Industry Round Table: BitCoin and Price Volatility

Every month, LowEndBox puts a question in front of hosting industry leaders and LEB community providers, who are invited to comment and offer their perspective.  Our goal is to stimulate discussion around important issues in the industry, inform our readership, and help other providers so the community as a whole benefits.  If you have a question you’d like to put to the round table, please submit it to us!

This month’s question:

Do you take Bitcoin (or other Cryptocurrency)?  If yes, how do you deal with the wild changes in value we’ve seen recently.  If you don’t take it, why not?

 

Jay, CEO of NexusBytes

As a global business, a lot of our family members are from countries, where Credit/Debit card comes with hefty international transaction fees and paypal isn’t an option. Crypto currency fulfills that void. Here at Nexus Bytes, we accept major crypto currency such as Bitcoin, Litecoin, Etherium and Bitcoin Cash.

Crypto currency is yet to become a stable flat currency, that we could rely on to perform day to day transactions. To most, this is still an asset rather than currency, with real world value. Which also creates a volatile market, where the currency loses stability.

Here at Nexus Bytes, we usually (and almost always instantly) convert and withdraw expense portion of the currency to USD. We convert the rest to BTC and keep the remainder (profit) as future investment and let it ride the wave.

 

Dustin Cisneros, CEO of RackNerd

RackNerd who was voted #1 as LowEndTalk’s top provider accepts cryptocurrency payments via Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and ZCash.

It goes without saying that cryptocurrency’s value is constantly variable and dynamic, and while at some times, what an end-user pays you via cryptocurrency today may go up in value tomorrow, as a company you should also be prepared if it were to go the other direction. A handful of transaction’s potential variable amount should not impact your health as a company – and I think that also improves with scale as you continue to grow as a company.

The number one reason why businesses fail today is because their ideas/products weren’t sold quickly enough, AND in quantities high enough. You need to have both margin and volume in order to run a sustainable business that can weather any economic impact. In my last guest post here, I went over 5 tips on how to succeed and expand as a business in 2021, and how you can continue to expand your business even during COVID-19 times. In conclusion, you can monitor your cryptocurrency transactions to see the value change on a day-by-day basis and take actions based on what you as a company are comfortable with, or alternatively – some payment processors may offer the ability to immediately convert the cryptocurrency payment from the end-user to USD for you.

 

Justin Blanchard, CMO of ServerMania

ServerMania accepts Bitcoin as the only form of cryptocurrency, however, customers must speak to a sales agent when placing the order to receive instructions on how to complete the payment. This is an easy process that can be completed through live chat, ticket or over the phone at the time of checkout.

Bitcoin’s current exchange rate will be charged at the time of submitting the order. For example, if the request is being made on a Saturday the order may not be processed until Monday (during sales hours), so charges would reflect Monday’s Bitcoin exchange rate.

We will be placing more of a priority on building a module for Bitcoin on our order form once we see the increase in demand from Bitcoin paying customers.

 

Ditlev Bredahl, CEO, OnApp

As you probably know, we don’t sell cloud hosting, instead we enable hosts to sell cloud – and looking at our data since 2010, some of our customers do offer crypto as an option alongside traditional currencies, but mainstream currencies are still most popular. But, that stuff isn’t important.

What’s important about crypto is that it’s an enabler for hosts. It’s a way to escape the clutches of VISA, Mastercard, Paypal. I bet most people reading this have been kicked from their payment provider at some point, or they’ve had funds frozen. That’s because of chargebacks from “establishment” payment systems, or KYC, or because of content restrictions etc. But if you think about “how to implement payment” in the first place, the point is: not everyone finds it easy to get a bank account, let alone a payment provider.

I’m not trying to pick on specific countries, but what if you’re an entrepreneur in Indonesia, for example? You have a great idea, you have a USP, you have your infra and your service… but you’re forced to go with a payment solution that’s charging you 3-5%, your 2checkout for example. You’re a start-up, it isn’t sustainable. With BTC it can either be fully P2P, or a middle-man situation with a commission that’s more like 0.1%.

If hosts start accepting BTC, then BTC starts becoming part of the ecosystem. And in terms of fluctuation, you have options there too: stablecoin, for example. Crypto isn’t mainstream yet – it will be a while before your average head of accounts or CFO is looking to pay their invoices with cryptocurrency – but it will happen. Has to.

 


Thank you to all of our providers for participating this month!

