Member2021-02-18 at 7:11 am
When talking about currency pairs like EUR/USD, BTC/USD or XAU/USD there is a convention to call the first currency in the pair the “Base“.
The Base currency (e.g. EUR, BTC, XAU) value is being quoted in relation to the second currency listed in the pair. This second currency is conventionally called the “Quote” currency.
So, for example, bitcoin price quoted in US dollar:
1 BTC = 50,000 USD
Quoted in EUR, the value of the pair BTC/EUR is
1 BTC = 41,000 EUR
Here are some external resources making the same definition:
Most cryptocurrency exchanges – especially the largest and most popular exchanges – adhere to this convention but, interestingly, some smaller exchanges deviate from the convention by reversing the meaning of Base and Quote.
Are the terms reversible?
Do they lose meaning when reversed?
How does your exchange use Base/Quote?
What is your opinion on this matter?
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