What is the Applied BTC Rate? Why is it higher?
Understanding the Applied BTC Rate:
Bitoff's platform matches shoppers and earners, where shoppers receive a discount, and earners receive cryptocurrency.
When earners pick up an order, they pay the total cost of the order, but receive cryptocurrency based on the cost after the discount. This means that earners may be paying more than the real-time value of Bitcoin.
The Applied BTC Rate indicates how much above the market earners are paying for each order.
If the real-time BTC value is $32,215.38, and you pick up a $100 order with a 10% discount, you will spend $100, but receive BTC equivalent to $90 (since the shopper received 10% off).
This means that the amount you pay for BTC is above the market, and the exact amount percentage is shown as the Applied BTC Rate.
If you ever want to calculate the BTC amount, you can use the formula:
BTC amount = (Total price - OFF amount) * BTC Rate
Applied BTC Rate = total price / BTC amount
The real-time value of a bitcoin is displayed on the corner of the page for reference.
Updated on: 15/05/2023