Question from BTT Expert
Can anyone explain that how the prices of bitcoin goes up and falls down? Any verified Reasons? How and what is the procedure other then academic economics?
Also explain that if we ary buying it through money and exchange it through money and save that money in our bank accounts, then how we cay say that it is not monitorised by banks? And there is no middle man in between and it is peer to peer currency? Are not we are fooling ourselves?
1) The main reason is supply and demand. If something happens good for bitcoin (PayPal added bitcoin to the platform, companies began to buy BTC as the reserve fund) then the price surely will go up.
2) Monitorized is not the best way to explain this. There are two system banks which are the centralized financial system and cryptos- which are the decentralized system. They have to record the transaction between these two systems. If you move from bank to crypto or crypto to bank then both record that transaction. There is not a weird situation. Cryptocurrencies are futuristic, and they need some time to be adopted by sellers and then you can use your cryptos as a payment method.