about bitcoin market price for a shopping mall

1

I am thinking of making a shopping mall based on Bitcoin payment system.

But, as you all know, bitcoin market price experiences sudden rise and drop nowadays and It will also continue to fluctuate in the future.

In this situation, how should I make my shopping mall using Bitcoin ?

Existing malls using Bitcoin are accepting that ?

I have to change my product prices every time the market price of Bitcoin such as MTgox and BTC-e is changed ??

Does anyone have an idea about that?

David2013

Posted 2013-12-01T10:35:23.563

Reputation: 11

Answers

2

There is a simpler option than to re-tag your products every day to keep up with ever changing prices. You could denominate the products in USD/EUR/... and advertise that you are accepting Bitcoin. Then you update your point-of-sale software to be able to do the USD/EUR/... to Bitcoin conversion on the fly, with regularly updated exchange rates. This way you always keep up to date, can give information on the current price in Bitcoin and accept Bitcoin payments, all while keeping the price tags stable.

cdecker

Posted 2013-12-01T10:35:23.563

Reputation: 8 234

Maybe You are a genious :) Thx – David2013 – 2013-12-02T10:34:56.183

1

For now, price your goods in fiat currency (USD, EUR). Bitcoin is good for 1) payment solution 2) market promotion tool.

Take bitcoin as accepted payment method. See it as a special payment method, comparable to credit card, Google Wallet and so on.

If you want to show BTC price next to an item there are digital price stickers which can be updated real time. The largest IT retailer in North Europe, Verkkokauppa.com, uses them for EUR based pricing:

http://www.alibaba.com/showroom/digital-price-tags.html

You need to have a special software solution which pulls in market data from a site like Mt.Gox, bitcoinaverage.com and updates price tags to show BTC prices based on USR/EUR<->BTC conversion rate.

As you can see, it might not be worth of the hassle, as people cannot read complicated BTC prices any way. Just use Bitcoin as the payment solution.

There are also signs for bitcoin payment accepted:

https://www.google.fi/search?q=bitcoin+payment+accepted&client=firefox-a&hs=Bsl&rls=org.mozilla:en-US:official&channel=fflb&source=lnms&tbm=isch&sa=X&ei=y0-cUo_MOLCPywPy_YCwAQ&ved=0CAkQ_AUoAQ&biw=2154&bih=1277#channel=fflb&q=bitcoin+accepte+neon&rls=org.mozilla:en-US%3Aofficial&tbm=isch

Mikko Ohtamaa

Posted 2013-12-01T10:35:23.563

Reputation: 2 407

Thank you for the detail information. :) I will try it soon – David2013 – 2013-12-02T10:35:30.640