Universal API interface in Golang that aims to abstract the connection with the biggest cryptocurrency exchanges by Volume. The API supports both spot and derivative markets.
Understanding how trading pairs work is important for effect use of the universal crypto api, but also trading in general. In cryptocurrency, “trading pairs” or “cryptocurrency pairs” are assets that can be traded for each other on an exchange — for example Bitcoin/Litecoin (BTC/LTC) and Ethereum/Bitcoin Cash (ETH/BCH). Trading pairs lets you compare costs between different cryptocurrencies.
Currency pairs compare the value of one currency to another—the base currency (or the first one) versus the second or the quote currency. It indicates how much of the quote currency is needed to purchase one unit of the base currency.
For example if we are trading the ETH/BTC pair and see the following chart:
The latest price denoted in the chart is 0.060943, what does this mean ? this can be translate as 0.060943 BTC (quote currency) can BUY 1 ETH (base currency), in all operations you either buy or sell the base currency (ETH in this case), the quote currency (BTC in the example) is only used to price the operations.
A example of some operations can be:
- Initial balance: 1 BTC and 2 ETH
- BUY 2.0 ETH for 0.121886 BTC ( price of 0.060943)
- updated balance: 4 ETH and 0.878114 BTC
- SELL 0.5 ETH for 0.035 BTC ( price of 0.07000)
- updated balance: 4 ETH and 0.878114 BTC
- BUY 0.5 ETH for 0.31 BTC ( price of 0.06)
- final balance: 4 ETH and 0.878114 BTC