There is a lot of misunderstanding and confusion when it comes to bitcoin. Mainly because it is relatively new and now it became popular in the mainstream media there have been lot of here say of how the bitcoin works.
I am new when it come to bitcoin but I have read some articles about it. This is basically what I understand correct me please if I am wrong
I have read that it is not a code or a data that can be stored and downloaded but it is more like a mutual agreement. Is that right?
You see, Bitcoin rate is determined by supply and demand. Supply is well defined and well controlled, new coins only enter the system through mining. Demand is set by a number of buyers willing to but additional bitcoins. The number of buyers and the amount they are willing to invest is a function of the current price compared with their expectation of its price trajectory and the volatility of that price. Cryptocurrencies have had major sources of investment poured into them and the blockchain industry as a whole and the technology is evolving all the time to make the market more diverse, safe, and open to all.