BITCOIN PRICES

See the most traded commodities priced in BTC.

Fiat or Crypto? A long-term view of both scenarios...

Soybeans

  • 3M
  • 6M
  • YTD
  • 5Y
  • All
  • daBTC
  • BTC
  • cBTC
  • mBTC
  • µBitcoin
  • SAT

See below more information about this chart

How to read the chart?

The key to understanding the chart is to observe the trend of the yellow line. An uptrend means more BTC per commodity, that is, you have to spend more bitcoins to buy the commodity in question, while a downtrend is the opposite, you need to spend less bitcoins (or a fraction of it) to buy the same thing. All values are in bits which is equivalent to 10-6 Bitcoin or 0.000001 BTC.

You can change the unit in the chart's configs.

Where does the data come from?

For this chart, we have interpolated 2 data: Bitcoin Historical Price and Soybeans Historical Price.

The Bitcoin Historical Price is the daily average market price across major bitcoin exchanges priced in USD.

The Soybeans Historical Price is the cash price of one bushel of soybeans priced in USD too.

All these data come from Quandl free API and can be accessed by major web browsers

How is the math done?

There are a few steps before drawing the chart

  1. Filter the data
  2. Normalize the data
  3. Divide it up
  4. Convert to Bits and fixed point-notation
  5. We're done
You'll see it in detail below.
  1. First of all, we have to filter the data

    The reason why is because the information we get from the API cannot be used directly.

    The problem is the format of the data, so we have to change the way the data is presented.

  2. Here we have two problems
    • Some values can be 0 (zero)
    • The time series probably will not match at first

    At some times in history, bitcoin price was less than 1 cent (USD), if we just directly calculate, we will divide by 0 (zero) in some cases, which is problematic.

    The time series will probably be different, for example, maybe we have the price of soybeans on but we don't have the same price value on that date for bitcoin, what can we do? We just skip that time and see the following time value.

    In doing this, we align the time series, so all dates on one side match the date on the other side.

  3. The next step is really simple

    To find out how much you need to spend to buy something, in other words, how many bitcoins you need to buy the commodity, you divide the commodity price by the bitcoin price.

    For example, let's say on for one bushel of soybeans you needed $8 and the price of bitcoin was $5,000. Therefore, a bushel of soybeans is equivalent to 8 / 5000 or 0.0016 BTC.

  4. Now we change the unit

    One Bitcoin is formed by 8 decimal places (one hundred million satoshis), this can lead to really small (or big) and unreadable numbers.

    To handle this, we convert BTC to Bits, which is a more readable way of representing fractions of a Bitcoin, one Bit is equivalent to 10-6 BTC or 0.000001 BTC, which means our 0.0016 BTC will be shown as 1600 bits.

    The next step is to fix the number to 2 decimal places (0.00). So, 1600 bits will be shown as 1,600.00 bits.

    You can change the unit in the chart's configs.

  5. Enjoy the charts

    Just HODL and HFSR.