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Baronets
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June 26, 2019, 08:04:45 AM
 #1

How can one price items for sale in Bitcoin in a volatile market. Lets say I have an item worth £1,000, and the current price of Bitcoin is £10,000 ( this morning's price ), obviously I can publish a price of 0.1 Bitcoin for the item. In this volatile market, this could represent a fiat value of £1,500 tomorrow, or £750 if there is a correction. Has anyone got any bright ideas as to how I can handle this, other than just stating " Bitcoin price on application". I wanted to try to avoid quoting a price in Fiat, which I don't want to accept, but this seems to be the only solution.

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June 26, 2019, 08:39:16 AM
 #2

How can one price items for sale in Bitcoin in a volatile market. Lets say I have an item worth £1,000, and the current price of Bitcoin is £10,000 ( this morning's price ), obviously I can publish a price of 0.1 Bitcoin for the item. In this volatile market, this could represent a fiat value of £1,500 tomorrow, or £750 if there is a correction. Has anyone got any bright ideas as to how I can handle this, other than just stating " Bitcoin price on application". I wanted to try to avoid quoting a price in Fiat, which I don't want to accept, but this seems to be the only solution.


I think that's the biggest problem of our time. Instant prices. This is actually about accepting instant prices. A simple API can be used to set the BTC price based on the CMC rate. In the future, it will be possible to make evaluations in this way by making BTC based pricing instead of looking at USD based.

I made a payment in Thailand last year. They calculated my check with Blokchain.info rate. And accepted my payment with BTC
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June 26, 2019, 08:45:05 AM
 #3

How can one price items for sale in Bitcoin in a volatile market. Lets say I have an item worth £1,000, and the current price of Bitcoin is £10,000 ( this morning's price ), obviously I can publish a price of 0.1 Bitcoin for the item. In this volatile market, this could represent a fiat value of £1,500 tomorrow, or £750 if there is a correction. Has anyone got any bright ideas as to how I can handle this, other than just stating " Bitcoin price on application". I wanted to try to avoid quoting a price in Fiat, which I don't want to accept, but this seems to be the only solution.
~~
I made a payment in Thailand last year. They calculated my check with Blokchain.info rate. And accepted my payment with BTC

The only way i possibly think that pricing sales in Bitcoin can be calculated regardless of it volatility. Most of my payment made from this end are basically be calculated based on Bitcoin current price and these vendors are not having problem with their items listing regardless of Bitcoin volatility.

Never say no to them when they ask......
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June 26, 2019, 09:07:54 AM
 #4

You can do it like how some or most merchant sites do it. Their product's BTC price increases or decreases depending on the current price of bitcoin. Try buying something from a website that accepts BTC through services like BitPay. It's up to you if you want to immediately sell the BTC for fiat or not.

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June 26, 2019, 09:31:24 AM
 #5

I'm not too bothered about a price drop, as the sales proceeds will go into my savings wallet. I'm a Bitcoin maximalist, so I will expect the price to more than recover from any drop. I'm more concerned about losing the sale because of a large jump in the price of Bitcoin. Since  starting this thread, I've had another idea. I could add a note stating the date and price of Bitcoin when the sales entry was created. If there has been a substantial rise, then I could suggest that the buyer contacts me with a slightly lower offer to compensate for the increase.

I think I will also need to explain how a purchaser who doesn't use Bitcoin can use an exchange. This will be useful, as it means that I can sell to anybody in any country, as long as they have an exchange of course. I don't think I want to go down the instant sale route, so I will be able to use a standard wallet to accept payments, and I won't need an API.

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June 26, 2019, 09:39:35 AM
 #6

I assume you're selling your stuff in a website? If so, wouldn't it be possible to simply use an API to fetch the current Bitcoin price and use that to convert your fiat price to BTC? Something like this perhaps?

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June 26, 2019, 10:37:36 AM
 #7

Usually, when pricing items against a volatile currency like the bitcoin, people will usually lock the value and the quantity in a definite fixed time ranging from 30mins and to the desired patient time of the merchant, when this doesn't show up at the agreed time, the transaction is voided  and  will have to be re pegged if buyer is still interested. This way, the quantity matters at a given time so value change over a short time is not an impediment.

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June 26, 2019, 10:46:48 AM
 #8

How can one price items for sale in Bitcoin in a volatile market. Lets say I have an item worth £1,000, and the current price of Bitcoin is £10,000 ( this morning's price ), obviously I can publish a price of 0.1 Bitcoin for the item. In this volatile market, this could represent a fiat value of £1,500 tomorrow, or £750 if there is a correction. Has anyone got any bright ideas as to how I can handle this, other than just stating " Bitcoin price on application". I wanted to try to avoid quoting a price in Fiat, which I don't want to accept, but this seems to be the only solution.


thats the main reason i why i think companys and such wont realy use bitcoin the price jumps up and down to much and to big, bitcoin is good as a store of value but everyday use its not.

