How to determine the price of a product in bitcoin

[Wandering Soul~]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

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[susila_bai]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

It is upto you to change according to btc price fluctuation on you can fix some price for your product , because if you are going to implement it in your online portal then i think you have to add some program to change the price daily or every hour according to the exchange so that you should not be in problem and who ever is purchasing should also not get problem in deal

[SyGambler]

if you want to sell with the USD rate then there are some services that can help you
for example I know a site called coinpayments and some merchants use this site when they are offering some products in fiat but in the same time they accept cryptocurrency

I'm sure there are even more such services , so it's not a big deal

[Red-Apple]

since everything is priced in fiat like USD then any goods that are sold with bitcoin are also priced in USD too, what businesses do is two things.
- they either use their own system of pricing their items which is mostly taking the price from some API for example you can use an exchange API to get the price and then programmatically change it to bitcoin
- or they use a third party for that like bitpay which does all this in the background and take the bitcoin and pay the money to the merchant.

[mobnepal]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Most of the online store or merchants use third party payment gateway like bitpay to accept bitcoin which will be converted instantly into USD so that they will not loss due to price volatility of bitcoin.

Those payment gateway also provide simple api/merchant tool which will automatically calculate bitcoin according to price of the product, so actually amount of bitcoin to be sent will change according to market price of bitcoin.

[avatar_kiyoshi]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

It's can be easy using USD price rate for pricing the product, bitcoin to pay from the customer use real-time pricing, means the amount of bitcoin you earn is not same in time frame, it's complicated for seller, but it can help with customer and your pricing product. This way is if you use manual payment.

If you want an easy way there's 3rd party which provide a merchant tools for bitcoin payment gateway, like bitpay.

[n0ne]

Price variation doesn't matter. No need of making difference in the price based upon the price fluctuations of the bitcoin. Only users who expect and like to purchase products with bitcoin will use it. So price variation won't be a big issue.

[piloder]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Better idea is not to price anything on bitcoin rather try to convert price of item into amount of bitcoin at the time of purchase. This is not a big deal, most of the sites don't priced any items on bitcoin they will just display price in terms of amount of bitcoin which keep changing everytime you visit those stores.

[darkangel11]

Things are worth as much as people want to pay. Supply and demand is the answer. If you attach a price tag to an item and nobody decides to buy, the price is obviously too high.
Shop owners calculate prices this way every day and it's the same everywhere in the world.

[shinratensei_]

So you can pair the stuff in the dollar and try for converting it into the btc value. And if someone wanna buy it through the Bitcoin price and the buyer will pay in bitcoin with the similar price in dollar.

You have a stuff and put $5 for the price and in the next day, someone wanna buy your stuff and the buyer will pay it with bitcoin and the customer will pay $5 but equal to bitcoin value.

[bitbob82]

Price variation doesn't matter. No need of making difference in the price based upon the price fluctuations of the bitcoin. Only users who expect and like to purchase products with bitcoin will use it. So price variation won't be a big issue.

the price may be comparing with fiat currency and when the price of bitcoin change the price of the product will  be adjusted according to the variation in the price of bitcoin.

[davis196]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Every btc payment processor can update the current btc price into USD so there`s no need

for you to manually change the price of a product.

If the prooduct costs $1 in btc,the customer will pay $1 in btc and it`s doesn`t matter if the current btc

price is $500 or $800.

[sportis]

I can't understand what is the problem with online shops; This process is doing automatically. If the price of bitcoin changes during the time buyer order it since to pay it I believe that is not fair that changes. The buyer pays with the price he accepts in the checkout process even though there is as option to pay on delivery   

[deadsilent]

You shoulld base your price for what the bitcoin market is released. Bitcoin's price is very volatile. You cant just price your goods with a fixed price. You may get a very big loss if you do that. You should be alert for any updates. For less hassle. You can use a middle man which will convert your btc to cash. Remember to put an additional fees. Better if you level your price of your goods just like on cash.

[400actforsale]

If I'm going to do this, I'll:

1. Go to https://bitcoinaverage.com/ and get the current price ($784.19 as of the time I'm typing this line)
2. Calculate the bitcoin amount of the USD amount you wanted to sell the item for (e.g. in my this thread, it is $1.20 = BTC0.00153024 as the price above)
3. Mark up it for 5-10% to a rounded amount (in that case, BTC0.0016). This is needed unfortunately due to the volatility of the market
4. Sell the product!

---OR---

1. Sell the item for '$X in bitcoins' and mention which site to reference the bitcoin price
2. After you found a buyer, go to that site and get the latest price at that moment
3. Calculate the equivalent BTC amount. No need (and don't!) mark up the price this time.
4. Success!

Unfortunately if the bitcoin price crashed more than 10% in a day (though unlikely but had actually happened), you will get a loss. You may want to keep the bitcoins as an investment for a hope that they will rise again.

