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ManojNimbalkar / bitcoin-wallet

Automatically exported from code.google.com/p/bitcoin-wallet
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Allow the choice of a currency exchange or a custom exchange rate and also the option to disable currency conversion estimates altogether. #231

Open GoogleCodeExporter opened 9 years ago

GoogleCodeExporter commented 9 years ago 
Steps to reproduce the problem:

1. Open up the app
2. An estimated value in my local fiat currency is displayed based an exchange 
that has questionable withdrawal capabilities and a suspiciously higher price 
than most other methods of exchange.
3. There is no option in the app to choose what exchange to use, or a weighted 
average of multiple exchanges, or a custom currency exchange rate.
4. There is no option to turn off currency conversion estimates in the app.

Expected output:

See a realistic market value of bitcoin in fiat currencies or a commodity based 
on its mass or volume. It would be good to be able to select an exchange, an 
average, or a manually fixed exchange rate.

I'd also like the option to turn off the currency conversion altogether. It is 
really confusing when showing the app to someone unfamiliar with bitcoin, and 
they have trouble understanding where the fiat value estimation comes from and 
how bitcoin is not just an account of some kind with fiat in it. It would be 
simpler to explain if this could be turned off completely sometimes.

Bitcoin Wallet version:

3.21, on android 4.3

Original issue reported on code.google.com by andyschr...@gmail.com on 7 Oct 2013 at 3:48

GoogleCodeExporter commented 9 years ago 
In order to pick a specific exchange, we'd need a standard for exchanging 
exchange rates first. However, I dislike picking an individual exchange. I 
think the current approach of averaging over exchanges and time (24h) is the 
best we can get currently.

Original comment by andreas....@gmail.com on 7 Oct 2013 at 4:04

GoogleCodeExporter commented 9 years ago 
How about something like this for now?

https://bitcoinaverage.com/api.htm

It isn't as good as having all the options I discussed, but it would at least 
be better than what we have now, and wouldn't require a UI change.

Original comment by andyschr...@gmail.com on 7 Oct 2013 at 4:09

GoogleCodeExporter commented 9 years ago 
I can't see the difference to what we have now.

Original comment by andreas....@gmail.com on 7 Oct 2013 at 4:19

GoogleCodeExporter commented 9 years ago 
There's also the BitPay blended rate. Unfortunately in markets as broken as BTC 
exchange, it can be hard to know the "true" exchange rate due to lack of 
arbitrage.

Original comment by mh.in.en...@gmail.com on 21 Oct 2013 at 8:16

GoogleCodeExporter commented 9 years ago 
Is there free API to fetch BTC rates similar to 
http://www.converterhub.com/1xbt-eur website?

Original comment by grisha...@gmail.com on 13 Jan 2014 at 2:03