From where does the Android wallet get the Exchange rates data?

Dandy

Dandy

Active member
I was wondering what is the source for Exchange rates data in Android wallet?
I'm asking because in the last few days I have noticed a sizeable discrepancy in the value showed in the wallet and valuation on every of the bigger exchanges.
 
At this point in time, Coinmarketcap is showing Dash at $1209 while the Android wallet shows the price as $1066, which is a pretty big difference. Even if you eliminate South Korean exchange as an outlier, other biggest exchanges range in price from $1157 to $1173.
 
It seems to have corrected itself today.
But I would still like to know what was the reason and how could we avoid it in the future, because the difference was almost 10% at one time.
 
Exchange rate information comes from Poloniex (Dash in BTC, weighted average of past 200 trades) and BitcoinAverage.com (BTC in local currencies). If Poloniex is not reachable, then BitcoinAverage.com is used for DASH in BTC as well.

With the crazy amount of volatility recently, there are bound to be some discrepancies.
 
Hm... seems like we may be missing some broader averaging of the price. Also, what if BitcoinAverage stops working or gives incorrect info?
 
Then the app will not update its app exchange rate against the last time it retrieved the info successfully from BitcoinAverage.

There is a plan to make exchange rates more robust in future versions, even t the point of retrieving local prices in your country.
 
Good. I think that should be a very high priority, as people, in my experience, use the local fiat valuation in the mobile wallet very often.
It needs to be as precise and up to date as possible.
 
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