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@ -434,7 +434,7 @@ Alice was introduced to Bitcoin by a friend so she has an easy way to acquire he
[[bitcoin_price]] [[bitcoin_price]]
==== Finding the Current Price of Bitcoin ==== Finding the Current Price of Bitcoin
Before Alice can buy bitcoin from Joe, they have to agree on the _exchange rate_ between bitcoin and US dollars. This brings up a common question for those new to Bitcoin: "Who sets the price Before ((("bitcoins", "exchange rate", id="bitcoin-exchange-rate")))((("exchange rate", id="exchange-rate")))Alice can buy bitcoin from Joe, they have to agree on the _exchange rate_ between bitcoin and US dollars. This brings up a common question for those new to Bitcoin: "Who sets the price
of bitcoins?" The short answer is that the price is set by markets. of bitcoins?" The short answer is that the price is set by markets.
Bitcoin, like most other currencies, has a _floating exchange rate_. That means that the value of bitcoin fluctuates according to supply and demand in the various markets where it is traded. For example, the "price" of bitcoin in US dollars is calculated in each market based on the most recent trade of bitcoins and US dollars. As such, the price tends to fluctuate minutely several times per second. A pricing service will aggregate the prices from several markets and calculate a volume-weighted average representing the broad market exchange rate of a currency pair (e.g., BTC/USD). Bitcoin, like most other currencies, has a _floating exchange rate_. That means that the value of bitcoin fluctuates according to supply and demand in the various markets where it is traded. For example, the "price" of bitcoin in US dollars is calculated in each market based on the most recent trade of bitcoins and US dollars. As such, the price tends to fluctuate minutely several times per second. A pricing service will aggregate the prices from several markets and calculate a volume-weighted average representing the broad market exchange rate of a currency pair (e.g., BTC/USD).
@ -446,7 +446,7 @@ https://coincap.io[CoinCap]:: A service listing the market capitalization and ex
https://oreil.ly/ACieC[Chicago Mercantile Exchange Bitcoin Reference Rate]:: A reference rate that can be used for institutional and contractual reference, provided as part of investment data feeds by the CME. https://oreil.ly/ACieC[Chicago Mercantile Exchange Bitcoin Reference Rate]:: A reference rate that can be used for institutional and contractual reference, provided as part of investment data feeds by the CME.
In addition to these various sites and applications, some bitcoin In addition to these various sites and applications, some bitcoin
wallets will automatically convert amounts between bitcoin and other wallets will automatically convert amounts between bitcoin and other((("bitcoins", "exchange rate", startref="bitcoin-exchange-rate")))((("exchange rate", startref="exchange-rate")))
currencies. currencies.
[[sending_receiving]] [[sending_receiving]]