leongoh
2021-11-22
Will it be true it will became so called future currencies
How Much Is 1 Bitcoin? Factors of Bitcoin Pricing<blockquote>1比特币多少钱？比特币定价的因素</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":872473094,"tweetId":"872473094","gmtCreate":1637567154609,"gmtModify":1637567470354,"author":{"id":4098196853350760,"idStr":"4098196853350760","authorId":4098196853350760,"authorIdStr":"4098196853350760","name":"leongoh","avatar":"https://static.tigerbbs.com/48181d308183341d95f3ef181ac740e2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Will it be true it will became so called future currencies </p></body></html>","htmlText":"<html><head></head><body><p>Will it be true it will became so called future currencies </p></body></html>","text":"Will it be true it will became so called future currencies","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/872473094","repostId":1141642492,"repostType":2,"repost":{"id":"1141642492","kind":"news","pubTimestamp":1634280995,"share":"https://www.laohu8.com/m/news/1141642492?lang=zh_CN&edition=full","pubTime":"2021-10-15 14:56","market":"us","language":"en","title":"How Much Is 1 Bitcoin? Factors of Bitcoin Pricing<blockquote>1比特币多少钱？比特币定价的因素</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141642492","media":"Investopedia","summary":"What Determines Bitcoin's Price?\nBitcoin (BTCUSD) is a cryptocurrency developed in 2009 by Satoshi N","content":"<p>What Determines Bitcoin's Price?</p><p><blockquote>是什么决定了比特币的价格？</blockquote></p><p> Bitcoin (BTCUSD) is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to the unknown creator (or creators) of this virtual currency. Transactions are recorded in a blockchain, which shows the transaction history for each unit and proves ownership.</p><p><blockquote>比特币（BTCUSD）是中本聪于2009年开发的一种加密货币，是这种虚拟货币的未知创造者（或多个创造者）的名字。交易记录在区块链中，该区块链显示每个单位的交易历史并证明所有权。</blockquote></p><p> Unlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government. And buying a bitcoin is different than purchasing a stock or bond because Bitcoin is not a corporation. Consequently, there are no corporate balance sheets orForm 10-Ksto review.</p><p><blockquote>与投资传统货币不同，比特币不是由央行发行的，也不是由政府支持的。购买比特币与购买股票或债券不同，因为比特币不是一家公司。因此，没有公司资产负债表或Form 10-KSTO审查。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul> <li>Purchasing stocks grants you ownership in a company, whereas purchasing Bitcoin grants you ownership of that cryptocurrency.</li> <li>Bitcoin is neither issued nor regulated by a central government and therefore is not subject to governmental monetary policies.</li> <li>Bitcoin prices are primarily affected by its supply, the market's demand for it, availability, and competing cryptocurrencies.</li> <li>As of December 2020, approximately 88.5% of the total Bitcoin supply had been mined.</li> </ul> Understanding What Determines Bitcoin's Price</p><p><blockquote><ul><li>购买股票授予您公司的所有权，而购买比特币授予您该加密货币的所有权。</li><li>比特币既不由中央政府发行也不受中央政府监管，因此不受政府货币政策的约束。</li><li>比特币价格主要受其供应、市场对其的需求、可用性和竞争加密货币的影响。</li><li>截至2020年12月，比特币总供应量的约88.5%已被开采。</li></ul>了解决定比特币价格的因素</blockquote></p><p> Unlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government; therefore, the monetary policy,inflation rates, and economic growth measurements that typically influence the value of currency do not apply to Bitcoin. Conversely, Bitcoin prices are influenced by the following factors:</p><p><blockquote>与投资传统货币不同，比特币不是由央行发行，也不是由政府支持；因此，通常影响货币价值的货币政策、通货膨胀率和经济增长指标不适用于比特币。相反，比特币价格受以下因素影响：</blockquote></p><p> <ul> <li>The supply of Bitcoin and the market's demand for it</li> <li>The cost of producing a bitcoin through the mining process</li> <li>The rewards issued to Bitcoin miners for verifying transactions to the blockchain</li> <li>The number of competing cryptocurrencies</li> <li>Regulations governing its sale and use and the state of its internal governance</li> <li>News developments</li> </ul> Supply</p><p><blockquote><ul><li>比特币的供给与市场的需求</li><li>通过采矿过程生产比特币的成本</li><li>向区块链验证交易的比特币矿工发放的奖励</li><li>竞争加密货币的数量</li><li>管理其销售和使用的法规及其内部治理状况</li><li>新闻动态</li></ul>供应</blockquote></p><p> The supplyof an asset plays an important role in determining its price. A scarce asset is more likely to have high prices, whereas one that is available in plenty will have low prices. Bitcoin's supply has been dwindling since inception. The cryptocurrency's protocol only allows new bitcoins to be created at a fixed rate, and that rate is designed to slow down over time. Thus, the supply of Bitcoin slowed from 6.9% in 2016 to 4.4% in 2017 and 4% in 2018.1Bitcoin halving events, which occur every four years, generally correspond to a significant bump in its prices because it means that the cryptocurrency's supply has been reduced.</p><p><blockquote>资产的供应在决定其价格方面起着重要作用。稀缺资产更有可能价格高，而大量可用的资产价格低。自成立以来，比特币的供应量一直在减少。加密货币的协议只允许以固定的速率创建新的比特币，并且该速率旨在随着时间的推移而降低。因此，比特币的供应量从2016年的6.9%放缓至2017年的4.4%和2018年的4%。1每四年发生一次的比特币减半事件通常对应于其价格的大幅上涨，因为这意味着加密货币的供应量已经减少。</blockquote></p><p> Demand</p><p><blockquote>要求</blockquote></p><p> While Bitcoin is yet to find favor as a medium of exchange, it has attracted the attention of retail investors. The locus of Bitcoin'sdemandshifts based on economic and geopolitical considerations. For example, China's citizens may have reportedly used the cryptocurrency to circumvent capital controls in 2020.2Bitcoin has also become popular in countries with high inflation and devalued currencies, such as Venezuela.3It is also popular with criminals who use it to conduct transfer large sums of money for illicit activities.4Finally, investor demand for the cryptocurrency has also risen with increased media coverage.</p><p><blockquote>虽然比特币作为交易媒介尚未受到青睐，但它已经吸引了散户投资者的关注。基于经济和地缘政治考虑，比特币需求转移的轨迹。例如，据报道，中国公民可能在2020年使用加密货币规避资本管制。2比特币在委内瑞拉等高通胀和货币贬值的国家也很受欢迎。3它也很受犯罪分子的欢迎，他们利用它进行大量转移资金用于非法活动。4最后，随着媒体报道的增加，投资者对加密货币的需求也有所上升。