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re: Major glitch in Bitcoin network sparks sell-off
Posted on 3/12/13 at 2:36 pm to WikiTiger
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?
2
Posted on 3/12/13 at 2:40 pm to Waffle House
quote:
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?
This is certainly an interesting argument.
I think in the case of freelancing, if I was going to hire someone and pay them half up front and half at completion, I'd stipulate that it would be done at USD equivalent. But then again, that's always up to the individuals who are negotiating. I could see where it might cause problems if contracts don't take this into consideration, though.
quote:
if all you're going to do is revalue it to USD or some other stable currency?
Because bitcoin excels as a secure transaction network. If you want to hire some Pakistani guy to write a website for you, you can pay him instantly, securely, and anonymously in bitcoin, with easy verification that they received the funds.
Remember, bitcoin is not just a currency. It's also a transaction network. :inserthairclubpresidentpic:
Posted on 3/12/13 at 2:43 pm to Waffle House
quote:
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?
also, just to expand on all this....
The issue of pricing things in local fiat and exchange in BTC is because bitcoin is attempting to grow. It's part of the transition phase. It is envisioned that one day, as BTC because more stable, that things will just be priced in BTC in a global marketplace.
Will that ever happen? Who knows!
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