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Thursday, July 18, 2019

Price of Bitcoin

Bitcoin is the most valuable cryptocurrency around the globe. This is due to the surge in the price of Bitcoin in a short period of time.

The Satoshi Nakamoto founded Bitcoin. Till to date the real identity of Satoshi Nakamoto is Anonymous.  

The price of Bitcoin is constantly in a move. This is influenced by series of factors.

Due to the lack of central authority to manage Bitcoin there is the huge swing in the price of Bitcoin.

Bitcoin is based on blockchain technology. It is the public digital ledger, distributed, and decentralized. This technology uses to record transactions across many computers, which is difficult to alter.

Cause of Price Fluctuation

The reason for the immense fluctuation in the price of Bitcoin is supply and demand. More is the demand higher is the price. Further, Lower is the demand lower is the price.

Statement from the authority figure has the potential to increase and decrease the price of Bitcoin.

Government regulation in controlling or banning Bitcoin has the negative impact on the price of Bitcoin.

Volatile Bitcoin

Bitcoin is considered as the highly volatile currency with the volatility of around 0.5% to 1%.

Number of Bitcoin

The total number of Bitcoin, which can be mined, is 21 million BTC. Currently, there ate 17 million Bitcoin in existence. 

Further, the last Bitcoin to mine is in 2140. An average of 1,800 Bitcoin can be mined in a day.

Bitcoin Price

The price of Bitcoin is .003 in March 2010 and is surpassed $18, 000 in December 2017.

How to Predict the Bitcoin Price

Bitcoin is the peer-to-peer money electronic network and is not the money.

It is almost impossible to precisely predict the price of Bitcoin.

Negative news from mainstream media can lower the price of Bitcoin.

Holding many Bitcoin for a short period of time can increase the market price of Bitcoin.

Historical charts can be helpful in the prediction of market price.

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