Time-frame within which a bitcoin price, converted from other currency, is valid — what is recommended?

On my website I’m setting bitcoin payment by myself. The prices are in USD/GBP/JPY and a few other major currencies. But the payments should be in bitcoins.

When I’m generating an invoice for a client and converting a USD price to bitcoins, what do you think will be wise time-period within which a bitcoin price is valid? Approximately. Meaning, it’s very unlikely to go up or down and at the same time isn’t too short. 1 or 2 hours? 5 hours? Or 10 minutes? Is there an official recommendation about that?

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Widespread adoption in low price (high volume) and high price (low volume) segments rather than mid price segments

Any new technology typically requires a 10X benefit over existing technology to gain widespread adoption, if there is already a similar product available (example: autonomous cars vs normal cars). Current transaction costs using credit cards of the order of 2-3%. To use bitcoins, currently I think the transaction costs (frictional costs of knowing how to use bitcoins, exchanging USD for bitcoins, getting apps to store your bitcoins, knowing how to store your keys safely, finding merchants who are willing to accept bitcoins) etc are pretty high, way more than 2-3% for a normal transacation.

I know that bitcoin transactions are supposed to be free. But from a consumer point of view, even though I maynot be paying in $ , I am paying a lot more in time to learn about these new technologies.

Potential use cases:

  1. An interesting thing that I learnt today is that at the low price market, the transaction costs are much higher. Fred Ehrsam mentioned here https://youtu.be/22Cr_CD2lJw?t=1408, that for low price transactions the cost of transaction is much higher ~20c for a 1$ transaction, with is 20% of the cost of transaction. So say you buy lots of apps, you could potentially learn about bitcoins and make a killing. Perhaps there is no individual consumer who would buy lots of apps, but say there is a wholeseller of apps, they could buy these apps in bitcoins, and then sell these to end customers in USD.

  2. For very high cost transactions say for 10000$ , a 2-3% transaction cost comes down to 200-300$ . So I would think that to save on a 200-300$ transaction, people would be willing to learn about the new technologies surrounding bitcoins to save on that transcation cost. Fred also mentions that bitcoin is not necessarily free but has around 1% “net” transaction costs. So you could save around 100-200$ on the above transcation, and more if the price of the product is higher.

Do you think that we will see widespread consumer adoption in these use cases rather than in the mid-segment, where there is neither a lot of volume or a lot of cost savings to justify investing in bitcoins?

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