Before the holidays we took a look at a bunch of Bitcoin payments we’ve received and saw that the transaction fees were in the area of 10% of the gross amount of the transaction.
That seems high, and while we have every confidence that this is a short term phenomenon – namely, Segwit2x and/or Lightning, or some other solution will come along to ease the pain; we wanted to provide a couple of options now in order for our members to better minimize transaction fees when opting to remit in crypto.
For existing members in good standing we’re moving to 0 confirmations (normally this is set to 2). This gives you the option to either time your transactions better (more betterly?) or, if you have the ability in your wallet, you can set a lower priority and thus save on mining fees.
Either way some of the time pressure is alleviated giving you more flexibility, which can be handy – especially around renewal time.
Now accepting Bitcoin Cash (BCH)
If you haven’t figured this out yet, we are not Bitcoin (Core) maximalists. As a DNS provider it is more natural for us to position as protocol agnostic. It’s your use case that’s important, our job is to provide the means to implement it. In that vein, we will accept certain alternatives to BTC. If it makes it easier for you to pay us, we’d be crazy not to.
On that topic, we are once again: the world’s first ICANN accredited registrar to accept Bitcoin Cash (and Ethereum, and BTC).
Just an honestly sincere remark on crypto payments. I would suggest ditching BCH in favour of LTC, Monero, and maybe IOTA or XRB. BCH is viewed fairly negatively in the crypto community, and since i like you guys so much i would hate to see any of that negativity spill over onto you for “promoting” BCH. LTC is the golden child of payment coins right now, so that would feel like an easy win for you. Monero is a bit of a gamble, but it would satisfy any customers you have that are not confortable with paying for services with crypto on a public ledger. IOTA and XRB are just easy wins since they have literally zero transaction fees. Anyways, congrats on being one of the few who have already adopted crypto payments, I just figured i would pass on my thoughts after reading this post.
Pat, you are not alone in voicing this opinion, so I wrote a quick, short blog about it here:
Max Entropy says
I have different thoughts on this topic…
1: Clearly, there are forces behind Bitcoin Core that represent the established corporate interests.
2: Clearly, Bitcoin fees and processing times are not acceptable
3: Clearly, Roger does not have the technical skills in-house or aligned his interests to – today – take on competing with Blockstream
4: Clearly, Proof of Work is not a long term solution… more could be said…
I like Roger… he is a decent person. My sense is that he needs to move Bitcoin Cash away from POW and may be to a HashGraph-like consensus algorithm. Sure, this will create problems for his miners, but we need a new technology to enable peer-to-peer.