Understanding Currency Relationships on Charts

[Jetheat]

I'm really new to Bitcoin. I want to start trading BTC with other currencies and so I'm trying to get the relationship straight in my head.

a) If I am looking at a chart named Ethereum (ETHBTC), and I click BUY, does that mean I am buying Bitcoin or Ethereum?

b) On the right axis, it shows the price = 0.05335200. Does this mean that 1 Bitcoin = 0.0533 Ethereum or 1 Ethereum = 0.0533 Bitcoin?

c) Is there a way to co-relate this price directly in terms of cash? If it moves up by a few pips, how do I know how much money I have made?

Appreciate the help to these newbie questions.

JH

 

[lunar]

https://support.kraken.com/hc/en-us/categories/200187143-Kraken-Trading-Guide

 

[Bagatell]

a) Ethereum

b) 1 Ethereum = 0.0533 Bitcoin

The first listed currency of a currency pair is called the base currency, and the second currency is called the quote currency. The currency pair indicates how much of the quote currency is needed to purchase one unit of the base currency.

http://www.investopedia.com/terms/c/currencypair.asp

c) Lunar's link or

http://www.babypips.com/school

 

[Jetheat]

Thank you very much for the explanation. I got the first two answers.
However, on Kraken, I see ETHGBP = 52.38. Does this mean that 1 Ethereum = 52.38 GBP. Seems a bit expensive.

The last question, I still haven't found the answer on the two resources above.

If say Ethereum moves from 0.05212002 to 0.05212102 or to 0.05213002, then how do I know how many dollars I have made?

Thanks

JH

 

[AdrianX]

Regarding c) you're trading one pair but using another to account for value, or take advantage of arbitrage opportunities between all 3

here is one place to get a USD market average of all altcoins https://coinmarketcap.com/ and an overview of all trading markets. I use www.XE.con to get my local currency. (there are probably better ways but I don't know them as I don't do too much trading anymore)

Something I think is relevant when trading BTC with Altcoins is beta trading and high beta trading

My narrow Bitcoin view is you don't want to be doing your value accounting in fiat but in Bitcoin, historically buy and hold has been very profitable. so save a little as a hedge.