</blockquote></p><p> All of this means that a shrinkage in supply has coupled with surge in demand, acting as fuel for bitcoin prices. Alternating periods of booms and busts have become a feature of the cryptocurrency ecosystem. For example, a run up in bitcoin's prices in 2017 was succeeded by a prolonged winter.</p><p><blockquote>所有这些都意味着供应收缩伴随着需求激增，为比特币价格提供了燃料。繁荣和萧条的交替时期已经成为加密货币生态系统的一个特征。例如，2017年比特币物价上涨之后是漫长的冬季。</blockquote></p><p> Cost of Production</p><p><blockquote>生产成本</blockquote></p><p> Just as for other commodities, the cost of production plays an important role in determining the price of bitcoin. According to research, bitcoin's price in crypto markets is closely related to its marginal cost of production.5</p><p><blockquote>正如其他商品一样，生产成本在决定比特币价格方面起着重要作用。根据研究，比特币在加密货币市场的价格与其边际生产成本密切相关。5</blockquote></p><p> For bitcoin, the cost of production is roughly a sum of the direct fixed costs for infrastructure and electricity required to mine the cryptocurrency and an indirect cost related to the difficulty level of its algorithm.Bitcoin mining consists of miners competing to solve a complex math problem – the first miner to do so wins a reward of newly-minted bitcoins and any transaction fees that have accumulated since the last block was found.</p><p><blockquote>对于比特币来说，生产成本大致是挖掘加密货币所需的基础设施和电力的直接固定成本以及与其算法难度相关的间接成本的总和。比特币挖矿由矿工竞相解决复杂的数学问题——第一个这样做的矿工将赢得新铸造的比特币以及自发现最后一个区块以来累积的任何交易费用的奖励。</blockquote></p><p> Arriving at a solution to the problem requires brute force in the form of considerable processing power. In monetary terms, this means that the miner will have to spend money on racking mining machines equipped with expensive processors. The bitcoin mining process also incurs costly electricity bills that, according to some estimates, account for between 90 to 95 percent of overall costs.</p><p><blockquote>找到问题的解决方案需要相当大的处理能力形式的蛮力。从货币角度来看，这意味着矿工将不得不花钱购买配备昂贵处理器的矿机。比特币采矿过程还会产生昂贵的电费，据估计，电费占总成本的90%至95%。</blockquote></p><p></p><p> According to estimates by some sites, electricity consumption for the bitcoin mining process is equal to or more than that of entire countries.6An indirect cost of bitcoin mining is the difficulty level of its algorithm. The varying difficulty levels of bitcoin’s algorithms can hasten or slow down the rate of bitcoin production and affect its overall supply, thereby affecting its price.</p><p><blockquote>根据一些网站的估计，比特币采矿过程的电力消耗等于或超过整个国家的电力消耗。6比特币采矿的间接成本是其算法的难度。比特币算法的不同难度可以加速或减缓比特币生产的速度，并影响其整体供应，从而影响其价格。</blockquote></p><p> Competition</p><p><blockquote>竞争</blockquote></p><p> Though Bitcoin is the most well-known cryptocurrency, there are hundreds of other tokens vying for crypto investment dollars. As of 2021, Bitcoin dominates trading in cryptocurrency markets. But its dominance has waned over time. In 2017, Bitcoin accounted for more than 80% of the overall market capitalization of crypto markets. By 2021, that share was down to less than 50%.</p><p><blockquote>尽管比特币是最知名的加密货币，但还有数百种其他代币在争夺加密投资美元。截至2021年，比特币在加密货币市场交易中占据主导地位。但随着时间的推移，它的主导地位已经减弱。2017年，比特币占加密货币市场整体市值的80%以上。到2021年，这一比例降至不到50%。</blockquote></p><p> The main reason for this was an increase in awareness of and capabilities for alternate coins. For example, Ethereum's Ether (ETHUSD) has emerged as formidable competition to Bitcoin because of a boom in decentralized finance(DeFi) tokens. Investors who see its potential in reinventing the rails of modern financial infrastructure have invested in ether, the cryptocurrency used as \"gas\" for transactions on its network. On Oct. 13, 2021, Ethereum accounted for almost 18% of overall market cap of cryptocurrency markets. Ripple's XRP (XRPUSD) and Cardano's ADA have also surged in popularity, while growth in stablecoins had attracted investor attention towards Binance's BNB token.</p><p><blockquote>其主要原因是对替代硬币的认识和能力的提高。例如，由于去中心化金融(DeFi)代币的繁荣，以太币的以太币(ETHUSD)已成为比特币的强大竞争对手。看到其重塑现代金融基础设施轨道的潜力的投资者投资了以太币，这是一种用作网络交易“气体”的加密货币。截至2021年10月13日，以太币占加密货币市场总市值的近18%。Ripple的XRP(XRPUSD)和Cardano的ADA也大受欢迎，而稳定币的增长吸引了投资者对币安BNB代币的关注。</blockquote></p><p> Even though it has siphoned away investment dollars from the Bitcoin ecosystem, competition has also attracted investors to the asset class. As a result, demand and awareness about cryptocurrencies has increased. As a flagbearer of sorts for the cryptocurrency ecosystem, Bitcoin has benefitted from the attention, and its prices have surged.</p><p><blockquote>尽管它从比特币生态系统中吸走了投资资金，但竞争也吸引了投资者进入该资产类别。因此，对加密货币的需求和认识有所增加。作为加密货币生态系统的旗手，比特币受益于这种关注，其价格飙升。</blockquote></p><p> Regulatory Developments</p><p><blockquote>监管发展</blockquote></p><p> Bitcoin was released in the aftermath of a financial crisis precipitated by the loosening of regulations in the derivatives market. The cryptocurrency itself remains mostly unregulated and has garnered a reputation for its border- and regulation-free ecosystem. Bitcoin's regulatory status has its benefit and drawbacks. On the one hand, the absence of regulation means that it can be used freely across borders and that it is not subject to the same government-imposed controls as other currencies.</p><p><blockquote>比特币是在衍生品市场监管放松引发金融危机后发布的。加密货币本身在很大程度上仍然不受监管，并因其无边界和无监管的生态系统而赢得了声誉。比特币的监管地位有其优点和缺点。一方面，缺乏监管意味着它可以跨境自由使用，并且不像其他货币那样受到政府实施的控制。</blockquote></p><p> But it also means that Bitcoin use and trade can invite criminal consequences in most financial jurisdictions. The vast majority of institutional investors are still wary of putting their money into the asset class, resulting in less liquidity and more volatility for its ecosystem.</p><p><blockquote>但这也意味着，在大多数金融司法管辖区，比特币的使用和交易可能会招致刑事后果。绝大多数机构投资者仍然对将资金投入该资产类别持谨慎态度，导致其生态系统的流动性减少和波动性加大。</blockquote></p><p> El Salvador made Bitcoin legal tender on June 9, 2021.7It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.</p><p><blockquote>萨尔瓦多于2021年6月9日将比特币定为法定货币。7萨尔瓦多是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。