How does pricing work in our app?


#1

Prices are always quoted in dollar-equivalent amounts of ETH, regularly updated to account for market movements.

As the native currency of the Ethereum network, it made sense to use Ether (ETH) for payments within BitBoost Marketplace. However, most sellers and their customers will want to see items priced in fiat – regular users prefer dollars over ETH. However, the dollar value of Ether fluctuates with market demand, just like any other crypto, so the value of an item priced in ETH would also change over time.

Our solution is for sellers to price an item in USD, and for that price to be represented by a regularly-updated equivalent in ETH. So the price in dollars won’t change over time, but you’ll see the quoted ETH price go up and down (the higher the price of ETH, the lower the quoted price of an item in ETH, for example). We use CoinMarketCap, a popular crypto-tracking site, for our exchange rate.