Bitcoin (BTC) is the first cryptocurrency ever created, launched in January 2009. It is a decentralized Proof of Work digital currency native to its own blockchain. The creation of Bitcoin is attributed to a person called Satoshi Nakamoto, although this name was never officially associated with any real person. The mining and reward system of Bitcoin is planned from beginning to end. By the end of the production cycle, Bitcoin will reach its limit of 21 million coins. All Bitcoin transactions are carried out between independent network members without any third-party control, making Bitcoin a peer-to-peer cryptocurrency.
Ever wondered what contributes to the ever-fluctuating price of Bitcoin? Let's dive into the nitty-gritty of the Bitcoin market. Here are three major factors that influence the price of Bitcoin.
Just like in any market, the dynamics of supply and demand significantly are the main drivers behind the price of Bitcoin. When the demand for Bitcoin increases, the price tends to rise. Conversely, when demand drops, the price follows suit. But remember - Bitcoin's supply is capped at 21 million coins, which adds a fascinating twist to this crypto-currency saga.
Believe it not, public sentiment plays an enormous role in the price of Bitcoin. When positive news about Bitcoin hits, the price often spikes as a wave of optimistic buyers enter the market. On the flip side, negative news or sentiment can quickly drop the price.
However, it is not quite so wild to consider sentiment as a determining factor when you consider that it is a main driver behind the demand of any asset, crypto or otherwise. And this demand in turn determines the price of Bitcoin.
You know what they say about news - they travel fast! Especially when they are related to regulations impacting Bitcoin. Regulatory actions can induce significant price swings. This is quite logical when you consider that one of the coin's main appeal is that it's largely deregulated and decentralized. Any regulation or legal action that threatens the integrity of these two pillars holding up cryptocurrencies will inevitably threaten the system as a whole.
Sometimes these news might also have an unexpected negative impact, like when El Salvador's president announced that it would make Bitcoin an official national currency. This was the first time a country did anything of the sort, and when it was first announced the cryptocurrency's price took a sharp downturn.
The way to use this tool is pretty straight-forward:
It's important to note that it's updated hundreds of times a day but its information is not 100% real-time, so it is no more than a very good reference. The converter is transparent about when it was last refreshed, just look for the "Last Updated on" date and time.
Just remember, the crypto world is as unpredictable as it is exciting, and while the converter might be handy, it's no substitute for careful financial planning and management.
Bitcoin's price is highly volatile and can fluctuate rapidly in short periods of time. On November 28, 2018, prices closed at $4,257, a 24-hour increase of 11.43 percent. The reasons for these shifts are as complex as the algorithms behind the cryptocurrency itself, but they can include everything from changes in the regulatory environment to shifts in the broader economy.
Cryptocurrency enthusiasts will remember the day when Bitcoin was used to buy a pizza. Yes, you read that right, a pizza! In 2010, Laszlo Hanyecz, a computer programmer, executed one of the first known Bitcoin transaction by spending 10,000 bitcoins on two pizzas. With the current value, that's two multi-million dollar pizzas!
Enter the wild world of BitKong, where buying cryptocurrencies with your credit card is really easy! Don't let the lack of crypto stop you from playing its thrilling games.
Why bother you ask? Well, here's why:
Right now BitKong only accepts Mastercard directly, but you can use your favorite payment methods like Google Pay, Apple Pay, or Samsung Pay.
Here are some of the tokens that BitKong accepts: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Tether (USDT), Bitkong Coin (KONG), Wrapped Bitcoin (WBTC), Binance Bitcoin (BTCB), XRP (XRP), Dogecoin (DOGE), Polygon (MATIC), Binance Coin (BNB), Tron (TRX).
We accept bitcoin deposits, withdrawals and transfers. Every bet at any BitKong game can be made with Bitcoin. All bonus winnings can be exchanged for BTC too.