If you have a question you’d like to put to the round table, please submit it to us!

raindog308

I’m Andrew, techno polymath and long-time LowEndTalk community Moderator. My technical interests include all things Unix, perl, python, shell scripting, and relational database systems. I enjoy writing technical articles here on LowEndBox to help people get more out of their VPSes.

exchange rate – If Bitcoin’s price goes to 1 million USD, can’t Michael Saylor basically “buy the world” and make us all his slaves?

Michael Saylor apparently has 71,079 BTC. Currently, that’s $3,473,630,730 USD.

3,473 million USD.

3,4 billion USD.

Maybe I’m underestimating how many filthy rich people there are in this world, but with that much money, even now, but especially if Bitcoin goes 100x from the current value, won’t this basically enable him to buy Earth and make us all his slaves?

My own Bitcoin “fortune” feels pathetic, like less than pocket change, in comparison. It physically hurts me every time I hear of these rich people who have enormous amounts of Bitcoin. I don’t see how my few coins could be worth anything in reality if there are people with so much more than I.

If he wanted, with that mount of money, couldn’t he basically make his own space program from scratch and build a vacation colony on the Moon or something?

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Is Mining Bitcoin While The Price is Low or High better?

Does the reward for Bitcoin increase/decrease when the price goes up and down?

The reward for mining a bitcoin block is:

(the current block subsidy) + (the fees from the included transations) = (the block reward)

The block was originally 50 BTC, and this amount is cut in half every 210,000 blocks. At the time of writing, it is 6.25 BTC.

The price is an extrinsic property, it has no affect on the number of BTC included in the block reward (though obviously the dollar value of the block reward will change, as the price changes).

Is it more profitable to mine when Bitcoin is down, or when it is up?

Profitability entirely depends on the miner’s costs, and revenue. It is a highly competitive free market.

When the price drops, some less efficient miners may become unprofitable, since costs are usually payable in fiat currency, and the block reward is realized in BTC.

When the price increases, miners will see a larger profit in fiat currency terms, but this also means that less efficient miners may join the network (as they are now able to operate profitably), thus netting the already-operating miners a smaller portion of the total rewards over time.

It is a constant push-and-pull. A higher fiat price per bitcoin will mean more revenue (denoted in fiat), but also more competition. We might expect this effect to roughly cancel out, so that profits trend towards zero on average (if they were higher than zero, we would expect more miners to join the network, to take a piece of this profit).

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exchange rate – How can the Bitcoin price be plummeting in spite of all the “bullish” news?

These Bitcoin YouTuber expert traders and holders and Bitcoin evangelists have been talking for what feels like weeks on end now about this and that major corporation/person buying zillions of Bitcoins and so on.

So why does nothing happen to the price in terms of it skyrocketing? Why is it going down with all that happening? How is it possible? I’m sitting here baffled that it’s apparently happening once again. It defies all logic at this point. It shouldn’t be possible.

I feel like I’ve missed something. There must be some kind of heavy manipulation going on; somebody very powerful who really does not want to see us win?

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❕NEWS – Altcoins seeing major drops in their price | Proxies123.com

Earnings Disclaimer:  All the posts published herein are merely based on individual views, and they do not expressly or by implications represent those of Proxies123.com or its owner. It is hereby made clear that Proxies123.com does not endorse, support, adopt or vouch any views, programs and/or business opportunities posted herein. Proxies123.com also does not give and/or offer any investment advice to any members and/or it’s readers. All members and readers are advised to independently consult their own consultants, lawyers and/or families before making any investment and/or business decisions. This forum is merely a place for general discussions. It is hereby agreed by all members and/or readers that Proxies123.com is in no way responsible and/or liable for any damages and/or losses suffered by anyone of you.

trading – How much over the market price do you have to pay normally on non-Bisq exchanges?

Full disclosure: I’m asking out of sheer curiosity. I can only buy Bitcoin with Bisq (the decentralized application) anyway, so it doesn’t matter what the answer is other than to satisfy my thirst for knowledge.

Every time I look at the prices on Bisq, at least for the one market and payment method I can use (Euros, using SEPA bank transfers), the prices are over the “market price”. Right now, they are a minimum of 12%-15% over the market price. Some offers even go as far as exceeding +50%!

I assume that this is a result of so few using Bisq in combination with the demand being so high and the willingness for Bitcoin owners to part from them. Since the Bitcoin price is expected to go much higher, this is still a “bargain”, but it just feels annoying to know that I pay over what I “should be” paying.

Is the “market price” what people normally pay on centralized exchanges, or do the offers have “margins” even there? If so, by how much? Is it more like 0.1% there or something?

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