Bitcoin, how does it work and what affects its price?

zazarb

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Quote from: maxman190 on September 15, 2018, 06:24:26 AM

Influence on bitcoin is provided by the main miners, they control when to grow or when to fall down, after which they buy or resell it.

I do not agree that miners controls this market and that it is up to them, when the price rises or when to fall down. Because their goal is to earn as much as many, so it is important for them that the price is as high and stable as possible. Therefore, if they had the biggest impact, the price would not be so low now.

basyang

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Quote from: leesan on May 21, 2018, 04:18:24 AM

Few technologies have the ability to stir passionate online debate and baffle the vast majority of the population as bitcoin. The virtual currency rocketed in value last year before crashing during the first quarter of 2018, and possibly proving the naysayers right.

But in recent weeks the price has begun rising again. Although it remains well below its peak of $20,000, it has shown steady gains to reach more than $8000 sparking a fresh surge in interest.

Bitcoin has a big impact on the market. Demand and supply are really importants. Demands on coins it is a desire to buy more coins, tokens and others while the supply is we need a enough coins and tokens to continues the process. Personally, I know that the affect of bitcoin price is because of buying of bitcoin when its low and selling when the price is high.

darewaller

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Quote from: tailwate07 on October 02, 2018, 04:19:29 AM

Bitcoin works better than fiat currency and all the other crypto coins but it depends upon the interest of country, people and their government. If they want to get benefit of the Bitcoin then it will result better than any other currency just like Germany is getting benefit as payment mode, investment source as well as payment of loans using by banks. They are using it for the betterment of country.

Bitcoin works in supply and demand clearly. When there are more people wanting to buy than people that wants to sell the price of bitcoin goes up. When there are more people who wants to sell than people who wants to buy the price goes down. These keep happening until the amount of people who wants to sell and people who wants to buy goes head to head at which time the price stabilizes a bit (couple percent moves at most).

This means if you want bitcoin to go up than you need to make people want to buy and not sell, which is FOMO (fear of missing out) people buy stuff they think they will make money.

tailwate07

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Quote from: deppil on September 28, 2018, 10:22:26 PM

Quote from: bitcoindusts on September 04, 2018, 11:48:57 AM

Quote from: Sebas.tian on August 25, 2018, 10:20:49 AM

As for the price dependencies, I believe this is purely controlled by the news--wether good or bad.

One can never rule out the effect of news (good or bad) when it comes to bitcoin. As much as we i want the price of bitcoin be ruled by market activities, there is a significant amount of influence that mass media dictates on bitcoin's price, just as much as any investing instrument experiences.

Speculation will always be an intrinsic part of bitcoin, our trust and interest will always flactuate depending on the crips and quality of the news revolving around our favored cryptocurrency.

Though i believe that the time will come that no news can affect the strength of bitcoin in the coming years. Soon we will see how steady bitcoin can become as it provides us with reliable technology and system of payment.

nope because demand and supply depend on how the action is on its users and as long as news, issues and speculation still affect the choice of users and investors. then that aspect will continue to influence to the bitcoin market. it is impossible for a market not to be affected by any aspect

Bitcoin works better than fiat currency and all the other crypto coins but it depends upon the interest of country, people and their government. If they want to get benefit of the Bitcoin then it will result better than any other currency just like Germany is getting benefit as payment mode, investment source as well as payment of loans using by banks. They are using it for the betterment of country.

napi

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the way bitcoin works, I think it may depend on the total supply and depending on the number of platforms that start accepting payments using bitcoin, when payments start using a lot of bitcoin, the price can be very expensive.

deppil

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Quote from: bitcoindusts on September 04, 2018, 11:48:57 AM

Quote from: Sebas.tian on August 25, 2018, 10:20:49 AM

As for the price dependencies, I believe this is purely controlled by the news--wether good or bad.

One can never rule out the effect of news (good or bad) when it comes to bitcoin. As much as we i want the price of bitcoin be ruled by market activities, there is a significant amount of influence that mass media dictates on bitcoin's price, just as much as any investing instrument experiences.

Speculation will always be an intrinsic part of bitcoin, our trust and interest will always flactuate depending on the crips and quality of the news revolving around our favored cryptocurrency.

