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Author Topic: [2014-08-31] What you need to know about the cryptocurrency  (Read 1024 times)
epere
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August 31, 2014, 06:00:15 AM
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http://businessinsavannah.com/bis/2014-08-30/bitcoins-what-you-need-know-about-cryptocurrency#.VAK6FaOrYU8

Speculators who rushed to purchase bitcoin were disappointed, however, as it subsequently lost more than half its value, dropping to its current worth of approximately $588. Clearly, no business with a 3 percent profit margin wants to accept such a volatile form of exchange.

Returns also could present problems for retailers who accept bitcoin. Imagine an item purchased for one-tenth of a bitcoin, which is returned a few weeks later. The customer expects to receive one-tenth of a bitcoin in return for the item, but the value of one bitcoin has risen from $500 to $700 in the meantime.

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Kayex
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August 31, 2014, 06:03:48 AM
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http://businessinsavannah.com/bis/2014-08-30/bitcoins-what-you-need-know-about-cryptocurrency#.VAK6FaOrYU8

Speculators who rushed to purchase bitcoin were disappointed, however, as it subsequently lost more than half its value, dropping to its current worth of approximately $588. Clearly, no business with a 3 percent profit margin wants to accept such a volatile form of exchange.

Returns also could present problems for retailers who accept bitcoin. Imagine an item purchased for one-tenth of a bitcoin, which is returned a few weeks later. The customer expects to receive one-tenth of a bitcoin in return for the item, but the value of one bitcoin has risen from $500 to $700 in the meantime.

Errr.
I'm pretty sure BTC is around $500 now.
According to this useful site.
http://preev.com/

But either way,
I wouldn't invest in BTC right now.
Who knows how low it could go.

cryptofan5
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August 31, 2014, 06:12:41 AM
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Good point about the refunds. Merchants should probably state that refunds are made based on a dollar value at a time of purchase. The rest is not a problem - imagine being not in the US, but selling for USD - you would carry an exchange risk, when you convert between currencies. The same happens here.
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August 31, 2014, 09:17:57 AM
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Clearly, no business with a 3 percent profit margin wants to accept such a volatile form of exchange.

Why not? IF they use a payment processor it doesn't really matter as they get the cash straight away.
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August 31, 2014, 12:45:23 PM
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http://businessinsavannah.com/bis/2014-08-30/bitcoins-what-you-need-know-about-cryptocurrency#.VAK6FaOrYU8

Speculators who rushed to purchase bitcoin were disappointed, however, as it subsequently lost more than half its value, dropping to its current worth of approximately $588. Clearly, no business with a 3 percent profit margin wants to accept such a volatile form of exchange.

Returns also could present problems for retailers who accept bitcoin. Imagine an item purchased for one-tenth of a bitcoin, which is returned a few weeks later. The customer expects to receive one-tenth of a bitcoin in return for the item, but the value of one bitcoin has risen from $500 to $700 in the meantime.

Errr.
I'm pretty sure BTC is around $500 now.
According to this useful site.
http://preev.com/

You're right! I have the same point
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