BTC Price Index Amplifies Cryptocurrency Adoption

May 22, 2015
Bitcoin Price Index

Bitcoin Price Index

The whole Bitcoin industry has achieved another remarkable feat in the history of cryptocurrency as the noble New York Stock Exchange (NYSE) announced its launch of the Bitcoin price index (NYXBT).

Bitcoin entrepreneurs from all over the world will now be granted the feeling of acceptance as their efforts are closing in on mainstream adoption. Granted that the NYSE spearheaded the idea of creating the BTC price index, it is obvious that widespread adoption of the digital currency is imminent.

This celebrated event is subsequent to the Intercontinental Exchange’s (ICE) acquisition agreement with NYSE that is worth $8.2 billion. NYSE is now administered by ICE Founder Jeff Sprecher and the newly positioned NYSE President, Tom Farley.

As president, Farley knew that he wanted to revolutionize the stationary layout of his new organization. Moreover, he mentioned that modern technology, particularly Bitcoin, excites him, and shows great potential for the future growth for both trading and society. This ideology, then, leads to the creation of the Bitcoin price index.

Farley elaborated his thoughts about Bitcoin:

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class. By combining our technology infrastructure with our expertise in index calculation and data management, we will continue to launch complimentary products based on our rigorous standards and proprietary index methodology.”

NYXBT data powered by Coinbase

The NYXBT is programmed to show the US dollar value of 1 BTC that is based on actual Bitcoin transactions happening on select Bitcoin exchanges. However, to fully deliver accurate and legitimate price fluctuations to the stock market, these Bitcoin exchanges must undergo evaluations and meet the NYSE’s standards.

Coinbase

As a solution, the NYSE Bitcoin price index will feature transaction data from the US-based Bitcoin exchange Coinbase to initially fill in as the index’s data source while NYSE employees conduct the Bitcoin exchange examinations.

NYSE chose Coinbase as the initial data provider because of its renowned reputation as a leading Bitcoin services provider. Also, the organization has made minor investments in the Bitcoin company early this year.

With data provided via Coinbase, Bitcoin users and spectators are now given concrete figures regarding the daily exchange rate of Bitcoin versus US dollars.

NYXBT data can be accessed through the widely distributed NYSE Global Index Feed (GIF) for concrete reference. This data is also open for anyone wishing to inform themselves about the BTC rate. However, the distributed index will only be available for a certain period of time.

Ultimately, the debut of NYXBT shows great promise due to the fact that everything was perfectly planned and efficiently executed. The new index will also be supervised by NYSE’s Index committee that is dedicated to “working to ensure it continuously reflects the current nature of the evolving Bitcoin market.”

Bitcoin price index and the Bitcoin gambling industry

The unveiling of this momentous achievement certainly impacted the whole Bitcoin ecosystem, including the casino market. The NYXBT holds several advantages for Bitcoin gamblers, including those that contribute to their odds of winning.

FortuneJack

Having NYXBT figures present, Bitcoin casino players will now have clearer insights into BTC’s price variations. This can help Bitcoin bettors manage their bitcoins and effectively spend their bets without losing too much on their end.

On another note, this could also help players fully assess and emulate their chances of winning on Bitcoin games. For instance, this knowledge can be applied to Binary Trader, a betting game on FortuneJack that uses figures that are also present in the conventional stock exchange market. Bettors only have to bet whether the price will increase or decrease after the expiry time for them to win the reward.

This is definitely an advantage for players that have a full understanding of the real stock exchange landscape. They can effectively relate NYSE figures to the game and analyze their options to come up with their winning bet.

Overall, the Bitcoin price index presents a new horizon to the whole Bitcoin and altcoin community. NYSE’s adoption of cryptocurrencies goes to show that business leaders from around the globe are now gradually grasping the inevitable future of transaction done with Bitcoin.