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What Determines Bitcoin’s Value?

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Bitcoins value comes from the fact that it is a means of purchasing and selling things. Unlike the traditional currency whose value is gotten from government support, the value of Bitcoin comes from the code used to mine it. There are a number of traditional currency features such as scarceness, movability, distinguishability and divisibility that this bitcoin’s code gives it.  Bitcoin just like other decentralized cryptocurrencies does not require the use of middlemen and it provides a high level of inconspicuousness for its users.

The value of bitcoin in USD will increase as the number of users increase and the system becomes more advanced and secured. Due to the fact that bitcoin’s prices have been known to be volatile, a number of people do not want to accept it. It is important to remember that all types of currencies either traditional or digital have the ability to lose their value. The value of bitcoin can only fail if the bitcoins network fails, better forms of currency are developed or new regulations deter people from using it.

AsiaCryptoToday is a team of executive Asia Crypto Researchers set to bring you the latest Cryptocurrency News from Asia (Vechain, NEO, QTUM, Elastos)

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