Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Gposas on January 18, 2022, 07:15:26 AM
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Looking at the level BTC has attained now whereby it controls the price of other altcoins in the crypto market, but what was determining the price of Bitcoin as at it's early stage of introduction to the crypto market.
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What determined the value of Bitcoin during its appearance is the same thing that determines it now, the interest of the people. The first record that exists is from July 2010, when Bitcoin started trading at an estimated price of $0.0008 to $0.08 per coin. What has led us to today's value, or to the previous ATH, is the interest of the people in learning about and being able to use an economy that is not in the hands of governments or banks, a free economy. An economy that we and no one else can benefit from.
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Your thoughts are correct. because this time situation of BTC same as like other coins in the market. but i Think this situation is for some time. With the passage of time BTC once again dominate all other coins.
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The same as any price creation, it's subjective. Here are factors affecting your subjective judgment:
- Scarcity. In early years of Bitcoin, the inflation rate was very high, and the demand was still low. So BTC isn't yet scarce.
- Utility. There are not much things to do with your BTC except to hodl it in your wallet.
So we can see that the price was extremely low.
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Looking at the present time. Bitcoin is running at in loss. The effect of which is visible on the entire market. But hopefully after some time it is going to be bright again.
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At the beginning, the price of BTC was determined by the pizza price :)
Then when the crypto wave hit in 2011, BTC was defined by the community's belief in the future of crypto.
Followed by buying demand to join IDO in 2017 and currently BTC price is maintained by mining cost + community trust.
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Looking at the level BTC has attained now whereby it controls the price of other altcoins in the crypto market, but what was determining the price of Bitcoin as at it's early stage of introduction to the crypto market.
The price is determined by demand and supply.
That's market law.
At the beginning, bitcoin is cheaper, but It's very expensive now.