I know how the process of changing BTC price occur, but I curious as to what gave the initial value to BTC and whether the price of another cryptocurrency refers to the BTC?
How would I replicate this process using an API or any algorithm?
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How much would you pay for 1 BTC in 2009 before knowing all this? Probably some cents since u would not mind losing, that was how the first BTC price was defined.
Nowadays is pure especulation with some basis on the price of electricity cost to generate 1 BTC.
APIs u can search for on the major exchanges, such as Bitstamp,BTCchina,Huobi,OKcoin,BTCe and so on...