By Sebastian The rise (and recent fall) in the price of bitcoin, and other virtual currencies, has generated a lot of interest around cryptocurrencies. Besides, one of the most recurring questions concerns the pricing of Bitcoin. How is it fixed? Reply. Generally, what I do to find out the price of bitcoin, and other virtual currencies, is to go to bitcoin news. On this site, you will find the vast majority of virtual currencies and tokens, with the referencing of the vast majority of market places (exchanges).
Bitcoin price in the past 12 months
Besides, you can easily find and classify market places according to markets and currencies. You will notice big variations between the market places, that it is in volume, but also in price. Bitcoin belongs to nothing and nobody; it is a common tool, like the Internet, which is managed collectively by its users. Indeed, the Bitcoin protocol is decentralized thanks to the consensus of all the nodes of the network. Since bitcoin news (and all other forms of currency) are traded on the open market, there is no one who “decides” how much it is worth. It is just worth exactly what people are willing to pay for it and what people are willing to sell. The price generally communicated by CoinDesk, Blockchain.info, or CoinMarketCap is a volume-weighted average of the prices communicated by market places such as Bitstamp, Gdax, Kraken, Bithumb, Binance, HiHTC, or Bitfinex. We realize that marketplaces do not communicate the latest “price” of bitcoin at the same frequency.