Coin Buddy App Support

Frequently Asked Questions (FAQ)

  1. How does the calculator determine the marked up price?
    • You set the markup % in the markup% box. If you want to mark down, use a negative like -10%. If you just want to use the last price from the exchange, put a 0% in the box.
    • Add a fixed markup/markdown in the blockchain fee box. For instance, check mempool.space and see that the current cost to send bitcoin is approximately $1.00. So you would enter. 1 or 1.00 in the blockchain fee box. Or if you just want to charge $50 because you traveled to meet up, put a 50 in the box.
    • The program will take the last price from the selected exchange (Kraken) and the selected symbol (BTC) and mark it up by adding the percentage to it.
  2. How does the app calculate amount of digital currency, approx. value, and retail price, ?
    • Currently the program only works with USD (US Dollar). I plan on adding major currencies in the next release.
    • If the Approx. Value textbox is filled in, say with $1000.00 and the markup is 6% and the blockchain fee is $1.00, with BTC selected and the current price of bitcoin is $16,829.00 the program would set the price at $17,838.74. It would then calculate how much to collect for the trading partner to end up with $1000.00 worth of bitcoin at the current price. It should show 0.05942124 BTC to be sent and $1061.00 to be collected.
    • If the Total textbox was filled in with $1000.00 and the markup is 6% and the blockchain fee is $1.00, with BTC selected and the current price of bitcoin is $16,829.00 the program would set the price at $17,838.74. It would then calculate how much bitcoin to send the trading partner using the marked up price and blockchain fee. In this case it would show that 0.05942124 BTC should be sent worth $942.45 to the trading partner.
    • If the BTC textbox is filled in for instance with 0.05 BTC and the current price of bitcoin is $16,829.00 with 6% markup and the blockchain fee set at $1.00, the program should come up with a total to be paid of $892.94 worth approximately $841.45 USD.
  3. What data do we collect? None. The app only needs permission to access the internet to do public API price lookups from Bitstamp and Kraken.