What does Bitcoin use as a reference for its rise and fall (Bitcoin quoted in what units),

What does Bitcoin use as a reference for its rise and fall? According to CCN, Bitfinex and Kraken data show that Bitcoin uses something as a reference for its rise and fall. According to data from CoinMarketCap, BTC/USD has risen more than 5% in the past 24 hours. However, the price of Bitcoin is highly volatile. According to data provided by CoinMetrics, the daily trading volume of Bitcoin is still relatively small compared to other cryptocurrencies; however, since last year, the price of Bitcoin has increased to approximately $400 million – the largest investment in history.

In addition, the market value of Bitcoin has recently reached an all-time high (ATH).

What units does Bitcoin use for quotation

Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com), authorized and reproduced by Odaily Star Daily.

The current price of Bitcoin is quoted in units of $10,000, but in trading, it is priced in the following two ways:

1. It is measured in fiat currency units.

2. Depending on different types in the cryptocurrency market, different digital tokens are used as the underlying assets. For example, Ethereum and Litecoin have adopted this new standard and model.

3. The price of each Bitcoin is based on a novel algorithm that is decentralized and can be viewed and decided by anyone. When you own a BTC, it is considered a valuable product and can be exchanged anywhere; whereas if you do not hold Bitcoin, you cannot acquire anything else.

4. If we want people to believe that Bitcoin can provide higher security and transparency, then we need a network that can prove that it is secure, scalable, and immune to attacks. That is why we hope to use Bitcoin as a payment mechanism so that users can accept it more quickly.

5. To ensure that our system has sufficient flexibility, we have created a brand new network, which means that Bitcoin can be stored locally like cash. Therefore, we have created new protocols to support these protocols. But this is not the final solution. Because this is an innovation, we have designed a new currency system, which includes a basket of fiat currencies such as the US dollar and the British pound.

6. Due to the rapid development of the crypto economy, the entry barrier for the crypto ecosystem is very high – from the perspective of banks, they also face many risks. In addition, Bitcoin may also bring some potential impacts, such as regulatory issues and concerns about environmental impact.