</blockquote></p><p> The more governments around the world incorporate bitcoin into their economies and markets, the greater its chances of becoming a legitimate asset class for investment. Cryptocurrency investors and traders follow regulatory developments related to Bitcoin closely because it is an indicator of liquidity in crypto markets. These developments exert pressure on its price because they affect its supply and demand.</p><p><blockquote>世界各国政府越多地将比特币纳入其经济和市场，其成为合法投资资产类别的机会就越大。加密货币投资者和交易者密切关注与比特币相关的监管发展，因为它是加密市场流动性的指标。这些发展对其价格施加压力，因为它们影响了其供应和需求。</blockquote></p><p> For example, China's moves to ban bitcoin trading and limit operations of bitcoin mining infrastructure affect the cryptocurrency's supply and demand. In the United States, theSecurities and Exchange Commission's(SEC) refusal to approve a bitcoin ETF limits reach of the expensive cryptocurrency to fewer accredited and institutional investors and dampens the liquidity of its markets. In the past, bitcoin's price has crashed and surged upon government action on the cryptocurrency.</p><p><blockquote>例如，中国禁止比特币交易和限制比特币挖矿基础设施运营的举措影响了加密货币的供需。在美国，美国证券交易委员会(SEC)拒绝批准比特币ETF，限制了这种昂贵的加密货币对更少的合格投资者和机构投资者的影响，并抑制了其市场的流动性。过去，由于政府对加密货币采取行动，比特币的价格曾暴跌和飙升。</blockquote></p><p> News Developments</p><p><blockquote>新闻动态</blockquote></p><p> Bitcoin's nascent ecosystem means that news developments have a direct impact on its price. These developments can be of various types. As mentioned earlier, regulatory news can move the cryptocurrency's prices substantially.Hard and soft forks, which alter the number of bitcoins in existence, can also change investor perception of the cryptocurrency. For example, the forking of Bitcoin's blockchain into Bitcoin Cashin August 2017 resulted in price volatility and spurred the valuation of both coins to new highs.</p><p><blockquote>比特币新生的生态系统意味着新闻动态对其价格有直接影响。这些发展可以是各种类型的。如前所述，监管消息可以大幅影响加密货币的价格。改变现有比特币数量的硬分叉和软分叉也可以改变投资者对加密货币的看法。例如，2017年8月比特币区块链分叉到比特币现金导致价格波动，并刺激两种硬币的估值创下新高。</blockquote></p><p> Bitcoin's governance policies, which are set by a group of core developers, also affect its price. Protocol modifications that alter the number of bitcoin in existence or philosophical disagreements between developers about the cryptocurrency's future direction are closely watched investor indicators.</p><p><blockquote>比特币的治理政策由一群核心开发商制定，也影响着它的价格。改变现有比特币数量的协议修改或开发者之间关于加密货币未来方向的哲学分歧是投资者密切关注的指标。</blockquote></p><p> The Bottom Line</p><p><blockquote>底线</blockquote></p><p></p><p> Even though it has been around for more than a decade, Bitcoin is still a nascent asset class. That means its price is determined by a complex combination of factors that include production costs, competition, and regulatory developments. The cryptocurrency's technological roots mean that other factors, such as the difficulty levels of its algorithms, and forks on its blockchains can also play an important role in determining its price.</p><p><blockquote>尽管比特币已经存在了十多年，但它仍然是一个新兴的资产类别。这意味着其价格由生产成本、竞争和监管发展等复杂因素组合决定。加密货币的技术根源意味着其他因素，如算法的难度和区块链上的分叉，也可以在决定其价格方面发挥重要作用。</blockquote></p><p> Frequently Asked QuestionsWhat is the price of one bitcoin?</p><p><blockquote>常见问题一辆比特币的价格是多少？</blockquote></p><p> The price of a single bitcoin is determined by several factors, including demand and supply, competition, and its regulation. News developments also influence investor perception about the cryptocurrency. The intrinsic value of one bitcoin can also be estimated by computing the average marginal cost of production of a bitcoin at any given point in time, based on theblock reward, price of electricity, energy efficiency of mining hardware, and mining difficulty.</p><p><blockquote>单一比特币的价格由几个因素决定，包括需求和供给、竞争及其监管。新闻动态也会影响投资者对加密货币的看法。一个比特币的内在价值也可以通过根据区块奖励、电价、采矿硬件的能效和采矿难度计算比特币在任何给定时间点的平均边际生产成本来估计。</blockquote></p><p> Will Bitcoin's price increase?</p><p><blockquote>比特币会涨价吗？</blockquote></p><p> As Bitcoin nears its maximum limit, demand for the cryptocurrency is supposed to increase. The increased demand and limited supply pushes the price for a single bitcoin upwards. Also, more institutions are investing in Bitcoin, stabilizing its markets and making it popular as an investing tool. If bitcoin becomes popular as a tool for retail transactions, its utility and price will also increase.</p><p><blockquote>随着比特币接近其最高限额，对加密货币的需求应该会增加。需求增加和供应有限推高了单一比特币的价格。此外，越来越多的机构正在投资比特币，稳定其市场并使其成为受欢迎的投资工具。如果比特币作为零售交易的工具变得流行起来，它的效用和价格也会增加。</blockquote></p><p> How does Bitcoin supply affect its price?</p><p><blockquote>比特币供应如何影响其价格？</blockquote></p><p> Since Bitcoin's introduction in 2009, its supply has been diminishing. Every four years, the cryptocurrency undergoes a halving event during which miner rewards are reduced by half on average. The decline in supply corresponds to increasing demand due to media coverage and its price volatility. A combination of shrinking supply with a boost in demand has resulted in surging bitcoin prices.</p><p><blockquote>自2009年比特币推出以来，其供应量一直在减少。每四年，加密货币就会经历一次减半事件，在此期间，矿工的奖励平均减少一半。由于媒体报道及其价格波动，供应的下降对应于需求的增加。供应萎缩与需求提振相结合，导致比特币价格飙升。</blockquote></p><p> How are bitcoin production costs related to its price?</p><p><blockquote>比特币生产成本与其价格有何关系？</blockquote></p><p> According to research, bitcoin market price is closely related to its marginal cost of production. The breakeven costs for bitcoin mining vary based on the price of mining equipment and electricity. Estimates put the total share of electricity in bitcoin production costs at between 90% and 95% of the overall bill.</p><p><blockquote>据研究，比特币市场价格与其边际生产成本密切相关。比特币采矿的盈亏平衡成本根据采矿设备和电力的价格而有所不同。据估计，电力在比特币生产成本中的总份额占总账单的90%至95%。</blockquote></p><p> How does Bitcoin make money?</p><p><blockquote>比特币如何赚钱？</blockquote></p><p> Unlike stock, Bitcoin does not represent ownership in a company or entity. Owning Bitcoin is like owning digital currency, much like owning $1 is like owning paper currency. Bitcoin holders make money as the price per coin increases. For example, if you purchased 100 coins at $65.52 on July 5, 2013, and held it until its all-time high of $61,683.86 on March 13, 2021, you would have $6,168,386.