Now bitcoin is more commodity than currency. Probably it's not yet very convenient for micro transactions. it's more comparable to gold.
When the process of adoption completes, its value will become more stable and we can start using it as currency.
Topic: How does a merchant / economy use a currency that jumps from 266 to 105 and back - page 2. (Read 2278 times)
April 10, 2013, 11:42:21 PM
April 10, 2013, 11:41:43 PM
They use a payment processor that handles that risk for them.
Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?
Or
Reducing volatility for merchants is a solved problem. I don't know exactly what BitPay's trading strategy is, but whatever they are doing is working.
April 10, 2013, 11:40:14 PM
They use a payment processor that handles that risk for them.
Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?
Or
payment processors like bitpay handles the exchange process, so they take the coins your customer sends to you then cashes them out themselves and wires the money to your account. They incur some level of risk during this process, so how they manage to stay in business given recent events i dont know.
April 10, 2013, 11:37:41 PM
They use a payment processor that handles that risk for them.
Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ?
Or
April 10, 2013, 11:36:06 PM
simple answer: it doesnt.
So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?
Likely, and most definitely until it has large enough user base who can stabilize supply/demand.
And a large user base on limited supply almost always means the price will go up to the stratosphere and keep going up
Meaning economically very difficult to stabilize April 10, 2013, 11:35:48 PM
simple answer: it doesnt.
So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?
basically. its a fault of its design, theres nothing that can be done.
April 10, 2013, 11:34:08 PM
simple answer: it doesnt.
So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?
Likely, and most definitely until it has large enough user base who can stabilize supply/demand.
April 10, 2013, 11:31:53 PM
simple answer: it doesnt.
So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ?
April 10, 2013, 11:31:02 PM
They use a payment processor that handles that risk for them.
April 10, 2013, 11:29:32 PM
simple answer: it doesnt.
April 10, 2013, 11:26:51 PM
I am interested in bitcoin as a currency
I am really amazed by the lack of counter party and the technology
But how does any normal person say a merchant use a currency that jumps from 200 to 266 and then goes down to 105 and then goes back ip to 166 or so all in about 36 hours ?
If I sold bread or milk or eggs or cheese or nuts how many bit coins will I take for a particlar sale in a day ? how will i mark my loaf of bread or a gallon of milk or pound of butter ?
Will bitcoin be killed by the speculation than the government
Regards
I am really amazed by the lack of counter party and the technology
But how does any normal person say a merchant use a currency that jumps from 200 to 266 and then goes down to 105 and then goes back ip to 166 or so all in about 36 hours ?
If I sold bread or milk or eggs or cheese or nuts how many bit coins will I take for a particlar sale in a day ? how will i mark my loaf of bread or a gallon of milk or pound of butter ?
Will bitcoin be killed by the speculation than the government
Regards
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