[hubballi]

If I'm going to do this, I'll:

1. Go to https://bitcoinaverage.com/ and get the current price ($784.19 as of the time I'm typing this line)
2. Calculate the bitcoin amount of the USD amount you wanted to sell the item for (e.g. in my this thread, it is $1.20 = BTC0.00153024 as the price above)
3. Mark up it for 5-10% to a rounded amount (in that case, BTC0.0016). This is needed unfortunately due to the volatility of the market
4. Sell the product!

---OR---

1. Sell the item for '$X in bitcoins' and mention which site to reference the bitcoin price
2. After you found a buyer, go to that site and get the latest price at that moment
3. Calculate the equivalent BTC amount. No need (and don't!) mark up the price this time.
4. Success!

Unfortunately if the bitcoin price crashed more than 10% in a day (though unlikely but had actually happened), you will get a loss. You may want to keep the bitcoins as an investment for a hope that they will rise again.

Your calculation and idea is good but i think he can implement a software where it will calculate the price from the site and update it in every hour in his site so that nor he or the purchaser gets loss in the deal. If Op is going to deal the product sale manually then he can do it when ever a purchaser enquirers about the product and OP can give the current price according to the bitcoin market price

[400actforsale]

If I'm going to do this, I'll:

1. Go to https://bitcoinaverage.com/ and get the current price ($784.19 as of the time I'm typing this line)
2. Calculate the bitcoin amount of the USD amount you wanted to sell the item for (e.g. in my this thread, it is $1.20 = BTC0.00153024 as the price above)
3. Mark up it for 5-10% to a rounded amount (in that case, BTC0.0016). This is needed unfortunately due to the volatility of the market
4. Sell the product!

---OR---

1. Sell the item for '$X in bitcoins' and mention which site to reference the bitcoin price
2. After you found a buyer, go to that site and get the latest price at that moment
3. Calculate the equivalent BTC amount. No need (and don't!) mark up the price this time.
4. Success!

Unfortunately if the bitcoin price crashed more than 10% in a day (though unlikely but had actually happened), you will get a loss. You may want to keep the bitcoins as an investment for a hope that they will rise again.

Your calculation and idea is good but i think he can implement a software where it will calculate the price from the site and update it in every hour in his site so that nor he or the purchaser gets loss in the deal. If Op is going to deal the product sale manually then he can do it when ever a purchaser enquirers about the product and OP can give the current price according to the bitcoin market price

Yes the price needed to update regularly. But if OP don't want the price in BTC being changed many times during the sale, a markup is needed.

[bitbunnny]

I think yes, update is necessary. The best thing is to define the price of some product in fiat money firts and then convert it to Bitcoin price. But if Bitcoin price goes up or down there is no sense to keep the price the same because then your product could be too expensive or too cheap. But I saw many examples where selleres define the price in Bitcoin and that sum remains the same all the time because they don't estimate how much is the product worth in fiat, they just want to get certain amount of Bitcoins for it.

[CyberKuro]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

There is no problem if online shop sells products in bitcoin as the price based on market prices in fiat money.
Since bitcoin price not stable yet, so every price of goods automatically fluctuate according to bitcoin exchange rate to fiat money because we use fiat in daily expenses.
What problem is if you sells goods at conventional stores (offline), the price can't instantly change following bitcoin value except you tag the price in fiat money and could pay it in bitcoin or fiat.

[FaucetRank.com]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Most online shopping (those accept Bitcoin) have their product price listed in USD accept Bitcoin as alternative payment so when some buy from such site the Bitcoin quantity automatically adjusted according current price of Bitcoin.

[robelneo]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

That goes with using Bitcoin,it's an advantage and disadvanatage to both buyer and seller but seller need to adjust the price to attract more buyers,bitcoin is now rising and the price of what you are selling could double if you are not watching the price.

[ethereumhunter]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

i think i don't know how we can price it in fiat, maybe they use market exchanger for the rate of the product they sold because for the example, if i want to buy prepaid card, the price is in fiat but there is an option to change with bitcoin, and if i see on market exchanger, the rate is have small difference than the online shop, and i think its because they need to make profit even for just small profit.

[n2004al]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.

[clickerz]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.

That is very possible to do but at what percentage you can mark up to follow the price of bitcoin fluctuations? Or maybe you can take the average bitcoin value plus 20% plus markup? or even higher?

[Bananana]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.

That is very possible to do but at what percentage you can mark up to follow the price of bitcoin fluctuations? Or maybe you can take the average bitcoin value plus 20% plus markup? or even higher?

To encourage customer use bitcoin, I suggest giving some discount (1-5%) instead of 20% markup.

