supply or surplus deficit in the market also determines the value of Bitcoin. I understand if some of you say it is not right, but I will tell you in section 6 that it happens mainly because of the Thiers law in effect. It doesn't take significant amounts of money to move the market price up or down, thus the price of a Bitcoin is still somewhat volatile.
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What determines the value of, bitcoin? The total Bitcoin market is still relatively small when compared to other industries. Now think everyone has a fax machine! In case you are unaware, Bitcoin does offer some basic smart contract abilities which traditional money can never have without trusted third parties justifying one more reason for the high Bitcoin value which is only increasing at a rapid pace. Traders with bank accounts in our supported countries can trade Bitcoin on the Luno Exchange, which sets the specific price at a specific time for a specific market. Some of the basic smart contracts that Bitcoin supports are: Hashed Timelock Contracts (htlcs) Channeling Contracts Multi-sig contracts Conclusion It would not be right to give BTC a price tag in USD or EUR because there is no standard way of measuring. Also to calculate its moving average and last traded price there is no standard way, thats why you see different prices on different exchanges. Not only does it currently have value as a payment system, but also as an forex classic 3 mm asset class (a store of wealth).
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