BitcoinAverage.com price is misleading

[colinistheman]

There are only a few exchanges that are above the average price and these have a ridiculously small volume. So how can the average be above all the other exchanges?

It almost looks like the exchanges' numbers were just averaged without taking into account the volume at all.

[D.H.]

The price you're looking at is the "global average", i.e. the average of all currencies. 789.00 is the USD average.

[colinistheman]

The price you're looking at is the "global average", i.e. the price considering all currencies. 789.00 is the USD average.

I see. At least that makes more sense.

Why would they put a global average for other currencies converted to USD? For example, that would make the average higher because China's Bitcoin price is higher than USA's.

If I'm buying something in America, I'm not buying it in China or with Yuan.


I suppose the only explanation would be that Bitcoin is a global currency and can't be separated from a single country?

[Barek]

I see. At least that makes more sense.

Why would they put a global average for other currencies converted to USD? For example, that would make the average higher because China's Bitcoin price is higher than USA's.

If I'm buying something in America, I'm not buying it in China or with Yuan.

I suppose the only explanation would be that Bitcoin is a global currency and can't be separated from a single country?

You're not making much sense. It's ok, you missed the global average label.

http://en.wikipedia.org/wiki/International_use_of_the_US_dollar

[soothaa]

Dude. It says "GLOBAL AVERAGE" for a reason.

[colinistheman]

Dude. It says "GLOBAL AVERAGE" for a reason.

I get it now but it doesn't seem very obvious when you first go to the page

[soothaa]

Dude. It says "GLOBAL AVERAGE" for a reason.

I get it now but it doesn't seem very obvious when you first go to the page

You sure? Because the first thing I noticed on that page was "GLOBAL AVERAGE" written there, indicating exactly what it is.

[colinistheman]

You're cool

[soothaa]

You're cool

*capable of reading