Accepting Bitcoin for sales in a volatile market.

[Twentyonepaylots]

Your dilemma is the same with all entrepreneurs across the globe. For me, if you are service provider, then billing in btc should not be a problem

Well I think that's the problem coz bitcoin is pretty volatile, billing in bitcoin is difficult and risky for both end parties, especially when the bitcoin price moves high in just an hour after you sent your client a billing notice. Still a NO for me.

For an entrepreneur who sells physical goods, the only way you tend to make headway is if you buy your goods in btc and the price is fixed in btc irrespective of the equivalent in $.

Fixed price with bitcoin? I guess there will be no people that will get interested paying that pricing method. It is better to have  a fixed local currency, and converted into bitcoin than the other way around.

[bitmover]

I'm going to revive my domain name sales business, and I want to offer Bitcoin as the primary payment method. I may expand this to allow some other altcoins in the future, but I want to stick with Bitcoin initially. The problem is pricing in a volatile market. I believe that Bitcoin is going through a correction at the moment, but will increase in value significantly towards the end of the year. Of course that is guesswork on my part, and it is subject to 20-30% volatility. So how so you decide on the price? If I believe a name is worth (say) £5,000, do I ask for 0.6 Bitcoin, or do I make an allowance for price drops or increases? I don't want to quote the price in US dollars or Sterling.

Put the price of your product in dollars, and the conversion to BTC will be automatically using many softwares such as btcpayserver.org

If you are worried about holding bitcoin due to it volatility, just create an account in a reputable exchange such as coinbase and sell the bitcoin as soon as you receive them. Not much of a problem.

Bitcoin can be just a new payment method, cheaper than paypal

[pixie85]

You can believe in Bitcoin or not OP.

Option 1 - believer. You price your domans according to today's prices and if Bitcoin takes a small dive like 10% you don't care and keep holding. If it takes a big dive you adjust the prices.

Option 2 - non-believer. Use a payment processor to transact for you and sell your coins for fiat every time someone makes a purchase. Adjust prices daily.

[Velkro]

I'm going to revive my domain name sales business, and I want to offer Bitcoin as the primary payment method. The problem is pricing in a volatile market. I believe that Bitcoin is going through a correction at the moment

Either you have cushion of funds to not be afraid of volatility of Bitcoin or you convert immediately.
This way you take risk only if you are able to or you don't.
So this is not something to be afraid of.

[Anna138]

I'm going to revive my domain name sales business, and I want to offer Bitcoin as the primary payment method. The problem is pricing in a volatile market. I believe that Bitcoin is going through a correction at the moment

Either you have cushion of funds to not be afraid of volatility of Bitcoin or you convert immediately.
This way you take risk only if you are able to or you don't.
So this is not something to be afraid of.

I think if you are afraid of losing money, it is better not to deal with cryptocurrencies at all, because trading is almost always associated with losses of serious amounts. If you want to make good money, then be prepared to lose more. Experience is not earned just like that - only through difficulties, pain and loss.

[Baronets]

I'm not afraid of losing money. If you are indulging in speculative ventures, then you have to accept that you will have some losses. However, if your losses exceed your gains, then you need to do something else.
Very few people seem to understand virtual assets, and this includes Bitcoin and domain names. I believe that Bitcoin is the only crypto that is a hard asset, but not many people seem to be able to justify that comment, and they would include several of the alts as hard assets - I don't think this is true. Because of this, and the volatility of Bitcoin, I try to estimate its value in a year's time, and I use this for my personal calculations. I will almost certainly be wrong in my estimate, so I can't base a current sale price on this estimate, as buyers would be unlikely to agree with me. I want to avoid mentions of local currencies completely, as they have their own levels of volatility. The best solution seems to be to include a link to a currency converter such as xe.com, and allow the user to make his own calculation.

Domain names are an interesting investment. Each one is unique, and a good descriptive name can be a nice traffic magnet for a business. Alternatively, a start up company can take a simple non-dictionary word, and build value by branding it. Ebay is an example of this. The domain name must be worth millions now, but when they picked it up, it was probably only worth the registration fee. Selling names like this is selling dreams, and you have to find the right dreamer, and feed his imagination. This means that to a certain extent, it is a seller's market, but you have to make it easy for a buyer to contact you, and to pay for the name.

Escrow is a bit of a problem if it is required. The domain industry has nearly as many thefts and frauds as are associated with Bitcoin. A name that is transferred via a registrar push can be reversed, but it is far harder to reverse a registrar transfer. There are several honest and reputable members here who offer escrow services, but they may not be known outside the forum. An alternative might be to use my Jet Cash account to establish credibility. I own the domain JetCash.com, so the account plus domain should have a reasonable value - possible into $xx,xxx. Godaddy values the name at $6,750, and that could be low. Couple that with some other names such as Baronets.com - $1,462, and BuyAny.com - $3,646, and it is obvious that I would be mad to throw those away for a few thousand pound fraud.

[MCobian]

Why is the adoption of Bitcoin so slow and there are still few merchants that accept Bitcoin payments. Because the price of
Bitcoin is volatile, most sellers are afraid of losing money if the Bitcoin price dumps suddenly. But in my opinion, sellers can
use a converter app, every time we receive a Bitcoin payment, we immediately transfer the Bitcoin to fiat. Such a strategy
has been shown to be effective for some merchants.

[Eugenar]

The sales of your business, in short, will be turned into Bitcoin investment. The question is, are you willing to put all of your sales in an investment? We are talking about bitcoin, so how your profit would be at risk the moment a payment recieved in the form of crypto. But given the circumstances this market is having, anx if the problem is the pricing, I'd suggest having a fixed price (fiat based; e. g. $5k amount of it) to promote fairness because the price of Bitcoin moves up and down and other people will hesitate to invest if it would be a fixed amount, when the market price of Bitcoin is high.

[Baronets]

Just to reconfirm my sales payment policy. I am only prepared to accept Bitcoin, and gold Sovereigns or Britannias. The gold coins are a different problem, and would entail personal meetings, so that is an unlikely method, and outside the scope of this board.

I'm swopping one long term investment for another by accepting Bitcoin,and that is why the current price is less important to me than the price in one years time. Obviously the current price of Bitcoin will be a prime consideration for the buyer, and that is the root of the problem when advertising BIN prices.