If my service only accepts Bitcoin, will there be a lot of missed customers who only have non-Bitcoin crypto currencies?

1

I'm about to release a service which only takes payments in Bitcoin.

I'm wondering if this will impact me negatively in terms of not getting business from people who own other crypto currencies.

I don't reject the others out of ideological reasons, but for practical ones:

  1. My hard disks are already overflowing from the 335.8 GB Bitcoin blockchain.
  2. I barely trust Bitcoin Core to run on my computer -- I don't trust non-Bitcoin clients whatsoever.
  3. Even if I did have the storage space and the trust, I would have to learn the respective RPC APIs (assuming they exist) for each "altcoin" as well. It took me a very long time to grasp the Bitcoin Core API.
  4. Any kind of reliance on a third-party service is unthinkable due to KYC/AML BS, as well as the obvious risk with getting my money stolen if somebody else "holds them for me".

Is there any way around this? Is there some kind of mega-trusted "multi-coin" client which doesn't need to download the entire blockchains, yet is able to securely and locally handle multiple of the biggest altcoins, so that I could support those for payments?

Or would anyone who has altcoins also have Bitcoin? I get the feeling that they are very, very few, but perhaps they are also more likely to spend their coins compared to the stubborn "HOLDers" of the increasingly valuable Bitcoin?

I know myself that I'm very unwilling to part from any of my Bitcoin, especially as the price is increasing... It's just a fact for me, but I can't speak for others. I don't have any other crypto currencies myself, and the times I've looked into them, I've just been put off by their software. (In the cases where software even exists!)

Advice?

Gurinder

Posted 2020-12-19T07:54:59.210

Reputation: 11

Question was closed 2020-12-27T00:13:41.877

If you don't trust Bitcoin Core, I'm not sure what could possibly be worthy of your trust - especially if it needs to spread its review attention across support for multiple currencies. If the disk storage is an issue, run in pruned mode - it doesn't affect your ability to accept and verify transactions. (Disclosure: I'm a Bitcoin Core contributor). – Pieter Wuille – 2020-12-27T00:13:20.133

Answers

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If my service only accepts Bitcoin, will there be a lot of missed customers who only have non-Bitcoin crypto currencies?

It takes few seconds for exchanging altcoin to bitcoin or fiat to bitcoin if someone is really interested in paying for something and only holds altcoins.

Prayank

Posted 2020-12-19T07:54:59.210

Reputation: 2 423