From 83e9b2807b457ba9bb3d3007230a1c94ed35790c Mon Sep 17 00:00:00 2001 From: clenser Date: Fri, 13 Oct 2023 11:40:17 +0000 Subject: [PATCH] Edited ch01_intro.adoc with Atlas code editor --- ch01_intro.adoc | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/ch01_intro.adoc b/ch01_intro.adoc index 5d4c9e0f..25f424da 100644 --- a/ch01_intro.adoc +++ b/ch01_intro.adoc @@ -434,7 +434,7 @@ Alice was introduced to Bitcoin by a friend so she has an easy way to acquire he [[bitcoin_price]] ==== Finding the Current Price of Bitcoin -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 +Before ((("bitcoins", "exchange rate", id="bitcoin-exchange-rate")))((("exchange rate", id="exchange-rate")))((("current price of bitcoins", id="current-price")))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. 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. In addition to these various sites and applications, some bitcoin -wallets will automatically convert amounts between bitcoin and other((("bitcoins", "exchange rate", startref="bitcoin-exchange-rate")))((("exchange rate", startref="exchange-rate"))) +wallets will automatically convert amounts between bitcoin and other((("bitcoins", "exchange rate", startref="bitcoin-exchange-rate")))((("exchange rate", startref="exchange-rate")))((("current price of bitcoins", startref="current-price"))) currencies. [[sending_receiving]]