Silk Road forums

Discussion => Off topic => Topic started by: bertrum on February 19, 2012, 05:59 am

Title: Bitcoin value versus dollar
Post by: bertrum on February 19, 2012, 05:59 am
With bitcoins constantly changing value, I wonder do vendors have to stay on top of this in relation to the prices on their products, or is it based on a dollar value which automatically adjusts comparitively to the bitcoin value?
Sorry this has probably been discussed and answered but on searching I couldn't find it..
as u can tell im relatively new here, and haven't kept track of my fav vendors prices against this figure so thought I'd ask.
Thanks
Bertie
Title: Re: Bitcoin value versus dollar
Post by: MagicMan on February 19, 2012, 06:18 am
Vendors usually peg their prices to the USD and when the BTC price fluctuates SR automatically adjusts for that fluctuation so vendors still get the amount of USD they want
Title: Re: Bitcoin value versus dollar
Post by: racidacid on February 19, 2012, 02:34 pm
could you do this... buy 10 coins now at £2.7 wait for a few weeks till it goes up to £4.5 again then you have made more money to buy things on silk road? or am I just being retarded ahah im new to this
Title: Re: Bitcoin value versus dollar
Post by: MagicMan on February 19, 2012, 05:19 pm
could you do this... buy 10 coins now at £2.7 wait for a few weeks till it goes up to £4.5 again then you have made more money to buy things on silk road? or am I just being retarded ahah im new to this

Yup, that's exactly how it works, if you buy $100 worth of BTC now and in a week those BTC are worth $150 then you can buy $150 worth of stuff. By the same ticket those $100 BTC could devalue to $50 BTC and you'd be stuck with that.
Title: Re: Bitcoin value versus dollar
Post by: Angelology on February 19, 2012, 07:21 pm
With bitcoins constantly changing value, I wonder do vendors have to stay on top of this in relation to the prices on their products, or is it based on a dollar value which automatically adjusts comparitively to the bitcoin value?
Sorry this has probably been discussed and answered but on searching I couldn't find it..
as u can tell im relatively new here, and haven't kept track of my fav vendors prices against this figure so thought I'd ask.
Thanks
Bertie
Its based on the dollar amount..
Title: Re: Bitcoin value versus dollar
Post by: wxevkexi on February 19, 2012, 08:16 pm
Its based on the dollar amount..

Actually, vendors have the choice of pegging their price to the dollar or BTC. The website then adjusts the price dynamically.

If they peg it to BTC, the the price in BTC remains constant, but the price in dollars varies. And vice versa.