How do you promise people to pay money on time with crypto? I faced this problem. - Page 3 - Crypto World - CryptoTalk.Org Jump to content
Brushless4500KV

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

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Probably worth the pratit equivalent of the cost at the time of transfer. And if the Commission for miners is small, the transfer will be long. Better to transfer with another cryptocurrency such as Doges or Ethereum.

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Thank you for sharing this interesting topic about the payment with Bitcoin or with USD...etc this is the confusion have encountered many companies when they have adopted the crypto and then they have stop giving this service, because Bitcoin price is volatile.

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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?

actually is not hard to solve this problem. for example.. when you promise to pay the 30$ the price of bitcoin is 10k so you have to pay 0.003 BTC and you say to fix the price so no matter what happen you will pay to him only 0.003 even in the price goes up or goes now.

so just fix the price at the beginning and you will have no problem for the future price

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On 1/21/2020 at 8:47 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?

We don't cope with it. Always turn the money you owe to fiat. And hopefully you paid because that 30 dollar sum you owed is now 0,0064 btc and rising. Never borrow money for cryptos is you are planning to pay with cryptos.

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Its really hard to compromise with others especially when it comes to crypto currencies,because of its volatility and transaction fees,so paying in usd than btc is much better,as btc has higher transaction fee.

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This is the real story  of crypto  world. Everyone  should  make  their  minds for  this situation before entring into the crypto world . Because  ups nd down  is the essential  part of crypto  currencies. 

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11 hours ago, Rickso said:

actually is not hard to solve this problem. for example.. when you promise to pay the 30$ the price of bitcoin is 10k so you have to pay 0.003 BTC and you say to fix the price so no matter what happen you will pay to him only 0.003 even in the price goes up or goes now.

so just fix the price at the beginning and you will have no problem for the future price

Your solution is only practical when both parties know about bitcoin and have used it for their payments before. But if one person (like me) is a bitcoiner and the other one (like my friend) is only a fiat user, how can you fix a price based on bitcoin? He only cares about the value of what he will receive in USD not BTC. I can't tell him I'm sorry for the loss of value but this is only the nature of bitcoin! He doesn't know about volatility.

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This is constantly happening to me, especially when I want to buy or sell bitcoin. The solution is to monitor bitcoin and transfer your operations quickly when it is stable so that you do not face any problem.

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I just when I know that I will need to spend money exchange bitcoin for the currency that is not volatile and whose price does not change. (USD or ETC)

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I dont think to promise any one to pay in bitcoins, because everyone knows bitcoin is not stable coin, and any one not predicts bitcoin prices in next one hour, then how you will calculated and predicts bitcoin prices, in my use stable coins like xrp this coins prices not fluctuats so next time when pay in this coins to avoid prices loss.

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Its very difficult to keep the promise of paying people on time with btc due to price volatilities, scam issues and I also faced this challenge i promised to pay someone a dept in btc after investing and unfortunately I couldn't stick to my promise cause I was scammed.

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The problem is with you because you promised him, you are not supposed to promise something that is not in your hand, but you have to be patient until you collect the money and then pay it to him.

Edited by Maroua
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These things you have to study before you make anything or make promises. If this person knows the problem that you have fallen in, he may excuse you and just be sorry will solve the problem. I understood the significance of what you said you are right


Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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This is sentiment of crypto market because bitcoin price always shuffling around even every second its price can dropped into 200$ or can be pumped also because it is so much popular currency of the world's due to high fluctuating in price of bitcoin from last ten years.and some earned and some loses.

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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?

First of all you have to think this before making any promises that Bitcoin is a digital currency it can be decrease r increase any time.And now if you faces this problem you should deposit some cash into your bitcoin wallet and return  him on time. 

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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?

That's a big and unexpected problem. 

Tell him about that and promise him that when the price rise again you're going to pay him the exact price. 


Free satoshis and bnb every 20 minutes here: https://betfury.io/?r=5fadf2e24229531209b94c8c

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Without third party observer we should really face hard time to make people trusting us in the case of cryptocurrency payments. If we are preferring to trade on the cryptocurrency exchange, third party can be considered as the trusted monitor so that buyer and seller can place the orders. 

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The volatility cause many business enterprises to stop using bitcoin as a payment method, this has cause them to lose their capital and they aren't wise too in making decisions

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On 1/21/2020 at 8:48 AM, Ali_hmwi said:

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....

True and sure on that part of using stablecoins as a mode of payment especially when you want to pay to some one who might of agitated on having to receive $30 and not on the Satoshi amount, as when the price of Bitcoin has dipped. But sure stablecoins is more appropriate to go for

 

On 1/21/2020 at 8:48 AM, Ali_hmwi said:

 

 

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I don't think it will be a good idea to pay in crypto currencies now. Because the price always goes ups and down day by day. It can change in a big substance. So that's why the currency need to be stable for a regular use purchases. Otherwise it will create these kinds of difficulties. 

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10 hours ago, lovecrypto19 said:

Actually it is more convenient to use dollar estimates than bitcoin, because we know bitcoin often changes prices. according to the prevailing crypto market. unless it's a decision with bitcoin.

I use btc conversion on Google search, I think it's quite accurate. if I use dollars, it is not my country's currency, it is rather difficult to do calculations.

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I just exchange cryptocurrency for dollars, and then when I need to pay with it, I will ask what is better for a friend, to get cryptocurrency or dollars.

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I just when I find out that I will need to pay a person a specific amount I just exchange cryptocurrency for Fiat and give him the money in Fiat. 

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I cope with this problem by first agreeing on a specific amount of bitcoin for example if I borrow 0.00127 BTC from someone when the bitcoin price is $9000, I will first agree with the person that I will pay the exact same amount of bitcoin I borrowed.

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It is simple that you can pay in Usdt coin it is better for payment than Bitcoin so that is the way that I use or anyone around me ask for usdt not Bitcoin at all.. stable coins better for payment.

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