• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Jobs
  • Career
    • Cyber Security Training
    • Work from Home
    • Cyber Security Analyst
    • Remote Work – Six Ways to Keep Your Data Safe When Working Remotely
  • Field Guide
  • Newsletter Signup
  • Deals
  • News
AskCyberSecurity.com

AskCyberSecurity.com

Cyber Security News & Information

  • Home
  • Data Privacy
    • Gamers
    • Government Cyber Security
      • Legislation
      • Standards
        • What are the risks of computer security?
        • Medical Cyber Security
    • Social Media
  • Security
    • Data Breaches
    • Scams
    • Malware
  • Software
    • Apps
    • Web Browsers
  • Glossary
    • Cyber Security Acronyms
  • About Ask Cyber Security
    • Authors
    • Contact Us
  • VPN
    • How Do I Know If My VPN is Working?
    • Best Free VPN iPhone
    • Why Use a VPN?
    • NordVPN vs IPVanish
    • Private Internet Access Download
    • Best VPN for Streaming
      • TikTok VPN
    • VPN Porn
    • Computer Security Software – What You Really Need
  • Tutorials
  • ChatGPT
    • Does ChatGPT Save Data?
AskCyber Home » News » cryptocurrency » How is Bitcoin Price Calculated?

How is Bitcoin Price Calculated?

2017-10-12 by Michelle Dvorak

How is Bitcoin Price Calculated?

Bitcoin price is calculated, like any other money – whether governmental or cryptocurrency – not by the value of gold or other commodities. Remember value and price do not mean the same thing!

Bitcoin is publicly traded. Its value is determined by people’s desire to control a currency that is not backed or controlled by a governmental agency. Like all cryptocurrencies, it retains its value because people have faith that Bitcoin will continue to have value, will be honored as a form of payment, and will retain its value. As a cryptocurrency, Bitcoin has secure value. Its mining is monitored publicly.

In September 2017, China banned all initial coin offerings (ICOs) and Bitcoin exchanges. The government believes that cryptocurrencies are used for illegal financing activities. That ban means that residents cannot buy or sell any cryptocurrency.

A Wired Study study showed that 45% of all Bitcoin exchanges end up closing. In August 2011, MyBitcoin was hacked and shut down leaving 78,000 Bitcoins unaccounted for. Bitomat closed in July 2011 when the owner lost access to the wallet file that held the exchange’s 17,000 Bitcoins. Mount Gox, A Japanese Bitcoin exchange, that handled 70% off all Bitcoin traffic dedicated Bankruptcy in 2014 with $390 million USD of Bitcoin missing. The CEO was charged with embezzlement. In 2016 Bitfinex was hacked. The exchange lost $72 million USD is customer owned Bitcoin in August 2016.

Bitcoin Price History

The European Sovereign Debt Crisis of which occurred from 2013 to 2013 is believed to have spiked the price of Bitcoin and credibility. The Debt Crisis involved Greece, Portugal, Ireland, Spain, and Cyprus. Many started to think that certain government currencies wouldn’t be around forever or at least some may not be able to pay their debts. In April 2013 Bitcoin dropped to $50 USD per coin.

March 2010$.033 USD
December 2012$13 USD
May 2014$630 USD
May 2016$750 USD
September 2017$4,332 USD

Bitcoin has been tracked on the New York Stock Exchange since 2013 under the ticker NYXBT. Today its price is over $5000 for the first time since its inception. Bitcoin has no intrinsic value. Its price is high simply because that’s what people are willing to pay for it.

bitcoin price chart



Filed Under: cryptocurrency Tagged With: bitcoin

About Michelle Dvorak

Michelle writes about cyber security, data privacy focusing on social media privacy as well as how to protect your IoT devices. She has worked in internet technology for over 20 years and owns METRONY, LLC. Michelle earned a B.S. in Engineering from Rensselaer Polytechnic Institute. Michelle published a guide to Cyber Security for Business Travelers


LinkedInTwitterFacebook

Primary Sidebar

Subscribe to Our Free Newsletter

We Don't Share or Sell Your Info

Web Browsers

Where Are My Saved Passwords in Chrome?

Google Removes 70 Malicious Browser Add-ons from Chrome Web Store

Firefox 75 Reports Your Browser Settings to Mozilla

Categories

Cyber Security Field Guide

Computer Security While TravelingGet Our Cyber Security Field Guide - Available on Amazon!

Recent Posts

Security Marketing Manager – Remote

Sr. Associate, Cybersecurity Architect – Pfizer

Strategic Customer Success Manager – Cybersecurity – Opportunity for Working Remotely

Top 20 Passwords Leaked on Dark Web

ISU Cybersecurity Leader Job Opening

Cyber Security News

Top 20 Passwords Leaked on Dark Web

… [Read More...] about Top 20 Passwords Leaked on Dark Web

Apple Warns of Actively Exploited Zero-Day Flaw

… [Read More...] about Apple Warns of Actively Exploited Zero-Day Flaw

IRS Stops Facial Recognition System for Online Access

… [Read More...] about IRS Stops Facial Recognition System for Online Access

National Cybersecurity Alliance Announces Data Privacy Week

… [Read More...] about National Cybersecurity Alliance Announces Data Privacy Week

More Cyber Security News

Tags

amazon Android Apple bitcoin China chrome CISA credit card DarkSide DHS DOJ Equifax Europe Facebook facial recognition FBI Firefox FTC games GDPR Google Government hacker identity theft India iPhone Iran IRS LinkedIn Microsoft North Korea PayPal phishing phishing email ransomware REvil Russia smartphone T-Mobile TikTok tutorial VPN WhatsApp WiFi Windows

Government

CBP Looks to Access Airline Passenger Data

FTC Releases Cyber Threat Video Playlist

Malware Found on US Government Funded Phones

UK NCA Reaches Out to Youth to Deter Cybercrimes

More Posts from this Category

Footer

Menu

  • Home
  • About
  • Authors
  • Newsletter Signup
  • PRIVACY POLICY

Search

Why Use a VPN?

NordVPN vs IPVanish VPN Review

NAVIGATION

  • Data Breaches
  • Data Privacy
  • Gamers
  • Scams
  • Malware

MEMBER NJCCIC

New Jersey Cybersecurity & Communications Integration Cell

STAY CONNECTED

  • Facebook
  • Instagram
  • Pinterest
  • YouTube
  • Twitter
  • RSS

Copyright © 2023 · AskCyberSecurity.com · METRONY, LLC

Go to mobile version