Topic: Quote prices in Bitcoin or Satoshi (Read 219 times)

I personally think that your best bet is to quote every item in dollars, or euro, or pounds, which ever is your native currency and one you believe is the native currency of your most targeted customers, and not without an inscription that bitcoin is the only acceptable mode of payment, this is if bitcoin is actually the only mode of payment you want to be accepting, customers can then select items they wish to purchase, and on check out, you implement a system that checks and convert the total sum to be paid to bitcoin, and an address displayed for the customer to send the exact specified amount of bitcoin to...

This is simple, and won't confuse customers I believe.
You can also integrate a currency tab, where customers have the liberty to switch to which ever currency they wish to view items on the site in, this is an added advantage to your store.

Thanks for all the replies and advice. I guess it is time for an update.

The objective is to create a site that supports my initiative to save old and classic cars, and to encourage people to keep their existing cars for longer. This will be a massive help to the environment, as manufacturing and distributing an average car produces more pollution and environmental damage that is created during it lifetime of use. This site will proivide a source for spare parts anbd recoverable vehicles, and link to articles and videos to help users maintain their vehicles. This domain is just one in a collection that I am constructing. I want to include Bitcoin, and information on Bitcoin, as I believe that Bitcoin is a major asset for people who decide to live on the fringe of the dystopia that is being created at the moment.

Creating a website from scratch has become impractical as a result of the wide range of viewing devices. In my opinion, it is better to use a template or a CMS to speed up the creation. Shopping cart sites are quite complex now, and are geared towards retailers using PP and credit cards, neither of those are suitable for me. Another problem is that in most cases only one item will be available. Also, I wanbt to build a list of sold items for reference. I looked at several shopping carts, and CubeCart seems to be the best for my purposes, and I've been experimenting with it over the last few days. This includes adding Bitcoin payments. I decided it was simplest to add products with a Sterling price, and allow users to convert to Bitcoin using the currency button at the top of the page. If you are interested in the initial site, then here is the link -
The Shop at Save old Cars
Please bear in mind that this is very early in the development of the site, and I am still considering  how to optimise the layout. I will add some images faily soon, as the current ones are the stock images that came with the installation.

I'd be interested in any comments, rude or otherwise. Especially in relation to the handling of Bitcoin payments. I will need to add a descriptive page, and explain the the quoted Bitcoin price is for guidance only. I'd also be interested in hearing the experiences of any members who have implemented a marketing cart with Bitcoin pricing.

Most places that do cash & crypto do BTC
However, if you are using LN it is usually displayed in sats

There are obviously some exceptions, but for the most part that is at least why I have been seeing.
Personally I don't care that much, either way works for me.
But this IMO is important, make sure you are using a fair and public conversion rate that people can verify.

Seeing $10 = 0.0003766 is fine. But if I can't verify you conversion rate or it's far from the large well known sites you are going to have issues.
bitmovers is a perfect example of how to do it.

-Dave

Indeed, its a classic catch-22! Satoshi prices can be overwhelming for novices, and fractional Bitcoin prices? With an excess of decimal places, its a recipe for confusion

But, as pioneers, we must make Bitcoin transactions commonplace, not evade them. Cryptocurrency is a bold change, laden with opportunities. Whats the game plan? Showcase prices in both fiat and Bitcoin. The former serves as a reference; the latter fosters adoption. Simplify Bitcoin prices, note potential swings, and remember, transformative shifts like the Bitcoin economy take time!

Thanks for the suggestion SmartGold, but I refuse to accept or list US dollars. It is no longer the world currency, and this was caused by Washinton weaponising it, and destroying the US economy with reckless spending and debt. I'd rather use gold as a non-volatile base, but I suspect that gold will appreciate over the next few years. Bitcoin seems to be the best bet for a base currency, and, as I am in the UK, then I need to include Sterling. The old British Empire that arose from the Knights Templar has morphed into the current globalist elite that controls Washington, Westminster and the EU amongst others. This will result in their currencies being combined at some stage, but this may not be in my lifetime. In the meantime, I have to live with the currenct changes to our economies. I will be able to introduce a UK or European CBDC when it arrives, but I still want to use Bitcoin as the central yardstick. ( and I won't be calling it a metrestick - I'm such a non-woke Luddite ).

I know people already given some suggestion that would suit the best but have you also though of leaving the price in Dollars value, then can you include more payment options. That is to say, anyone who clicks to pay with bitcoin automatically gets the equivalents in bitcoin to pay, let say an item is sold for $100 (USD) and you includes about 2 to 3 payment options. Those who wishes to pay with their card may pays directly with it, while those who wishes to pay with bitcoin get price automatically displayed on address below the QR scan code to generate ~BTC0.0038, then anyone who is paying knows that they are paying directly the exact value generate from the site instead of them having to do some conversion or having to include some bitcoin charts, same can be implemented to other cryptocurrencies maybe if you had any plan to include them in future. Please do not see my post as someone who is spamming maybe if you think the information gotten above are enough for you then skip only just trying to throw little light. We are in world were people don't like stress or much task to get what they want, and I believe the site is open for all countries.

I never thought of it that way, but that could be it now that you mention it! I'm almost 100% SI-arranged. cm, mm, m, km. Back "home" we have completely different units (which is slowly phasing out anyway) which I had to get used to but never made sense even as a child. grams and metres for me, so maybe that's why mBTCs always made sense in my head

If you can display price in two units like fiat currency value and in any of Bitcoin value (BTC, mBTC, satoshi), it will help the buyers a lot.

