using BTC completely to make payment.
By the way, you should be using self custodian wallet like software wallet, not transfer directly from exchange. Exchange charge markup on top of network fee.
Use USDT
so i just finally able to do a payment successfully. i see i need to add balance to POL for each transaction called gas fee. just pay with usdc in pol network with minimum fee. also send moneys from payeer to binance via tron coin which is very low fee.
it is fun actually to play with such critical money system.
thanks everyone.
You dont use bitcoin for small transactions
And you send money over a network with low tx fees if you're using stablecoins. Such as BEP, Polygon, Solana etc