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Author Topic: How much is Bitcoin's value when I buy a product?  (Read 105 times)
federik95
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February 12, 2019, 06:27:42 PM
 #1

Hi, how is the way to define Bitcoin value when I bought or sell a product?

Are there a relation between Bitcoin and Fiat currency?

Is a possible solution define product's value of BTC in the moment that happen purchase or sell?


I hope my question is understable.

Thanks


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February 12, 2019, 09:35:59 PM
 #2

What fiat currency do you want to relate the BTC value to?
For USD there are so many tools
A. https://www.coindesk.com/calculator
B. https://tools.bitcoin.com/price-converter/
C. https://www.ccn.com/bitcoin-calculator
D. https://coinmarketcap.com/converter/btc/usd/

Just put in the value of the item in BTC and you will see it's approximate value(1) in USD in real time



(1) Approximate value because various exchanges have slightly different bitcoin prices at any given time. But this should be a very small difference.

federik95
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February 12, 2019, 09:49:28 PM
 #3

I know how calcolate Bitcoin’s value in my currency (EUR)

My question is about to find a right prices when I buy or sell.

Example:

If I want to buy a TV and pay with Bitcoin
That TV cost € 100.
What’s BTC price?

At now BTC price is € 3100, the TV cost is: 0,03... BTC

If in the next two hours BTC value goes up of € 1000 ( € 4100) the TV cost will be: 0,024 BTC

So, price of a products that I want buy or sell depends at the time (seconds, minutes, Hours)?



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February 12, 2019, 10:34:11 PM
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So, price of a products that I want buy or sell depends at the time (seconds, minutes, Hours)?

Yes, The price will depend on the time you buy/sell in terms of bitcoin but will remain constant in USD or EUR.

If the TV is 1000 USD, and right now BTC is 4000 USD... the price of TV  will be 0.25 BTC in Bitcoin value.
If you wake up tomorrow and the bitcoin price has risen to 10,000 USD, The price of the TV will then change to 0.1 BTC( this is equal to 1000 USD at that time and that is how much you will pay at that time and not 0.25 BTC)

I hope I understood your question.

greenlanternlight01
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February 12, 2019, 11:58:51 PM
 #5

I depends on the time that you see the item, because as we all know there is some volatility in the price. But most retailers have a fixed price. Se even if the price of the btc is going up or down that day the price will be fixed (obviously most of the time in their favor)

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February 13, 2019, 12:35:04 AM
 #6

I know how calcolate Bitcoin’s value in my currency (EUR)

My question is about to find a right prices when I buy or sell.

Example:

If I want to buy a TV and pay with Bitcoin
That TV cost € 100.
What’s BTC price?

At now BTC price is € 3100, the TV cost is: 0,03... BTC

If in the next two hours BTC value goes up of € 1000 ( € 4100) the TV cost will be: 0,024 BTC

So, price of a products that I want buy or sell depends at the time (seconds, minutes, Hours)?

The price is determined by market price, and it changes all the time. You can take a look at bitcoin exchanges, or use one of several online calculators.

The price fluctuates in real time by people buying and selling in the world, 24/7.

How you ever needed to buy or sell US dollars? How can you tell the price in Euros? Same thing...

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February 13, 2019, 01:17:34 AM
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 #7

So, price of a products that I want buy or sell depends at the time (seconds, minutes, Hours)?

Most people buying with BTC will be using a payment processor like Bitpay. They will set the rate you pay, not the market, though it will be close to the market price.

They fix the exchange rate for fifteen minutes. They tell you how much BTC you're paying on the screen with the QR code.

If you intend to sell Bitcoin via an exchange, withdraw to a bank and pay with your normal debit card then the price is fixed the moment you sell the BTC. Depending on where you are it might take a couple of minutes or several days to get money back from an exchange but the exchange rate is fixed the moment you sell.

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February 13, 2019, 04:01:51 AM
 #8

*snip*

The price is determined by market price, and it changes all the time. You can take a look at bitcoin exchanges, or use one of several online calculators.

The price fluctuates in real time by people buying and selling in the world, 24/7.

How you ever needed to buy or sell US dollars? How can you tell the price in Euros? Same thing...

Just to add to this: If you were to buy a certain product from a merchant, especially online, chances are, they're using services like BitPay for them to receive automatically convert the bitcoin to cash. They simply let you scan a QR code with the amount of BTC you need to send. The exact value of the BTC in USD/EUR you need to send completely depends on the mediator(BitPay, etc), as they add sort of fees or charges for them to earn a small percentage. You can check the price of bitcoin on coinmarketcap or on exchanges, but it won't be exact because of the fees. You're always going to pay a bit of extra.

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February 13, 2019, 06:41:11 AM
 #9

I purchased a game with BTC and  I click "Pay" with BTC, Every click a new address is generated and  amount you need to pay. Generally merchant are charging more if you pay in BTC. I guess if you able to pay in fiat then pay in fiat (to avoid giving them more money in BTC).

Calculating using https://coinmarketcap.com price will give you a good estimate whether you should use BTC/crypto as payment or not.

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federik95
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February 13, 2019, 08:47:06 AM
 #10

Thanks for your replies.

So, there're to ways:
- Price market at the moment of transaction (buy/sell)
- Fixed price (with a timing of duration)

I purchased a game with BTC and  I click "Pay" with BTC, Every click a new address is generated and  amount you need to pay. Generally merchant are charging more if you pay in BTC. I guess if you able to pay in fiat then pay in fiat (to avoid giving them more money in BTC).

Calculating using https://coinmarketcap.com price will give you a good estimate whether you should use BTC/crypto as payment or not.

I quote this reply because about this I can think that pay in Bitcoin is not worth.
Why I should pay in Bitcoin if price is so volatility?

Bitcoin is or will be worth payment for common people ?


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February 13, 2019, 09:17:01 AM
 #11

If I want to buy a TV and pay with Bitcoin
That TV cost € 100.
What’s BTC price?
The volatility of the price makes it inappropriate to accept Bitcoin mainly for payments, especially for small shops. Many of these stores use intermediary companies "third party" that accept payment in BTC from the customer and are paid in fiat money of the store.

There are some people who have tried to add a new measure to compare the price of bitcoin based on real assets such as gold, silver, Lambo and other fixed assets to avoid price volatility. "Some countries like Iran have two exchange rates."

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February 13, 2019, 12:01:54 PM
 #12

I quote this reply because about this I can think that pay in Bitcoin is not worth.
Why I should pay in Bitcoin if price is so volatility?

Bitcoin is or will be worth payment for common people ?

For people who've been around for a long time the Bitcoin they have is going to largely be free money. If you bought in 2015 you're 15-20x up. Who wouldn't want to spend some free money? It's possible you might have earned money in BTC too.

For regular people who don't have any using BTC for shopping makes no sense. You lose money on fees buying it, you might lose waiting for it to confirm in your wallet. No one buys something to buy something.

This is why widespread use for shopping will be one of the last things to arrive. People need to be in BTC for other reasons first. There's no incentive to enter this area for that reason.


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