crazykill182 (OP)
Newbie
 Offline
Activity: 43
Merit: 0
|
 |
December 04, 2017, 09:35:10 AM |
|
Im a newbie and i am very curious as to how did the bitcoin price rises and go down. Whos responsible for determining its value. How can it rises so large that almost 3000 dollars a month. Is there a bank who says what will be the value of it? And maybe the founder of bitcoin for now is absolutely rich.
|
|
|
|
|
|
junoreactor
|
|
December 04, 2017, 11:09:03 AM |
|
Hi crazykill182,
pretty simple: supply and demand determine the price.
When Bitcoin was created back in 2009 the price was something like $0.08. The rest is history: supply and demand, market capitalization. That's why newbies should not get too impressed by the price of today, because it does not mean anything without perspective.
An interesting fact about Bitcoin is that the supply is limited to 21 millions, therefore it is not subject to inflation, but the opposite, it is deflationary by nature.
You mentioned about the founder, of course he is very rich if still alive, there are rumors saying he could be dead today since he has not moved any of his Bitcoins for several years now.
|
|
|
|
|
sloturtz
Newbie
Offline
Activity: 22
Merit: 0
|
|
December 04, 2017, 11:32:09 AM |
|
Hi crazykill182,
pretty simple: supply and demand determine the price.
When Bitcoin was created back in 2009 the price was something like $0.08. The rest is history: supply and demand, market capitalization. That's why newbies should not get too impressed by the price of today, because it does not mean anything without perspective.
An interesting fact about Bitcoin is that the supply is limited to 21 millions, therefore it is not subject to inflation, but the opposite, it is deflationary by nature.
You mentioned about the founder, of course he is very rich if still alive, there are rumors saying he could be dead today since he has not moved any of his Bitcoins for several years now.
adam smith for the win   |
|
|
|
|
|
Hexcolyte
|
|
December 04, 2017, 12:19:10 PM |
|
Bitcoin and other cryptocurrencies in general are trading in an open market, which means everyone, or those rich people are controlling the price. As you can see the price in different exchanges are different, simply because it has no centralized market, everyone can join in and make trade as they please.
|
|
|
|
|
|
whoisyourking
|
|
December 04, 2017, 12:24:13 PM |
|
Im a newbie and i am very curious as to how did the bitcoin price rises and go down. Whos responsible for determining its value. How can it rises so large that almost 3000 dollars a month. Is there a bank who says what will be the value of it? And maybe the founder of bitcoin for now is absolutely rich.
The prices is base on how bitcoin and all the users produces the supply and to be able to give supply for the demand. The current situation of bitcoin is more users of bitcoin is just holding it these causes to reduce the supply and create a big demand. |
|
|
|
|
|
setifien19
|
|
December 04, 2017, 12:28:35 PM |
|
Bitcoin and other crypto currencies prices are determined according to two major factors :
1) Demand : just like any other commodities, the demand play a remarkable role that affects directly its price ( when the demand is upper, the price goes the same )
2) Supply : an important information that should be known by the entire crypto society , bitcoin has a limited coin number that mustn't be surpassed , that's we call "supply"
|
|
|
|
|
|
Reid
|
|
December 04, 2017, 12:28:52 PM |
|
Just dont believe anything you read here.
They can create every possible reason just so they could get your attention and next will be investing or shitload of craps about bitcoin.
Just believe in demands. Just like the one who said it up there.
Now, what will you have to do after you knew the reason.
Will you be another buyer to get it pumped or something else.
|
|
|
|
|
|
spadormie
|
|
December 04, 2017, 12:29:12 PM |
|
Well, as far as I know this one, bitcoin price is cannot be determined by someone or somebody. Well, the supply dictates it and the news on it. Those will and that's how affects the price of bitcoin.
|
|
|
|
|
bakkang
|
|
December 04, 2017, 12:57:24 PM |
|
Well, as far as I know this one, bitcoin price is cannot be determined by someone or somebody. Well, the supply dictates it and the news on it. Those will and that's how affects the price of bitcoin.
Yes it is really hard to to determine the price of bitcoin since it was unstable. One thing I know why it continually increase and that is because of the increasing demand. Demands and the supply is a way in determining the price. |
|
|
|
|
|
aardvark15
|
|
December 04, 2017, 02:11:53 PM |
|
Im a newbie and i am very curious as to how did the bitcoin price rises and go down. Whos responsible for determining its value. How can it rises so large that almost 3000 dollars a month. Is there a bank who says what will be the value of it? And maybe the founder of bitcoin for now is absolutely rich.
The buyers and sellers of Bitcoin have full control of the price because it’s an open market. The buyers and sellers are influenced by information concerning government regulations, latest developments, potential growth, etc. The supply and demand dictate where the price is just like the stock market. But you could argue that cryptocurrency markets are a more pure form of free market because there is no broker and the market never closes. However, most of us rely on exchanges for trading but it is not required. |
|
|
|
|
Denker
Legendary
Offline
Activity: 1442
Merit: 1016
|
|
December 04, 2017, 03:14:14 PM |
|
Im a newbie and i am very curious as to how did the bitcoin price rises and go down. Whos responsible for determining its value. How can it rises so large that almost 3000 dollars a month. Is there a bank who says what will be the value of it? And maybe the founder of bitcoin for now is absolutely rich.
Any participant in the market who buys or sells Bitcoin is a factor who determines the price. It's all about supply and demand. If demand outpaces the supply, price goes up extremely fast like we see right now. In times were demand is pretty low due to technical issues, FUD, bad news other indicators which could people decide to sell and no one wants to buy back all those coins the price decreases. |
|
|
|
|
kasansa
Member
Offline
Activity: 118
Merit: 10
|
|
December 04, 2017, 03:29:44 PM |
|
Bitcoin is a decentralized currency uncontrolled by any one.So,its price either increases or decreases in proportion to variation in demand.By this way,bitcoin exhibits its original value.
|
|
|
|
yemacake
Newbie
Offline
Activity: 12
Merit: 0
|
|
February 21, 2018, 03:41:49 PM |
|
Im a newbie and i am very curious as to how did the bitcoin price rises and go down. Whos responsible for determining its value. How can it rises so large that almost 3000 dollars a month. Is there a bank who says what will be the value of it? And maybe the founder of bitcoin for now is absolutely rich.
yes the badcoin is so bad but do not worry because the bitcoin is like a person's life sometimes up and down too. That's what we think. If now it is just that you just missed your competition. that's just the logic of the crypto |
|
|
|
|
|
