who determines its price?
Bitcoin price canada is determined by anyone who wants to participate in the purchase – sale process, essentially its users. That is, what ultimately determines the price of bitcoin, even if multiple factors influence it.
The bitcoin trade allows you to distribute it and benefit from it. As in other scenarios, the producers (in the case of Bitcoin: the miners) can propose a price by selling their bitcoins to the interested parties, reaching agreements.
Imagine the typical deals between two people, one proposes a price and if the other, between bargains, is willing to accept it then the transaction is made.
his can be done on the street, and it is done. But, in a computerized world like ours, it is more common to see this type of deals in specialized online platforms and optimized for it. The well-known “Bitcoin trading platforms”. There are dozens: OkCoin , Kraken or Poloniex are some of them.
Unlike a buy – sell website, which has its prices stipulated as in Bit2Me , in any trading platform you can publish a purchase proposal at the desired price.
In the trading markets you also do not have to buy a full bitcoin, you can buy pieces. Remember that 1 bitcoin is composed of 100 million “centimos” (satoshis). If a Bitcoin is worth € 1000, you can buy 1 euro if you wish.
When another offer of sale coincides with yours, automatically, the transaction is made. This purchase – sale operation makes, only on that platform, that the bitcoin price be fixed at the price of the exchange made.
What we have just described is the same process in which all the materials that exist are traded. And it happens tens, hundreds or thousands of times per day, sometimes with great variations.
This type of operation requires a minimum of study and previous tasks, that although without cost, not all users are willing to do.
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