How to Develop a Cryptocurrency Exchange Rate with Coinlayer API?

Since the Inception of Bitcoin, the concept of the Blockchain has been a relevant term to everyone who cares to invest in cryptocurrency and prepare to achieve the unending benefits of the Digital currency as its continue to rise with a possibility of being the next big thing in the Financial atmosphere.  Based on this, almost everyone is looking for the best way of how to be ahead in the game, and luckily, there is such a possibility.

The Blockchain system has not reached its full development, and this is a brilliant opportunity for developers to up their game and win a lot, especially for those who will choose an all-encompassing API such as the Coinlayer.

The Coinlayer

The Coinlayer

This is the best available API that is quite handy to become an established and lucrative developer in the world of Cryptocurrency. The Coinlayer can be used for many cryptocurrency projects including an integration with Android Apps. It will interest you to know that Coinlayer grants actual crypto rates to over 385 cryptocurrencies throughout the world. There is the certainty for precision and accuracy as the exchange rates are subjected to data obtained from the best 25 exchange crypto markets.

The Crypto coins supported by Coinlayer

The Coinlayer operates with a large number of well-known crypto coins worldwide. This is not actually the best part of Coinlayer – as many other API do so too – but the unique aspect is that it supports the less famous coins too. This makes it a fit-for-all API that delivers on any platform. Few of the supported Crypto coins by Coinlayer includes Status Network Token (SNT), PutinCoin (PUT), Unobtanium among many others.

The available Coinlayer supported World Currencies

Coinlayer supports the conversion of digital coins to a number of World currencies which amount to 166 in total. As a matter of fact, it will interest you to also know that this API supports Seychellois Rupee and virtually all germane financial market.  And in contrast to other API, Coinlayer is designed to operate with any specifically marked project without having to make any time tie adjustments.

How to begin the Coinlayer API?

Coinlayer offers operational simplicity. It is easy and convenient to use without having to wrack the brain unnecessarily reading documentation and how to use manuals. In fact, a newbie has a platform to get along with its use through a tool called Quickstart which presents all the features of Coinlayer.

Coinlayer Coins

For practical purpose of use, upon signing-up, every first-timer will be given an everlasting free API key, which can be used for trial purposes. Once you log in, a trial box will be visible where you can run a base query which provides data for all available cryptocurrencies in the JSON format. For better understanding and simplicity, the compulsory requirements are always asterisked with orange while the optional ones are marked with blues.

The basic layout of the Coinlayer entails a base URL. Through this base URL, other features and optional parameters embedded within this API become accessible. Such features include API Access key and the various forms of endpoint specific parameters. The data from these parameters provide details such as the success status of a query, privacy pages, particular endpoint attributes, and the target currency, among many others. In addition, Coinlayer operates with JSON callbacks feature which allows the result to be enclosed within a function through the optional Callback GET. Follow the status pages of these projects.

The Various forms of Coinlayer Endpoints

This API operates with six different endpoints, which are explained as follows;

  1. The Live Data Endpoint

The Live Data endpoint is the major endpoint among others. It functions to provide details about the present exchange rates. When set at default, it will supply all cryptocurrencies rate, but there is an option to showcase specific rates and details through certain parameters. For instance, one can decide to focus the details on a particular cryptocurrency such as Bitcoin. After setting the details to be provided by the Live data endpoint, the following set of data will be displayed;

  • The UTC will timestamp the time of data collection
  • The JSON array entailing the set of data requested
  • The target currency

The Live Data Endpoint comes with a sub-feature called an Expand Option. This sub-feature allows for the return of a set of extra details. For instance, if the expand sub-feature is set with the Bitcoin targeted, Coinlayer will supply the following extra details;

  • Rates > cap – the recent Bitcoin market cap
  • Rates > high – the topmost midpoint exchange rate on record
  • Rates > low – the bottom midpoint exchange rate recorded on the date of the request
  • Rates > vol – the volume of Bitcoin coins exchanged on the date of the request
  • Rates > sup – the present current availability of Bitcoins.
  • Rates > rates – the present Bitcoin Exchange rate
  1. The Historical Rate Endpoint.