Though i believe that the time will come that no news can affect the strength of bitcoin in the coming years. Soon we will see how steady bitcoin can become as it provides us with reliable technology and system of payment.

nope because demand and supply depend on how the action is on its users and as long as news, issues and speculation still affect the choice of users and investors. then that aspect will continue to influence to the bitcoin market. it is impossible for a market not to be affected by any aspect

Salloystic

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I think bitcoin is an example of capitalist system of market in which the forces of demand and supply control it's price. When there is high demand of it the market the market price will rise, while the price will be low when supply is high

s31joemhar

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There are many factors that are affecting the BTC's price. One of these factors is the hodling system. As far as I know holding such of BTC or other cryptocurrency in the market lets the price increase at its supplies was too small and the demand is high. It is the nature of the economy, once the supply was limited and the demand is high automatically the price of a particular matter will increase.

maxman190

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Influence on bitcoin is provided by the main miners, they control when to grow or when to fall down, after which they buy or resell it.

bitcoindusts

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Quote from: Sebas.tian on August 25, 2018, 10:20:49 AM

As for the price dependencies, I believe this is purely controlled by the news--wether good or bad.

One can never rule out the effect of news (good or bad) when it comes to bitcoin. As much as we i want the price of bitcoin be ruled by market activities, there is a significant amount of influence that mass media dictates on bitcoin's price, just as much as any investing instrument experiences.

Speculation will always be an intrinsic part of bitcoin, our trust and interest will always flactuate depending on the crips and quality of the news revolving around our favored cryptocurrency.

Though i believe that the time will come that no news can affect the strength of bitcoin in the coming years. Soon we will see how steady bitcoin can become as it provides us with reliable technology and system of payment.

BitcoinPanther

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How does bitcoin works? Allow me to start with the basics.

A lot of other digital cash projects were launched prior bitcoin became a success. But bitcoin was able to solve one important factor that everyone is afraid of, the double spending. The guarantee that no one can send the same amount to two or more people was only solved by bitcoin through peer consensus.

It was at this point that bitcoin was able to bring in the much needed confidence to allow a truly digital cash system to surface.

And that's how and why bitcoin works.

regadly

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I believe the growth is affected by the first need for a digital currency, for the digital economy. The second crisis and the bubble in Fiat currency.

CrazeCoinz

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The price of bitcoin is now slowly climbing up and hopes that this will continue to move closer to $8k in few weeks. Maybe we can see a $12k for this year and then continue a bull run for next year. More demands will make the price rise higher as we hope a good news will come to ignite the market into bullish.

zolfa

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I think challengers make mistakes, they will feel happy when the crypto market is weak, but when the crypto market is strong, the crypto and bitcoin worlds will make it weak and regret.

Bitcoin systems work by using the blockchain system, which stores millions of transactions, each hash or block has a code that must be solved by miners.

Mundo12

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Many analysts believe that the Bitcoin ETF on CBOE could push the biggest coin price up to $ 50,000. That's a real number, when you consider Bitcoin supplies. However, the decline has led to a decrease in Bitcoin prices

DJ_Rick

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I think that btc is the best coin and the price is affected by many factors including the supply and demand. to my mind, it is better to choose ether and btc. You should check how the blockchain technology works before investing in it

Sebas.tian

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There are articles, videos, blog, etc that can be find in the internet relating to bitcoin and how it works so you might just want to lool at it is more reliable. As for the price dependencies, I believe this is purely controlled by the news--wether good or bad.

yayat

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The way Bitcoin works is very easy, he is transferred from Wallet a to Wallet B through transactions that are on the Blockchain.
with great Anonymity and speed.

Which affects the price because there are many requests from traders to buy Bitcoin.

Gurjasmeet

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I think it's all depends upon them demands.there is a fundamental rule if a product has big demand in the market & the supply is less than its demand.there results will be high price.

James Fleming

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It has value largely because a lot of people think it has value. Like other commodities, currencies and tradable stuff, if people are willing to pay for it, then it has value. If people are willing to accept it as payment, then it can be used to transfer value. If people are willing to buy and keep it, then it can be used as a store of value.

Bitcoin however, isn’t all hype. Unlike ponzi schemes or turlips and such, bitcoin is a real thing. It’s a global network that’s not controlled by anybody, and does one thing very very well: keeping a record of who paid bitcoins to who that cannot be modified, destroyed or reverted any anybody. One cannot possible comprehend why this is a big thing if you don’t know how insurmountable a task this is as a software developer. Bitcoin is grounded in solid technical fundamentals, and is one of the few wonderfully written piece of software that got the mass recognition it deserves.

So yes, bitcoin has value, as real as other things that has value, and I highly recommend you look deeper into it beyond the trading, currency and hype if you want to know more about how technologies like these can help us build infrastructures for the world of tomorrow.

Topic: Bitcoin, how does it work and what affects its price? (Read 1570 times)