IS BITCOIN WALLET APP REALLY RELIABLE?

bajing

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Quote from: gianni sperti on February 20, 2017, 04:20:23 PM

Hi guys,

I have a bitcoin wallet app and I'm noting that the amount of money in BTC when converted to USD is not precise. There is like USD30 od difference between the amount displayed in the app and some online converters.

Apparently the app gets its convertion from bitcoinaveragedotcom.

What's your thought?

The app only show the best average of the rates, you can not get a definite price of buying or selling bitcoin but you definitely get a price which is not far from the market price. did you ever seen bitcoin have fixed price local exchanger site, I dont think so, due bitcoin price always changed.

bloodnest

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There's not one single standard value or exchange rate for any particular currency to Bitcoin across the world since there are different markets / exchanges. Your app could be basing off just one of the many exchanges out there.

Anyways for Bitcoin wallet apps themselves, I don't think it's safe to exclusively pool your Bitcoins within a single wallet that can be accessed through your phone. It's convenient, but I suggest you diversify a bit with other wallets that can only be accessed through browsers + two-step email authentication.

Qunenin

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Maybe mate, your app that you are using uses their own converting of bitcoin to US Dollar. Every application has their own conversion on their own,
depends on the market volatility and how application applied to their users.

yellow1

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Quote from: gianni sperti on February 20, 2017, 04:20:23 PM

Hi guys,

I have a bitcoin wallet app and I'm noting that the amount of money in BTC when converted to USD is not precise. There is like USD30 od difference between the amount displayed in the app and some online converters.

Apparently the app gets its convertion from bitcoinaveragedotcom.

What's your thought?

I think this is how they earn. And there are no single price for bitcoin. It depends on the exchanger itself. That's why bitcoin exchanges are very competitive because bitcoin users are always looking for the better prices out there.

doomistake

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Quote from: gianni sperti on February 20, 2017, 04:20:23 PM

Hi guys,

I have a bitcoin wallet app and I'm noting that the amount of money in BTC when converted to USD is not precise. There is like USD30 od difference between the amount displayed in the app and some online converters.

Apparently the app gets its convertion from bitcoinaveragedotcom.

What's your thought?

Maybe because of the price fluctuations every time, and also not all converter of bitcoin has the same features, that is why there are things that they are not similar in the first place. Still, even though they have different price of bitcoin when you are converting to dollars, in the end, if you are going to convert your bitcoins into fiat, you will still going to have the real price of it in dollars, so there is noting to worry about.

If you are not satisfied with the other converters here online, I suggest you to go here www.preev.com in this site, you could get the accurate price of bitcoin if you are going to convert it in dollars, also in different currencies.

Xester

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Quote from: gianni sperti on February 20, 2017, 04:20:23 PM

Hi guys,

I have a bitcoin wallet app and I'm noting that the amount of money in BTC when converted to USD is not precise. There is like USD30 od difference between the amount displayed in the app and some online converters.

Apparently the app gets its convertion from bitcoinaveragedotcom.

What's your thought?

Bitcoin wallet app or the exchange itself extended on mobile applications are reliable. The difference in price is not because they are not reliable but it is how they design their system or program to work. Only in that way they can profit and as such there is a extra margin of the price they are selling and buying as compared to the trading sites. They dont get profit from trading itself but from service fees and thus that explains the difference in bitcoins price in the app wallet and the actual wallet.

requester

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see bitcoin's price change every now and then and wallets keep at latest 5 minutes old data so it differs from rate which is shown in official website and wallets have to make some profit to run the service because you are not paying any service charge directly so they put that price difference to make some profit because it takes lot of pain to make and run a successfull projetc.

philiveyjr

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It depends on the wallet you use and how secure is your phone with respect to security. I use blockchain app on my android phone and have never faced any issues. It is better than using a casino or exchange for storing BTC. I have been using it for a while and have never faced any issues regarding it.

target

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Quote from: gianni sperti on February 20, 2017, 04:20:23 PM

Hi guys,

I have a bitcoin wallet app and I'm noting that the amount of money in BTC when converted to USD is not precise. There is like USD30 od difference between the amount displayed in the app and some online converters.

