Topic: Is it possible to use BTC and USD for pricing at the same time? (Read 235 times)
It's definitely possible to pay in Bitcoins at most of the places but you have to understand that there are not many companies and people doing it right, therefore at the end of the day they end up abandoning the concept. I do think with Tesla what happened was *they tried to fluctuate the market and make it more volatile in the first place which ended up bad for them, then they tried to do the same with dogecoin and this was nothing but sheer intimidation from a big while, did not ended well. I do think that what's needed right now is a wallet that can provide people with the option to convert instantly and pay using lightning network, that might work very well for everyone who is willing to use cryptocurrencies on a bigger scale.
Merchants should be able to adjust it right? Idk much about tech stuff but since some merchants are able to accept Bitcoin as payment, the barrier of volatility shouldn't be much of an issue (though the discrepancies at times is still a problem, albeit small in effect I think). 1BTC = 1BTC would always hold true, but pricing a product in terms of BTC shouldn't always be a constant value, BTC itself is a volatile market, changes would naturally occur to the price hence why the value of BTC to be paid should also be adjusted. We use fiat to convert and calculate it because it's a lot easier for both sides.
Pretty much why I say that Bitcoin wouldn't really be separated from fiat anytime sooner imo. We can't just slap into the world that they should price everything into Bitcoin, without any corresponding currency to help them actually provide a solid value to products since BTC changes in value, products don't.
It suddenly occurred to me that prices can be priced in fiat currency, and there will be discounts when using Bitcoin. In this way, everyone will definitely be willing to buy with Bitcoin, thereby increasing the utilization rate of Bitcoin. Pretty much why I say that Bitcoin wouldn't really be separated from fiat anytime sooner imo. We can't just slap into the world that they should price everything into Bitcoin, without any corresponding currency to help them actually provide a solid value to products since BTC changes in value, products don't.
You should visit a country with hyperinflation and you will get your answer.
Imagine in Venezuela you want to price something in bolivar, it can be worth a certain amount today and another higher amount tomorrow. Nobody sells their product at a "fixed price" in Venezuela simply because their currency value is volatile, in this case declining. One could use a more "stable" currency like USD to price everything and give a variable value in VES but that also doesn't mean bolivar is priced in US dollars and can only be purchased by it!
It is the same with bitcoin, since its price is volatile (in this case rising most of the times) people use another more common currency to set the price specially since they already use that currency. For example in Japan the shop would set the price in JPY and you pay a variable amount of bitcoin depending on the price at that time.
In other words 1BTC=1BTC does not also mean 1BTC=1product.
Imagine in Venezuela you want to price something in bolivar, it can be worth a certain amount today and another higher amount tomorrow. Nobody sells their product at a "fixed price" in Venezuela simply because their currency value is volatile, in this case declining. One could use a more "stable" currency like USD to price everything and give a variable value in VES but that also doesn't mean bolivar is priced in US dollars and can only be purchased by it!
It is the same with bitcoin, since its price is volatile (in this case rising most of the times) people use another more common currency to set the price specially since they already use that currency. For example in Japan the shop would set the price in JPY and you pay a variable amount of bitcoin depending on the price at that time.
In other words 1BTC=1BTC does not also mean 1BTC=1product.
Right and this will be situation for many years to come. Even Gold's volatility is too high to be used as a unit of account for goods and services. Although we don't like the inflationary way the USD has been taking for decades, the fact of the matter is that we won't get around a "stable" currency for daily commerce. Even if you take the DAI, the issue is that the underlying you deposit for it is also highly volatile and I am not sure how high the risk is of DAI actually breaking. We will need some time to come up with a technically sound solution that is purely crypto based I suppose.
Futurologists have made predictions that Fiat will be replaced by bitcoin and cryptocurrencies.
The most successful is the following:
I think some of you will agree with me that we own more bitcoin and crypto than fiat. We all lead destiny together based on what we believe, in search of solutions because inflation is latent and humanity needs an answer to the facts of life in harmony with the planet.
The most successful is the following:
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In 2018, the famous futurologist made a prediction that cryptocurrencies are to replace 25% of fiat assets by 2030. The Morgan Creek Capital Management and its analysts also stated that fiat would be replaced entirely by cryptocurrencies in the future.
https://www.financemagnates.com/thought-leadership/can-cryptocurrencies-replace-fiat-in-the-future/
https://www.financemagnates.com/thought-leadership/can-cryptocurrencies-replace-fiat-in-the-future/
I think some of you will agree with me that we own more bitcoin and crypto than fiat. We all lead destiny together based on what we believe, in search of solutions because inflation is latent and humanity needs an answer to the facts of life in harmony with the planet.
