There are approximately 30 million bitcoin owners in America, and this doesn’t even account for those who prefer other forms of cryptocurrency.
If you’re one of the people who like to trade in and purchase items with untraceable online currency, you likely are always looking to know its current value. This is much easier said than done since trading activities and values trade multiple times every second.
That’s where FiatLeak comes in. Read on to learn what this platform is, why it’s important, and how you can use it.
What Is FiatLeak?
Fiatleak is an online platform that gives you access to visual representations of the crypto market’s current trading activities. It’s completely free and updates in real-time. This accessibility sets it apart from other cryptocurrency tracking platforms.
The site shows a map of the world and live streams the transactions that involve the exchange of government-issued (fiat) currencies to cryptocurrencies. The screen features a panel of local currencies that are connected to various locations across the map. This panel showcases the latest sales of bitcoin, where they took place, and what sort of fiat currency was used to buy it.
For example, let’s say that someone used Great British Pounds to facilitate a bitcoin sale in London. A bitcoin displayed in the panel would move from the little GBP icon on the screen to the UK. If the person used USD to facilitate a transaction in London, the USD icon on the screen would move a bitcoin to the UK.
What Are Its Benefits?
This has a multitude of benefits for bitcoin traders. Despite what online review forums may say, the map is quite clear and easy to read. You simply need to examine it for a few moments to get the hang of it.
The reasons that people tend to find it hard to follow stem from the fact that it has many different visuals that track a wide variety of things. As you might imagine, this is actually a blessing.
FiatLeak lets you see the interaction of the crypto market with government-issued currencies worldwide on many different levels. You can therefore get a greater understanding of how bitcoin interacts with the global market.
FiatLeak is also more accurate than its competitors. This is because it pulls data from multiple different exchanges such as Luni, Bitstamp, Bitflyer, CEX.io, and Bitcoin.com. The data is updated multiple times a second to give you the most accurate possible information.
The site is also easy to read. Cryptocurrency and its transactions are usually difficult to conceptualize because they’re complex. The provided map and corresponding charts take this complexity and turn it into something visually engaging and fun to look at.
How to Use FiatLeak: A Quick Guide
At this point, you’re likely wondering how FiatLeak actually works. Once you boot up the site, there’s a lot to scroll through, so the first thing you need to do is click around and explore the page. Looking at the many visuals will give you an idea of how you can read the charts and how they interact with one another.
Step 1: Finding Your Cryptocurrency
The first step to using FiatLeak is to choose the cryptocurrency that you’re tracking. While bitcoin is by far the most popular, you can choose from many currencies like Ethereum, Litecoin, Chainlink, and even crypto-newcomer LOTTO.
Use the charting tool on the side of the page by scrolling through these many cryptocurrencies and selecting the one that you want to track. You then will be able to view live trades and the locations that they took place in. This process takes about one second, so you don’t need to wait.
Step 2: Tracking Prices
Once you undergo the simple process of figuring out how to read the provided charts and graphs, you also can track how much bitcoin is worth in various local currencies.
Select the local currency that you want to look into. USD is the default conversion metric for tracking the price of a cryptocurrency, but it isn’t the only one that the site provides. You can change the settings on the side of your page to find out how much bitcoin is worth in Great British pounds, Indian rupees, Euros, and more.
Step 3: Access Crypto News
While you’ll need a third-party platform to give you tips on trading cryptocurrency, FiatLeak offers news regarding ongoing crypto transactions. There’s a section that lets you see the top news related to cryptocurrency and to the blockchain.
An interesting feature of the site is that it will only show you news articles about the form of crypto that you’re tracking. If you’re looking into Chainlink, you won’t be bothered with copious articles about bitcoin. This is awesome for people who specialize in one form of cryptocurrency and don’t want to bother with others.
It’s really easy to access these articles, too. The most popular ones scroll across the top of the site and you can simply click them to read more.
Boost Your Crypto Market Performance
Trading in bitcoin and other online currencies can be a challenge. Luckily, FiatLeak is a completely free technology that makes tracking crypto trade easier than ever before.
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