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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3You're asking two things in a single question. Please try to split it into two separate questions, one asking about the initial price and the other one looking for APIs.– knaperekCommented Oct 17, 2014 at 18:28
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I (and another editor) condensed the two questions into one, and wonder if it can be reopened in its current form.– Tom AuCommented Oct 20, 2014 at 17:08
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I am still not sure what this question is asking. It might be a duplicate to Where do bitcoins come from and what gives them their value?, yet on the other hand seems to be asking Where can I get historic data series of Bitcoin prices? as well, and something else entirely. So, there are three close reasons: Multiple questions, intelligibility, and being a duplicate. It would really help if the asker were to clarify what he actually wants, but as it is it should stay closed, actually better deleted.– Murch ♦Commented Oct 20, 2014 at 22:17
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If you feel it is worth the effort to expand the discussion of this question's worth, please create a post on Bitcoin Meta and link it here.– Murch ♦Commented Oct 20, 2014 at 22:20
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2 Answers
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...
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You didn't. The asker made 2 questions in one. Commented Oct 18, 2014 at 21:51
฿ price comes from whichever API you use. I prefer Coindesk because it does a weighted average, but Blockchain.info is another good option, as is Bitstamp or Coindesk.
From there you can use Bittrex API or Cryptsy or Poloniex.
There's also specialist API like gem.io or blockcypher.com
answered Oct 17, 2014 at 17:31
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OK, now I perhaps see the author's reference to "API", but it's still very inaccurate. API is not where the price comes from. The price comes from the market, it's where the demand and supply meet. That's the "source" of what is referred to as Bitcoin price. Now, API here is just an convenient access to one exchange's historical data, and does not have anything to do with the price forming process; thus I think it does not really fit into the topic of this question.– knaperekCommented Oct 20, 2014 at 21:59