How to do retail business in cryptocurrency

I have been doing a lot of deep thought on this issue. Many say the cryptocurrency price is very volatile to use as money.

The problem with all these people is they and setting their item price based on USD or whatever currency they are based on.

In Malaysia, most Items have a fixed price period and are priced in ringgit instead of USD. If everything is based on USD and price everyday changes, obviously we going to have people screaming how volatile the ringgit is. In case you don't know, your raw ingredient actually every day also has price changes due to various reasons like shortage or overproduction. The only reason you don't feel it is because the business only updates the price when the changes are too large for the business to handle.

In order to create a sense of stability that all these customers want. Business owners need to see how volatile the cryptocurrency they plan to use in their business is.

For example:

I am a chicken rice stall and I want to use bitcoin cash (BCH) as payment.

So I sell my chicken rice for RM8 or 2USD per plate, it mean it will cost 0.003695 BCH because at the moment BCH is $541.30. Instead of pricing it in ringgit in BCH, I price my chicken rice at 0.0037 BCH for 1 week.

It is important you charge it slightly higher due to the possible price change in BCH and maintain the price for a certain time period so that people can know how much they need to spend when they visit your shop.

So when you sell, you sell at 2 different prices, one in ringgit and one in BCH.

If the customer wants to pay in BCH, they will need to pay the BCH price.

The same strategy should be applied to whatever business you are doing when you plan to accept payment in cryptocurrency.