I'm really new to Bitcoin. I want to start trading BTC with other currencies and so I'm trying to get the relationship straight in my head. a) If I am looking at a chart named Ethereum (ETHBTC), and I click BUY, does that mean I am buying Bitcoin or Ethereum? b) On the right axis, it shows the price = 0.05335200. Does this mean that 1 Bitcoin = 0.0533 Ethereum or 1 Ethereum = 0.0533 Bitcoin? c) Is there a way to co-relate this price directly in terms of cash? If it moves up by a few pips, how do I know how much money I have made? Appreciate the help to these newbie questions. JH
I got the first two answers. The last question, I still haven't found the answer on the net. If say Ethereum moves from 0.05212002 to 0.05212102, then how do I know how many dollars I have made? Thanks JH
a. that's a trading pair eth for btc and vice versa b. 1 ethereum = .0533 btc c. poloniex has an account value page that shows your net account value, I don't know if you're talking about another exchange if you want to trade $ for cryptocurrencies, gdax (coinbase) will allow you to do it with litecoin, ethereum, and of course bitcoin. Easiest way to get into other cryptocurrencies is to acquire bitcoin and trade for altcoin (another type of cryptocurrency).
Yes, I am talking about trading bitcoin for an altcoin, but I wanted to know how much I would make (in actual dollars) when the ETH/BTC moves by one decimal point. Any idea on how to figure that out? JH
I'm not sure what I'm looking at there. I'm more interested in finding out the value of each decimal when trading an altcoin with a bitcoin.
Following this post, as I have just started looking into this, Tradingview is good to understand some of the questions your asking. I may stand corrected on this as well but coinbase is good to see what each coin if your trading that is up so you can work out your value like that?