I want everyone to think about this question, what is the target of payment with Bitcoin. Dollars? Or Bitcoin? I think if you use Bitcoin to pay. So no matter what the value of the dollar, companies should sell their products at a fixed price.
for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
Because it's impossible to do that right now. The supply of bitcoin is limited, hence we can't be having "fixed" amount of coins for the products we want to buy. If all products value had a fixed price in btc, then imagine what would happen if one guy held most of the coins. No one would be able to afford anything. If you are talking about why people use "USD" or some fiat currency to value, then it is because people find it easier to use fiat currency. When you receive a bill or try to settle any payment, when you will be seeing it in BTC, it would be confusing for you. You would still be converting the btc to fiat value first. This might change when everyone starts getting paid in crypto. for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
there are some projects that apply the gands price to something that is very unlikely, because many people don't care about the price equation because we prefer to sell freely on the stock market at a fixed price, because this can also be a steps that must be determined by the investors themselves with a certain selling price
Op, I think it's alright for the sake of simplicity to set the price in USD (because it's way more stable) but allow payment in BTC. However, I think other options are reasonable, too. 1 BTC = 1 BTC, of course, BUT Bitcoin's purchasing power is changing a lot over short periods of time, so what the price in USD captures (that is, an estimation of purchasing power) does matter when it comes to buying stuff with Bitcoin. Back to options, there could be doubled price tags, showing the price in BTC and in USD. Price tags could be digital, updating in real time based on the fluctuations of Bitcoin price. I think it could be done, but there's not enough demand for that.
The OP's post deals with the crooks of the problem with bitcoin as a currency: you need stability in the value of a currency before being able to price things in that currency... the current levels of volatility doesn't allow this. The best we can do is to have a price in USD and another in bitcoin that would be updated frequently based on market volatility.
We can see that those services that accept bitcoin currently are doing this because there would be no other way: they have USD pricing, and give the option of paying with bitcoin... when you try to pay with bitcoin their payment processor gives an equivalent BTC price that would change based on the market.
We can see that those services that accept bitcoin currently are doing this because there would be no other way: they have USD pricing, and give the option of paying with bitcoin... when you try to pay with bitcoin their payment processor gives an equivalent BTC price that would change based on the market.
The answer to your question varies from person to person because it depends what the said person prefers: earning a larger value of USD or of BTC. If I only care about making USD profits, there's going to be a link in my store between the prices of my products and USD. If I'm like OgNasty and (probably) think Bitcoin will be worth much more in the future anyway and USD is crap, I will probably not care about earning USD.
Merchants should be able to adjust it right? Idk much about tech stuff but since some merchants are able to accept Bitcoin as payment, the barrier of volatility shouldn't be much of an issue (though the discrepancies at times is still a problem, albeit small in effect I think). 1BTC = 1BTC would always hold true, but pricing a product in terms of BTC shouldn't always be a constant value, BTC itself is a volatile market, changes would naturally occur to the price hence why the value of BTC to be paid should also be adjusted. We use fiat to convert and calculate it because it's a lot easier for both sides.
Pretty much why I say that Bitcoin wouldn't really be separated from fiat anytime sooner imo. We can't just slap into the world that they should price everything into Bitcoin, without any corresponding currency to help them actually provide a solid value to products since BTC changes in value, products don't.
Pretty much why I say that Bitcoin wouldn't really be separated from fiat anytime sooner imo. We can't just slap into the world that they should price everything into Bitcoin, without any corresponding currency to help them actually provide a solid value to products since BTC changes in value, products don't.
Some projects are using dual pricing policy. It means they have a fixed price set either in fiat currency or crypto currency. Whenever the user makes any purchase using other currency, that amount gets automatically adjusted as per the market rate.
If you want to buy a house, you need 1 BTC. No matter what the price is, the house is always sold for 1 BTC. This will also help the Bitcoin price floor. It will also incentivize people to use Bitcoin to buy goods, because if they know they can buy $35,000 at a cost of $29,000, people will make a deal. The demand for people to buy Bitcoin for car discounts will actually push up the price of Bitcoin.
This is to promote the use of bitcoin for payment, but if bitcoin is used for pricing, then his range is very large, and things that could have been purchased for $10 may rise to $50 before they can be purchased.
This is to promote the use of bitcoin for payment, but if bitcoin is used for pricing, then his range is very large, and things that could have been purchased for $10 may rise to $50 before they can be purchased.
