[2014-08-31] What you need to know about the cryptocurrency

barney_stinson

newbie

Activity: 85

Merit: 0

Quote from: Kayex on August 31, 2014, 02:03:48 AM

Quote from: epere on August 31, 2014, 02:00:15 AM

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

Raeg

member

Activity: 66

Merit: 10

Quote from: epere on August 31, 2014, 02:00:15 AM

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.

cryptofan5

full member

Activity: 126

Merit: 100

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.

Kayex

member

Activity: 84

Merit: 10

Quote from: epere on August 31, 2014, 02:00:15 AM

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.

epere

sr. member

Activity: 364

Merit: 250

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.

Topic: [2014-08-31] What you need to know about the cryptocurrency (Read 1083 times)