Either you have explained it in a detailed manner or your calculation is indeed too long.
Let me show you an easier way. Considering your amount 1 BTC = 6400000 Naira.
So if you want to calculate the Naira value for 0.078 BTC then
6400000 x 0.078 = 499200
That's all bro. It's just as simple as that.
Just replace the fiat value to get the amount for any other currency.
Topic: Calculation To Know The Value Of (X) Amount of BTC in Your Local Currency. (Read 192 times)
November 09, 2020, 09:34:51 AM
November 08, 2020, 09:26:24 PM
if you are in a hurry you can use coingecko converter or cryptocurrency converter by coinmarketcap, but your method is mostly used by the trader, wherein they can easily calculate the price difference, and make a good trade because of that, I have never tried this method but my friends do.
November 08, 2020, 08:04:50 PM
Some countries have more than one exchange secret as the black market price is higher than the government price, so you must know how much the final exchange rate and the transfer commission is in order to calculate the amount that you will get.
It is not complicated and everyone can do it.
Often times they give you wrong results and are far from reality, so it is better to use better algorithms.
It is not complicated and everyone can do it.
Instead of doing a lot of calculation, why don't you search for BTC to Naira in google. They will get you the best result based on the current USD/Naira pair. I guess that's better than you spending some of your times.
Often times they give you wrong results and are far from reality, so it is better to use better algorithms.
November 06, 2020, 10:13:11 PM
Instead of doing a lot of calculation, why don't you search for BTC to Naira in google. They will get you the best result based on the current USD/Naira pair. I guess that's better than you spending some of your times.
LOL, yeah right but at least OP shows a good explaination on how to derive the value of btc to usd or btc to naira. Naira is a Nigerian currency right? The value of Naira currency to 1$ is relatively low. Well, USD has been the representation of the US economy which is higly urbanized and progressive. So it is not a question why USD is a good currency and also why it has more purchasing power compared to other fiat currency. 
November 06, 2020, 09:30:08 PM
Okay, what an complicated way of calculation.
But it's fine, we all have different ways to solve any problem...
I guess it's much better if you'll be using satoshi for he calculation (e.g. 1000 sats)
Just knew the value of 1k sats... I'll use our currency PHP, let's say, we found out that:
$1 = PHP 50.00
$1 = 10,000 sats or 0.0001btc.
$0.1 = 1000 sats
then,
1000sats = PHP 5
10,000sats = PHP 50
100,000sats= PHP 500
1,000,000sats= PHP 5,000
...
BTC1 = PHP 500,000
It's uncommon way I guess, but I'm sure it's one of the fastest way to mentally compute for the value that you are looking for.
If you get into it, I guarantee you that it's much quicker than other methods.
If you have internet you can just search for it's value.
For my currency, I just type btc to php... but I rarely use it, rather than this, I search for btc to usd.
After that, I already have an approximate equivalence of btc's value for my currency.
Bitcoin and Satoshi are different units, satoshi is an smaller unit of btc.
For every bitcoin, there is 100,000,000 satoshis.
Hence, 0.0000727btc and 0.0000727sats are a hundred-million away from each other.
But it's fine, we all have different ways to solve any problem...
I guess it's much better if you'll be using satoshi for he calculation (e.g. 1000 sats)
Just knew the value of 1k sats... I'll use our currency PHP, let's say, we found out that:
$1 = PHP 50.00
$1 = 10,000 sats or 0.0001btc.
$0.1 = 1000 sats
then,
1000sats = PHP 5
10,000sats = PHP 50
100,000sats= PHP 500
1,000,000sats= PHP 5,000
...
BTC1 = PHP 500,000
It's uncommon way I guess, but I'm sure it's one of the fastest way to mentally compute for the value that you are looking for.
If you get into it, I guarantee you that it's much quicker than other methods.
If you have internet you can just search for it's value.
For my currency, I just type btc to php... but I rarely use it, rather than this, I search for btc to usd.
After that, I already have an approximate equivalence of btc's value for my currency.
X = 0.0000727btc (sat)
Do not be confused. Bitcoin and Satoshi are different units, satoshi is an smaller unit of btc.
For every bitcoin, there is 100,000,000 satoshis.
Hence, 0.0000727btc and 0.0000727sats are a hundred-million away from each other.
November 06, 2020, 08:03:12 PM
There are some factors you need to take into your calculation when you are in a trade. They are decisive factors for your final income
The first 3 factors are important because it decides the total amount you or your trade partner will get in BTC. Don't worry much about fiat value because you will have chance to cash out your BTC.
