Bitcoin is a digital currency encrypted with a code that regulates its own generation of units and verification processes, without the control of any central bank or institution. Instead, Bitcoins are produced through the process called “mining”, which is done by distributed computer networks called “miners”. Unlike fiat currencies, the digital currency is not printed nor physically tangible.
Bitcoin mining is a process wherein computers are verifying or confirming Bitcoin transactions. These transactions are posted in a public digital ledger called Blockchain. Miners get a reward for every block that is completed. The miners’ rewards are the newly produced Bitcoins which is 12.5 BTC today, for every ten minutes. Bitcoin has only a total number of 21 million, purposely as it was created by Satoshi Nakamoto in 2008. Today, there are already more than 75% Bitcoins mined or produced.
Nowadays, developments and adoption in the digital currency are continuously growing. Bitcoin enthusiasts are mostly onto watch on the price of the cryptocurrency. Bitcoin price is highly volatile and unpredictable. Factors, why it is ever-changing, include its supply and demand, investors behavior and the macroeconomic variables.
The BTC Chart
The volatility characteristic of Bitcoin drives more investors to it as they can easily earn a profit in just a small amount of time. Another thing that drives more people in using it is that it provides anonymity to the user. Users do not have to worry about their identity being hacked whenever they make purchases or transactions using the digital currency. The only details posted on the Blockchain is the Bitcoin address and the amount transferred.
The price of Bitcoin may change largely minute after minute and so we need a tool to easily provide us the data whenever we need. Whether you are new or already an advanced Bitcoin user, you would surely want to know the current price of the digital coin whenever you exchange it with other currency of your choice. By knowing how much your Bitcoins’ worth is, you can decide whether to take hold temporarily of your coins or to sell them and earning a profit eventually.
There are a lot of tools provided by major exchanges such as price indexes, price charts and price calculators on their websites. Some of the data you get is the Bitcoin’s current price in different fiat currencies and in different alternative crypto-coins. You will also be able to see the price directions through the graphical charts and conversion of Bitcoin using quantity and its equivalent currency. These tools are very helpful in monitoring and analyzing how the price changes and somehow come up with hypotheses and technical predictions on the price trend.
Aside from the graph on top, we also use the Coindesk BPI (Bitcoin Price Index) as our basis on the price of Bitcoin. Coindesk has the latest and the most accurate price by using data from different major exchanges in the Bitcoin world. We will also be using Coindesk BPI as our source for our future projects, like Bitcoin Predict game.
Hope that this page is also helpful to you and the blog as a whole, as we provide you the resources that you need about Bitcoin. Feel free to bookmark this page for your price resource.