</p><p><blockquote>与股票不同，比特币并不代表公司或实体的所有权。拥有比特币就像拥有数字货币，就像拥有1美元就像拥有纸币一样。比特币持有者随着每枚硬币价格的上涨而赚钱。例如，如果您在2013年7月5日以65.52美元的价格购买了100枚硬币，并持有至2021年3月13日的历史高点61,683.86美元，您将拥有6,168，386美元。</blockquote></p><p></p>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Much Is 1 Bitcoin? Factors of Bitcoin Pricing<blockquote>1比特币多少钱？比特币定价的因素</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Much Is 1 Bitcoin? Factors of Bitcoin Pricing<blockquote>1比特币多少钱？比特币定价的因素</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-10-15 14:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What Determines Bitcoin's Price?</p><p><blockquote>是什么决定了比特币的价格？</blockquote></p><p> Bitcoin (BTCUSD) is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to the unknown creator (or creators) of this virtual currency. Transactions are recorded in a blockchain, which shows the transaction history for each unit and proves ownership.</p><p><blockquote>比特币（BTCUSD）是中本聪于2009年开发的一种加密货币，是这种虚拟货币的未知创造者（或多个创造者）的名字。交易记录在区块链中，该区块链显示每个单位的交易历史并证明所有权。</blockquote></p><p> Unlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government. And buying a bitcoin is different than purchasing a stock or bond because Bitcoin is not a corporation. Consequently, there are no corporate balance sheets orForm 10-Ksto review.</p><p><blockquote>与投资传统货币不同，比特币不是由央行发行的，也不是由政府支持的。购买比特币与购买股票或债券不同，因为比特币不是一家公司。因此，没有公司资产负债表或Form 10-KSTO审查。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul> <li>Purchasing stocks grants you ownership in a company, whereas purchasing Bitcoin grants you ownership of that cryptocurrency.</li> <li>Bitcoin is neither issued nor regulated by a central government and therefore is not subject to governmental monetary policies.</li> <li>Bitcoin prices are primarily affected by its supply, the market's demand for it, availability, and competing cryptocurrencies.</li> <li>As of December 2020, approximately 88.5% of the total Bitcoin supply had been mined.</li> </ul> Understanding What Determines Bitcoin's Price</p><p><blockquote><ul><li>购买股票授予您公司的所有权，而购买比特币授予您该加密货币的所有权。</li><li>比特币既不由中央政府发行也不受中央政府监管，因此不受政府货币政策的约束。</li><li>比特币价格主要受其供应、市场对其的需求、可用性和竞争加密货币的影响。</li><li>截至2020年12月，比特币总供应量的约88.5%已被开采。</li></ul>了解决定比特币价格的因素</blockquote></p><p> Unlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government; therefore, the monetary policy,inflation rates, and economic growth measurements that typically influence the value of currency do not apply to Bitcoin. Conversely, Bitcoin prices are influenced by the following factors:</p><p><blockquote>与投资传统货币不同，比特币不是由央行发行，也不是由政府支持；因此，通常影响货币价值的货币政策、通货膨胀率和经济增长指标不适用于比特币。相反，比特币价格受以下因素影响：</blockquote></p><p> <ul> <li>The supply of Bitcoin and the market's demand for it</li> <li>The cost of producing a bitcoin through the mining process</li> <li>The rewards issued to Bitcoin miners for verifying transactions to the blockchain</li> <li>The number of competing cryptocurrencies</li> <li>Regulations governing its sale and use and the state of its internal governance</li> <li>News developments</li> </ul> Supply</p><p><blockquote><ul><li>比特币的供给与市场的需求</li><li>通过采矿过程生产比特币的成本</li><li>向区块链验证交易的比特币矿工发放的奖励</li><li>竞争加密货币的数量</li><li>管理其销售和使用的法规及其内部治理状况</li><li>新闻动态</li></ul>供应</blockquote></p><p> The supplyof an asset plays an important role in determining its price. A scarce asset is more likely to have high prices, whereas one that is available in plenty will have low prices. Bitcoin's supply has been dwindling since inception. The cryptocurrency's protocol only allows new bitcoins to be created at a fixed rate, and that rate is designed to slow down over time. Thus, the supply of Bitcoin slowed from 6.9% in 2016 to 4.4% in 2017 and 4% in 2018.1Bitcoin halving events, which occur every four years, generally correspond to a significant bump in its prices because it means that the cryptocurrency's supply has been reduced.</p><p><blockquote>资产的供应在决定其价格方面起着重要作用。稀缺资产更有可能价格高，而大量可用的资产价格低。自成立以来，比特币的供应量一直在减少。加密货币的协议只允许以固定的速率创建新的比特币，并且该速率旨在随着时间的推移而降低。因此，比特币的供应量从2016年的6.9%放缓至2017年的4.4%和2018年的4%。1每四年发生一次的比特币减半事件通常对应于其价格的大幅上涨，因为这意味着加密货币的供应量已经减少。</blockquote></p><p> Demand</p><p><blockquote>要求</blockquote></p><p> While Bitcoin is yet to find favor as a medium of exchange, it has attracted the attention of retail investors. The locus of Bitcoin'sdemandshifts based on economic and geopolitical considerations. For example, China's citizens may have reportedly used the cryptocurrency to circumvent capital controls in 2020.2Bitcoin has also become popular in countries with high inflation and devalued currencies, such as Venezuela.3It is also popular with criminals who use it to conduct transfer large sums of money for illicit activities.4Finally, investor demand for the cryptocurrency has also risen with increased media coverage.</p><p><blockquote>虽然比特币作为交易媒介尚未受到青睐，但它已经吸引了散户投资者的关注。基于经济和地缘政治考虑，比特币需求转移的轨迹。例如，据报道，中国公民可能在2020年使用加密货币规避资本管制。2比特币在委内瑞拉等高通胀和货币贬值的国家也很受欢迎。3它也很受犯罪分子的欢迎，他们利用它进行大量转移资金用于非法活动。4最后，随着媒体报道的增加，投资者对加密货币的需求也有所上升。</blockquote></p><p> All of this means that a shrinkage in supply has coupled with surge in demand, acting as fuel for bitcoin prices. Alternating periods of booms and busts have become a feature of the cryptocurrency ecosystem. For example, a run up in bitcoin's prices in 2017 was succeeded by a prolonged winter.</p><p><blockquote>所有这些都意味着供应收缩伴随着需求激增，为比特币价格提供了燃料。繁荣和萧条的交替时期已经成为加密货币生态系统的一个特征。例如，2017年比特币物价上涨之后是漫长的冬季。</blockquote></p><p> Cost of Production</p><p><blockquote>生产成本</blockquote></p><p> Just as for other commodities, the cost of production plays an important role in determining the price of bitcoin. According to research, bitcoin's price in crypto markets is closely related to its marginal cost of production.5</p><p><blockquote>正如其他商品一样，生产成本在决定比特币价格方面起着重要作用。