Bitcoin Forum

Today i was selling some of my BTC to my friend and I we had a situation that I want some opinion on it . Now i sent him what worth of $100.20 ( at the time of transaction ) . But what he received was $99.70 ( at the time of received ) . Now my question is what value we should take here? The value at the moment i sent or the value at the moment he received ? I know that $0.50 is really nothing but me and my friend entered in to debate and I really wanted to know which value to use ! . because if a big delay happened and the price changed a lot with big a mount of money it gonna be a real problem .

You should take the price value before sending.

Imagine starting a contract to do something and being paid $100. However, at the end of the contract, the economy collapses and your $100 is suddenly worth $1. Should your contractor be responsible for paying you an additional fee? No, it is was what was agreed on in the first place.

Well,if he's sniveling like a kid over $0.50,dare you call him your friend.This situation could be easily solved with one simple common sense trick :
You both could have decided and agreed on a rate from a particular website before the trade was processed.
Like $100 at current preev rate that is 0.06 or whatever.  Next time fix on a rate that you both agree to.

 As I said  the $0.50 was not the real problem he was not crying over it  :D we just debated so i wanted a backup opinion from more experienced people  . And yes I totally agree with you guys it should be the value at the time of transaction .  I will give him a link to this thread just to backup my point of view . thanks

Hello!

It is the price agreed upon that should be binding, and not the price at the time of receipt. In other words, it is the value at the time of transaction that should be binding between or among the parties involved. This is in adherence to what the law provides to prevent undue deprivation of the owner or seller's Bitcoins. Also, the latter should not be made to answer for whatever economic realities that come by just because of a transaction delay that is beyond his control. This is, of course, presupposing that there is no contract made to the contrary stating that in case of delays, the value that should be binding is that of the value upon receipt.

I hope it helps.

Best regards!

This can be really a big issue when you are dealing with some newbie, i have also been in this debate with few new guys who were willing to buy bitcoin with me. These days I ask them to take the price when i send them, you are the seller so you should have some advantage.

Agreed, you should always do transactions based on BTC denominations and not their face value at x time whatsoever because it's always in motion and in bigger amounts the difference can be up to k's sometimes :)

Well that's actually a pretty interesting and somewhat important discussion right there. The logical thing imo is that he pays what it was worth at the time you sent the transaction. It's just like a contract, even if situations change you should pay the price you decided at the beginning of the contract.

I think you should take the value at the moment you sent.
Because the price may go far down by the time when receiver will get his bitcoin.

Bitcoin price changes every second & minute.

Take the average of the 2, that's what I would do. And next time you should agree on the price before conducting the transaction.

Stick with the value of the amount that has been sent and don't base on the amount that he received because if he is a good friend he can understand that the deducted value is common and that is fees and it is very normal to have a cut on the amount that has been sent, If you are selling bitcoins then stick with the first value and if he didn't pay you based on the first value then get back the bitcoin.

This is normal. Because the consequences of bitcoin delivery definitely require to pay the shipping fee.
The amount is a bit and you should be grateful because this is better than other payment media.

we can not say this or that, you should have reached an agreement before making the exchange with him.
I usually sell p2p too, but our agreement is that the buyer gives me a price and if I agree on it, I send the transaction to him with a proper amount of fee which can be confirmed within next couple of blocks and he sends me the amount we agreed upon.

thinking the way you do goes both ways, if he insisted on paying less ask him if he would have paid more if price went up like $120

Well, its very good to do for now. But, I would advise to buy bitcoin in large quantities. Although the current price can be said to be very high, but most likely the price of bitcoin will not stop rising until the price reaches more than $ 2000.

It is luck depending!  You can imagine a video campiagn where we are paid 0.01 ($15) BTC for a video review.
Obviously, a campign runnes many weeks and consider the price of 0.01 BTC goes $50 suddenly on the next day.
Now what would he do? Shall he pay his new participants less than 0.01 or  still what he paid before?

It's obvious you agreed on a fixed fiat price--or at least that's what it sounds like, and that's happened to me.  Rates are different across the exchanges,  and it obviously fluctuates anyway.  If you had agreed on a fixed bitcoin price, then there's no debate.

I think you should consider the price which was at the time of contact (acceptance of the offer). If you are selling 1 bitcoin to someone and offer him the current rate (suppose from preev.com) and that rate should be binding on both of you for specific time period (which should be determined at the time of making an offer).

Eg : I am offering bitcoins for sale at the current rate from preev.com ($1,855), this offer is valid for next 30 minutes.