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Author Topic: How to determine the price of a product in bitcoin  (Read 1966 times)
Positid
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December 17, 2016, 02:11:49 AM
 #41

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.

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December 17, 2016, 06:07:13 PM
 #42

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.

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December 18, 2016, 01:10:41 AM
 #43

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.

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December 18, 2016, 01:37:24 AM
 #44

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 ) .

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December 18, 2016, 01:47:41 AM
 #45

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?

           
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December 18, 2016, 02:12:59 PM
 #46

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

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December 18, 2016, 03:17:05 PM
 #47

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.
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December 18, 2016, 03:24:23 PM
 #48

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. 
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December 18, 2016, 06:27:42 PM
 #49

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.

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December 18, 2016, 10:57:26 PM
 #50

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.
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December 18, 2016, 11:22:09 PM
 #51

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. 


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December 18, 2016, 11:33:47 PM
 #52

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.

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December 19, 2016, 05:12:57 AM
 #53

Fiat/BTC Price, convert to fiat instantly. Then price doesn't matter
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December 19, 2016, 10:58:57 AM
 #54

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.

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December 19, 2016, 02:49:57 PM
 #55

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.
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December 24, 2016, 02:13:55 PM
 #56


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.


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January 21, 2017, 07:48:11 AM
 #57

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.

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