That is simple. Just check how much people are willing to pay for the service or product in your local fiat currency and then convert the amount for bitcoin, using its currently rates which can be instantly found on google or coinmarketcap, for example.
If you want to give an extra motivation to make people use bitcoin as currency, charge a little less than you would charge for the service or product, if they were going to pay with fiat.
It's impossible to value stuff ignoring fiat currencies' rates. To use only bitcoin for this purpose would be too abstract. In order to find accurate prices for goods and services we must take in consideration the local currency of our country.
Maybe someday if wages were paid in btc, and a calculation were developed to show how many % of your income should correspond to rent, bills, food, fuel and so on, we could start valuing things solely using bitcoin for it.
Topic: How To Base Value of Goods and Services To Bitcoin? - page 2. (Read 189 times)
Now if we all want to make Bitcoin the standard. Right now sure you can use Bitcoin to buy goods and services with. However all goods and services value and price are based by some sort of Fiat.
How do we go about to determine Good and Services value entirely on Bitcoin?
over FIAT
this could take a very long time to make happen.
What methods do you think this could happen?
How do we go about to determine Good and Services value entirely on Bitcoin?
over FIAT
this could take a very long time to make happen.
What methods do you think this could happen?
Bitcoin is an absolutely horrible mechanic for pricing things over time. This is due to it's extremely limited supply and constant price volatility. Outside of crashing currencies destroyed by hyperinflation, Bitcoin is the worst "currency" you could use to measure the price of an object over time. The chart of seemingly every item in the world looks the exact same when denominated in Bitcoin over the last 10 years. This is because the value is more effected by the price movement of Bitcoin then anything happening to the price of the underlying object being priced.
I don't think there are methods that could make this useful or that it should be something we should even attempt. Many Bitcoiners think the price will continue rising against the dollar forever, and if that's the case then Bitcoin will be a bad metric for valuing price over the long term, forever.
How do we go about to determine Good and Services value entirely on Bitcoin?
This is a question I have been puzzling over for a long time now. To answer this, we have to take a look at the current fiat system and how it functions; The value of fiat is determined by the countries economic strength and policies which affect supply and inflation, it is also heavily influenced by demand and supply on currency trades. It does not have any inherent value.Bitcoin as a staple currency for buying goods and services would function in a similar manner, demand and supply would determine its value and at this point it would be much more stable than it is right now. But this is such a far away time that it would be difficult to determine how it would work from now.
Now if we all want to make Bitcoin the standard. Right now sure you can use Bitcoin to buy goods and services with. However all goods and services value and price are based by some sort of Fiat.
How do we go about to determine Good and Services value entirely on Bitcoin?
over FIAT
this could take a very long time to make happen.
What methods do you think this could happen?
How do we go about to determine Good and Services value entirely on Bitcoin?
over FIAT
this could take a very long time to make happen.
What methods do you think this could happen?
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