Bitcoin Forum

Economy => Economics => Topic started by: cafucafucafu on August 21, 2015, 04:26:32 PM



Title: How do they calculate XBT exchange rates?
Post by: cafucafucafu on August 21, 2015, 04:26:32 PM
I was having a look at this: http://www.xe.com/currencycharts/?from=XBT&to=KZT&view=1M

If Kazakhstan has no bitcoin exchanges then how do they work out those rates above? Is the dollar used as the standard?


Title: Re: How do they calculate XBT exchange rates?
Post by: botany on August 21, 2015, 04:47:56 PM
I was having a look at this: http://www.xe.com/currencycharts/?from=XBT&to=KZT&view=1M

If Kazakhstan has no bitcoin exchanges then how do they work out those rates above? Is the dollar used as the standard?

I presume they use a well traded currency like the USD. This is how cross currency rates are calculated, even in conventional currencies. 
If you try a combination like the Pakistani Rupee to Bolivian Boliviano, you will still get a cross currency quote.


Title: Re: How do they calculate XBT exchange rates?
Post by: RealBitcoin on August 21, 2015, 04:58:53 PM
I was having a look at this: http://www.xe.com/currencycharts/?from=XBT&to=KZT&view=1M

If Kazakhstan has no bitcoin exchanges then how do they work out those rates above? Is the dollar used as the standard?

Probably they use the dollar.

So if BTC/USD = 231.7
   
And USD/ KZT = 252.09

(you need those 2 pairs exchange rate to calculate the following)

Then BTC/KZT =  231.7/ (1/252.09) = 58,409.25       ----------->   (1 BTC = 58,409.25 KZT)

or BTC /KZT = ( BTC/USD) / [1/ (USD/KZT)]  = (BTC/USD) / (USD/KZT) =   (BTC/USD) / (USD/KZT) =BTC /KZT


Title: Re: How do they calculate XBT exchange rates?
Post by: Slark on August 21, 2015, 05:34:42 PM
Well, if I am calculating bitcoin exchange rates I am usually using this small tool: http://preev.com/btc/cad (http://preev.com/btc/cad) - Here is an example exchange rate BTC to Canadian Dollar.
You can pick from drop down menu almost every currency of the world and you will have quick value based on top bitcoin exchanges there. Have fun.


Title: Re: How do they calculate XBT exchange rates?
Post by: RealBitcoin on August 21, 2015, 07:48:44 PM
Well, if I am calculating bitcoin exchange rates I am usually using this small tool: http://preev.com/btc/cad (http://preev.com/btc/cad) - Here is an example exchange rate BTC to Canadian Dollar.
You can pick from drop down menu almost every currency of the world and you will have quick value based on top bitcoin exchanges there. Have fun.

Preev is an easy to use tool, i use it too, but the price is not always reflecting market price.

For a pinpoint accuracy, i recommend: https://bitcoinwisdom.com

You can see there prices from all exchanges via API.