根据研究，比特币在加密货币市场的价格与其边际生产成本密切相关。5</blockquote></p><p> For bitcoin, the cost of production is roughly a sum of the direct fixed costs for infrastructure and electricity required to mine the cryptocurrency and an indirect cost related to the difficulty level of its algorithm.Bitcoin mining consists of miners competing to solve a complex math problem – the first miner to do so wins a reward of newly-minted bitcoins and any transaction fees that have accumulated since the last block was found.</p><p><blockquote>对于比特币来说，生产成本大致是挖掘加密货币所需的基础设施和电力的直接固定成本以及与其算法难度相关的间接成本的总和。比特币挖矿由矿工竞相解决复杂的数学问题——第一个这样做的矿工将赢得新铸造的比特币以及自发现最后一个区块以来累积的任何交易费用的奖励。</blockquote></p><p> Arriving at a solution to the problem requires brute force in the form of considerable processing power. In monetary terms, this means that the miner will have to spend money on racking mining machines equipped with expensive processors. The bitcoin mining process also incurs costly electricity bills that, according to some estimates, account for between 90 to 95 percent of overall costs.</p><p><blockquote>找到问题的解决方案需要相当大的处理能力形式的蛮力。从货币角度来看，这意味着矿工将不得不花钱购买配备昂贵处理器的矿机。比特币采矿过程还会产生昂贵的电费，据估计，电费占总成本的90%至95%。</blockquote></p><p></p><p> According to estimates by some sites, electricity consumption for the bitcoin mining process is equal to or more than that of entire countries.6An indirect cost of bitcoin mining is the difficulty level of its algorithm. The varying difficulty levels of bitcoin’s algorithms can hasten or slow down the rate of bitcoin production and affect its overall supply, thereby affecting its price.</p><p><blockquote>根据一些网站的估计，比特币采矿过程的电力消耗等于或超过整个国家的电力消耗。6比特币采矿的间接成本是其算法的难度。比特币算法的不同难度可以加速或减缓比特币生产的速度，并影响其整体供应，从而影响其价格。</blockquote></p><p> Competition</p><p><blockquote>竞争</blockquote></p><p> Though Bitcoin is the most well-known cryptocurrency, there are hundreds of other tokens vying for crypto investment dollars. As of 2021, Bitcoin dominates trading in cryptocurrency markets. But its dominance has waned over time. In 2017, Bitcoin accounted for more than 80% of the overall market capitalization of crypto markets. By 2021, that share was down to less than 50%.</p><p><blockquote>尽管比特币是最知名的加密货币，但还有数百种其他代币在争夺加密投资美元。截至2021年，比特币在加密货币市场交易中占据主导地位。但随着时间的推移，它的主导地位已经减弱。2017年，比特币占加密货币市场整体市值的80%以上。到2021年，这一比例降至不到50%。</blockquote></p><p> The main reason for this was an increase in awareness of and capabilities for alternate coins. For example, Ethereum's Ether (ETHUSD) has emerged as formidable competition to Bitcoin because of a boom in decentralized finance(DeFi) tokens. Investors who see its potential in reinventing the rails of modern financial infrastructure have invested in ether, the cryptocurrency used as \"gas\" for transactions on its network. On Oct. 13, 2021, Ethereum accounted for almost 18% of overall market cap of cryptocurrency markets. Ripple's XRP (XRPUSD) and Cardano's ADA have also surged in popularity, while growth in stablecoins had attracted investor attention towards Binance's BNB token.</p><p><blockquote>其主要原因是对替代硬币的认识和能力的提高。例如，由于去中心化金融(DeFi)代币的繁荣，以太币的以太币(ETHUSD)已成为比特币的强大竞争对手。看到其重塑现代金融基础设施轨道的潜力的投资者投资了以太币，这是一种用作网络交易“气体”的加密货币。截至2021年10月13日，以太币占加密货币市场总市值的近18%。Ripple的XRP(XRPUSD)和Cardano的ADA也大受欢迎，而稳定币的增长吸引了投资者对币安BNB代币的关注。</blockquote></p><p> Even though it has siphoned away investment dollars from the Bitcoin ecosystem, competition has also attracted investors to the asset class. As a result, demand and awareness about cryptocurrencies has increased. As a flagbearer of sorts for the cryptocurrency ecosystem, Bitcoin has benefitted from the attention, and its prices have surged.</p><p><blockquote>尽管它从比特币生态系统中吸走了投资资金，但竞争也吸引了投资者进入该资产类别。因此，对加密货币的需求和认识有所增加。作为加密货币生态系统的旗手，比特币受益于这种关注，其价格飙升。</blockquote></p><p> Regulatory Developments</p><p><blockquote>监管发展</blockquote></p><p> Bitcoin was released in the aftermath of a financial crisis precipitated by the loosening of regulations in the derivatives market. The cryptocurrency itself remains mostly unregulated and has garnered a reputation for its border- and regulation-free ecosystem. Bitcoin's regulatory status has its benefit and drawbacks. On the one hand, the absence of regulation means that it can be used freely across borders and that it is not subject to the same government-imposed controls as other currencies.</p><p><blockquote>比特币是在衍生品市场监管放松引发金融危机后发布的。加密货币本身在很大程度上仍然不受监管，并因其无边界和无监管的生态系统而赢得了声誉。比特币的监管地位有其优点和缺点。一方面，缺乏监管意味着它可以跨境自由使用，并且不像其他货币那样受到政府实施的控制。</blockquote></p><p> But it also means that Bitcoin use and trade can invite criminal consequences in most financial jurisdictions. The vast majority of institutional investors are still wary of putting their money into the asset class, resulting in less liquidity and more volatility for its ecosystem.</p><p><blockquote>但这也意味着，在大多数金融司法管辖区，比特币的使用和交易可能会招致刑事后果。绝大多数机构投资者仍然对将资金投入该资产类别持谨慎态度，导致其生态系统的流动性减少和波动性加大。</blockquote></p><p> El Salvador made Bitcoin legal tender on June 9, 2021.7It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.</p><p><blockquote>萨尔瓦多于2021年6月9日将比特币定为法定货币。7萨尔瓦多是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。</blockquote></p><p> The more governments around the world incorporate bitcoin into their economies and markets, the greater its chances of becoming a legitimate asset class for investment. Cryptocurrency investors and traders follow regulatory developments related to Bitcoin closely because it is an indicator of liquidity in crypto markets. These developments exert pressure on its price because they affect its supply and demand.</p><p><blockquote>世界各国政府越多地将比特币纳入其经济和市场，其成为合法投资资产类别的机会就越大。加密货币投资者和交易者密切关注与比特币相关的监管发展，因为它是加密市场流动性的指标。这些发展对其价格施加压力，因为它们影响了其供应和需求。