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Bullionado
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October 28, 2013, 10:36:00 AM
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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October 28, 2013, 03:29:15 PM
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It is definitely a hurdle/problem that will prevent massive adoptions. Obviously, young entrepeneurs or "new money" are more apt to accept Bitcoin but thats ok because we are the future. I must mention that a few months ago...we saw the stabilize at $110-$120 and this was a comfort & I was more apt to purchase goods. I believe the more we see adoption of the currency not only will the demand go up but also the markets will stabilize. Cheers...

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October 28, 2013, 06:16:16 PM
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The simple solution is to adjust the price depending on the exchange rate and to convert the BTC to the local currency as soon as it is received.

The ultimate solution is for the customer to pay in local currency through a service that automatically converts and sends the amount in bitcoins, and then the merchant receives the bitcoins, which are automatically converted back to their local currency. This is Bitcoin's "killer app".

People have forgotten that Bitcoin is a payment system (with its own currency) because their perspectives are clouded by greed.

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October 28, 2013, 06:27:58 PM
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The simple solution is to adjust the price depending on the exchange rate and to convert the BTC to the local currency as soon as it is received.

The ultimate solution is for the customer to pay in local currency through a service that automatically converts and sends the amount in bitcoins, and then the merchant receives the bitcoins, which are automatically converted back to their local currency. This is Bitcoin's "killer app".

People have forgotten that Bitcoin is a payment system (with its own currency) because their perspectives are clouded by greed.



Im not sure it is best approach, the fees associated with exchange must be killer. Consider if you would do the same if you had online shop with USD prices, but tried to convert it right away to your local currency and paying exchange fees. Wouldnt be better for example pay hosting with USD directly as well as other expences ?

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October 28, 2013, 07:04:23 PM
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One method of mitigation is that offered by bitcoin merchants: USD accounts. Client goes to shop, you set prices in USD, client pays with BTC at current rate, BTC converts to USD in your merchant account, you hold USD.

So the risk is between the client payment and payment confirmation window. Since Bitcoin is actually increasing in price by about 1% a day, most trades will actually give you more USD than expected.

Should you want a BTC merchant account, holding the BTC until needed for other purposes will also offer an overall growth of value, with one small issue, people will snipe your products when the BTC increases in value, so you obtain less BTC than expected.
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October 28, 2013, 11:47:58 PM
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The simple solution is to adjust the price depending on the exchange rate and to convert the BTC to the local currency as soon as it is received.

The ultimate solution is for the customer to pay in local currency through a service that automatically converts and sends the amount in bitcoins, and then the merchant receives the bitcoins, which are automatically converted back to their local currency. This is Bitcoin's "killer app".

People have forgotten that Bitcoin is a payment system (with its own currency) because their perspectives are clouded by greed.



Im not sure it is best approach, the fees associated with exchange must be killer. Consider if you would do the same if you had online shop with USD prices, but tried to convert it right away to your local currency and paying exchange fees. Wouldnt be better for example pay hosting with USD directly as well as other expences ?

Exchange fees are cheap. You could do it yourself on Bitstamp for 0.2% or let Coinbase handle it for 1%. Even at 1%, Coinbase is much cheaper than credit card fees.

Buy bitcoins with cash from somebody near you: LocalBitcoins
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