To my knowledge, bitcoin is not traded on any stock markets. It is traded directly on exchanges specialized in cryptocurrencies. These exchanges don't necessarily close, and therefore trades are always occurring.
Your wallet is reading the price feed from one of these exchanges (you can probably configure which one if you look at the settings), and is ...
The bitcoin price is determined by a free market of buyers and sellers. There is no way to calculate the price on your own without an external source. I suppose the only exception to this would be if you ran your own bitcoin exchange and you had enough users and volume to produce a fair market price.
You may be thinking with cause and effect reversed. The Bitcoin price being $300 does not cause people to buy and sell at $300. Rather, people buying and selling at $300 causes the price to be $300.
Obviously, there is no way to find out what price people buy and sell bitcoins at without buying or selling bitcoins, or asking someone else who's buying or ...
Well, everyone can manipulate the exchange value of a currency by trading large volumes.
Having 51% in particular does not really change that.
Besides, for lowering the price, he will have to sell a lot, probably losing his 51% position.
So basically, you can't manipulate the price just by having > 51% of the bitcoins, but by trading very large volumes. ...
The simplest way to calculate would be:
averagecost = ((BTC[t0] x USD[t0]) + (BTC[t1] x USD[t1]) + (so on))/total_BTC
where t0,t1 and so on are different time when you bought.
The above gives you the average cost for all your BTC
Now to know the profit, use the below formula:
profitloss = (current_BTC_price - averagecost) x total_BTC
If profitloss is ...
What you are probably missing is the fact that you can buy partial bitcoins, you don't have to purchase a whole bitcoin at once. You could buy a small bit of bitcoin for $20 if you wanted, it can be an affordable investment for anyone.
There is this classic bootstrapping problem. To make a successful cryptocurrency it needs:
Miners (so that it's secure)
Users (to attract miners, users also want it to be secure)
Value (to attract users and miners)
So new cryptocurrencies need to find a way to jump-start all those things at the same time, which it turns out- is not easy.
Here's a great ...
First of all, let a number of bitcoins be bought and (x1) is how much you paid for it.
Now the price of 1 bitcoin changes
Then you use the formula:
x2= (New value of 1 bitcoin)*(Number of bitcoins you have)
Now you just find the difference between x1 and x2. This will give you your profit/loss.
All you have to remember is the initial value. In your case ...
It's possible to get your price equation via their API:
As well as the price at which each of the trades are locked in at:
It should be possible to write a script to scrape this data and calculate the btc_in_usd value using this.
(I'm sure this information is available ...
It's actually pretty common for new cryptocurrencies to have a "pre-mine" meaning that some part of the future coin issuance is assigned to public keys in advance. Investors pay the development team before the miners start generating blocks at a fixed price (that is not determined by market forces) and provide a public key. Then when the genesis ...
who controls the price of BTC?
No single person.
Like any market, the price is determined by the individual buyers and sellers.
Since most buyers and sellers are human, the price they are willing to buy or sell at depends in part on irrational or emotional factors in part driven by news about various aspects of the global economy as well as news about ...
The prices of basically all altcoins follows that of Bitcoin's. So generally when Bitcoin goes up, so do altcoins', when it drops, so do altcoins'. This is generally because altcoins are primarily used as a way for people to get more Bitcoin.
No, this is not a way that you can accurately calculate this ratio, because trading is often an off-blockchain event. The sequence of events looks something like this:
You send bitcoins to the exchange, using the blockchain. (Or you send fiat money to the exchange.)
You make any number of trades internally to the site. The blockchain is not involved, only ...
Bitcoin follows very closely to USD and RMB, because US and China are the biggest players in the bitcoin market now. You can see the trade charts here: http://bitcoincharts.com/charts/volumepie/
Hence US and China exchange rates will affect the worth of Bitcoin.
In regards to travelling, the merchant accepting Bitcoin will list prices in their local ...
The "51% attack" that is a known vulnerability impacting proof-of-work digital currencies like Bitcoin has to do with 51% of the mining capacity, not 51% of the currency.
There is a concept referred to as the "economic majority" but that describes how those who hold coins and buy newly mined coins are the parties who essentially have the final say on ...