Like you want to sell an item at $50 in fiat currency, you can add an equivalent amount in either BTC, mBTC or satoshi. It depends on technical settings at the site to display it and it is your barrier and restrict your choices.

You can set up that item price in one fixed unit such as its will be always at $50 and the equivalent BTC, mBTC, satoshi will be changed and updated with Bitcoin price.

I can't really use mBTC because these carts seem to want you to use ISO codes, and Bitcoin is confusing enough for the uninitiated. I've got the cart switching quite freely now that I've got the conversion rate round the correct way. I had one item listed for XBT 34,950 which would be great if somebody would pay that. Unfortunately it isn't a box of pizzas. Things look really cheap when you see the price is 0.00034950.

What's the point of so many decimals?

Is that an American thing? Here, SI-units are pretty much standard for anything (mg, ml, mm, mmol, mBTC).

I guess the option I always go for is using "mBTC". I used to think it wouldn't make sense but apparently sites are good enough (or Google) to easily translate for people what mBTC means. Bitcoin's been at a nice enough value for the past 4/5 years that 1 mbtc plus some decimals seem to be adequate.

I know people aren't fans of mBTC (and I wasn't initially)...

I am more used to the usage of decimals/Bitcoin than using the satoshi term in pricing. But whatever you're used to and just always quote the other one so you get to show both prices in both terms and pricing. And running that experiment on that domain, you'll see on how the traffic is reacting to the prices and how they will address it to you. I think you can take time until a month or two and see how demand goes and what they're addressing and which is more usable for your visitors.

I've made some progress on this. I've installed Cube Cart on an experimental domain, and I can list in Sterling or Bitcoin. It does the conversion for me based on a value that I've loaded via the admin panel. This is not so good given the volatility of Bitcoin. I think the answer is to quote in Bitcoin as the default, and state that Sterling prices are just a guide, and contact me for the current Sterling price. As the main purpose of the site is to generate traffic, the price may not be as important for me as it would be for a normal shop. I don't really care if I don't make any sales.

I haven't  worked out how to install the Bitcoin symbol yet as the ISO 4217 currency code is XBT, and most Bitcoiners use BTC. BTC can't be used because it starts with BT which is the code for Bhutan ( which doesn't use BTC ). I gather the Bitcoin Foundation is trying to remedy this. I'll also need to include an explanation of Bitcoin, and thus I will need to develop my Bitcoin Uncovered site thatg I've been talking about for years.

totally forgot about bitmovers api £10=

had to put 'img' tabs and also _sub it to make it look right on forum. but still useful.

only issue is that when it gets added to shopping basket the total would need to be locked for ~an hour to honour the purchase at the seen price or that would annoy customers to see the price change every X minutes.
where jetcash would have to take a hit on any variance during that time

but seeing as a full btc is $20,400-$20,800 today with a range (2%) most days.. equates to a £10.20p -£10.40p variance. its only % difference he has to manage profits or losses from..  so could just charge £12 to cover variance and also tx fee to ensure he receives £10 of value

at this moment
most btc wallets still measure in BTC not sat.. and so confusing a customer with sat whilst their wallet shows BTC is not helpful.. untill most wallets default to sat its best to stick with btc measures. just to not confuse customers whom may accidently not put the right number of decimals in when trying to convert from sat to btc if they see sat prices on websites
EG end up trying to pay 50000btc thinking a sat or btc are the same thing

Why choose between one or the other? Why not use both?
We still live in a fiat dominated world and goods are priced in fiat. So your website should show the prices in terms of fiat (which is more stable too) and then include the conversion to bitcoin on the side. In addition you can provide the option to switch to a different representation of the value in bitcoin, satoshi, mili/micro satoshi, etc. So the customer can see the prices in what they feel more comfortable with because no matter what option you choose, some people will like it and some won't so it is better to have more options.
The choice could also be stored in their account (assuming they make an account to purchase) or in a browser cookie if they don't so that it could be reapplied in future visits.

2015 adopter here & I still can’t get my head around denominating in sats. I much prefer to just say 0.3BTC for example rather than 30,000,000 satoshi.

I know as time goes on & bitcoin becomes worth more & more (relative to fiat) that people will increasingly use satoshis rather than 0.3BTC for example but I don’t like it.

I suppose I will have to move with the times but for now I will stick to what I use.

If you create a trading site yourself, then you should not have any problems in which currency to indicate the price. Why choose between the two when you can combine them? I would prefer that next to classic auto parts I could see the price in $ (the choice depends on the market you are targeting. If internal, then £, if external, then $ is preferable) and BTC (bitcoin is more rumored than satoshi and looks not so repulsive to the buyer) at the same time. This will allow covering 2 categories of buyers at once: both beginners and old bitcoiners. If the technical possibilities for implementation allow, then the option when the price is indicated in $, the price is converted into BTC at the same time and displayed next to it, looks more interesting.

You can use my API. I just added the endpoint which does exactly as you said.

10 GBP =


Docs here. There are a few other options which might be useful for you:
https://bitcoindata.science/bitcointalk-api.html

Thanks _act_ I forgot about lightning
It makes sense to offer that for lower value items.

Using BTC or mBTC is better than using sat.

This is a very good idea, estimating the price in Sterling and if the person wants to pay in bitcoin, he can click on the item to see the price in both BTC and Sterling.

You have the option to pay in Sterling, that should not be a problem because using bitcoin is just an alternative. You can also include lightning network payment if you can do that, this will encourage paying low price products in bitcoin.