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re: Major glitch in Bitcoin network sparks sell-off
Posted on 3/12/13 at 2:14 pm to WikiTiger
Posted on 3/12/13 at 2:14 pm to WikiTiger
I have another question related to bitcoin. As the value of bitcoin increases, it seems as the costs of conducting business in bitcoins become more out of whack relative to USD (or other stable currencies). Are websites constantly updating the price goods to the current trading value? As bitcoins appreciate in value, don't companies just make additional money by not updating their website/pricing.
Right now that website prices out USPS Priority Mail (flat rate, tracking, and 3-5 day delivery) at BTC0.20. The relative value of those shipping costs are $9.00. Currently on USPS, it would cost $2.30 to ship. For USPS Express Mail (flat rate, tracking, 1-2 day delivery, signature required): BTC1.05 which is over $47 to ship. On USPS it is around $18 to ship.
I would be curious to check back on that pizza website to see if instead of paying the ~$2 fee to conduct the transaction is now closer to ~$5
ETA: BTC symbol didn't translate over.
Right now that website prices out USPS Priority Mail (flat rate, tracking, and 3-5 day delivery) at BTC0.20. The relative value of those shipping costs are $9.00. Currently on USPS, it would cost $2.30 to ship. For USPS Express Mail (flat rate, tracking, 1-2 day delivery, signature required): BTC1.05 which is over $47 to ship. On USPS it is around $18 to ship.
I would be curious to check back on that pizza website to see if instead of paying the ~$2 fee to conduct the transaction is now closer to ~$5
ETA: BTC symbol didn't translate over.
This post was edited on 3/12/13 at 2:17 pm
2
Posted on 3/12/13 at 2:17 pm to Waffle House
quote:
As the value of bitcoin increases, it seems as the costs of conducting business in bitcoins become more out of whack relative to USD (or other stable currencies). Are websites constantly updating the price goods to the current trading value? As bitcoins appreciate in value, don't companies just make additional money by not updating their website/pricing.
It depends on the website. Most price their goods in USD (or local currency) and use an API call to a major exchange to get the current equivalent bitcoin price.
Most do this on demand. Some do it daily. Some only do it manually.
Obviously, the best method is to do it on demand.
Each merchant chooses it's own method, though, and I suppose that bad decisions in this arena will cause them to lose business.
Posted on 3/12/13 at 2:18 pm to Waffle House
Why is he so anxious to give me his bitcoin and take my old shitty US dollars?
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