Bit Coin the Bitcoin live price or exchange rate is the amount of money in a specific currency that a Bitcoin is worth at the current time. For example, if one Bitcoin is now worth $270, a recent actual price then that would be the live price.
This price is also expressed in other currencies, like yen, Euros and pounds for people in other countries. It is possible to also own fractions of one of these electronic coins and those would be worth the appropriate fraction of the live price.
What Is The True Value Of Bitcoin?
Since this is a digital currency, it is important to note that each coin does not really have any inherent value. It is not like a silver coin, for example, that may have a price based upon the value of silver bullion and demand. In the case of the Bitcoin live price, the value is determined by demand.
How to Get Bitcoin?
That does not mean that Bitcoin are free. These are ways that people get Bitcoin:
Get paid in Bitcoin – When selling goods or services, a business or individual may ask to get paid in digital currency.
Earn Bitcoin – Users can offer up computer processing power in exchange for Bitcoin.
Win Bitcoin – There are contests that people can enter that pay out in Bitcoin.
Buy Bitcoin – Like most other currencies, people can simply pay for them in their own currencies.
What to Do With Bitcoin?
Likewise, these electronic coins can get sold on the open market. People who hold them may exchange them for other currencies like they do other kinds of currency on a type of Bitcoin exchange that is similar to the Foreign Exchange or FOREX. Speculation in the future value of digital currency has become rather popular in recent years.
In addition to merely selling them for currency, they might be used to buy goods and services. Most of this happens online but more and more brick and mortar businesses are beginning to accept them. There are even websites that list businesses that accept Bitcoin in different cities and these businesses include computer repair stores, bars and chiropractors. Most of the people now using it for online casino and such casinos are called bitcoin casino. If you search on net you will find a plenty of bitcoin casinos.
While these kinds of merchants are still fairly rare, they are out there and the number is growing all the time. They may hope to attract more business from consumers who have Bitcoin to spend or they may be better that the value of this digital money will increase, so they are hoping to build up a good supply.
These are electronic coins and they are certainly not backed like a government as is the case with the U.S. dollar, Japanese yen, and other such currency. Even with currency that is backed by a strong government, exchange rates can fluctuate a lot in the course of a day. There is nothing that really backs up the price or the value besides the demand and trust that people decide to put in this new money system.