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re: Major glitch in Bitcoin network sparks sell-off
Posted on 3/12/13 at 2:17 pm to Waffle House
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.
2
Posted on 3/12/13 at 2:24 pm to WikiTiger
quote:
Each merchant chooses it's own method
Which brings up another good question. FTR, I do appreciate you answering all of these for me. As a finance/econ professor and financial professional, it's interesting.
OK, question. How many current vendors are there that accept Bitcoin?
Posted on 3/12/13 at 2:36 pm to WikiTiger
quote:
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.
You mentioned in a previous thread about hiring contract work for a website and you would be paying in BTC.
To make it an example, If you would have agreed to pay them BTC100 ($2,500 USD) on Feb. 12 for 1 month of work and today upon completion of the job, would you still pay them the BTC100 which would now be worth $4,500 USD? If you would adjust to only pay them BTC55 ($2,500 USD), why even bother with the whole exercise of using BTC, if all you're going to do is revalue it to USD or some other stable currency?
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