Bitcoin Forum

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation. 

Yes price of bitcoin is volatile but usually the change in price within few minutes (time needed to get confirmation on transaction) is not much than 10$-20$ per bitcoin so this may not have significant effect on the amount receiver will receive in terms of fiat if you are not sending large amount of money.

Many merchants use bitpay like service to remain in safe side, they can select between receiving bitcoin in terms of fiat or bitcoin. And if they select to receive bitcoin in fiat, bitpay automatically exchange any bitcoin received by those merchant to fiat using market rate at the time of transaction.

Who told you that you could send Bitcoin in seconds? they were trolling you, however if by chance you broadcast a transaction 1 minute before a miner finds a block and if they include your tx yes you could call that fast but average time is between 10 up to 30 minutes depending on fee can get much longer.

If you could explain more about going down it'd be great, what do you think will suddenly go down?

Bitcoin maybe volatile but  I think it ios the demand that dictate the price of it. There maybe some whales doing something tin the background, but now when more countries joining the ranks of supporting it and accepting it as currency, more demand will be needed and it will propel the price of bitcoin to a higher value. With more demand grows, the higher the bitcoin may become.

Simple, make sure to send money that is a bit higher with his/her desired amount so that. Even if the price decreases, the money that the receiver needed will be reached. Or, another method you can do is, convert the Bitcoin first into fiat. Then send the money to the receiver. In this case, you can assure that the money you are sending will be sent constantly and will not be affected by the fluctuation of the price of Bitcoin.

You can't do anything about that. That's the nature of bitcoin. For me, its only good for investment rather than money transfer. I buy bitcoin only for long term investment. That's the problem of every cryptocurrency. The price depends on what's people's demands. This will determine its price. But dont worry. Bitcoin has the ability to bounce back from a crash. But it takes time.

Nothing can be done during such situations. Bitcoin price moves on its own based on the calculated adoption and the circulation happening within the entire cryptocurrency network. So for such emergency or requirement of fixed amount do try other means of cash transfer. Volatility is always found along with bitcoin and it's one of the attractive feature it has got.

If you want to avoid such situation,then you have to send your bitcoins with high transaction fee so that your transaction would be confirmed quickly.With higher transaction fee,your transaction would be confirmed within 30 minutes.

You can convert it to your fiat currency first so when the price move the money that you have send wont have a change of value
there are many online wallet provider that supports conversion BTC to fiat currency.
Im surprised that you can send and receive bitcoins in just minutes even there is an bitcoin scaling problem.

if you are sending coin that will be exchanged with fiat it's better if you send them directly to an exchange and don't waste time sending to his local wallet

still if the price will be down when you are still waiting for the first confirmation, you can't do much, that will always be a problem with bitcoin

even when bitcoin will be fully adoption, swings will occur, it's impossible for an asset like bitcoin to have perfect stability since it's not issue by a central autorithy

bitcoin price volatility is something that everyone is well aware of. this means you need to come up with some agreement before sending the amount, that goes for all the payments for example when you buy something from internet and they give you a bitcoin amount to pay.

and remember that good news is that price never stays this volatile forever, it will become more stable soon and these highly volatile periods last a short while.

Then send it from bitcoin to dollar or you could do it fast before it goes to a big change.
If you have a different currency that USD look for an exchange that best fits your money.
That way you wont feel any changes as long as it was already sent it wont even budge a little.
Or you could just provide a cash if he is really in a hurry to get it.

I'd ask you to stop bitcoining but since you're curious,that's how bitcoin works.Surprise ? The fluctuating price may benefit both the parties at different time intervals so at most of the times it's an mutual understanding between the traders.

Or less.And this seems like a feasible solution for the op except his next problem would be "Why do I have to pay such high fees ?This isn't what bitcoin is suppose to do".

If you send 10 USD to your friend and the btc price does down with 10% now,tomorrow it can increase with 25%
so there`s no problem.
Bitcoin isn`t as volatile as it was back in time.

I'm sorry to informed you but volatility is part of bitcoin ecosystem. But the price is bitcoin is more stable that before. Maybe you can try exchanges that converted bitcoin to your local currency so that the receiver will get the money as expected. But you also have to remember that if you want to get confirmation faster, you should increase the transaction fee so that your friend can receive the bitcoin in a matter of minutes. Goodluck to you.

Will he pay you back when Bitcoin rises, while he is hodling them?

To solve that problem i think you should talk and get an agreement that if you will send some bitcoin then your rates will be on bitcoin and not based on fiat because if you will always depend on the fiat rates then it will be a loss for you but if you will stick to bitcoin rate then you can save time and money at the same time.

Bitcoin in itself is not volatile, its the fiat equivalent that changes everytime. If you sent, let us say .05 bitcoin to your friend, he will receive it as it is. It is when your friend converts that bitcoin to fiat that makes the difference whether the price has increased or decreased over that period of time.

Yes, that's the main issue for the governments to recognise it. Raghuram Rajan, former governor of central bank of India has mentioned that we will have such currencies in the future but the price volatility is what makes it less effective when it comes to the storage of value.

There are some advantages and disadvantages of the bitcoin but I find it better than current fiat system in terms of a transaction of the value.