Which means to say, for as long as Bitcoin has a price value in terms of fiat and fiat itself remains the default currency, Bitcoin's equivalent to fiat will always be taken into consideration. It would only lose its relevance when fiat becomes the obsolete currency nobody would accept anymore. Otherwise, the argument that 1BTC=1BTC is no match to 1BTC=$20,000 turning into 1BTC=$70,000 or 1BTC=$10,000. You may price your house fixed at 1BTC but whether it will sell or not will highly be influenced by Bitcoin's fiat equivalent.
If you want to buy a house, you need 1 BTC. No matter what the price is, the house is always sold for 1 BTC. This will also help the Bitcoin price floor. It will also incentivize people to use Bitcoin to buy goods, because if they know they can buy $35,000 at a cost of $29,000, people will make a deal. The demand for people to buy Bitcoin for car discounts will actually push up the price of Bitcoin.
This is to promote the use of bitcoin for payment, but if bitcoin is used for pricing, then his range is very large, and things that could have been purchased for $10 may rise to $50 before they can be purchased.
This is to promote the use of bitcoin for payment, but if bitcoin is used for pricing, then his range is very large, and things that could have been purchased for $10 may rise to $50 before they can be purchased.
Do you think Bitcoin should be priced in U.S. dollars?
We don't have to and it depends on our needs, especially regarding the efficiency of tax reporting. As far as I know, there are no countries that allow bitcoin to charge ownership or transaction taxes based on the number of bitcoins, but the value in fiat in the local country.Is it possible to use BTC and USD for pricing at the same time?
Maybe we can, we can implement it like NFT item pricing. The more "valuable" the attribute of the item is, then we can call it a special edition and set a different price from the others. For example, a pair of underpants with Satoshi's signature that can only purchased for 1 BTC.
Try to apply this to this forum's example. To become a donator, the price was fixed in BTC IIRC. So it was worth nothing almost back in the day when the OgNasty you mentioned became a donator.
And today, well,,, if I could afford being a donator I would not be spending as much time on this forum I can tell you that:)
And today, well,,, if I could afford being a donator I would not be spending as much time on this forum I can tell you that:)
I want everyone to think about this question, what is the target of payment with Bitcoin. Dollars? Or Bitcoin? I think if you use Bitcoin to pay. So no matter what the value of the dollar, companies should sell their products at a fixed price.
for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
If a product is priced in Bitcoin and USD at the same time, it is a very troublesome thing for merchants.
You said Tesla can pay in Bitcoin, but only accepts Bitcoin.They will not disregard normal market prices and will not disrupt normal market order.
For me personally, when Bitcoin is falling, I will consider accepting Bitcoin payments, simply increasing the number of my holdings, but the price of Bitcoin is very volatile and I will continue to change.
Generally speaking, when Bitcoin has not become a universal payment system in the world, the pricing of commodities is still based on legal tender. In many underdeveloped countries where economic crises have erupted, everyone’s choice is still the US dollar.
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BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If a product has a fixed price in BTC and the BTC value rises tremendously,then the product will become incredibly expensive,so no one will buy it.
There's no problem to use both BTC and USD pricing.I wonder why this noob question is still being asked so many times.The BTC valuation in a certain currency isn't a big deal.
Bitcoin has a USD valuation,because the US dollar is still the most popular currency in the world and millions of people are using USD.If the euro was the most popular currency in the world,then Bitcoin would have been valued in euros.
I want everyone to think about this question, what is the target of payment with Bitcoin. Dollars? Or Bitcoin? I think if you use Bitcoin to pay. So no matter what the value of the dollar, companies should sell their products at a fixed price.
for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
for example
USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled.
BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change.
If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin.
What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time?
At least in this point, don't listen to the bitcoin puritans. They will always say 1 btc is equal to 1 btc. But that's not practical for the time being. Because bitcoin's value fluctuates greatly within a short period of time which makes it unsuitable for pricing. So from a business perspective, it makes sense to add a USD/local currency equivalent and let the pricing in bitcoin fluctuate in accordance to that.
Practically you can't have a single pricing of a product in bitcoin. It wouldn't make sense to the buyers. If it changes as per the USD equivalent, then it makes sense!
I think no matter whether it is a buyer or a seller, if you only use BTC for pricing, one of them will always be dissatisfied. The BTC price fluctuates so much, it can only be said that if the merchants accepting BTC are willing to bear the risk of volatility.
Currently, Bitcoin pricing is more difficult to achieve because of too much volatility.
It is not. You probably think it is difficult because you have never been accepting bitcoin payments or making any payments yourself. The large number of merchants who have been dealing with bitcoin payments for years suggest it is not as difficult as you think.All you need is an API to fetch the price and a simple arithmetic to convert the value of the goods to bitcoin based on that price. There are even third party "payment processors" that receive the bitcoin instead and pay you the fiat equivalent.
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