Cryptonator has announced the launch of its digital currency converter app for the iPhone/iPad. It’s currently the only such conversion tool in the App store and can be downloaded for free.
Like its Chrome counterpart, the app lets you convert between 300 different digital currencies traded on 20 different exchanges and multiple fiats including USD, GBP and EUR.
Most coins are not traded directly with each other; rather they are traded with Bitcoin and some with Litecoin. Their individual trading serves as the basis for the calculation. In the sample calculator on their website, this clarification is noted for such conversions.
According to their website, the tool calculates the price of a given coin based on a volume-weighted average of its price on major exchanges. Prices are said to be updated every 30 seconds (more useful for the long-term investor, as short-term traders can experience changes of several percent within that time span).
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Said Roman Boss, founder of Cryptonator.com:
“Cryptocurrencies are becoming increasingly popular and expanding beyond the internet’s borders. Today over 300 different cryptocurrencies exist and new ones are brought into existence every day. Just half a year ago, only Bitcoin and Litecoin exchange rates were primarily of interest to the cryptocurrency community. But as new digital currencies continue to emerge, the ability to convert the exact value of certain cryptocurrencies into fiat money worldwide, such as the USD or Euro, becomes highly essential.”
Like many finance websites/apps, users can also track their portfolio of holdings by first inputting the quantities of each coin. However, the tool only tracks prices; it does not supply functionality to hold, transfer or exchange real coins.
Nearly 3 months ago, Apple removed all wallet apps from its App store. The Bitcoin community was outraged and some even called for charges of anti-trust/anti-competitive behavior. However, market ticker and price quotation apps like Cryptonator’s were left alone.