This happens with fiat too, but the difference is too small to be noticable on the timescale of days/weeks between purchase and refund.
If you were to buy some item and return it 50 years later for the going price, inflation will ensure you get fewer dollars in return.
With the rapid increase in BTC value, a noticable difference occurs in days, heck even in hours when you pay/refund in BTC.
Topic: Bitcoin business refunds (Read 1075 times)
What it will come down to in the end is that no court in the world will order reimbursement in bitcoin. I could be wrong about that, but I'm not aware of any country that doesn't have legal tender laws.
Some day, that may change.
Some day, that may change.
I Imagine it depends on the value, because bitcoins is just a representation of that. You get different refunds in different currencies depending on the conversion rate, I imagine it would be the same.
Eh, no, you've got it backwards. Bitcoin must become far more stable before it becomes viable for sellers to stop pegging their prices to USD.
It's like, which came first, the bitcoin becoming less volatile (chicken) or merchants discontinuing the practice of pegging prices to the USD (egg)?
Actually, both are likely to gradually happen at the same time. As we see volatility decrease (might be a while!) we will see seller's adoption of BTC prices increase.
It's like, which came first, the bitcoin becoming less volatile (chicken) or merchants discontinuing the practice of pegging prices to the USD (egg)?
Actually, both are likely to gradually happen at the same time. As we see volatility decrease (might be a while!) we will see seller's adoption of BTC prices increase.
Most electronics sellers charge a restocking fee. That seems like a good solution.
I have been reading alot of thread about people who buy something in bitcoins and then when they want a refund get shorted bitcoins. I understand that this is because the price rose or lowered or w.e. but if you ever expect bitcoin to become the currency used you have to stop treating bitcoin as gold and its value is stuck to fait currency. As long as this is done bitcoin can and will never gain use as a normal currency simply as a middleman or currency exchaning currency, sorta like gold.
Not viable for anything with volatile value. Bitcoin will always have a volatile value because of the supply characteristics, which is fine, but you have to treat it appropriately. If contracts need to have stable value -- and refund offers do -- then they will need to be priced in something less risky. This might be a commodity index on top of Bitcoin, or it might be a fiat currency with a history of low enough inflation for it to make sense. Otherwise the customer with the refund option is effectively getting a free call option on coins, and the retailer is issuing free call options. If people don't accept that contracts where stable value is important can't be made directly in Bitcoins, this is going to prevent its acceptance as payment where there is any possibility of refund.
I have been reading alot of thread about people who buy something in bitcoins and then when they want a refund get shorted bitcoins. I understand that this is because the price rose or lowered or w.e. but if you ever expect bitcoin to become the currency used you have to stop treating bitcoin as gold and its value is stuck to fait currency. As long as this is done bitcoin can and will never gain use as a normal currency simply as a middleman or currency exchaning currency, sorta like gold.
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