Price for Cryptos in Data Register

[Ilikemybu]

Hi Mark,

I'm trying to track my Cryptos investments and am having trouble with the entries in the Data Register. I have specified "Coin Market Cap" for both the quote server and Historical Server, and I get the current price. In my data register for the activities I've entered, (mostly transfers in and outs, as I move money from different cryptos or wallets), The price is showing Zero, shouldn't it update to the then current price if I'm downloading historical quotes?

thx,

[Ilikemybu]

Sorry, also 1 additional Q. In my register, there is a field for the fee of a transfer in and out, but where do I access the data entry for this? I do the investment set for commission fees.

[Mark]

Hi Ilikemybu,

Transaction prices are separate from market prices.

In the Data Register if you set the "Data Type" to "Prices" you will see all your market prices. These are what is being updated when you retrieve prices from Coin Market Cap.

If you change the data type to "Transactions", these are your buys, sells, transfers, etc. The "price" associated with your transactions are entered by you at the time you record the transaction. The market price does not have to be the same as your transaction price. If you are seeing a price of 0 for transfer transactions, make sure you've entered all the values in the transfer dialog, including "market value". You can edit the transfers from the Data Register.

In general, buy/sell are simpler than transfer in/out, and you should probably use those, unless you are trying to separate the acquisition date/value from the cost basis date/value.

[Ilikemybu]

I would like to do buy/sell, but then I'd have to convert all crypto activity to USD and then into the new currency. Is there a better way?

Also I still don't see how you would enter a FEE on the transfer transaction.

[Mark]

Hi Ilikemybu,

Are you buying/selling cryptos, and paying/receiving USD? If so, record a buy, like:

Buy 1 share bitcoin for $15,000.

Coin market cap it going to get your the prices of each cryptocurrency in USD, so this is consistent with retrieving from that server.

[Ilikemybu]

As is true with most Cryptos, the initial move of money into the crypto market is USD - Bitcoin, (there are some others you can buy directly from USD, but this is most common). I'm using the Buy/Sell method for this.

From that point (owning Bitcoin), you purchase others from Bitcoin, so the transaction is never through USD. (This is what I've used the transfer in/out method)

I sill have the unanswered question of entering fees for transfer in/outs.

Dave

[Mark]

Hi Dave,

You could set up each crypto you own as it's own currency. See the currency tutorial. For this approach you would track each crypto like cash in that currency, plus set up an exchange rate investment to track the price of that crypto in USD, so you can view it exchange rate adjusted. This is more complicated, and unless you have multiple investments in the same crypto, it is not really buying you anything.

Since all the cryptos are quoted in USD, and you probably want to see how much they are all worth in USD, you may prefer to leave them all in USD. If you sell Bitcoin to buy another crypto, record a sell of Bitcoin and a buy of the other crypto. All your buys/sells would be valued in USD. For example:

Exchange 0.5 Bitcoin for 1.5 Ethereum:
Sell 0.5 Bitcoin for $750
Buy 1.5 Ethereum for $750

[4Profits]

Mark,
You stated "In the Data Register if you set the "Data Type" to "Prices" you will see all your market prices. These are what is being updated when you retrieve prices from Coin Market Cap.

If you change the data type to "Transactions", these are your buys, sells, transfers, etc."

Where are these settings made?

Tx

[Ilikemybu]

And I still can't find where to update a "fee" amount for a transfer in/out.

[Mark]

Hi 4Profits,

What "settings" are you asking about? I was describing using the Data Register. You can get to the Data Register in many ways, but one is to select "Edit / All Data...". The "Data Type" is a drop-down in the upper-right of the Data Register.

Hi Ilikemybu,

You can't enter a fee for a transfer transaction. Instead, use a buy/sell, or record an account fee type distribution for just the fee amount.