FAQ
Why was NBOC created?
Cryptocurrencies are an asset class with a unique problem compared to stocks.Stocks cease trading every afternoon and generally have a source of truth for daily pricing (the ASX). On the other hand, cryptocurrencies are traded 24/7 across many exchanges, making it challenging to value trades accurately.
NBOC solves this problem. By aggregating the pricing of Australia's longest-running exchanges, we aim to provide a single daily price for hundreds of cryptocurrencies.
Who can use the data and price feeds?
Everyone is welcome to use our service. Auditors and accountants may find our service particularly useful for valuing client trades.How are prices calculated?
We aggregate the public pricing data from five of Australia's longest-running cryptocurrency exchanges; BTC Markets, CoinJar, CoinSpot, Cointree, Independent Reserve.We do this by taking a snapshot of their live prices every midnight in Sydney's timezone. This timezone is selected because it is the location of the ASX.
We then aggregate the prices to provide a Close price. A Low and High price is also provided based on the lowest and highest prices we see during the previous 24 hours.
With this approach, our service provides single pricing for hundreds of cryptocurrencies.
The data we provide includes:
- Date
- Price at Close
- Confidence (see next FAQ entry)
- Low
- High
What is the confidence score?
Since we aggregate pricing from multiple exchanges to provide a single daily price on hundreds of cryptocurrencies, and each exchange may not agree on the same price, we generate a score to indicate our confidence in the data.A score of 100 indicates complete confidence in the price. 0 indicates no confidence.
Generally, scores are higher when:
- A cryptocurrency is listed on multiple exchanges.
- Exchanges agree on the same (or near) price.
For this reason, we often see popular cryptocurrencies such as Bitcoin having a 98+ confidence score. And less popular coins having a 60-70 confidence score.
Who created NBOC?
NBOC is a joint project from BGL and Cointree, created to give back to the community and make cryptocurrency easier and more accessible for everyone.