 
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June 26, 2019, 11:13:38 AM
 #9

It depends on what you are selling. If you buy stuff and resell it, then, obviously, you can't sell something cheaper than you paid for it, and hence it's better to use a simple API constantly changing your BTC price in accordance with CMC rate, as posters above have suggested. But if you are selling your own products and/or services, you can do like many of us here, on bitcointalk, working(basically selling our services ) for a fixed price in BTC, regardless of its rate. Sometimes you win and other times you loose, but that's how life goes, and it's fun imo.

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June 26, 2019, 11:25:20 AM
Last edit: June 26, 2019, 03:00:01 PM by Carlton Banks
Merited by Jet Cash (2), pooya87 (1)
 #10

+1 instant rate API's etc


also, give a discount for paying with Bitcoin, but change the discount according to the market conditions.

At the start of a BTC bull market, give the biggest discount. You will get your money back as the market rises.

When the BTC market looks toppy, begin to reduce the discount to zero, or even add a premium over the fiat price. Don't get caught out at the top.

Once a BTC bear market has begun, begin to slowly reintroduce a small discount. You may have been wrong about the bear market, and this might just be a stall (i.e. "bear trap") in the bull run. If not, you'll be good next bull run anyhow

When the BTC bear market bottoms, try not to be offering so much discount that you destroy revenue. Who knows how long the stagnant period will be before another growth period begins.


Tbh, this is a description of how business should behave according to any economic cycles. not just Bitcoin's economic cycle.

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June 26, 2019, 11:34:48 AM
 #11

Okay do one thing , first update the price Current one which is kind of higher than the normal price , because even you need to make some profit , after that you actually need to state that

*Price is calculated accounting to the current market value with + 1% , *

Then update it whenever you can , if you are using a site which doesn't allow updating this often just write the price to be 0, or the bare minimum and when someone asks for it then say.


You have another option to use special selling websites , in that you just have to write how much margin you want , after that just go ahead and relax for the person to write down it for you .

The site will automatically update price with the margin you decide.



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June 26, 2019, 11:37:30 AM
 #12

Businesses should be converting to fiat instantly, they are not in the business of gambling with their profits.  They have salaries and overhead to pay.  Very few businesses accept bitcoin directly anyways, it is usually through a middleman service like bitpay which they receive cash with.
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June 26, 2019, 11:10:16 PM
 #13

You can use an exchange API that you trust and link the price of your fiat value to your bitcoin price so that you will have no problems whatsoever in a fast-paced market such as bitcoin. Bitpay does it on their end and it's still what they're doing up to now. Or if you want you can just go ahead and employ the help of Bitpay for such things if you can't configure it for yourself, although be ready to pay service fee for using them. Remember, in order to keep your business afloat, you must need to keep some of your profits working to keep things smooth, so keeping everything in bitcoin is somewhat not ideal IMO.

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June 26, 2019, 11:22:49 PM
 #14

How can one price items for sale in Bitcoin in a volatile market. Lets say I have an item worth £1,000, and the current price of Bitcoin is £10,000 ( this morning's price ), obviously I can publish a price of 0.1 Bitcoin for the item. In this volatile market, this could represent a fiat value of £1,500 tomorrow, or £750 if there is a correction. Has anyone got any bright ideas as to how I can handle this, other than just stating " Bitcoin price on application". I wanted to try to avoid quoting a price in Fiat, which I don't want to accept, but this seems to be the only solution.

      It's not difficult for merchant to accept any currencies including bitcoin as payment in their establishment if they have price monitor in the forex and of course for crypto currency , so also to us who wants to use  our BTC as payment should ensure that our payment is base on the current price .

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June 26, 2019, 11:34:36 PM
 #15

With such kind of trade, you can depend on exchanges rate and the most popular one that I've seen is with BitPay and Bitstamp.

There's also a choice to agree with if you're going to depend with preev price. The deal will depend on both party agreement on where both of you are confident of depending.

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June 27, 2019, 01:15:24 AM
 #16

You can do it like how some or most merchant sites do it. Their product's BTC price increases or decreases depending on the current price of bitcoin. Try buying something from a website that accepts BTC through services like BitPay. It's up to you if you want to immediately sell the BTC for fiat or not.

Volatility can be a very exciting landmark for bitcoin but this can be horrifying for merchants or businesses accepting it as a currency. However, services or infrastructure provided by BitPay and similar providers can solve the problem. This big issue is an ongoing concern especially with merchants dealing with products of lower prices but as always as long as there is a demand for it solutions can be found. While we are hoping that more and more volume of transactions for eCommerce can be possible, we also recognize that this movement can be hampered by the surging volatility especially that we are now in the midst of a big bull run.

 
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June 27, 2019, 03:23:39 AM
 #17

That's why bitcoin is only considered an asset to store and speculate instead of being seen as a payment method as the original bitcoin goal was created. That's why Libra was created. They want to create a stable coin for cross-border payments, which is far more feasible than volatile bitcoin. If bitcoin wants to become a real payment method, it needs to develop network to improve transaction speed and stabilize prices now.
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