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Author Topic: How to determine the price of a product in bitcoin  (Read 1966 times)
Wandering Soul~
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December 15, 2016, 03:33:27 PM
 #1

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 15, 2016, 03:50:31 PM
 #2

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

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December 15, 2016, 03:57:32 PM
 #3

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

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December 15, 2016, 04:34:09 PM
 #4

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.

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December 15, 2016, 04:58:51 PM
 #5

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.
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December 15, 2016, 05:13:27 PM
 #6

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.
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December 15, 2016, 05:37:21 PM
 #7

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.

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December 15, 2016, 05:51:57 PM
 #8

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.

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December 15, 2016, 07:29:53 PM
 #9

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.

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December 16, 2016, 12:35:35 AM
 #10

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.

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December 16, 2016, 06:15:09 AM
 #11

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.
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December 16, 2016, 06:51:01 AM
 #12

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.

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December 16, 2016, 07:34:38 AM
 #13

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   
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December 16, 2016, 08:46:45 AM
 #14

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.

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December 16, 2016, 09:03:58 AM
 #15

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 Sad
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.

Goodbye bitcoin!
hubballi
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December 16, 2016, 09:09:18 AM
 #16

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 Sad
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

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December 16, 2016, 09:57:20 AM
 #17

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 Sad
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.

Goodbye bitcoin!
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December 16, 2016, 10:45:58 AM
 #18

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.

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CyberKuro
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December 16, 2016, 10:50:46 AM
 #19

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.
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December 16, 2016, 10:55:30 AM
 #20

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.

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