In order to avoid people abusing the price fluctuation its better to have a system where you can price the BTC real time. I think paypal and some other BTC payment portal can do that right?

[YuginKadoya]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

If the Value of Bitcoin Versus Fiat Currency change or move, the BTC price would still be the same but the value will definitely increase and there are currency converter that I am using to check the value of bitcoin and there are sites that monitor bitcoin movement you can surely know the value of bitcoin every time it changes.

[deisik]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

First of all, you should distinguish between price and value

The major difference between the two is that the price of Bitcoin may change even if the value of Bitcoin remains the same. This happens when, for example, the currency in which Bitcoin is priced changes its value itself. Further, if your accounting is done in some other currency than the US dollar, you should obviously use the Bitcoin prices denominated in your local currency, since it will be your base currency in which you will pay taxes and wages, a reference point of sorts. Consequently, you should price the goods you sell with the reference to that currency, and change the price accordingly. Many sellers which work with foreign currencies often increase the trade margins so as to avoid changing the price too often and not be subject to sudden changes in exchange rates

[xuan87]

that is one of the problem with bitcoin, some local shop hesitate to adapt bitcoin because the price is unstable especially with the shop that has small profit item like small store, supermarket, it is too much work if they need to change the price everyday, and if the price suddenly go down then the shop wont earn any profit, if the price up, people will choose to buy in another place

[Kprawn]

Third party payment processors offers merchants the option to say how much of the btc it receive are being converted to fiat. If they do not

want to use btc, they simply convert everything into fiat. These services charge a fee on top of the normal fees being charged, so you just

have to work that into your pricing structure.  They have options where the first 30 tx's are free and then you are charged 1% tx fee. 

[teddy5145]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

That online shop could sell their items in USD and then convert it to BTC in real time updates via usd to btc converter such as Preev.com
This way, even if the price did change the money that the shop receive in USD is still almost the same

or use Bitpay, they will automate the process of converting the currency, the owner of the shop just need to set it up and everything will be good

[milewilda]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

If you are building a business regarding on having bitcoin payments or prices then its quiet a bit of hassle.You could do both options ex. setting the exact amount of bitcoin on exact dollar price that you would like to put the risk of having profit or negative is always there thats why make some allowances ahead on profit but dont put too much since it would be already expensive just put up a competitive price.Actually i cant illustrate furthermore because i dont have any intentions to have business out of bitcoin because of fluctuations.

[Spandam]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Use preev.com

[erikalui]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

You can use a bitcoin widget code, something like this: https://code.tutsplus.com/tutorials/adding-bitcoin-payment-processing-to-your-website--net-33098

You don't need to set the price in BTC but have a price in USD or your local currency that's stable and the code will convert the amount into BTC and the user can then buy the specified product from your website. You would need to exchange it then via the bitcoin exchange websites to earn fiat.

[virasog]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

How about pricing it in dollars or in native currency and then at the point of paying the bill, accept to take payment in bitcoin at the rate of Bitcoin/USD at that very moment. There are facilities which the business can use to immediately convert the bitcoin back to dollars or native currencies.

[Shenzou]

For many online shops that sell their products for real money and accept bitcoin as a mean of payment usually ask you to pay the product's price in us or euro in bitcoin, but the ones that are made specifically so that you must pay in bitcoin use this method just to make a huge profit out of it . and they set their own price for the product.

[Harlot]

From my uderstanding Bitcoin is the one who needs to adjust its price. For example you will be buying shoes worth 220$ as of the moment it is .28 Btc but it can go as low as .25 Btc  or it can go as high as .33. It really depends on when you buy it because shops won't let you take advantage about the value of Bitcoin because they will be the one who will lose.

[bitcointalk]

That's the beauty about it, always have to be on top of what you sell.

[nara1892]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Most of the online store or merchants use third party payment gateway like bitpay to accept bitcoin which will be converted instantly into USD so that they will not loss due to price volatility of bitcoin.

Those payment gateway also provide simple api/merchant tool which will automatically calculate bitcoin according to price of the product, so actually amount of bitcoin to be sent will change according to market price of bitcoin.

so it is good to use the third party service to avoid loss money because of unstable price of bitcoin.

but if you do not want to use the service, you can go yourself updating the price of your stuff. it would need you to stay in front of your computer in almost all hours of your day.

the other option is you can keep the price even bitcoin price changes.

[Skarner21]

I think shops online are updated and they are always relaying in usd and not in bitcoin no matter if the price was increase or not.
No changes in the price in any product or shop items. we know value of bitcoin is always changing.. so i think it is just a normal they are still relaying in usd.

[Positid]

Definitely they have a system that determine the price conversion, but if you are in double use preev.com and look for your currency and bitcoin conversion, it would be easier.

[MFahad]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Well, for my recommendation OP better not  really on making a fix amount of payment on bitcoin because it truly rises up and you do not know it may decreases too.

