Hi All
This is confusing me as i can't seem to grasp how i can keep and average of what i am paying for BTC??
I want to keep track of the amount of BTC i purchase (easy) and also the average price i paid per BTC..
My thinking for example was as below but it's not correct..lol
Purchase BTC
0.5 BTC for £3453
0.7 BTC for £3561
0.1 BTC for £7000
Therefore
1.3 BTC for £14,014
£14014/1.3= 1 BTC for £10,780 or £10,780/BTC
Is this correct?
If i sold ANYTHING upto 1.3BTC above £10,780/BTC i would be in profit??
Am i doing this correct? Or should i be using the exchange rate when purchasing??
I basically want to purchase small amounts and then do on large sell for profit...
Confused..
Cheers
0.5 BTC + 0.7 BTC + 0.1 BTC = 1.3 BTC
£3453 + £3561 + £7000 = £14014
£14014/1.3 = £10780 so the math is correct.
Did you really pay £7000 for 0.1 BTC? If so you got ripped off royally - that is £70000 PER BTC.I expect you actually bought 1.0 BTC for £7000, right?
Then you have:
0.5 BTC + 0.7 BTC + 1.0 BTC = 2.2 BTC
£3453 + £3561 + £7000 = £14014
£14014/2.2 = £6370 per BTC
You will profit if you sell above £6370 per BTC
EDIT: fixed typo
