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News of Bitcoin’s price hitting $68,000 last year in November spread like wildfire. And this was a record high for the most popular cryptocurrency globally. Many crypto investors were pleased with the price surge. It meant more value for their Bitcoin. But what is the approximate dollar value of Bitcoin? Bitcoin 360 ai will help you get started with bitcoin trading.
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What is Bitcoin?
Bitcoin is the most prominent and successful cryptocurrency and asset. Satoshi Nakamoto is the brain behind Bitcoin. Satoshi Nakamoto developed and launched Bitcoin in 2009 as a better alternative to the traditional centralised payment systems.
Following the financial crisis of 2007/2008, people lost trust in the centralised financial institutions, including the central banks and governments. The government and other entities control the centralised systems, which creates a risk of interference. For example, the government can determine inflation by releasing more currency into the economy.
With Bitcoin’s decentralised system, no government or single entity has such control. Instead, many people control Bitcoin as miners, users, or nodes. And this provides a higher level of security on Bitcoin. Generally, you can remain anonymous on Bitcoin, although the blockchain network will store all your Bitcoin transactions.
Determining Bitcoin’s Dollar Value
Bitcoin’s value has risen dramatically since its launch in 2009. At some point in the early years of Bitcoin, the price of one Bitcoin was below $150. Today, the price is around $24,000. The price is volatile and keeps changing unpredictably. And this makes it difficult to point at a particular figure as the correct dollar value of one Bitcoin.
With the price of Bitcoin changing every other day, the correct dollar value for every Bitcoin keeps changing. Depending on the markets, this dollar value could go up or down tomorrow. The highest price in terms of US dollars that Bitcoin ever reached was about $68,000.
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There is no official price for Bitcoin. In other words, there is no particular dollar value for Bitcoin, which brings us to the issue of what determines the price. Multiple factors determine the price of Bitcoin and cause the price changes we see.
One factor that determines the price or value of Bitcoin is the users. Bitcoin users determine its price through their Bitcoin use and activities. Like in a typical free market, sellers and buyers agree on the value of Bitcoin. That is why you are free to check the price and determine whether to sell, buy, or hold Bitcoin.
Bitcoin as an Asset
Bitcoin is a digital asset. You can buy, sell, and hold it as a hedge against inflation and other economic downfalls. If you purchase Bitcoin today and keep it for about five years, you will likely realise it has increased in value by the time the five years lapse. You can then sell it at a profit, just like other conventional assets like gold, bonds, or stock.
The basis of Bitcoin’s value is essentially its existence as a digital asset. If it were not an asset, it would not have monetary value, and we would not know the approximate dollar value for one Bitcoin. But we can check the price through existing crypto exchanges and platforms.
Bitcoin has no fixed price as the price changes every minute. We can only determine the approximate dollar value for one Bitcoin by checking the price every time.