Hi there,
We are to quote equipment we sell in Bitcoins. In order to make up realistic pricing we are looking to follow average of 3-4 exchanges rates.
There I got lost. Comparing exchange rates of Canadian and US exchanges values differ by as much as 30%. Same crazy numbers go for spread between by and sell rates. For example we'll buy your Bitcoins for $78 and sell it for $109!?
Either factor is giving me a headache. What is real here and what fake? If have part that sells for U$100 how on earth I will determine how much is that in Bicoins? Prices will differ wildly. As for spread within same exchange, I understand that "house" has to earn money on transactions, but here we are talking about 30 or more percent making sell/buy spread something like $145/$92? I mean WTF?
It is obvious that each exchange is running it's own show with no much correlation to next one. It looks like it is "take or leave it" mentality at work.
Can anybody explain above?
