Certified Bitcoin Professional Practice Exam

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Study for the Certified Bitcoin Professional Exam. Enhance your blockchain knowledge with flashcards and multiple-choice questions. Each question includes hints and explanations. Prepare for your certification!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Should merchants who accept Bitcoin keep their products priced in their local currency?

Yes, it is recommended.
No, they should price in Bitcoin.
It depends on the region.
Only for international sales.

The correct answer is: Yes, it is recommended.

Keeping products priced in the local currency is recommended for merchants who accept Bitcoin for several reasons. One primary consideration is the volatility of Bitcoin's price. Since Bitcoin can experience significant fluctuations in value within short periods, pricing in a stable local currency helps to provide clarity and consistency in pricing for customers. By displaying prices in the local currency, merchants make it easier for customers to understand how much they are spending without having to constantly check the current Bitcoin exchange rate, which can change rapidly. This approach also minimizes confusion and ensures that customers are aware of the cost in a currency that is familiar to them. Moreover, pricing in local currency simplifies accounting and financial reporting for the merchant, as they can more easily track sales, inventory, and revenue in a stable unit of measure. Although accepting Bitcoin for transactions can provide benefits such as lower fees and broader market reach, maintaining a local currency price helps in managing customer expectations and operational processes effectively.