[kwlug-disc] Accepting bitcoin (and other cryptos) as a Canadian business

[Scott Frederick]

On 24/10/2017 05:43 PM, Khalid Baheyeldin wrote:
> There are also other technical and practical concerns for accepting
> Bitcoin, besides tax implications.
>
> Two are: delayed verification of payment, and high transaction fees.
I think that these objections are often exagerated. Blocks are mined on 
average every 10 minutes. For small amounts I consider 1 block to be a 
confirmed transaction. Double spends after more than 2 blocks, although 
theoretically possible, would be very costly to carry out.

Fees can be set by the spender. If there is network congestion, fees 
will trend higher, but if there is no need for urgency, paying a bill 
for instance, a low fee will still confirm iin a reasonable time. I have 
had confirmed transactions in a couple of minutes for about $0.80 recently.

Compare to the speed and costs of a bank wire. At least $30 in fees, and 
sometimes intermediate banks will add their own fees (which you will not 
know about untill the transaction is initiated) and probably one, and 
probably 2 or 3 business days. Credit cards involve fees to the merchant 
of several percent.