Factors Influencing The Price Of Bitcoin

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No matter how popular is Bitcoin in the market capitalization, all the factors including competition with rival coins does determine the price of Bitcoin. https://www.cryptoknowmics.com/crypto-advisors

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Crypto World At Your Finger Tips www.cryptoknowmics.com

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www . cr ypt okn o wmics. c om Factors Influencing The Price Of Bitcoin

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2 You might be knowing all about Bitcoin but ever thought about the factors that determine the price of Bitcoin. If not then today we will let you know it. By asking any cryptocurrency advisors they will make you understand how Bitcoin is much different from buying a bond or stock. www.cryptoknowmics.com

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3 www.cryptoknowmics.com ● Other than investment in traditional currencies it is not the case with Bitcoin as it is a decentralized currency which eliminates the role of a central authority like a bank or government. ● So now it gives a clear understanding that no inflation rates or monetary policy apply to Bitcoin. Instead the price of Bitcoin is determined by other factors.

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4 www.cryptoknowmics.com ● The factors which influence the price of Bitcoin are: ● Competition with rival cryptocurrencies ● Rewards being issued to miners ● Influence on the supply of Bitcoin ● Sales being governed by regulations Factors Influencing Price Of Bitcoin

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5 www.cryptoknowmics.com No doubt Bitcoin is the most popular and well-known cryptocurrency but that doesn’t mean it is free from competition from other rival cryptocurrencies. Even though it is still a dominant digital currency in market capitalization still there are altcoins like Litecoin Ether EOS XRP and Bitcoin Cash that have become its closest tough contenders by the year 2020. Competition With Rival Cryptocurrencies

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6 www.cryptoknowmics.com Bitcoins are virtual currencies and are produced products incurring real production cost. So far electricity consumption is known to be its major factor. Bitcoin mining depends on a complex crypto mathematical problem which is solved by the miners. The first one to find gets rewarded with a block of new-minted Bitcoins. Rewards being issued to miners

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15 www.cryptoknowmics.com ● It is one of the reasons which influences the price of Bitcoin. Two ways which influence Bitcoin supply. Firstly the fixed rate of newly created Bitcoins allowed by the Bitcoin protocol. ● The introduction of new Bitcoin in the market happens when the miners process the blocks of transactions. Also the rate during the introduction of the new coins gets slow by time. Secondly due to the existing number of Bitcoins allowed by the cryptocurrency eco-system does impact the supply. Influence on the supply of Bitcoin

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15 www.cryptoknowmics.com ● Since Bitcoin does not allow any interference of central authority so it is completely depended on miners and developers for the processing of transactions and safety of blockchain network. ● It is because it takes too much time to resolve fundamental issues. Thus the community is divided for the betterment to increase the transactions. ● Now these forks are divided into two types Soft forks and hard forks. The difference between these forks is that soft forms do not lead to any changes in the creation of new cryptocurrency whereas hard forks are the opposite of the former. Sales being governed by regulations

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15 www.cryptoknowmics.com Conclusion As you can see in the current year 2020 many of the altcoins including Ether Litecoin Bitcoin Cash XRP and EOS have become its closest competitors. So this can be one of the major factors that influence the price of Bitcoin. Following other factors are the influence of supply rewards given to miners and the sales being governed by the regulations. Sources https://www.cryptoknowmics.com/crypto-advisors

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16 F e a tur e s www.cryptoknowmics.com Crypto news and articles Market price analysis ICO listing and rating Tokens and coin listing DApp listing review Crypto gaming platform Exchange wallet listing Crypto discussion forum Crypto jobs marketplace Airdrop and event listing ICO Launchpad Blockchain tutorials and courses

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17 www.cryptoknowmics.com For any further queries or clarifications please contact at - listingcryptoknowmics.com - infocryptoknowmics.com - www.cryptoknowmics.com - www.cryptoknowmics.io

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