How do you promise people to pay money on time with crypto? I faced this problem.

[Brushless4500KV 4214]

Some days ago, I promised one of my friends to pay him $30 for something I bought from him. I wanted to pay him through bitcoin. When I promised him, bitcoin price was $9000 and I calculated the amount to be 0.00334 BTC. Today, I should pay him the money but bitcoin price has decreased to $8.7K! Now, I have to earn more bitcoin to be able to pay him $30.

Volatility can cause prices to go higher and benefits you but sometimes it can cause problems like this. How do you promise other people to pay them on time when you can't predict prices? Maybe the solution is to not specify any deadline for payment. The other solution is to pay them in BTC not USD.

How do you cope with this problem?

[PiroSense 2681]

25 minutes ago, Brushless4500KV said:

How do you cope with this problem?

Volatility cannot be solved. If you want to transfer funds, it's either:

 

1. You send the BTC and let your friend immediately convert it, or

 

2. You use BTC on declaring amount, not basing on USD.

[sdsonjoy50 886]

Since you brought $ 30 Bitcoin from your friend, you should still give $ 30 a return, although now you have to pay $ 30 more as Satoshi because of the drop in the price of Bitcoin, because he helped you.

[Ali_hmwi 966]

You can pay them using USDT of course if you want to do that always buy USDT and save them to you for what do you want to do.

All the best guys....

[bliznec 22267]

If you pay in bitcoins, then you need to indicate and fix the price in bitcoins, and not in dollars. You transfer to the seller’s account precisely bitcoins, not dollars. To negotiate a deal, you need only in bitcoins and fix it at the time of the transaction. Then send the indicated amount of bitcoins. 

[pkrs 603]

Bitcoin price fluctuates up and down. It is not a stable coin and it is more volatile than other Cryptocurrencies so when ever you invest or want to send a person money in bitcoin you have to see time and day's price you are transferring your bitcoin from your wallet to his wallet. And if possible send a note to him.

[Rahul21 626]

The $ 30 you received from your friend and the one that you are about to give Bitcoin to, if you are now giving Bitcoin, then the amount of Bitcoin should be increased because of the amount of $ 30 you can give Bitcoin.  And of course you have a lot of help so you can certainly repay it with Bitcoin.

[Brushless4500KV 4214]

56 minutes ago, Rahul21 said:

The $ 30 you received from your friend and the one that you are about to give Bitcoin to, if you are now giving Bitcoin, then the amount of Bitcoin should be increased because of the amount of $ 30 you can give Bitcoin.  And of course you have a lot of help so you can certainly repay it with Bitcoin.

I didn't receive anything from my friend. I just wanted to pay $30 to my friend in BTC. The problem is that I promised to pay him the money today but when I woke up, I saw that BTC has gone down to $8.6K! I couldn't fulfill my promise because I didn't predict bitcoin will behave differently.  I want to say, when you have to pay someone according to a deadline, you can't trust cryptocurrencies because sometimes you have to pay more or less than the amount specified.

[BTC Future 3946]

I think that you should pay at the price of the currency you agreed on. If it was in USD terms you should buy more Bitcoin since it dropped. The other person aggreed to this price 30$ in BTC. He did not agree to 0.00334 BTC. 

I suggest you make it clear next time about the currency you will be using.

Edited January 21, 2020 by BTC Future

[Great Commander 659]

You must gave him range instead of fixed amount. Volatility of bitcoin likely affects everyone funds regardless of how huge your money., 

[Fattkidd 1852]

I think you can solve this by telling him that you will delay you payment for few more they then you can just add extra payment later to compensate for the late payment you can use that few days to earn more Bitcoins.

[Migo 7946]

Never promise anyone while you are counting on something unstable,bitcoin is not like usd or euro, try to keep this in your mind, and follow it in your future deals, I never use this method, this is a problem and only the persons who knows bitcoin will understand your situation 

[Afrizal rahman 2636]

It looks like I will exchange it for another coin because the price is definitely much different. For this reason I will choose it, we do not know the exact price because the price must always change.

[fuer44 1083]

Yes, that is true and for this reason crypto has not yet been adopted as a valid payment for a commodity or an item. bitcoin or other crypto volatility makes it difficult for us to make a payment agreement. steps that can be taken indeed with the estimated value of the dollar, not from bitcoin or altcoin because crypto is always changing.

[Romaan1987 601]

On 1/21/2020 at 11:47 AM, Brushless4500KV said:

Some days ago, I promised one of my friends to pay him $30 for something I bought from him. I wanted to pay him through bitcoin. When I promised him, bitcoin price was $9000 and I calculated the amount to be 0.00334 BTC. Today, I should pay him the money but bitcoin price has decreased to $8.7K! Now, I have to earn more bitcoin to be able to pay him $30.

Volatility can cause prices to go higher and benefits you but sometimes it can cause problems like this. How do you promise other people to pay them on time when you can't predict prices? Maybe the solution is to not specify any deadline for payment. The other solution is to pay them in BTC not USD.

How do you cope with this problem?

This could not be controlled as crypto market is most volatile market any thing can be happened in minutes. If you want to pay anyone just pay immediately at time of dealing.

[gigabyteRTX 1583]

Well, that is the problem when it comes to lending or letting someone borrow money from you, at least you know who is the person that borrows the money maybe become more frequent in asking them to pay.

[khaler 1549]

Do not trust anyone and you are dealing with this currency because it is unstable like the dollar and the euro, so do not trust anyone in this field.

[bentayebsalah 2280]

If you are going to deal with Bitcoin then you should not follow this method and do the comparison because in this way you will achieve nothing nor from planning and dividing your bitcoin a part that is sold and a part that is invested

[Ionescu 115]

That's why stable cryptocurrencies where created. You can just exchange you bitcoin into a stable coin and keep it there until you will send the money to someone. When you want to send bitcoin you instantly exchange back to bitcoin and get the same value in USD

[Darkelf11 262]

I showed them the proof of payments from different websites that allows me to earn. I am explaining it into them so they could be able to start trading again or holding.

[shafi123 187]

You can converted bitcoin in to usd ir usd into bitcoin.u send 30$ to ur friend and exchange it in to and return you in wallet 

[alexisfuentes 2130]

Great example:

The offer BTC is  same and that is the essence of the business market. The BTC never changed 0.00334 BTC(*).

It is price control in BTC.

If The price had been $5000 ... ?

The mistake is that at time of the negotiation you did not have the amount in BTC .

The other scenario:

If they were at the new price down $ 5000, you must buy (0.00334 BTC)  and not use your BTC(*)

[AL SHAIMON 1293]

I think every people do not have bitcoin. So we can tell anyone to pay us through cryptocurrency. So we have to complete our payment through physical money. 

[miskyming 1588]

It is better that you should convert into stable coins so it would be safe.. and the time comes that you send money to your friend then convert it into bitcoin.

[Brushless4500KV 4214]

On 1/22/2020 at 7:04 PM, Ionescu said:

That's why stable cryptocurrencies where created. You can just exchange you bitcoin into a stable coin and keep it there until you will send the money to someone. When you want to send bitcoin you instantly exchange back to bitcoin and get the same value in USD

According to what you said, I should convert the amount of bitcoin I want to pay to Tether and keep it there until the deadline for payment. This is a good suggestion but it has its own disadvantages. I have to pay fees twice. One fee for BTC to Tether conversion and another fee for Tether to BTC conversion at the time of payment. If we add these two fees together, it may be more than the extra amount I should pay due to volatility of bitcoin. This method is useful only when bitcoin falls heavily because Tether is always steady and can compensate for that.