[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 27 KB, 603x466, 1499310598918.jpg [View same] [iqdb] [saucenao] [google]
3502797 No.3502797 [Reply] [Original]

Can someone explain to a retard (me) how paying with Bitcoin can possibly work? Like, if .01 bitcoin is worth say $38 when you click checkout, but becomes $33 when the seller trades it for 'real' currency, how can wares be accurately priced in btc?

>> No.3502824

>>3502797
>01 bitcoin is worth say $38
pffft, thats .000000000000001 btc in 2020

>> No.3502843

>>3502824
is that evasive language for "i dont know"?

>> No.3502867

I am a god and I will let you know about my genius dear retard

The current BTC price is grabbed from an API

Then an algorithm is placed to determine the BTC price

The algorithm for the BTC price would be the fiat price for the product(s)/service divided by the BTC value, if I'm not tripping

>> No.3502873

It's a risk for the giver (person buying stuff) and the receiver (usually a middleman that converts crypto to fiat for the buyer imeddiately).

Also prices are usually set in fiat and then converted to crypto using whatever is the current exchange rate.

>> No.3502891

>>3502867
Oh, the algo should also plus the transfer BTC cost I guess, if it's paid by the customer which it probably will. I assume that this also can be grabbed from an API I assume

>> No.3503039

>>3502797
By paying with bitcoin, and not some fiat currency.
1M satoshi will always be 1M satoshi.

>> No.3503061

>>3503039
>>3502873
>>3502891
>>3502867

Thanks gents. Still seems kinda risky but at least there are countermeasures

>> No.3503106

>year 2025
>dollar is long gone, worth nothing, nobody wants it, just like leaves in the trees
>things get priced in tiny fractions of btc
>???

>> No.3503127
File: 25 KB, 480x360, hqdefault (2).jpg [View same] [iqdb] [saucenao] [google]
3503127

What is the price of something is $32.42½

>> No.3503172

>>3503061
It's sounds risky because btc now is volatile as fuck. Start comparing the btc price to stuffs for getting clearer picture instead of comparing it to fiat.
>1btc means 10 ton of rice

>> No.3503277

The volatility will go away when it becomes mass adopted

>> No.3503420

the price is so volatile because its still pretty low market cap. When the marketcap is in the trillions, the price per bitcoin wont be so volatile

>> No.3503449

When JP Morgan has 51% of all btc in active circulation, they will regulate and set a fixed price forcing whales to come out and crash the market resulting in them buying up even more and making an end to it.

>> No.3503981
File: 70 KB, 243x200, dense.png [View same] [iqdb] [saucenao] [google]
3503981

this thread is the best example of how retarded this board is holy shit