Best way to calculate profits/losses?

[PMMatt]

Say for example, I bought $1000 worth of Bitcoin at $15,000.00.
It goes up to say $16,000.00.

What's the best formula to calculate my notional account balance (excluding transaction fees, to keep it simple)?

Thanks

[CryspRayz]

Just download Delta app and it will do everything for you

[MintDice]

Blockfolio is another fantastic option. Just input the amount of bitcoin you own into the app and it will tell you its present value.

[iam2good]

You can also use coinmarketcap coin history data to track it profitability.

[odolvlobo]

Say for example, I bought $1000 worth of Bitcoin at $15,000.00.
It goes up to say $16,000.00.

What's the best formula to calculate my notional account balance (excluding transaction fees, to keep it simple)?

Thanks

new balance = old balance x new price / old price

In your example,

new balance = $1000 x $16000 / $15000 = $1066.67

But it might be easier to just keep track of the amount of btc and its value.

btc = sale amount / btc price

Then anytime you want to know how much you have

new balance = btc x new price

In your example, you bought $1000 worth of BTC at $15000, so you have

btc = $1000 / $15000 = 0.06666666 BTC

and the price is now $16000, so your BTC is now worth

new balance = 0.06666666 x $16000 = $1066.67

[Xtez]

I Recommend all beginners download Blockfolio,

before investing save a few cryptos that have potential and watch the market and see how your money would be.
Or if you feel like your ready put some money in and watch it.

Blockfolio really does make the calcuation and conversion really simple and its very easy to use!

(ps. i dont work for blockfolio )

[PMMatt]

Thank you all for a bunch of valuable answers!... especially you, odolvlobo. (I was thinking math not apps.)

Matt

[Knightly]

Hey,

Be warned though, if you get Blockfolio you WILL refresh it 10000 times a day.

Just saying.

-Knightly

[MintDice]

If you are using USD as your base currency, take the current market price for BTC/USD and multiply that by the total number of BTC you have on balance, then add that to your USD balance to get your total USD balance.

[maurofda]

Just make the math (and think) as bitcoin is a product (and it really is) that you bought at a determined price on the past and you can now make a resale at a bigger or slower price.

[Mr.Jovetic]

I'm always marking the price I bought something and when I'm selling I do compile that buy/sell price.

Just download Delta app and it will do everything for you

using a program is just like counting with calculator: not plain and honest.