Before we even get to know about the bitcoin and what is the price of bitcoin, it is important to ensure we understand what all is about with this digital currency and how it works. Bitcoin was established in order to eliminate some of the disorders and irregularities that surround the exchange of currency. Many of the challenges caused by banks include charging high interests and misusing the money from clients. Therefore, the use of Bitcoin ensures that there is actually no use of any middle man and thus creating transparency in various transactions.
Important properties of Bitcoin
Bitcoin properties are well described in this article. One of the properties is that the kinds of transactions carried out using Bitcoin are usually irreversible. After the confirmation of the transaction, it is usually not possible at all even if you involve any authority. The use of Bitcoin is also secure. There is use of public keys which are usually locked and no one can access except the owner. This system is usually so strong such that it is very hard to break it. The system is also very fast and available globally. This system completes transaction almost immediately after confirmation.
The Bitcoin price
Many people usually ask themselves about bitcoin market price before utilizing the Bitcoin platform. According to the latest updates, the Bitcoin price is estimated to be around $7000.The value of Bitcoin has reduced following hacking which occurred lately in South Korea. It has been so drastic since the last estimate showed that the value of bitcoin was about $19000.
The trends in Bitcoin price
There are many factors that are found to determine Bitcoin price Index. Over the last few months, the price has been dropping and rising again and some of the reasons will be described below. Some of the reasons revolve around Government regulations and others include prohibition of Google from advertising some of its pages.
Factors that affect Bitcoin price
It has been shown by various economists that, the human psychology has role to play when it comes to their involvement in Bitcoin business. Therefore, they tend to make decisions without analyzing but only checking how others are behaving. This tends to affect the price of Bitcoin.
Political factors have been shown to affect greatly the price of Bitcoin. One of the ways is the rise of the price of Bitcoin when Donald Trump rose to power.
As I conclude, the price of Bitcoin is not regular and has been having such trends due to the factors discussed above.