I dont think there is a coin that isnt volatile at the moment. The Ripple thread is a good laugh https://bitcointalk.org/index.php?topic=1381669.1140 These guys are adamit its going to the moon because banks are going to buy all of it, because we all know banks to buy crypto and buy a volatile coin such as ripple lol Banks are buying into the ripple protocol not the coin.

FIAT to a degree is fairly stable, coins are not at this stage. Bitcoin was heading to $2k but then a major dip :(

A little correction happening and such a topics coming out. It does not bother people when the volatility is upward it seems.

Volatility in my opinion does as much harm as the good towards the number of users. There are people that like the volatility which is a speculative money people. The people that does not like it are the those who are risk averse.

The balance in bitcoin users numbers are constant wheter its volatile or stable in price imho. Its usage is just different.

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

This situation happened to many Bitcoin senders many times before and it can happen again. Maybe what you can do is make a little allowance for volatility and make sure that the receiver is aware by the time you are sending the money so he/she can immediately confirm the transaction and can decide what to do with the digital currency.

I am hoping that soon there would be a company or program that can protect us from volatility by insuring what we are sending at a certain rate...this can be in a form of hedging.

Good idea but that also brings about the centralization we are all trying to avoid. To get a company to hedge our bitcoins i doubt is the best idea even though we all want to stop the volatility. A better solution in my opinion should come.

In as much as the volatility nature of bitcoin is discouraging some large entrants into the space, I still feel its one and another thing that is still attracting a lot of people into the space as well for people who prefer to use it as a commodity rather than a medium of exchange. Also, we need to know that bitcoin is till at a penetration stage where entrants are equally distorting the market structure of demand and supply which I hope the moment the entrants is being regulated or gotten to the point where the ratio is the same as those leaving then we can have stability until then nothing is happening on the contrary.

For some Bitcoin volatility is disadvantage and for others huge advantage, depends what you are doing with your coins. The traders live from it. But the fact is that volatility is the one of the issues that stoped Bitcoin to be more accepted at official financial market and more equal to fiat as a currency.

The value of a coin never stands still, it fluctuates constantly and never stops. It is the impact of the market, and it is also a way for traders to make a profit, but it is not easy, it requires them to be extremely accurate.

Transactions are handled immediately when the recipient uses the same type of wallet, and that causes many restrictions. If you use a web wallet, the amount sent to your address is immediately sent to their wallet. So, when you want to make a deposit, the time will be longer, you have to wait for them to make a payment from their purse. Very inconvenient.

The advantage of the price volatility is proportional also to its disadvantages. It may rise so high and it may fall so low. This might be the reason as to why cryptocurrencies also Bitcoon is hard to be accepted to some countries and the danger of it to lose its price anytime though in Bitcoin's case, since a lot of countries have accepted it also, users have less worries for Bitcoon just to lose its value when they wake up or gone down to like $4.

Having read the arguments for both and against volatility, it seems there is no end to this discussion but my point of view is that if there is need for the massive break-in bitcoin is waiting for, then there is need for a fairly stability in price. How do we want a big retail store like Amazon, Alibaba, Ebay to cost their goods where today a 25$ commodity could be say 0.015btc and tomorrow that same commodity could now 0.025btc with the complex infrastructure they run then its definitely going to be an herculean task.

This does not happen. It has never happened. The Bitcoin network isn't capable of transactions of such speed.

Bitcoin's price will keep increasing, always. Even if it dips short-term, it will go back up more than it was before.

That is because coins.ph online wallet you are talking about is using off-chain transaction functionality when sending coins to someone using the same wallet.
No bitcoin is moved on the blockchain. Status of your coins is only registered by internal wallet network, that is why transaction is instantaneous.
As far as I know many services use the same technology to transfer bitcoins e.g. Coinbase and Xapo

I do not have any defense for that since I never deposited any amount into my wallet. But for the sake of the discussion, I'll take an educated guess as my counter. I think that the transaction you speak of (deposit/cash in) will not take long as you anticipated. Coins.ph might have Bitcoin reserves in their possession since any user of the wallet can easily withdraw/cash out. The btc a user has will be sold to coins.ph as soon as they withdraw their btc to fiat. So basically, depositing an amount into the wallet is not that slow, as long as the depositing is confirmed (via 3rd party), the deposit will be a success.


As a matter of fact, yes. The servers of coins.ph will do all the hard work and all processes are done within its network. So the transaction is quite  instant.

I wish transactions would take minutes, but it is far away from reality, especially lately. I see two solutions here. The first one is that you can pay a huge transaction fee, so your money will be transfered very quickly. Another way, you can find some alternative cryptocurrency, which is stable at the moment and use it to transfer the money, but in this case, the other person would have to create the wallet for it. It might seem a bit complicated, but in return, you wouldn't have to spend extra money and wait too long.

Bitcoin volatility is one of the good features about it. because we cannot when will it drop or increase and that can be happen at any moment it can be a minutes or an hour, depending on the demand of the bitcoin users in the entire world. And in my experience in transfering bitcoin to another wallet or using it as payment it takes a minutes before it confirm or sometimes it takes an hour.