For the last couple of years, the price for 50 coins was ₹50.
From September 25th, 2019, we are going to link the price of coins to USD.
This will increase the price of 50 coins to approx ₹70. Also, the price will vary according to the USD-INR rate.
After I sent the email announcing the price increase, most people just bought coins in bulk. Others mailed us suggesting it's wrong to increase the price - and we were violating their trust.
I wrote this post for those who feel the same.
You have to know this...
Nothing we do is for short-term profit. Your trust in us is our most valuable asset - the existence of TeacherOn depends on it.
We work every day, even on "vacations", to build that trust and increase the value you get from us.
My daughter wondering why papa is working at our one-day-vacation as I write this post
Since TeacherOn originated in India, the price was initially based on Indian rupees. We chose Rs 50 for 50 coins as it was a nice round-off.
For other currencies, 50 coins cost 1 USD or equivalent - and it's always been this way.
As our global presence is increasing, we realized:
It's unfair for teachers from other countries to pay higher coin prices.
Linking coin price to USD enables us to stop that unfairness.
Going forward, as we launch more features, their integration would be possible with this change.
Geek Alert... The text below is nerdy, somewhat technical. Please read it only if you like details and have at least some interest in Maths.
One way to look at this is...
So far, you were getting coins at a discount. If you get coins in bulk now, you will be at approximately 40% advantage to everybody who buys coins later at increased prices.
For eg: For a job which costs 10 coins, you would effectively pay Rs 10. Others would effectively pay Rs 14.
Another way to look at this is...
If you buy any amount of coins now, they would have appreciated in value by 40% after this change. A 40% assured appreciation in a couple of days is something you don't get every day.
That's not a bad deal considering banks only give you 5-8% interest, that too in a year.
However, all of this applies only if you already value coins and have found clients with us. For those teachers, who haven't found any value with us, coins would be expensive even at Rs 1 for 50 coins.
you think: "I will still need to pay Rs 70 for 50 coins once coins bought at old prices are exhausted".
That's true... but.. the truth is not that simple.
This is somewhat abstract. So I will try to explain it the best I can.
If you understand nothing else:
Increase in coin price is inconsequential in the long run. You won't pay any more or any less money than what you would have otherwise paid.
Just like money, coins don't have any value. The only value they have is the value you place on them.
If Price for 50 coins was Rs 100 from the beginning, then the price for jobs would be half the coins as it requires now.
Eg. If a post costs 30 coins to apply at Rs 50 for 50 coins now, it would cost 15 coins to apply if it was Rs 100 for 50 coins.
You can see how coins required for a job are calculated here.
Theoretically, assuming the posts are fairly valued, the price of coins should fall.
but that's just theory...
the fall is unlikely in the short term as jobs are still undervalued. I say that as the price is still increasing for jobs.
Please let me know in the comments if you have any questions or comments.