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Author Topic: How to determine the price of a product in bitcoin  (Read 1962 times)
robelneo
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December 16, 2016, 12:44:21 PM
 #21

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.

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December 16, 2016, 01:13:51 PM
 #22

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.

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December 16, 2016, 01:14:34 PM
 #23

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.
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December 16, 2016, 01:59:46 PM
 #24

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?

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December 16, 2016, 02:09:12 PM
 #25

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?

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December 16, 2016, 02:14:13 PM
 #26

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.














 

 

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December 16, 2016, 02:23:29 PM
 #27

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

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December 16, 2016, 03:02:58 PM
 #28

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


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December 16, 2016, 03:21:00 PM
 #29

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.  Roll Eyes They have options where the first 30 tx's are free and then you are charged 1% tx fee. 

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December 16, 2016, 03:26:45 PM
 #30

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 Smiley

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 Wink

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December 16, 2016, 03:27:05 PM
 #31

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.

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December 16, 2016, 03:28:36 PM
 #32

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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December 16, 2016, 03:47:46 PM
 #33

Most business/services price their product in USD, so if users want to pay with bitcoin, they just check latest bitcoin price at their selected exchange and use the data to convert the product price in USD to BTC.
Third-party API such as BitPay and Coinbase can do it realtime so users and the business/services don't have to worry about price fluctuation at all.

Honestly, i think people already know the answer of OP's question if they really spend their bitcoin.

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December 16, 2016, 04:12:48 PM
 #34

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.

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December 16, 2016, 05:36:49 PM
 #35

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.

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December 16, 2016, 07:25:05 PM
 #36

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.


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December 16, 2016, 07:36:37 PM
 #37

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.

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December 16, 2016, 07:43:43 PM
 #38

That's the beauty about it, always have to be on top of what you sell.
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December 16, 2016, 11:39:52 PM
 #39

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.

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December 16, 2016, 11:45:44 PM
 #40

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.

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