The price of bitcoin varies on a daily basis and if you intend to invest in this cryptocurrency or if you have already invested, you need to be well informed and know bitcoin’s exchange price. Knowing its price variations comapred to other cryptocurrencies can also be useful if you want to diversify and exchange bitcoin for another cryptocurrency or fiduciary money.
How much is a bitcoin worth?
Bitcoin’s value fluctuates with great ease due to its high volatility. The manipulation, the attempts to put the cryptocurrency in a bad state by some influential people, governmental institutions or the bank itself, which is the antithesis of Bitcoin, generates distrust causing its value to change sharply and affects the bitcoin change from one day to another.
But as we have seen again and again, these attacks on Bitcoin only affect it temporarily and eventually it ends up recovering, making the cryptocurrency stronger and getting closer to its fundamental objective, fighting against the excesses that the traditional financial system has had.
How and who determines the value of BTC?
The value of Bitcoin is determined by investors and defining a value would be complicated, since it can be worth as much as one is willing to pay for it and, although it is true that it can undergo changes due to external reasons, this cryptocurrency has and will always have a value,Due to its scarcity and the continuous increase in its use, it will increase.
Experts believe that the exchange price of bitcoin could reach a value of one million dollars. Even Jhon Mcaffee has come to bet that if bitcoin does not reach this value by 2020 it will eat its own member.
A common reason that can affect bitcoin’s exchange value, are the errors of third parties, such as companies that work with cryptocurrencies like exchanges or wallets. When these platforms suffer an attack and the cryptocurrencies that they hold are maliciously stolen, it directly affects the price of bitcoin and other cryptocurrencies, even if the error or the problem was not yours, therefore with time its value ends up recovering.
How can I know how much is the bitcoin change?
In Crypto Economy we put at your disposal a converter where you can look for the currency exchange of bitcoin regarding other cryptocurrencies or fiduciary money.
Platforms to find out bitcoin’s exchange rate to fiduciary money
There are several platforms to know what the change from bitcoin to fiat money is. The best known is coinmarketcap, which offers us a lot of information about the value of cryptocurrencies, such as:
- Market capitalization.
- Volume of fiat that has moved the last 24h.
- Real-time price.
- Percentage increase or decrease in the last 24h.
Apps to find out bitcoin’s exchange rate
To facilitate the way for investors or people who want to stay informed about the price of bitcoin, there are different applications that can help us to know the bitcoin’s exchange rate, the percentage that cryptocurrencies have risen in the last 24 hours, what the percentage of profit or loss that our wallet has, etc.
This data is essential to know about the state of the investment made in cryptocurrencies. The platforms that help us with these tasks are: Blockfolio, Cointraking, Delta or Coinlib.io among others.
Is there an official or unique price that determines the changeover of bitcoin?
Bitcoin’s price is different every day, it could even be said that it changes every second, even comparing it at the same moment. If we wanted to buy bitcoin at the same time in two different exchanges the price may vary. The magic of decentralization makes the value of Bitcoin does not rely on a single institution or company, staying at the expense of its own whims.
To get an idea we just have to observe the evolution of its price. Bitcoin has gone from having a value of a couple cents when it appeared in 2009 to reach a exhange rate 20 thousand dollars in December 2017.
Is it necessary to change bitcoin in order to use it as a payment method?
It is not necessary to exchange bitcoin or other cryptocurrencies to fiduciary money to be able to make purchases or pay with it. Every day there are more places where we can pay with bitcoin or other cryptocurrencies.
But since the adoption of bitcoin as a payment method is going to be slow and progressive, if you want to exchange bitcoin for real money to be able to make purchases anywhere, there are also several ways to do so.
- Bitcoin ATMs
- Bitcoin buying / selling platforms
- Debit cards.
- Bitcoin Peer to Peer sale…
Do you think that the price of bitcoin is too high or that it has no value? Do you think the market is manipulated? After reading the article do you have any doubts about bitcoins exchange value or about cryptocurrencies in general?
Write a comment with your opinion or send us an email to [email protected] and we will be happy to help you.