</blockquote></p><p> For example, China's moves to ban bitcoin trading and limit operations of bitcoin mining infrastructure affect the cryptocurrency's supply and demand. In the United States, theSecurities and Exchange Commission's(SEC) refusal to approve a bitcoin ETF limits reach of the expensive cryptocurrency to fewer accredited and institutional investors and dampens the liquidity of its markets. In the past, bitcoin's price has crashed and surged upon government action on the cryptocurrency.</p><p><blockquote>例如，中国禁止比特币交易和限制比特币挖矿基础设施运营的举措影响了加密货币的供需。在美国，美国证券交易委员会(SEC)拒绝批准比特币ETF，限制了这种昂贵的加密货币对更少的合格投资者和机构投资者的影响，并抑制了其市场的流动性。过去，由于政府对加密货币采取行动，比特币的价格曾暴跌和飙升。</blockquote></p><p> News Developments</p><p><blockquote>新闻动态</blockquote></p><p> Bitcoin's nascent ecosystem means that news developments have a direct impact on its price. These developments can be of various types. As mentioned earlier, regulatory news can move the cryptocurrency's prices substantially.Hard and soft forks, which alter the number of bitcoins in existence, can also change investor perception of the cryptocurrency. For example, the forking of Bitcoin's blockchain into Bitcoin Cashin August 2017 resulted in price volatility and spurred the valuation of both coins to new highs.</p><p><blockquote>比特币新生的生态系统意味着新闻动态对其价格有直接影响。这些发展可以是各种类型的。如前所述，监管消息可以大幅影响加密货币的价格。改变现有比特币数量的硬分叉和软分叉也可以改变投资者对加密货币的看法。例如，2017年8月比特币区块链分叉到比特币现金导致价格波动，并刺激两种硬币的估值创下新高。</blockquote></p><p> Bitcoin's governance policies, which are set by a group of core developers, also affect its price. Protocol modifications that alter the number of bitcoin in existence or philosophical disagreements between developers about the cryptocurrency's future direction are closely watched investor indicators.</p><p><blockquote>比特币的治理政策由一群核心开发商制定，也影响着它的价格。改变现有比特币数量的协议修改或开发者之间关于加密货币未来方向的哲学分歧是投资者密切关注的指标。</blockquote></p><p> The Bottom Line</p><p><blockquote>底线</blockquote></p><p></p><p> Even though it has been around for more than a decade, Bitcoin is still a nascent asset class. That means its price is determined by a complex combination of factors that include production costs, competition, and regulatory developments. The cryptocurrency's technological roots mean that other factors, such as the difficulty levels of its algorithms, and forks on its blockchains can also play an important role in determining its price.</p><p><blockquote>尽管比特币已经存在了十多年，但它仍然是一个新兴的资产类别。这意味着其价格由生产成本、竞争和监管发展等复杂因素组合决定。加密货币的技术根源意味着其他因素，如算法的难度和区块链上的分叉，也可以在决定其价格方面发挥重要作用。</blockquote></p><p> Frequently Asked QuestionsWhat is the price of one bitcoin?</p><p><blockquote>常见问题一辆比特币的价格是多少？</blockquote></p><p> The price of a single bitcoin is determined by several factors, including demand and supply, competition, and its regulation. News developments also influence investor perception about the cryptocurrency. The intrinsic value of one bitcoin can also be estimated by computing the average marginal cost of production of a bitcoin at any given point in time, based on theblock reward, price of electricity, energy efficiency of mining hardware, and mining difficulty.</p><p><blockquote>单一比特币的价格由几个因素决定，包括需求和供给、竞争及其监管。新闻动态也会影响投资者对加密货币的看法。一个比特币的内在价值也可以通过根据区块奖励、电价、采矿硬件的能效和采矿难度计算比特币在任何给定时间点的平均边际生产成本来估计。</blockquote></p><p> Will Bitcoin's price increase?</p><p><blockquote>比特币会涨价吗？</blockquote></p><p> As Bitcoin nears its maximum limit, demand for the cryptocurrency is supposed to increase. The increased demand and limited supply pushes the price for a single bitcoin upwards. Also, more institutions are investing in Bitcoin, stabilizing its markets and making it popular as an investing tool. If bitcoin becomes popular as a tool for retail transactions, its utility and price will also increase.</p><p><blockquote>随着比特币接近其最高限额，对加密货币的需求应该会增加。需求增加和供应有限推高了单一比特币的价格。此外，越来越多的机构正在投资比特币，稳定其市场并使其成为受欢迎的投资工具。如果比特币作为零售交易的工具变得流行起来，它的效用和价格也会增加。</blockquote></p><p> How does Bitcoin supply affect its price?</p><p><blockquote>比特币供应如何影响其价格？</blockquote></p><p> Since Bitcoin's introduction in 2009, its supply has been diminishing. Every four years, the cryptocurrency undergoes a halving event during which miner rewards are reduced by half on average. The decline in supply corresponds to increasing demand due to media coverage and its price volatility. A combination of shrinking supply with a boost in demand has resulted in surging bitcoin prices.</p><p><blockquote>自2009年比特币推出以来，其供应量一直在减少。每四年，加密货币就会经历一次减半事件，在此期间，矿工的奖励平均减少一半。由于媒体报道及其价格波动，供应的下降对应于需求的增加。供应萎缩与需求提振相结合，导致比特币价格飙升。</blockquote></p><p> How are bitcoin production costs related to its price?</p><p><blockquote>比特币生产成本与其价格有何关系？</blockquote></p><p> According to research, bitcoin market price is closely related to its marginal cost of production. The breakeven costs for bitcoin mining vary based on the price of mining equipment and electricity. Estimates put the total share of electricity in bitcoin production costs at between 90% and 95% of the overall bill.</p><p><blockquote>据研究，比特币市场价格与其边际生产成本密切相关。比特币采矿的盈亏平衡成本根据采矿设备和电力的价格而有所不同。据估计，电力在比特币生产成本中的总份额占总账单的90%至95%。</blockquote></p><p> How does Bitcoin make money?</p><p><blockquote>比特币如何赚钱？</blockquote></p><p> Unlike stock, Bitcoin does not represent ownership in a company or entity. Owning Bitcoin is like owning digital currency, much like owning $1 is like owning paper currency. Bitcoin holders make money as the price per coin increases. For example, if you purchased 100 coins at $65.52 on July 5, 2013, and held it until its all-time high of $61,683.86 on March 13, 2021, you would have $6,168,386.</p><p><blockquote>与股票不同，比特币并不代表公司或实体的所有权。拥有比特币就像拥有数字货币，就像拥有1美元就像拥有纸币一样。比特币持有者随着每枚硬币价格的上涨而赚钱。例如，如果您在2013年7月5日以65.52美元的价格购买了100枚硬币，并持有至2021年3月13日的历史高点61,683.86美元，您将拥有6,168，386美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/tech/what-determines-value-1-bitcoin/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.investopedia.com/tech/what-determines-value-1-bitcoin/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141642492","content_text":"What Determines Bitcoin's Price?