It's not compulsory for shops to use Bitcoin for payment. But I don't think it's going to affect the price of the commodities even though the price of Bitcoin is not fixed. Since whenever you want to purchase an item you're going to be charged for the current price of Bitcoin in the market.
Shops using bitcoin
- Thread starter Ehizzy1
- Start date
Bitcoin can not have any effect on price of goods so it won't cost any loss since it's just an alternative means of payment based on the merchant and customer's agreement.It will just be valued and give the equivalent o it.
It won't as what will happen is that if the price of Bitcoin drops, then you will be paying more to buy such goods using Bitcoin and vice versa. The charge is in dollars and not the price that they are selling Bitcoin at the particular moment.
You only make use of Bitcoin in paying instead of buying with dollars.
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Shops accepting Bitcoin and other crypto will definitely have a major impact on their process as well because it shows a degree or a level of adoption of these commodities which is very important tin its development. For example if there are more shops that start to accept it then more will buy Bitcoin to make use f the payment system, and it will create more awareness of crypto. This will drive up the demand and increase the value of the coins as well.
Bitcoin is definitely not a good system of payment due to it's highly volatile nature because a customer might pay for a product or service with Bitcoin and Bitcoin may experience a fall in price thereby resulting in unnecessary loss to the trader of Businesses.
The solution that the Cryptocurrency world has introduced is stable coins, we hope that it will solve that problem of price fluctuation for good and make cryptocurrencies the best payment method.
The solution that the Cryptocurrency world has introduced is stable coins, we hope that it will solve that problem of price fluctuation for good and make cryptocurrencies the best payment method.
As for me, I don't actually like the idea of shopping with bitcoin when the bitcoin can be sold normally and you pay the shop owner or whoever in charge the amount of your bills without any stress and even without having to incur the charges of sending bitcoin.
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I do not see any thing bad in shops using bitcoin, rather it is a good improvement towards general acceptability of the bitcoin by all. The value of goods in the shop could be evaluated against the approximate value of bitcoin.
As at now, l currently don't know of any shop around my area now that accepts bitcoin as method of payment. Even as at now, our government still see bitcoin as illegal and so we still don't have the full benefits from bitcoin related activities over here. But in the future, l'm sure many shops will start accepting bitcoin because they are becoming more knowledgeable about bitcoin now.
The use of bitcoin as a currency for online transaction is growing very fast as the day goes by. And I would not be surprise if bitcoin become a legal coin that would be acceptable world wide for both offline and offline transaction. I see a bright future for bitcoin, therefore i encourage everyone to invest while it's still early.
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Although the increase and decrease causes a minor problem in buying and selling with Bitcoin I don't think it can affect the price of any product, it still will be valued according to the exchange in your currency
Bitcoin is so valuable more than to be used in buying and selling of goods. Bitcoin is different from fiat currency in my country, you can simply sell your bitcoin and use the money for shopping
That's what I wanted to say; it isn't necessary to wait for shops to accept your bitcoin. sell it by yourself for your local currency and enjoy the money^^
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I can't use Bitcoin in trading in my business because of it's volatility
But if eventually it's been used globally the prices of goods will definitely be affected
I can't use Bitcoin in trading in my business because of it's volatility
But if eventually it's been used globally the prices of goods will definitely be affected
But if eventually it's been used globally the prices of goods will definitely be affected
Post automatically merged:
I can't use Bitcoin in trading in my business because of it's volatility
But if eventually it's been used globally the prices of goods will definitely be affected
These days in the Western world, grossry stores, supper market now receive cryptocurrency as a form of exchange for goods and services, it now acceptable as a from of exchange.
- Thread starter
- #55
Despite the flunctuation , people are still making use of crypto currency for transactions and it's really amazing ,because its very fast when it comes to sending and receiving
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At the moment I don't think there is any shop that is using bitcoin but I believe in future they might build a Bitcoin shop, I also see this as a good idea.
Many shops and companies are now using Bitcoin as there way of accepting payment. But it is mostly done by online business. It is a good idea because crypto is the best way of making payment online
I don't think the price of products could be affected by Bitcoin or high or low in value, because most of the products that they sell in market already have their own fix price I guess.
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The rise and fall of Bitcoin would not affect the price of goods in general, but it would play a major role of how much things are sold in that shop. The price would not be constant, keeping the price the same during rise and falling would lead to losses for the shop.
I have seen some shoos in some part of the world that have started to accept bitcoin as a means of payment but I think there is still a lot of work to be done.
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