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

[Opinder 1310]

On 1/21/2020 at 12:17 PM, 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?

If you want to pay someone through crypto then always try to pay with stable coins. I think everyone would face this problem due to volatility of coins.  Just accumulate some coins and convert them into stable coins for future payments. Even you could follow the solution to pay them in btc instead of usd. 

 

[suzuya 945]

It's really hard to believe when the payment is done online and it is scheduled, transactions should be payment first before the service or payment and service at the same time. If the service goes first there is a high chance that the people who offer the service will be scammed.

[Brushless4500KV 4214]

On 1/30/2020 at 11:17 AM, Dekay said:

First of all if you want to pay 30$ then always take a margin of 3-4$ in both upper and lower limits for example u have to pay 30$ earn 34$ if price rises then it will be ur benifit if price didnt rise then at least u wont get loss

Unfortunately, USD has occupied people's minds and this applies to crypto fans too. When you tell someone about a certain amount of money in bitcoin, he will automatically converts it to Dollars in his mind to have a transparent view of how much money you are talking about. The margin of $3 or $4 you mentioned is not a fixed amount and sometimes this may increase to more than $5. There is still not a viable solution for this and you have to pay in USD or USDT to be safe from fluctuations.

[Mwangi 5611]

I haven but there has been sometime I have not been able to make something out of what I had in the market of crypto , though to me it became the expensive transfer system so to me I lost everything there is a lot of good that we have to work with its the best effort we need to follow we need to use ripple its really one of the best effort we have out there

[Zaino34 0]

 

This is a really real problem, but to solve it from the beginning you have to agree with the other party if you will send them to him in exchange for bitcoin or the dollar or divide the difference between you and the other party

[josephrioveros123 698]

On 1/21/2020 at 2:47 PM, 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?

My opinion to this is that you can convert it to dollar first before paying . Or just declare it on BTC and then pay it on BTC and your friend will decide when to convert it on USD. But if you like don't pay it at all and run with his money. But that is very bad because your credibility is on the line with that. The best thing is that we should always have an extra amount on our wallet for our payment in case there will be a change on the value of bitcoin. Then if you have an extra amount of bitcoin you can still pay him.  

[MuhammadSh 3067]

you are right.. the nature of the crypto markets is that they are really volatility

sometimes we can make profits from that and sometimes we would lose.. so we should decide the correct decision in the correct time ! and that's not easy as it sounds!

[Tahmina afroz 0]

I think, promise is promise ...you make promise you should  fulfill ur promise.cryptocurrency unstable payment system where collected coins or payment than u give it...

[babaji 1228]

Well the exchange use a time frame maybe 5 mins before you lock in the exchange rate. If you dont complete the transaction within 5 mins then the price is revalued. So i guess you have to do that in real life as well before you make any trade. 

[MohammadMohsin 569]

You're absolutely right mate. The price differences can make sometimes big mistakes by us. We should always think for the future and also see the votality of the market. 

[fo1lluko1l 487]

I just exchange bitcoin for Fiat if I know that I will need to pay something using Fiat, since the price of bitcoin is unstable, you need to constantly do so.

[Brushless4500KV 4214]

On 2/13/2020 at 5:25 PM, Penenche said:

If you want to transact in bitcoins, you ought to imply and set up the value in bitcoins, and not in dollars. You move to the seller’s account precisely bitcoins, not dollars. To negotiate a deal, you necessity lone in bitcoins and set up it at the time of the transaction. afterward fire the indicated quantity of bitcoins. 
 

How can I calculate the amount I want to pay in bitcoin while the person I want to pay knows nothing about bitcoin? He only knows USD and only understand values in USD. This is exactly the problem I faced. If my friend was a bitcoiner, I had no problem because I could easily transfer bitcoin from my own wallet to his wallet. I think we should only promise people to pay in USD when bitcoin price is high because only in this case we can pay less bitcoin to receive its equivalent in USD.

[Cryptominded 704]

On 1/21/2020 at 7:47 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?

I think you're the one with an issue here, because you guys never had an understanding the deal would be based on Bitcoin and not dollar. If you got him to accept that in the first place, you solved the problem, but you didn't, so you got to bear the extra burden. What you have above is one of the reasons a lot more merchants are unwilling yet to adopt Bitcoin as mode of payment and the ones that did, will immediately have them swapped to fiat currency.

[fatima123 320]

Much volatility of bitcoin price always even in few minutes it's price difference more then 100$ and we loss or earn very quickly from this market but it is necessary to be experienced .

[Syedbesharat 5423]

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?

I also pays in BTC some times but for that i used trading and tell in advance the payment can be delay for few hours.This happens to all crypto users but we have to arrange extra money in cash .

[Sagor 500]

15 hours ago, Shahzad Fazal said:

it is very difficult to pay with crypto when you promise to someone because people truly dont believe on any body because they are fair of being scammed so that's why you don't have to promise anybody 

mainly in crypto i think we should not do any private transaction and people dont trust anyone here because there are many scammers.

[Vanessa 1266]

I think that it is not right to pay by crypto if you borrow fiat money. It is normal to the person to feel awkward if you will promise that you will pay thru crypto currency since not all the people is knowledgeable about the system.

[Rstunirk 151]

You be obliged to gave him boundary as an unorthodox of place amount. Volatility of bitcoin level affects both means anyhow of how enormous your money.
 

[Interface User 1070]

This is one of the problem and limitation of crypto currency in implementing it as a global crypto currency. I guess we avoid using crypto currency in this type of transaction in which the product is only applicable in stable prices because the value is unpredictable. But all in all in a perfect timing, crypto currency is the best way in buying goods.

[dewita 12]

the price of Bitcoin depends on the merchant, even if your friend lends 10 $ at that time, but you will return more than that
 

[Amdadul11 17]

If you work on this cryptocurrency and if you have a problem with your money then I would say that you must use the cryptocurrency injustice chamber Exchanger is the best they can be. Thank you very much for sharing this topic with us.

[Lover840 0]

Hello my dear friend. In my opinion the volatility issue won't be fixed when it comes to crypto currency. This issue can happen with anyone also you can suffer you loss but sometime you get benefits as well. 

[Efs 164]

The answer is simple, I don't borrow money from people in order to not make my payments as bitcoin, or I buy them at the dollar price. if If I do BTC indexed I will hurt at the end 

[Valentine.H 41]

Personally, I would love to be paid in crypto. I don’t understand why this is even a concern? Yes it is volatile but it’s long term trend is up. If you believe it will lose value quickly than just exchange it for fiat?

[Brushless4500KV 4214]

4 hours ago, SHAABAN199 said:

Hello my friend
I don't buy anything before the money is in my hands
So first sell your bitcoins, then buy for the amount you own

The problem is that I don't want to sell bitcoins. I want to pay through bitcoin! If I had cash, it would be no problem regarding exchange rates. I once tried to use bitcoin like a currency for my payments and I encountered this problem. My own solution for this problem is that this method is only possible if both parties (sender and receiver of the money) have bitcoin wallets and only work with bitcoin and calculate the amount in satoshis not USD. We can't use more than one currency as the basis for payment.