This form of Endpoint will be the most interesting and valuable endpoint for many developers. The main function of the Historical Endpoint is to supply the previous data of all currencies since their commencement time. However, this endpoint can be preset with a particular date to invoke all needed data through the base URL. Upon entering the words of command, the feature is set to provide the below details;

  • The UTC timestamps the crypto data to be retrieved
  • The targeted cryptocurrency
  • Accept if the historical data is available
  • Supply the date for which the historical data is to be retrieved
  • Present a JSON array entailing the set of data requested
  1. The Conversion Endpoint

The Conversion Endpoint serves to convert cryptocurrencies to the World currencies and vice versa. By entering the three following details, this endpoint will do the digital coin to standard currency conversion.

  • Enter the code of standard currency to convert from
  • Specify the code of the digital coin to convert to
  • Then allocate the amount to be converted

The Coinlayer will supply the below-listed information as follows;

  • Query > from – the code of the standard source currency
  • Query > to – the code of the targeted currency
  • Query > amount – the amount which is converted
  • Info > timestamp – the UTC timestamp for the rate of exchange
  • Info > rate – the rate of exchange
  • Result – the conversion output.

Note: the BTC, XRP, and 15 are just examples of currency to be converted, what to be converted to, and how much to be converted respectively.

  1. The Change Data Endpoint

This is a vital tool, especially for the cryptocurrency analyst. It provides information about the fluctuation rate of a particular currency within different a date interval. This information is achievable by entering the start date and the end date to the base URL. The following set of data are meant to be displayed from the use of Change Data endpoint;

  • Rates > start_rate – the cryptocurrency’s rate of exchange at the start date
  • Rates > end rate – the cryptocurrency ‘s rate of exchange at the end date
  • Rates > change – the actual margin between the start and the end rate
  • Rates > change_pct – the change percentage within a specified interval.
  1. The Timeframe Endpoint

The Timeframe endpoint is designed to provide details on the crypto time series between two dates. All a user has to do is to input the start date and the end date to the base URL and the API will supply the following set of data;

  • Timeframe – available when a request to the timeframe is made
  • Start_date – provide the inquired start date
  • End_date – provide the inquired end date
  • Target – specify the targeted cryptocurrency
  • Rates > YYYY-MM-DD – supplies a JSON data with details for each day requested.
  1. The List Endpoint

The List endpoint functions to provide the list of all supported crypto and standard currencies within the API.

The following set of data are what is needed to execute this function;

  • Symbol – supplies the coin of the cryptocurrency
  • Name – the abbreviated name of the cryptocurrency
  • Name_full – the full name of the cryptocurrency and its coin
  • Max_supply – the present maximum amount of the circulating supply
  • Icon_url – shows an URL that leads to a PNG icon of the chosen cryptocurrency

Exceptional Benefits of Coinlayer

Coinlayer code

The use of API has many benefits, but when it comes to Coinlayer, there are many exceptional advantages that are peculiar to it, and they are summarized as follows;

  1. The Coinlayer is the best option to experience reliable real-time exchange rates of all germane cryptocurrency. Hence, typically, you can embed a live preference price to your project.
  2. The Coinlayer API can be flexibly used with different chatbot frameworks so as to increase their effectiveness.
  3. It can be used to build analytics software when combined with machine learning and charting libraries. This will provide information about the current state of the blockchain and insight about how to trade.
  4. This API can be used to predict the models of the future blockchain since it has the ability to provide historical datasets.
  5. The Coinlayer API works as fast as a lightning as it is supported by a resilient cloud infrastructure that supplies data within a space of milliseconds.

Finally, the rapid development of Blockchain has shown that it has come to stay. This means whether you a newbie, upcoming, or professional developer, miner or trader, every individual has the opportunity to make it financially through Cryptocurrency. And to make it easier and faster, the Coinlayer is your best available option to start from.