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Please describe the pricing method or system of Bitcoin in at least 400 words. You can...

Please describe the pricing method or system of Bitcoin in at least 400 words. You can have reference online but be sure not to have word-to-word problem.
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Answer #1

Bitcoin- It is a cryptocurrency or digital currency. Bitcoin is a famous and most traded currency among all the cryptocurrency. Bitcoin is used to transfer the payment online through digital channel, anywhere in the world. Bitcoin is an online payment gateway.

Pricing of Bitcoin- Bitcoin is very volatile currency. Its price touched $20000 in december 2017 and now it is trading at $9397 today. Investors think that Bitcoin has its own value. Bitcoin's value depends upon the transactional demand and reservation demand. Bitcoin's average daily float is driven by the money supply that the currency needed to satisfy transactional demand for goods and services. Bitcoin's price depends upon the demand of the speculative investors.

From the past prices of Bitcoin, future price can be determined but it is not acurate, the accuracy is 50%-70% only.

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