I was just checking out depositing to 5Dimes with Bitcoin and noticed their quoted BTC price was $100 to $150 less than what I was looking at elsewhere.
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bitcoin price is the bitcoin price
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I'm pretty sure everywhere has a different price. I don't really think there is a set price because all of the sites have a different dollar amount for how much it's worth.Comment -
Yeah, everywhere has different prices.That is exactly why I asked this question, which remains unanswered. What is 5Dimes basing their Bitcoin price on? Gotta be something. An average (like is displayed on Coinmarket Cap), an exchange (like Poloniex, Yobit, and such), or they have their own formula for determining a BTC price. Anybody have a clue as to what they do to get price?Comment -
I think the smart thing to do is contact their customer service and askComment -
Oh, I know this one. 5d's fair on the exchange rate. They use the highest bid price at Bitstamp the second they do the transaction. I've checked on that a number of times and they don't chisel on the exchange rate.
What they DO do, though, is reserve the timing for when that exchange happens to themselves. Sometimes your payout can come 10 mins after you return the totally unnecessary confirmation email and sometimes it won't happen for 3 days. They do the true exchange rate at the second they send the payout, but they choose when that transaction takes place.Comment -
They use "The average of the current Bid and Ask prices from www.bitpay.com"
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Unless they've just started one, Bitpay doesn't actually have a live market, do they? (So, therefore, no highest Bid and Ask prices.)
I've noticed 5d mirroring Bitstamp's prices, which does have a live market: https://www.bitstamp.net/market/tradeview/
I'm wondering if that might not be a misprint, or maybe they just ignore it for the "or other bitcoin exchange" fragment of that sentence....
So, Opti, when last I was around we were just starting the China crash and it seemed like you were considering buying some sub $4k bitcoin. Did ya join us? Heh, know in advance that it's a 1 way trip....Comment -
Bitpay offer an API to a smoothed exchange rate, so I assume 5D use that but the system has changed since their terms were written to not have bid/ask prices but just the one mid point rate now https://bitpay.com/bitcoin-exchange-rates.Comment -
Oh, actually, they're probably identical. Bitpay definitely, for sure, uses the highest bid at Bitstamp when you put money on a Bitpay card. If that's what's meant by "the Bitpay BTC number," then it's the same.
But I'm actually more interested in whether you've joined the cult. Did you drink the kool-aid? Are you one of us now?Comment -
What do you mean?
Have I got into investing? Not seriously. Wish I would have collected a lot more of course.
But I try to stick mostly to talking in terms of money transfer issues on here anyway. So the somewhat confusing messages we need to get across to new users are as un-confusing as possible..Comment -
Yeah, I meant did you buy any BTC during the China crash.
I don't post a ton, so specific posts are easier for me to remember, but you asked me before the China crash if I thought BTC might get below $4k, and here's what I said (I thought you sounded like an interested maybe-buyer): https://www.sportsbookreview.com/for...l#post27203778Comment -
Nah. Only bitcoin I have has been collected as book payouts whenever they happen. Havent actually shifted money in to catch a dip specifically..Comment