Apparently the app gets its convertion from bitcoinaveragedotcom.

What's your thought?

I have been using an online wallet of a remittance site in our country and found out their website was down for quite hours. I almost panic to see their page loads nothing but gibberish codes and so i though they were defaced by a hacker. I remember they do have an app which I have installed in my mobile and so i tried accessing it, send my btc to my desktop wallet and miraculously its safe. I think this should make you see how it could be useful for you in case something like this happen.

Found out later though that this remittance site were just updating their website but yes their app looks great and serve its purpose.

the rise

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Quote from: Kakmakr on February 22, 2017, 02:29:45 AM

Quote from: gianni sperti on February 21, 2017, 05:01:04 PM

Yes, but the mobile app and the online converters I googled use the same exchange source (mentioned on the first post) to convert BTC to USD. And yet they provide different prices when expressed in USD.

This is what I found strange.

Different it would have been if they have used different sources, but that is not the case here.

Ok, this is weird. If they use the same sources, the price should be the same. The only thing I can think of, is that their software is at fault here. I would take a snapshot of their price with a snapshot overlaid from the other method you are using, to show the difference and then send that to their support staff.

You should bring the evidence that they are wrong. ^smile^

Sources can be same, using different rate for each application is a natural thing. That's why we are getting more options for using and get a rate as we want, that's the meaning of true market competition. No need to look for isolating some app, leave alone if you don't like it. Find/use another app better.

Kakmakr

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Quote from: gianni sperti on February 21, 2017, 05:01:04 PM

Yes, but the mobile app and the online converters I googled use the same exchange source (mentioned on the first post) to convert BTC to USD. And yet they provide different prices when expressed in USD.

This is what I found strange.

Different it would have been if they have used different sources, but that is not the case here.

Ok, this is weird. If they use the same sources, the price should be the same. The only thing I can think of, is that their software is at fault here. I would take a snapshot of their price with a snapshot overlaid from the other method you are using, to show the difference and then send that to their support staff.

You should bring the evidence that they are wrong. ^smile^

iram3130

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Bitcoin is decentralized. You will never get the same exact price in all of the exchanges or applications. They have set their own prices according to their own calculations. Try to use multiple applications, compare them and choose the best price for yourself.

Zadicar

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Speaking of converters or apps they dont really show the same price or value of bitcoin anytime since they have their own conversion regarding on its recent price. For me im using preev.com always when checking the current value and seeing compared to any exchanges its really different.

szpalata

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Yes I haven't had any issues with xapo and coinbase ever since I started using them do I guess they are trustworthy reliable in every sense. But if you don't want any third party issues like what happened to bitfinex then you can download the entire Bitcoin core on your desktop and keep your coins there.

bamboylee

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There are different a quotes when you buy and another quote if you sell. Normally, the convertion of btc is cheaper if you sell and higher if you buy. If you want to have the best price, or the price that you want, move your funds to an exchange site like polo or bfx. Then trade there. After trading, move your funds back to your wallet.

gianni sperti

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Yes, but the mobile app and the online converters I googled use the same exchange source (mentioned on the first post) to convert BTC to USD. And yet they provide different prices when expressed in USD.

This is what I found strange.

Different it would have been if they have used different sources, but that is not the case here.

nyanhtet

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Bawga

If you asked about security, they are normally safe. Wallet are normally use to hold. Price in wallet are just API. Use exchanges or markets for price.

n0ne

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Find a trusted wallet similar to blockchain.info which gives you precise value for the bitcoin that's been saved into the wallet. It also shows the value in terms of USD. Importantly as we can see variations in price on different exchange sites here to small changes will be there between different wallet.

rinhunter

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yeah because in most bitcoin wallet app there are just estimate prices from several exchanger and average the current price. you're never know the actual amount do you have before you sell your bitcoin.

although just estimate prices it's accurate and reliable.

lottery248

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idk, dependent to their policy of regulation. like blockchain wallet, they are much better to protect your fund from monitoring yet could be lost easily, generally reliable. for somewhere in china, it is not even for non-chinese people due to its strict laws to prevent money laundering.

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