This tool is good but it does not have Naira. You can drop your suggestion in their ANN thread: [ANN] BitcoinCalculator.org - Convert price of BTC to Fiat. The topic title is missing a point because their tool is a two-way tool: you can use it to convert BTC to fiat and vice versa (fiat to BTC).
https://bitcoincalculator.org/
Cryptowisser.com can help you with fee and exchange filters: https://www.cryptowisser.com/exchanges/?coins=&fee=1.9&continent=AF. You can look at their reviews for specific exchanges as well.
- Amount for the trade: in BTC
- Who will be responsible for transaction fee: you or your trade partner?
- Fee for trading transaction: the higher fee rate you use to broadcast your transaction, the less final income in BTC the trade partner will receive or the loss you will accept if you are waiving the fee for your trade partner
- Rates of local fiat at time of the trade and when you want to take profit later
The first 3 factors are important because it decides the total amount you or your trade partner will get in BTC. Don't worry much about fiat value because you will have chance to cash out your BTC.
This tool is good but it does not have Naira. You can drop your suggestion in their ANN thread: [ANN] BitcoinCalculator.org - Convert price of BTC to Fiat. The topic title is missing a point because their tool is a two-way tool: you can use it to convert BTC to fiat and vice versa (fiat to BTC).
https://bitcoincalculator.org/
Cryptowisser.com can help you with fee and exchange filters: https://www.cryptowisser.com/exchanges/?coins=&fee=1.9&continent=AF. You can look at their reviews for specific exchanges as well.
November 06, 2020, 05:16:40 PM
Why have to go through all the hustle my friend when we have apps that can simplify work? All you've got to feed in the values and change a few parameters.
Whenever I want to see an approximate value of my crypto asset in a fiat currency or another cryptocurrency. I use the bit universe app (Website: https://www.bituniverse.org)
It's a crypto portfolio manager but has other tools such as crypto calculator. When you want to convert your cypto asset value to fiat currency value, You click on Me >> Tools >> Crypto Calculator
Whenever I want to see an approximate value of my crypto asset in a fiat currency or another cryptocurrency. I use the bit universe app (Website: https://www.bituniverse.org)
It's a crypto portfolio manager but has other tools such as crypto calculator. When you want to convert your cypto asset value to fiat currency value, You click on Me >> Tools >> Crypto Calculator
November 06, 2020, 01:49:53 PM
Instead of doing a lot of calculation, why don't you search for BTC to Naira in google. They will get you the best result based on the current USD/Naira pair. I guess that's better than you spending some of your times.
November 06, 2020, 01:43:19 PM
In this Example I will be using US dollar and Nigeria Naira
1 BTC = $13763
X(?) = $1
X(?) = 1/13765
X = 0.0000727btc (sat)
Since we know that $1 give 0.0000727btc(sat). With this, it will be easy to know the value in Naira.
1BTC = 6400000Naira
0.0000727btc = X(?)
X = 465.28Naira
This means that 0.0000727btc(sat) = 465.28Naira
0.0000727btc(sat) = $1
$1 = 465.28Naira.
(Sat) means Satoshi.
Example, If trader A have 0.078btc and want to sell it to his local currency (Naira) , what's the value of his BTC worth in Naira.
Let assume that 1BTC is equal to 6400000Naira. Then
1BTC = 6400000Naira
0.078BTC = X(?)
X = 499200Naira. Therefore 0.078BTC worth 499200Naira.
When doing this calculation, you have to know (use) the current market price of 1BTC to USDT and 1BTC to Naira
The above calculation can be use to calculate any amount of BTC to Naira and BTC to USDT, as well as knowing the value of USDT to Naira.
You can also put in the equivalent in your Local Currency to suit your need and follow the method there in.
1 BTC = $13763
X(?) = $1
X(?) = 1/13765
X = 0.0000727btc (sat)
Since we know that $1 give 0.0000727btc(sat). With this, it will be easy to know the value in Naira.
1BTC = 6400000Naira
0.0000727btc = X(?)
X = 465.28Naira
This means that 0.0000727btc(sat) = 465.28Naira
0.0000727btc(sat) = $1
$1 = 465.28Naira.
(Sat) means Satoshi.
Example, If trader A have 0.078btc and want to sell it to his local currency (Naira) , what's the value of his BTC worth in Naira.
Let assume that 1BTC is equal to 6400000Naira. Then
1BTC = 6400000Naira
0.078BTC = X(?)
X = 499200Naira. Therefore 0.078BTC worth 499200Naira.
When doing this calculation, you have to know (use) the current market price of 1BTC to USDT and 1BTC to Naira
The above calculation can be use to calculate any amount of BTC to Naira and BTC to USDT, as well as knowing the value of USDT to Naira.
You can also put in the equivalent in your Local Currency to suit your need and follow the method there in.
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