What you see and know of Bitcoin prices is actually what the people in the market and around you see it as and feel about it.
In other words, it is the satisfaction and dissatisfaction of some running around in the ekrona market. It is nothing more or nothing less. It is just as you see it, but a lot of hype is created around it making its price take a rollercoaster ride day in and day out. The wallet always allows you a private key, and which is a kind of unique code that you can get, that you should enter in case you need to put digital signature on any kind of purchase.
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Bitcoin fixing and pricing policy: There is no external authoritative control
Bitcoin actually has nothing much about it because its creator Satoshi Nakamoto created it so that people could use it in their daily lives as a means of daily transactions like the conventional money system that prevails in each country.
It has made significant inroads since then and today it has become an alternate means of financial system prevailing side by side with the fiat currency in some countries. But today it has travelled a long and tumultuous path to becoming one of the recognized systems of financial exchange of goods and services by many. It is gradually getting imbibed into the system of many countries. So to hack it that person too would require enormous amounts of energy which becomes time-consuming and costly.
Factors Responsible For The Fluctuating Bitcoin Prices
Bitcoin is in reality valuable only because its supply is limited and restricted to a few in numbers. It is this reason why the coin is gaining its value so steadily. This is the reason why it is so much in demand and there is a rush to hoard on the coins. Some even call it an inflation hedge.
Again another factor that drives its prices to go up and down is its ways of functioning. Some like the transparency because of the decentralized system that controls it or makes it move. Its blockchain technology also may have given it the lift that it was waiting for so long. Blockchain is secure, and you can also get the right value just on time. People often go for wild chase, and they fail to invest in the right manner.
What You Should Pay Special Attention To Before Investing In This Volatile Market
Even before you have any plans of becoming an investor in the Bitcoin market you should understand for yourself clearly whether this system of financial jugglery is for you. If you think you are not cut out for this market then clearly stay off from its coasts. Never for a moment think that you are missing out on all that is happening in the market by not getting actively involved with the crypto market.
The Price History Of Bitcoin
When Bitcoin made its entry into the market, it had a zero value. Then it got its kickstart in 2010 when its price became $0.09. In 2011 it got its first break by becoming $1 in April. Gradually its price started increasing and it made its mark in 2013 by becoming $1000 after which it fell to become $530.
The phase 2014-2016 saw it getting stalled without much activity in the market. The middle of 2017 saw its touch to $2000 after which it shot up to $19000 in that same year. Again, in the period, 2017-2019 it fluctuated wildly many times till it became $7,200 by the end of 2019.
2020 was the year of no growth because of the covid situation that rampantly crushed every industry and every market under the sun. But in 2021, it again saw an increase in its value when it became $30,000 in summer and by November it touched $68,000. Although during the pandemic, there was a sudden fall in the value of Crypto, yet, over the last few years, it has seen a steady growth.
So from the turbulent history of Bitcoin, it is evident that the market is very volatile and so if you want to invest safely you can do so with the app to be secure with your crypto assets.