Introduction
You’ve probably heard the phrase “data is the new oil.” It’s becoming increasingly important in our digital world and at the heart of many businesses, especially e-commerce companies. If you’re an online seller looking to expand your business, exploring options that allow you to accept payments from customers worldwide makes sense. One way to do this is by accepting cryptocurrencies such as Bitcoin, Ethereum or Litecoin. This guide will go over how to integrate cryptocurrency acceptance into your website or application using data provided by exchanges and other sources such as free APIs and scrapers.
There are many ways to get exchange rate data for your application or website. This guide will go into the different tools that you can use to do this
There are many ways to get exchange rate data for your application or website. This guide will go into the different tools you can use.
Websites like bloomberg are great places to start if you’re looking for reliable data sources. These sites have been around for years and have a lot of experience providing accurate information about currency rates and other relevant data points. It’s essential to check with these websites because they may have more information than other sources (e.g., Bloomberg).
To determine if a source is reliable, first, check if it has been around long enough (at least 5 years) and also look at its record of accuracy over time: if there have been no significant errors in their reporting, then it’s likely that their records will remain accurate in the future too! If so, then go ahead and use them as your source – but remember, always check them against another reputable site just in case there is ever any discrepancy between what two areas say about one currency pair before making any decisions based on those numbers alone just because one site says something different than another doesn’t necessarily mean anything wrong about either platform being used. However, we recommend not being too reliant on just one source only always double-checking everything before making decisions like trading stocks, etcetera, especially when dealing with real money! Remember: You’ll always want something else besides just one source.”
Scrape data from a website
Scraping data from a website is extremely simple. You can use any of the following methods:
- Use an API, an automated way to grab and process data on a website in real-time, e.g. fxapi.com. Many websites offer their data in API form, and many third-party companies will let you access their APIs for a fee.
- Use web scraping software such as Scrapy or Import.io, which allows you to parse through websites without writing code manually (though some knowledge of Python may be required). This method requires more work than simply downloading an API key and plugging it into your app—but once you’re done with this initial setup process, it becomes much easier to add new websites from scratch over time!
Buy the data
You can buy exchange rate data from a provider. There are several providers of historical and real-time currency exchange rates. Keep in mind that every dataset has its strengths and weaknesses. Just because it is a paid source, it does not necessarily have to be the best source.
Use free sources
You can use a few accessible sources of exchange rate data to get started. These include the following:
- Exchange rate data from the US Federal Reserve is updated every minute.
- Exchange rate data from the European Central Bank is updated every 5 minutes.
- Exchange rate data from the Bank of Japan is updated every 2 minutes.
- Exchange rate data from the Bank of England and Swiss National Bank, both of which are updated on an hourly basis but only show historical values (not real-time).
Update the data frequently
As you’re working on your application, be sure to update the data frequently. For example, if you’re using the exchange rate for one day, update it daily. If you’re using the exchange rate for an hour, update it every hour. And so on.
This will ensure that users get up-to-date information when they visit your site or use your app.
Format the data in an appealing way
You can use a table or graph to make the data easier to read.
If you’re using a table, make sure it’s formatted clearly so people can quickly scan the information. For example, try using colors and fonts that are easy to read, like black text on a white background. You might also consider adding borders around each cell in the table so that they stand out from one another. If you have space in your design, consider adding a row at the top of the page with general information such as currency name and date range (e.g., “USD” and “8/31/2018 – 9/30/2018″) so users know what they’re looking at before diving into details down below.
If you’re going with a graph instead of a table, ensure all lines are clear and legible so users don’t get confused about what they see on screen.
Conclusion
We hope this guide has helped you find the right solution for your data needs. If you have any questions about the tools or processes mentioned, feel free to comment below!
