Bitcoin Added to Currency Converter by Google

In another sign of Bitcoin adoption, Google Inc (NASDAQ GOOG)’s popular currency conversion calculator will now feature the digital payment method. The adoption of Bitcoin into a currency calculator marks the first time a non-fiat currency has been included in Google’s “currency” convertor.

The digital payment method Bitcoin is now the first non-fiat currency to be listed on Google’s currency converter. Operating a Bitcoin exchange has always been considered a challenge, according to sources familiar with exchange market making systems. Placing two sided bids and asking on a constant basis is often done with greater confidence if there is a related product to hedge against.

Market makers are known to have rather complex order books but typically hold positions that can be theoretically offset in other markets. This isn’t the case with Bitcoin, as its price can fluctuate widely based on factors that only impact the digital currency.

News on Bitcoins

Google follows Microsoft Corporation (NASDAQ MSFT)’s Bing search engine in offering the conversion from most major currencies into Bitcoin value by typing “price of bitcoin” or “X bitcoin to euro,” The current value of Bitcoins to the US dollar, for instance, is near $626 for a single Bitcoin. It will take 666 Austrailian dollars to get a single Bitcoin and 48768 Bangladeshi Taka to get the same Bitcoin dollar, for instance.

In order to calculate the conversion of Bitcoin into a currency, Google relies on integration with Coindesk’s exchange matching engine to obtain current values. While there are other exchanges, the reports did not detail the arbitrage issues relative to pricing that may occur on other exchanges.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

Bitcoin Financial News

The ability to use BTC in queries follows Google Finance’s addition of a special Bitcoin page on the site last June. We’ll be waiting for the Wall Street Journal to use Bitcoin as a method to quote commodity and stock values to be the real point at which the digital payment method has received real mass adoption.

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