[RealEstCoin]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.

[noictib]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

No , But with the change in the price of Bitcoin you need to change the price of products in your shop .
Simply arrange the price of your product in doller . You should always put the price such that , at per product you will make atleast $0.5 .
Every time you needs to set your own rate for the Bitcoin and product to sell it ( don't leave any calculator for your customers , because this will result into confusion for them with fluctuations of price ) .

[ufaiz50]

better value is the same or more than the value of fiat, use trading system we should get profit, in the online store wearing usd to determine items price?

[royalfestus]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Most of the online store or merchants use third party payment gateway like bitpay to accept bitcoin which will be converted instantly into USD so that they will not loss due to price volatility of bitcoin.

Those payment gateway also provide simple api/merchant tool which will automatically calculate bitcoin according to price of the product, so actually amount of bitcoin to be sent will change according to market price of bitcoin.

Losing the value is what am looking for as the challenge of the transaction in a very unstable state of bitcoin. Put a price on it before you make the transaction and most bitcoin transaction are always cheaper  than the actual value

[harrymmmm]

There is a right way to do this:

If you buy/make a product that requires you to buy some prerequisites (where the supplier determins the currency you must use), the cost in currency XXX of the final item is just the total of the components (incl. labor and profit etc) in XXX.
Say you make something for sale that requires you to buy a bunch of stuff in different currencies (usd, btc, cad maybe?). Call these currency types CCI; let vi be the amount of currency CCI you needed. Total cost in currency XXX is then v1*CC1XXX + v2*CC2XXX + ... where CCIXXX is the exchange rate from 1 unit of CCI to XXX (e.g. BTCUSD the usd price of a bitcoin).

So, back to OP: To get your cost in BTC, you'd substitute BTC for the XXX in the above, add some profit and advertise that btc result as the sale price. Ditto for a price you wanted to denominate in USD, CAD, EUR etc.

[BitFinnese]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.

I agree on this, putting the value of the item in fiat will guarantee that  you won't get bankrupt or overcharge due to Bitcoin price change,  After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange. 

[MMA]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.

I agree on this, putting the value of the item in fiat will guarantee that  you won't get bankrupt or overcharge due to Bitcoin price change,  After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange. 

yes i think that is the only solution to compare the product of the object with with USD and then it will be easy to buy or sell an object in bitcoin, as you have only to convert it into USD to determine the amount of bitcoin for buying that object.

[Yakamoto]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

You can start to price thing in BTC once everyone uses BTC and there is no need to convert your BTC to fiat at any point to pay for something you might need.

If the store owner can buy the product from the supplier with BTC, and that supplier can buy materials with BTC, and those suppliers can pay for their food, housing, utilities, etc., using Bitcoin, then you can start to price things in Bitcoin.

Essentially an entire financial system overhaul.

[HaXX0R1337]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

The most common practice is to valuate the product and its denomination currency in terms of dollars and since bitcoin has high volatility we should follow that rule only to avoid taking a huge risk. 

[BlockEye]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.

I agree on this, putting the value of the item in fiat will guarantee that  you won't get bankrupt or overcharge due to Bitcoin price change,  After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange. 

yes i think that is the only solution to compare the product of the object with with USD and then it will be easy to buy or sell an object in bitcoin, as you have only to convert it into USD to determine the amount of bitcoin for buying that object.

Exactly it is the only way to price any items. Any shops will just do it since the buyers know really through Google the value of some items. If it will be based in the increase of btc . The amount of the item can be doubled as its value that no one will buy it. So there's no other option but just use the USD or their country's currency then convert in btc.

[GreenLighter]

Fiat/BTC Price, convert to fiat instantly. Then price doesn't matter

[Xester]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

You don't need to constantly change the price. The best thing to do is set a price in fiat currency so it won't fluctuate much. Then if somebody bought your goods then he should send bitcoin that is equivalent to the price of the items. For example you are selling an apple for 2 $ each then the client will pay 2$ worth of bitcoin.

[thejaytiesto]

You could argue that the logical thing to do is to peg the product price to the price in fiat (in a fiat like the US or EUR that are pretty much the same over time) but then, what is your end game if you want to replace fiat with bitcoin? because if you want to replace fiat with bitcoin, you couldn't do this.

[salmanahmedone]

We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?

Better make it into dollar and make a payment method using bitcoin that would be great for you and and the buyer and the price of your item will have fix price no matter how much bitcoin rises and low price now.

[ASHLIUSZ]

As price of bitcoin experiences volatility, its better to determine the price in relation to USD or other currency that's been accepted as payment. Without calibrating it making a product to be sold is really hard even if the marketing strategies were good. Once after comparing only people prefer whether to go with bitcoin or fiat.