Forum: How do Sources using Bitcoin know how much to charge? ~thepeakzuru, 2013

posted Wed, 01/30/2013 - 18:25

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How do Sources using Bitcoin know how much to charge?

So I've been reading up on Bitcoin and was wondering in order to purchase BTC you have to use your local currency, BGP, USD, etc, and the conversion rates between BTC and those currencies are different, so how are sources pricing their items using BTC?

Maybe its a really simple answer and i'm just missing it...

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hoagie_m
36
04/04/2013 - 12:49

so for instance.... my site has prices in bitcoin. When you add up the total order amt in bitcoin then convert to USD, it comes out to be like $200 more than what the products are when you view them in USD ?!?

Am I missing something?

~~Anon~~
hoagie_m
04/04/2013 - 13:03

No idea why that would be. Mine is tied in with mtgox and updates automatically

hoagie_m
36
04/04/2013 - 13:08

Buff... you seem to know alot about this.

Can you give me a little more insight on adding funds via cash deposit like at Walmart or something?

I just posted this question on one of the bitcoin threads, but you seem to know whats up.

I know that from Mtgox, they get you for 3.99% for the transfer, but it says that the vendor may have other fee's as well.

I'm just wondering if it's the regular money gram fee's... which is like 10% and it seems not even worth it.

~~Anon~~
04/04/2013 - 04:24

My site as well as NDG has a bitcoin currency, if you select it it will change currency to the most up to date price of BTC

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03/26/2013 - 12:35

Bitcoin...Your Complete Guide

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kodiakGRRL
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inactive
01/31/2013 - 20:08

Bitinstant.com is a good one to use.. whomever you use should do the conversion for you ie... I need to send 216$ so you purchase that equivalent in bit coins plus a small fee..

hoagie_m
36
01/30/2013 - 18:36

I do believe that they have to constantly update their bitcoin pricing as the dollar value is constantly changing.... anyone please add or correct me if I'm off here.

eatchicken
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hoagie_m
01/30/2013 - 18:42

i think that its not cause of the value of the dollar that bitcoins change, the value of bitcoins change by how much demand there is sorta like a stock

hoagie_m
36
eatchicken
01/30/2013 - 18:48

yes... exactly what I meant by that. Thnx for clarifying.

eatchicken
83
01/30/2013 - 18:28

they still use real world money, exp lets say 1 bitcoin is 20 USD, and your buying a test-e vial that is 30 USD so you pay the src 1.5 bitcoins....at least thats what i understand lol