Quote from: bL4nkcode on September 04, 2020, 01:55:43 PM

Quote from: aiguy on September 04, 2020, 01:47:54 PM

I mean is there any system on which there rates are decided? If so, what is it?

Well, mainly, eversince, the supply of bitcoin/cryptocurrency, and the market demand. Exchanges have a huge factor of it - the price and volume.

Yea it really depends on the supply and demand. Bitcoin price does vary on exchanges coz every exchanges has their own volume, you might notice that bitcoin price in some country is not the same as your exchange price, and there you'll realize that the huge factor of the price is the demand.
The demand is coming from different direction but most are being concentrated to the whales.

Now you might wonder why there is a demand for a digital coin like bitcoin, that's for another topic to discuss.