The price of bitcoin refers to the pricing of bitcoin mapped onto fiat currency.
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1. What will affect the price of bitcoin? How is the price of bitcoin defined?
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The definition of bitcoin’s price and the factors that influence bitcoin’s price are diverse and global. The price of an item is determined by its value and is influenced by supply and demand. The same is true of bitcoin. The price is determined by its value, its current worldwide application, its widespread acceptance. Policy, competitive currencies, technology and big news are all factors. There is also a different supply and demand for it in the market. This supply and demand relationship can also affect bitcoin price fluctuations.
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In 2009, when the first bitcoin was dug up, bitcoin didn’t have a price. The price of the first bitcoin was 0 yuan. It was suggested in the early days that the value of one Bitcoin should be calculated in this way: The average amount of electricity required to run a computer for a year is 1331.5 kilowatt-hours multiplied by the average cost of electricity for U.S. residents in the previous year of $0.1136 divided by 12 months divided by the number of Bitcoins generated in the last 30 days, which is then divided by $1, which gives $1 equal to 1,309.03 bitcoins. People need a website to trade in bitcoin. Backed by the forum’s founder, who gave him 5,059 Bitcoins, he paid the moderator $5.02 online. This is the earliest recorded price of bitcoin.
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In 2010, an American programmer offered 10,000 bitcoins for a pizza, only to be offered two $25 pizza rolls for 10,000 bitcoins. The deal created the first real-life fair value for bitcoin. So 10,000 bitcoins equals $25. If it is now, the value of several hundred million yuan, can buy several sets of houses in Beijing, Shanghai and Guangzhou. This programmer was the first to mine bitcoin using a GPU. At first everyone knew how to mine with their computer’s CPU. He felt that CPU mining is not enough, the calculation power is too low. It turns out that using a graphics card GPU is 800 times faster than a typical CPU. In the bitcoin world, the speed at which a hash collision is performed is the only factor that determines the billing rights for mining. He had a lot of bitcoins back then, so 10,000 bitcoins didn’t matter to him.
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“Father of the donkey” Jed. McCaleb created a bitcoin exchange called MTGox, which became the largest bitcoin exchange in the world. When MTGox was founded, the price of a bitcoin was $0.50.
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In 2013, when Cyprus suffered an economic crisis, cypriots took refuge in their economy, including buying bitcoin, which rose 8.8 times from more than $30 to $265 in just a few days. Because of this, Chinese entrepreneurs and investors began to pay attention to bitcoin.
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In November 2013, bitcoin hit an all-time high of 8,000 yuan per bitcoin. China’s central bank and five ministries issued a “Notice on Preventing the risk of Bitcoin,” stipulating that bitcoin is a virtual commodity in China, and the price of bitcoin has been falling.
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In 2014 MTGox, the world’s largest bitcoin exchange, was stolen and declared bankrupt. The incident hit people’s trust in the security of Bitcoin, and the price fell to rmb4,500. After that, bitcoin began a long period of low price adjustment. It fluctuates between 4,000 and 2,000. In early 2015, it fell to rmb900. Later, due to the application of Bitcoin, the development of blockchain and policy changes in various countries, Bitcoin began to rise slowly.
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The second halving means there will be less supply on the market and the old balance of supply and demand will be broken. By the end of 2015, bitcoin was expected to halve. Bitcoin gains. On July 9, 2016, bitcoin halved for the second time, and huobi quoted 1 bitcoin = 4,351 RMB on that day. On January 5, 2017, the price of bitcoin reached 8,895 yuan. The next day, the People’s Bank of China issued a notice, interviewed the heads of major trading platforms, and entered the platform a week later.
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In the months when China’s main exchange platforms were unable to withdraw coins due to an upgrade to their anti-money laundering systems, the favorable policies overseas spurred the international price of Bitcoin, which was consistently higher than the Chinese price, with the price gap reaching several thousand renminbi per coin. In September 2017, bitcoin was priced at rmb32,350, its previous all-time high.
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There’s no telling where bitcoin will go from here. On the one hand, the application of Bitcoin continues to develop, and the laws of various countries begin to gradually benefit the use of bitcoin. But bitcoin itself faces competition and possible technical risks, including algorithmic breaches. We can wait and see how the price of bitcoin will move in the future.
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2. Bitcoin is priced differently globally
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Each bitcoin exchange has a different price. For example, Bitfinex is quoted at $3,572 and BitStamp is quoted at $3,569. That’s because on these platforms, prices are determined by how much a trader buys or sells. Each trading platform has different trading needs, and the price of real-time transactions is also different. Why are prices not so different from one platform to another?
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Because there is a trading role: arbitrage users. These users see platform A as expensive and platform B as cheap. They’ll buy from platform B and sell from platform A. Because such traders exist, the price difference between platforms will not be too large. The expectation of profits if there is a large spread makes arbitrage users move, and the spread is quickly erased. There is also an over-the-counter price. That is, the price of a peer-to-peer transaction between users is not matched by a trading platform. At this time price, undertake negotiation by buyer and seller both sides, can refer to trade the price of platform commonly.
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1. The first two test articles
Generate HTML test reports
Test environment setup
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2. Wrote a series of code articles
Getting started with the graphical user interface
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3. In addition, testing tools are recommended
PostMan profile
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