what is the reference bitcoin price

[yusupjatigumilar]

For those of you who already know the world of forex (foreign exchange) maybe you have a year where the forex price refers, well that is still confused for me, from which the reference price for bitcoin? what factors support it?

[BillCoin]

The only thing that bitcoin price represents is the supply and demand of the asset.

Unlike  stocks, that their price is being determined by earnings from the company it represents, bitcoin's price is being reperesnted only by how much people want to sell it compared to how much people want to buy it.

The more the people want to buy it, it's price will increase, and the more people want to sell it, it's price will decrease.

That's why bitcoin is being counted to be a very risky investment, as it's very hard to determine whether it will go up or down, because the only thing that represent it is the supply/demand market./

[1NV3ST0NM3]

Reference bitcoin price means that the price of bitcoin is being taken in reference to USD and is determined by either the increase/decrease in demand/supply of either bitcoin or USD. Except of this demand there is nothing in bitcoin or blockchain which can be priced which is unlike fiat in which the promise by the govt. act as the price.

[olubams]

For those of you who already know the world of forex (foreign exchange) maybe you have a year where the forex price refers, well that is still confused for me, from which the reference price for bitcoin? what factors support it?

Reference price varies based on the currency one is making the comparison. For someone whose easiest currency is USD then that is the reference price the same thing with someone in UK and the likes. However, this price are interrelated based on exchange rate difference as well as the forces of demand and supply which is the most important determinant of price in the crypto world

[jefbigbob70]

The possible option for the adoption of its reference price is the cost of production, taking into account the cost of electricity, depreciation of equipment, production area, taxes and salaries of maintenance staff of farms for its production.

[Kate Beckett]

The course of bitcoin, is formed due to active demand. But since bitcoins have low overall capitalization, the bitcoin rate is heavily influenced by mass hype and big players. Every user who has a certain number of this currency in his hands can raise or collapse the market. Global demand and the fall of any e-currency occur regularly, and it depends on the willingness of users to buy e-currency.