\nBitcoin (BTCUSD) is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to the unknown creator (or creators) of this virtual currency. Transactions are recorded in a blockchain, which shows the transaction history for each unit and proves ownership.\nUnlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government. And buying a bitcoin is different than purchasing a stock or bond because Bitcoin is not a corporation. Consequently, there are no corporate balance sheets orForm 10-Ksto review.\nKEY TAKEAWAYS\n\nPurchasing stocks grants you ownership in a company, whereas purchasing Bitcoin grants you ownership of that cryptocurrency.\nBitcoin is neither issued nor regulated by a central government and therefore is not subject to governmental monetary policies.\nBitcoin prices are primarily affected by its supply, the market's demand for it, availability, and competing cryptocurrencies.\nAs of December 2020, approximately 88.5% of the total Bitcoin supply had been mined.\n\nUnderstanding What Determines Bitcoin's Price\nUnlike investing in traditional currencies, Bitcoin is not issued by a central bank or backed by a government; therefore, the monetary policy,inflation rates, and economic growth measurements that typically influence the value of currency do not apply to Bitcoin. Conversely, Bitcoin prices are influenced by the following factors:\n\nThe supply of Bitcoin and the market's demand for it\nThe cost of producing a bitcoin through the mining process\nThe rewards issued to Bitcoin miners for verifying transactions to the blockchain\nThe number of competing cryptocurrencies\nRegulations governing its sale and use and the state of its internal governance\nNews developments\n\nSupply\nThe supplyof an asset plays an important role in determining its price. A scarce asset is more likely to have high prices, whereas one that is available in plenty will have low prices. Bitcoin's supply has been dwindling since inception. The cryptocurrency's protocol only allows new bitcoins to be created at a fixed rate, and that rate is designed to slow down over time. Thus, the supply of Bitcoin slowed from 6.9% in 2016 to 4.4% in 2017 and 4% in 2018.1Bitcoin halving events, which occur every four years, generally correspond to a significant bump in its prices because it means that the cryptocurrency's supply has been reduced.\nDemand\nWhile Bitcoin is yet to find favor as a medium of exchange, it has attracted the attention of retail investors. The locus of Bitcoin'sdemandshifts based on economic and geopolitical considerations. For example, China's citizens may have reportedly used the cryptocurrency to circumvent capital controls in 2020.2Bitcoin has also become popular in countries with high inflation and devalued currencies, such as Venezuela.3It is also popular with criminals who use it to conduct transfer large sums of money for illicit activities.4Finally, investor demand for the cryptocurrency has also risen with increased media coverage.\nAll of this means that a shrinkage in supply has coupled with surge in demand, acting as fuel for bitcoin prices. Alternating periods of booms and busts have become a feature of the cryptocurrency ecosystem. For example, a run up in bitcoin's prices in 2017 was succeeded by a prolonged winter.\nCost of Production\nJust as for other commodities, the cost of production plays an important role in determining the price of bitcoin. According to research, bitcoin's price in crypto markets is closely related to its marginal cost of production.5\nFor bitcoin, the cost of production is roughly a sum of the direct fixed costs for infrastructure and electricity required to mine the cryptocurrency and an indirect cost related to the difficulty level of its algorithm.Bitcoin mining consists of miners competing to solve a complex math problem – the first miner to do so wins a reward of newly-minted bitcoins and any transaction fees that have accumulated since the last block was found.\nArriving at a solution to the problem requires brute force in the form of considerable processing power. In monetary terms, this means that the miner will have to spend money on racking mining machines equipped with expensive processors. The bitcoin mining process also incurs costly electricity bills that, according to some estimates, account for between 90 to 95 percent of overall costs.\nAccording to estimates by some sites, electricity consumption for the bitcoin mining process is equal to or more than that of entire countries.6An indirect cost of bitcoin mining is the difficulty level of its algorithm. The varying difficulty levels of bitcoin’s algorithms can hasten or slow down the rate of bitcoin production and affect its overall supply, thereby affecting its price.\nCompetition\nThough Bitcoin is the most well-known cryptocurrency, there are hundreds of other tokens vying for crypto investment dollars. As of 2021, Bitcoin dominates trading in cryptocurrency markets. But its dominance has waned over time. In 2017, Bitcoin accounted for more than 80% of the overall market capitalization of crypto markets. By 2021, that share was down to less than 50%.\nThe main reason for this was an increase in awareness of and capabilities for alternate coins. For example, Ethereum's Ether (ETHUSD) has emerged as formidable competition to Bitcoin because of a boom in decentralized finance(DeFi) tokens. Investors who see its potential in reinventing the rails of modern financial infrastructure have invested in ether, the cryptocurrency used as \"gas\" for transactions on its network. On Oct. 13, 2021, Ethereum accounted for almost 18% of overall market cap of cryptocurrency markets. Ripple's XRP (XRPUSD) and Cardano's ADA have also surged in popularity, while growth in stablecoins had attracted investor attention towards Binance's BNB token.