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The Bitcoin price fluctuates constantly, and there are different rates from various sources. So, it's not only important to consider the timing but also the source to determine which exchange rate is applicable.
Bitcoin price chaos
This poses a problem for businesses and everyday life. One wonders how many Satoshis this item costs now and how much Bitcoin is worth at the moment. The problem is that the price on exchanges depends on current demand and fluctuates constantly for various reasons. Therefore, most people usually just have a rough idea of the current Bitcoin price. For most, it is relatively unimportant whether they bought at 16,713 or 16,829. Anyway, most people can't visualize concrete things with such high numbers since they rarely or never come into contact with them in their daily lives.
Satoshis instead of Bitcoin
Therefore, it is more meaningful and practical to measure the value not in Bitcoin but in Satoshis, which allows people to better imagine the value of something in Satoshis or how many Bitcoins they own, rather than just seeing 0.00-something Bitcoin in their account
The compact Sats price
Representing the price in Satoshis instead of Bitcoin simplifies the conversion of prices, as one can take the current exchange rate and simply multiply it by the value one wants to convert.
However, the fluctuations and the multitude of rates from various sources remain a problem. My suggestion now would be to simply round these prices. This would make them more noticeable and reduce frequent fluctuations.
The round representation also results in simpler prices that people can remember and convert in their heads more easily.
Prices in stores
Rounding also enables businesses to provide customers with a conversion rate, allowing them to easily convert the prices displayed in local currency. And since the prices don't change as frequently, customers can calculate with these prices over a slightly longer period. For example, if you work with the rule of adjusting the exchange rate only daily or hourly, the process of going to the cash registers or completing the checkout with the shopping cart would be more relaxed, as there would be no fear of the price changing again during that time.
Rounding Table |
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Rounding Table
To round the exchange rates, I have come up with the following concept that takes into account the different ranges of rates.
| Below 10 | No rounding |
| Number between 10 and 100 | Rounded to the nearest 5 |
| Number between 100 and 1,000 | Rounded to the nearest 10 |
| Number between 1,000 and 10,000 | Rounded to the nearest 100 |
Price Guarantee
To ensure a meaningful price guarantee, fluctuations should be taken into account. As a company, it would not be problematic in everyday business if the exchange rate results in receiving more Satoshis than the actual value in the local currency. Therefore, I suggest adding a 2% surcharge to the current exchange rate at the exchange before rounding the prices. This reduces the likelihood that fluctuations during this period will result in receiving less in the local currency than previously calculated.
Additionally, a surcharge should be considered to cover any costs that may arise during the exchange process.