Topic: How to determine the price of a product in bitcoin (Read 2154 times)
As price of bitcoin experiences volatility, its better to determine the price in relation to USD or other currency that's been accepted as payment. Without calibrating it making a product to be sold is really hard even if the marketing strategies were good. Once after comparing only people prefer whether to go with bitcoin or fiat.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
Better make it into dollar and make a payment method using bitcoin that would be great for you and and the buyer and the price of your item will have fix price no matter how much bitcoin rises and low price now.
You could argue that the logical thing to do is to peg the product price to the price in fiat (in a fiat like the US or EUR that are pretty much the same over time) but then, what is your end game if you want to replace fiat with bitcoin? because if you want to replace fiat with bitcoin, you couldn't do this.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
You don't need to constantly change the price. The best thing to do is set a price in fiat currency so it won't fluctuate much. Then if somebody bought your goods then he should send bitcoin that is equivalent to the price of the items. For example you are selling an apple for 2 $ each then the client will pay 2$ worth of bitcoin.
Fiat/BTC Price, convert to fiat instantly. Then price doesn't matter
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.How can we price it ? Should the price change also like btc?
I agree on this, putting the value of the item in fiat will guarantee that you won't get bankrupt or overcharge due to Bitcoin price change, After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange.
Exactly it is the only way to price any items. Any shops will just do it since the buyers know really through Google the value of some items. If it will be based in the increase of btc . The amount of the item can be doubled as its value that no one will buy it. So there's no other option but just use the USD or their country's currency then convert in btc.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
The most common practice is to valuate the product and its denomination currency in terms of dollars and since bitcoin has high volatility we should follow that rule only to avoid taking a huge risk. How can we price it ? Should the price change also like btc?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
You can start to price thing in BTC once everyone uses BTC and there is no need to convert your BTC to fiat at any point to pay for something you might need.How can we price it ? Should the price change also like btc?
If the store owner can buy the product from the supplier with BTC, and that supplier can buy materials with BTC, and those suppliers can pay for their food, housing, utilities, etc., using Bitcoin, then you can start to price things in Bitcoin.
Essentially an entire financial system overhaul.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.How can we price it ? Should the price change also like btc?
I agree on this, putting the value of the item in fiat will guarantee that you won't get bankrupt or overcharge due to Bitcoin price change, After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating.How can we price it ? Should the price change also like btc?
I agree on this, putting the value of the item in fiat will guarantee that you won't get bankrupt or overcharge due to Bitcoin price change, After setting up prices you can then get some BTC to USD convert reference and use some of plugin that convert the price to current bitcoin to usd exchange.
There is a right way to do this:
If you buy/make a product that requires you to buy some prerequisites (where the supplier determins the currency you must use), the cost in currency XXX of the final item is just the total of the components (incl. labor and profit etc) in XXX.
Say you make something for sale that requires you to buy a bunch of stuff in different currencies (usd, btc, cad maybe?). Call these currency types CCI; let vi be the amount of currency CCI you needed. Total cost in currency XXX is then v1*CC1XXX + v2*CC2XXX + ... where CCIXXX is the exchange rate from 1 unit of CCI to XXX (e.g. BTCUSD the usd price of a bitcoin).
So, back to OP: To get your cost in BTC, you'd substitute BTC for the XXX in the above, add some profit and advertise that btc result as the sale price. Ditto for a price you wanted to denominate in USD, CAD, EUR etc.
If you buy/make a product that requires you to buy some prerequisites (where the supplier determins the currency you must use), the cost in currency XXX of the final item is just the total of the components (incl. labor and profit etc) in XXX.
Say you make something for sale that requires you to buy a bunch of stuff in different currencies (usd, btc, cad maybe?). Call these currency types CCI; let vi be the amount of currency CCI you needed. Total cost in currency XXX is then v1*CC1XXX + v2*CC2XXX + ... where CCIXXX is the exchange rate from 1 unit of CCI to XXX (e.g. BTCUSD the usd price of a bitcoin).
So, back to OP: To get your cost in BTC, you'd substitute BTC for the XXX in the above, add some profit and advertise that btc result as the sale price. Ditto for a price you wanted to denominate in USD, CAD, EUR etc.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
Most of the online store or merchants use third party payment gateway like bitpay to accept bitcoin which will be converted instantly into USD so that they will not loss due to price volatility of bitcoin. How can we price it ? Should the price change also like btc?
Those payment gateway also provide simple api/merchant tool which will automatically calculate bitcoin according to price of the product, so actually amount of bitcoin to be sent will change according to market price of bitcoin.
better value is the same or more than the value of fiat, use trading system we should get profit, in the online store wearing usd to determine items price?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
No , But with the change in the price of Bitcoin you need to change the price of products in your shop .How can we price it ? Should the price change also like btc?
Simply arrange the price of your product in doller . You should always put the price such that , at per product you will make atleast $0.5 .
Every time you needs to set your own rate for the Bitcoin and product to sell it ( don't leave any calculator for your customers , because this will result into confusion for them with fluctuations of price ) .
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
The best way is to fix the price of the item or service in fiat values. This ensures that the payment will always for the full amount, regardless of the pricing of bitcoin fluctuating. How can we price it ? Should the price change also like btc?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
Well, for my recommendation OP better not really on making a fix amount of payment on bitcoin because it truly rises up and you do not know it may decreases too.
Definitely they have a system that determine the price conversion, but if you are in double use preev.com and look for your currency and bitcoin conversion, it would be easier.
I think shops online are updated and they are always relaying in usd and not in bitcoin no matter if the price was increase or not.
No changes in the price in any product or shop items. we know value of bitcoin is always changing.. so i think it is just a normal they are still relaying in usd.
No changes in the price in any product or shop items. we know value of bitcoin is always changing.. so i think it is just a normal they are still relaying in usd.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
Most of the online store or merchants use third party payment gateway like bitpay to accept bitcoin which will be converted instantly into USD so that they will not loss due to price volatility of bitcoin. How can we price it ? Should the price change also like btc?
Those payment gateway also provide simple api/merchant tool which will automatically calculate bitcoin according to price of the product, so actually amount of bitcoin to be sent will change according to market price of bitcoin.
so it is good to use the third party service to avoid loss money because of unstable price of bitcoin.
but if you do not want to use the service, you can go yourself updating the price of your stuff. it would need you to stay in front of your computer in almost all hours of your day.
the other option is you can keep the price even bitcoin price changes.
That's the beauty about it, always have to be on top of what you sell.
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