\nEven though it has siphoned away investment dollars from the Bitcoin ecosystem, competition has also attracted investors to the asset class. As a result, demand and awareness about cryptocurrencies has increased. As a flagbearer of sorts for the cryptocurrency ecosystem, Bitcoin has benefitted from the attention, and its prices have surged.\nRegulatory Developments\nBitcoin was released in the aftermath of a financial crisis precipitated by the loosening of regulations in the derivatives market. The cryptocurrency itself remains mostly unregulated and has garnered a reputation for its border- and regulation-free ecosystem. Bitcoin's regulatory status has its benefit and drawbacks. On the one hand, the absence of regulation means that it can be used freely across borders and that it is not subject to the same government-imposed controls as other currencies.\nBut it also means that Bitcoin use and trade can invite criminal consequences in most financial jurisdictions. The vast majority of institutional investors are still wary of putting their money into the asset class, resulting in less liquidity and more volatility for its ecosystem.\nEl Salvador made Bitcoin legal tender on June 9, 2021.7It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\nThe more governments around the world incorporate bitcoin into their economies and markets, the greater its chances of becoming a legitimate asset class for investment. Cryptocurrency investors and traders follow regulatory developments related to Bitcoin closely because it is an indicator of liquidity in crypto markets. These developments exert pressure on its price because they affect its supply and demand.\nFor example, China's moves to ban bitcoin trading and limit operations of bitcoin mining infrastructure affect the cryptocurrency's supply and demand. In the United States, theSecurities and Exchange Commission's(SEC) refusal to approve a bitcoin ETF limits reach of the expensive cryptocurrency to fewer accredited and institutional investors and dampens the liquidity of its markets. In the past, bitcoin's price has crashed and surged upon government action on the cryptocurrency.\nNews Developments\nBitcoin's nascent ecosystem means that news developments have a direct impact on its price. These developments can be of various types. As mentioned earlier, regulatory news can move the cryptocurrency's prices substantially.Hard and soft forks, which alter the number of bitcoins in existence, can also change investor perception of the cryptocurrency. For example, the forking of Bitcoin's blockchain into Bitcoin Cashin August 2017 resulted in price volatility and spurred the valuation of both coins to new highs.\nBitcoin's governance policies, which are set by a group of core developers, also affect its price. Protocol modifications that alter the number of bitcoin in existence or philosophical disagreements between developers about the cryptocurrency's future direction are closely watched investor indicators.\nThe Bottom Line\nEven though it has been around for more than a decade, Bitcoin is still a nascent asset class. That means its price is determined by a complex combination of factors that include production costs, competition, and regulatory developments. The cryptocurrency's technological roots mean that other factors, such as the difficulty levels of its algorithms, and forks on its blockchains can also play an important role in determining its price.\nFrequently Asked QuestionsWhat is the price of one bitcoin?\nThe price of a single bitcoin is determined by several factors, including demand and supply, competition, and its regulation. News developments also influence investor perception about the cryptocurrency. The intrinsic value of one bitcoin can also be estimated by computing the average marginal cost of production of a bitcoin at any given point in time, based on theblock reward, price of electricity, energy efficiency of mining hardware, and mining difficulty.\nWill Bitcoin's price increase?\nAs Bitcoin nears its maximum limit, demand for the cryptocurrency is supposed to increase. The increased demand and limited supply pushes the price for a single bitcoin upwards. Also, more institutions are investing in Bitcoin, stabilizing its markets and making it popular as an investing tool. If bitcoin becomes popular as a tool for retail transactions, its utility and price will also increase.\nHow does Bitcoin supply affect its price?\nSince Bitcoin's introduction in 2009, its supply has been diminishing. Every four years, the cryptocurrency undergoes a halving event during which miner rewards are reduced by half on average. The decline in supply corresponds to increasing demand due to media coverage and its price volatility. A combination of shrinking supply with a boost in demand has resulted in surging bitcoin prices.\nHow are bitcoin production costs related to its price?\nAccording to research, bitcoin market price is closely related to its marginal cost of production. The breakeven costs for bitcoin mining vary based on the price of mining equipment and electricity. Estimates put the total share of electricity in bitcoin production costs at between 90% and 95% of the overall bill.\nHow does Bitcoin make money?\nUnlike stock, Bitcoin does not represent ownership in a company or entity. Owning Bitcoin is like owning digital currency, much like owning $1 is like owning paper currency. Bitcoin holders make money as the price per coin increases. For example, if you purchased 100 coins at $65.52 on July 5, 2013, and held it until its all-time high of $61,683.86 on March 13, 2021, you would have $6,168,386.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":3118,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":48,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/872473094"}
精彩评论