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Over the next decade, cryptocurrencies have changed the way we know modern-day economics to be.
While there are over cryptocurrencies in the markets as of this writing, Bitcoin continues to be the largest cryptocurrency by market capitalization. To understand Bitcoin, one must understand the Bitcoin price history.
What was the price of Bitcoin in ? However, multiple events in the year took place which is remembered even today.
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This was the first major proof of a physical item being bought in exchange for Bitcoins. Moreover, was also the year Mt. Gox started off. This crash was triggered by the first Mt.
Gox hack where 4, Bitcoins were stolen.
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- It was the first example of a cryptocurrency, a growing asset class that shares some characteristics of traditional currencies, but has verification based on cryptography.
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A number of significant events took place in as well, which include the opening up of several new cryptocurrency exchanges - as well as names such as Wordpress started to accept Bitcoin payments.
In November of the year, block rewards halved for the first time. However, was the year that changed it all - and showed to the world, the massive potential of Bitcoin prices, making it a viable investment opportunity.
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While was a year when Bitcoin prices surged to new highs, Mt Gox, similar to - was hacked again - this time forBTC - the biggest Bitcoin theft of all times. Following this incident, Mt Gox declared bankruptcy and shut down, causing the cryptocurrency prices to collapse over the course of the year. However, this was also the year major organizations such as Dell and Microsoft began to accept Bitcoin payments.
While the year began on a rather glum note with Bitstamp being hacked, it eventually turned out to be a more stable year than ever before. Bitcoin gained mainstream notoriety this year as it was featured on the front page of The Economist. Over the course of the year, Steam began to accept Bitcoins.
The biggest year on record for Bitcoin. It was a year of rapid growth which attracted many new as well as first-time investors towards investing in the currency.
Let us take a look at the economics behind bitcoin price movement.
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Demand: Demand and Supply are the two basic concepts that govern the price of any commodity. It is the same for Bitcoin too.
The higher the demand of the currency, the higher its price will be because of the limited supply. However, while people continue to invest in Bitcoins all the time - the demand for Bitcoins starts to rise as the price falls.
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This elastic nature of Bitcoin means that the currency is always in demand. Supply: Bitcoin, in many aspects, is similar to gold.
Like gold, which is an exhaustive precious metal available only in a limited quantity - Bitcoin too, is limited. Only 21 Million Bitcoins will ever exist. This aspect of scarcity and rarity of the currency gives it value.
Out of these 21 Million, Satoshi Nakamoto, the anonymous creator of Bitcoins holds 4. Flaws in Existing Banking Systems: The existing banking systems are a centralized concept, governed by a centralized governing body.
These banking systems can be slow and often charge a high amount of fees too. However, when it comes to cryptocurrencies, there is no centralized authority that governs the transactions - it is instead a decentralized and distributed system based on an open ledger.
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The transactions are faster as well as bitcoin trading volume chart compared to bank charges. Moreover, sometimes banks impose unfair embargos upon businesses or individuals. Cryptocurrencies help bypass this kind of a blockade. However, this also has a negative aspect to it because it then means that sometimes cryptocurrencies can also be used to make illegal purchases the likes of which have been noticed over the darknet in the past.
Economic Crisis: In some countries, the fiat money might not be as reliable.
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This is often the case in third world nations where corruption is rampant and in war-torn countries bitcoin trading volume chart there is no proper banking system. In countries where currencies earnings by translations on the Internet devalued, cryptocurrencies are of great help.
The simple answer to this question is yes. The price of Bitcoin can be manipulated - but only to a certain extent.
As explained above, Bitcoin is similar to gold in its pricing. People who own large quantities of Bitcoin hold a larger degree of control over the prices.
Once a price fall begins, many people begin to sell off their holdings fearing a bigger crash.
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As bitcoin trading volume chart and more people begin to panic sell their holdings, the price begins to fall - this is a chain reaction which continues till all the panic sellers have sold off their holdings to avoid a loss or to avoid bigger losses. Price manipulation such as this is quite common in the cryptocurrency world.
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Apart from whales triggering such kind of a reaction in the markets, sometimes incidents such as exchanges being hacked also cause a similar crash in the prices. There have also been multiple allegations of insider trading in some exchanges. Basically, price manipulation is not extremely common - but it is not unheard of either.