Post
Topic
Board Bitcoin Discussion
Re: Accepting Bitcoin for sales in a volatile market.
by
adzino
on 28/08/2020, 20:30:42 UTC
I'm going to revive my domain name sales business, and I want to offer Bitcoin as the primary payment method. I may expand this to allow some other altcoins in the future, but I want to stick with Bitcoin initially. The problem is pricing in a volatile market. I believe that Bitcoin is going through a correction at the moment, but will increase in value significantly towards the end of the year. Of course that is guesswork on my part, and it is subject to 20-30% volatility. So how so you decide on the price? If I believe a name is worth (say) £5,000, do I ask for 0.6 Bitcoin, or do I make an allowance for price drops or increases? I don't want to quote the price in US dollars or Sterling.

Another consideration is the fact that most buyers will not be experienced in Bitcoin. I'm thinking of suggesting that they join this forum so that they can ask any questions about Bitcoin, and I will give them my Jet Cash account name, so that they they can check on my credibility. So far I have only used Coinbase to buy Bitcoin, but I may provide another couple of exchanges to give them some choice. Do you think it is advisable to offer these recommendations, or should I let them find out for themselves on Bitcoin Talk?

I'm also a long term member of a domain dealers forum, but I don't want to suggest that as a source of information, as that tends to lead them into trying to buy names at trade prices, and I am not desperate to sell at the moment. I've also got a number of crypto names, and I'll probably offer those for sale in the market place here, although I haven't had much success there.
You will have to deal with the risk. You can't charge users extra because they are paying in bitcoin and the price is volatile. You will instead lose users and others won't be willing to pay you with bitcoin when see the price difference when paying with fiat.
You can use payment gateways that will allow users to pay with bitcoin but you will receive in fiat (you have to pay a small fee), since you don't want to take risks with volatility. But, if you don't want to convert it into fiat, then you can update price in realtime.
You can suggest them where to buy but make sure you tell them there might be better places to buy from.