I sell my feasts in £ but accept bitcoin as payment and just get the spot price. I guess when my feast is £60 a meal it’s easy to value but as sats it would be 77,000 sats which I think sounds like a lot of generation wealth to hand over where as £60 for a meal is kind of normal. Don’t know, hard one to call.
Dear Nostr, I need help getting my head around pricing in sats vs denominating in sats 😵💫 If in fact is not even the same thing?
I have a seasonal product that I make once per year (yes it's marmalade!), the cost for making it will not change until next year as I bought all the ingredients and materials already. If I wanted to 'price in sats' does this mean not changing the sat price regardless of any value increases/decreases over the coming year? Say bitcoin doubles, my customers would effectively be paying twice as much if I do not track the fiat price, when they should be experiencing a discount instead.
So far I believe I have been pricing in fiat and denominating in sats, therefore anyone paying with bitcoin gets their goods cheaper over time.
What is this idea for pricing in sats, perhaps I just don't understand the terminology?
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#asknostr #grownostr #priceinsats #bitcoin