How does a merchant / economy use a currency that jumps from 266 to 105 and back

[Coincrazy]

I am interested in bitcoin as a currency

I am really amazed by the lack of counter party and the technology

But how does any normal person say a merchant use a currency that jumps from 200 to 266 and then goes down to 105 and then goes back ip to 166 or so all in about  36 hours ?

If I sold bread or milk or eggs or cheese or nuts how many bit coins  will I take for a particlar sale in a day ? how will i mark my loaf of bread or a gallon of milk or pound  of butter ?

Will bitcoin be killed by the speculation than the government




Regards

[1715068100]

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[Stampbit]

simple answer: it doesnt.

[justusranvier]

They use a payment processor that handles that risk for them.

[Coincrazy]

simple answer: it doesnt.

So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?

[shibaji]

simple answer: it doesnt.

So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?

Likely, and most definitely until it has large enough user base who can stabilize supply/demand.

[Stampbit]

simple answer: it doesnt.

So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?

basically. its a fault of its design, theres nothing that can be done.

[Coincrazy]

simple answer: it doesnt.

So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?

Likely, and most definitely until it has large enough user base who can stabilize supply/demand.

And a large user base on limited supply almost always means the price will go up to the stratosphere and keep going up Meaning economically very difficult to stabilize

[Coincrazy]

They use a payment processor that handles that risk for them.

Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?

Or

[Stampbit]

They use a payment processor that handles that risk for them.

Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?

Or

payment processors like bitpay handles the exchange process, so they take the coins your customer sends to you then cashes them out themselves and wires the money to your account. They incur some level of risk during this process, so how they manage to stay in business given recent events i dont know.

[justusranvier]

They use a payment processor that handles that risk for them.

Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?

Or

https://bitpay.com/bitcoin-direct-deposit

Reducing volatility for merchants is a solved problem. I don't know exactly what BitPay's trading strategy is, but whatever they are doing is working.

[zeroday]

Now bitcoin is more commodity than currency. Probably it's not yet very convenient for micro transactions. it's more comparable to gold.

When the process of adoption completes, its value will become more stable and we can start using it as currency.

[Stampbit]

They use a payment processor that handles that risk for them.

Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?

Or

https://bitpay.com/bitcoin-direct-deposit

Reducing volatility for merchants is a solved problem. I don't know exactly what BitPay's trading strategy is, but whatever they are doing is working.

your quoting company propaganda for truth? how would they know what a shadowy darknet site is making?

[nebulus]

It will balance out...

[pretendo]

Peg prices to USD? I thought this was obvious

[Stampbit]

Peg prices to USD? I thought this was obvious

 

[Elwar]

I pay for my web hosting site with Bitcoins.

Every month I go to their site, whatever the price is at that moment, I pay it.

Whether you as a consumer wish to hold dollars and switch in and out of Bitcoin for convenience sake or you are like me and have switched completely over to bitcoins, that is up to you.

[dmartig]

take a vacation in zimbabwe. as far as i know it is the only currency with an expiration date.
the inflation was so bad the price of an item would go up 3 times in 15 minutes.
velocity was a real problem

[ManBearPig]

The payment processor uses the weighted average.

[Coincrazy]

Peg prices to USD? I thought this was obvious

you are joking ...aren't you ?

My question is serious though ....

#I'm_Asking_to_learn_not_to_offend

[Zedster]

I think you need to step back and relax.  BTC is not going to happen overnight, been 4 years so far.  It is just now becoming known to more than just the techno geek.  There is going to growing pains for at least 1-2 years more would be my very uneducated guess.

Go you to your local mall, for example, and ask 100 people what a Bitcoin is.  I am guessing maybe 5 will know. 10 if you live in Silicon Valley.   Until that changes and the rates stabilize it will be very hard to be used as a currency.  But this is fine as many more mechanisms need to but put in place in the meantime anyway.

Basically for a while, if you can't take the the heat, best to stay out of the kitchen and let this thing run it's course.  No one knew how what to do with the internet back in the 90s and it had actually already been around for decades.